Who regulates Bitcoin?

Odette Hare asked, updated on December 14th, 2020; Topic: bitcoin
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Despite the coronavirus pandemic and the resulting financial crisis, at least 10 countries have made announcements regarding cryptocurrency regulation since our last regulatory roundup. They include Japan, Malaysia, Singapore, China, Spain, Germany, India, the Philippines, the U.S., and South Korea.

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Basically, can Bitcoin be regulated?

First, governments can regulate the price of assets, such as fiat currencies, through buying and selling actions in international markets. ... An example of this approach is bitcoin regulation being considered across various states in the United States.

Furthermore there, why should Bitcoins be regulated? Bitcoin and other digital currencies are a "Wild West industry" and need to be regulated to protect investors, a committee of MPs has urged. Problems include volatile prices, minimal consumer protection and risks of hacking and money-laundering, says the Treasury Committee.

Although, does Bitcoin actually work?

Bitcoin is a cryptocurrency that is conducted on a public ledger, the "blockchain." Digitally transferred, it exists only online. Much like gold, it can have monetary value while also being a commodity, but it's still its own currency.

Can the government control Cryptocurrency?

Cryptocurrencies are not legal tender in any jurisdiction; they, unlike the conventional currencies issued by a monetary authority, are not controlled or regulated and their price is determined by the supply and demand of their market.

2 Related Questions Answered

Can the government stop Cryptocurrency?

Any cryptocurrency is at risk of being made illegal by any government. Owning and operating a money transmitter service in the U.S. is β€œillegal” unless it is registered with State agencies. This is also true if one uses Bitcoin or any other cryptocurrency to exchange for fiat currency.

What happens when all 21 million Bitcoins are mined?

There are only 21 million bitcoins that can be mined in total. Once bitcoin miners have unlocked all the bitcoins, the planet's supply will essentially be tapped out. Currently, around 18.5 million bitcoin have been mined; this leaves less than three million that have yet to be introduced into circulation.
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