Govt steps up efforts to regulate cryptocurrencies

in dlike •  3 months ago  (edited)

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The government has stepped up its efforts to regulate cryptocurrencies in order to tighten control of virtual currency exchange service operators and transactions of such currencies

It has been assumed, all this while, that Japan was one of the crypto friendly countries in the world.

Though the Japanese government is not banning crypto currencies, they are putting in place regulations to safeguard the public. That process has an inhibitory effect on crypto industry as a whole in Japan. Hopefully it is mild and not pronounced.

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I always thought Japan as a leader in promoting crypto.

  ·  3 months ago (edited)

Although the full details of the amendments to the law is not out yet, its objective appears to be 1. to clarify that cryptocurrencies are not the same as national currencies (or at least not yet), 2. limit the trading limits to contain the losses and 3. to monitor irregular transactions.

Until the amendments comes into effect and its full details are made available, it will be difficult to make a definitive judgment call on its effects.

It is my understanding that attempts are being made to trans-nationalize currency to eventually regulate crypto. So that first object might server to protect the interest of national currencies.

You mean the possibility of a single global currency is being studied?

I would make that assumption and have heard some chatter. But, I was actually referring to global taxation and aligning national interests.

Whilst hacking and scamming is the order of the day, governments have no choice but to regulate the industry. Regulations to facilitate the proper functioning of the market should be a welcome move.

It's good to know that crypto is not being banned outright by regulators at the moment; but I still feel that as long humans are not able to regulate themselves from the wrong behaviour towards these new technologies, this give the more reason for governments (and central banking) to step in and say that the "regular citizens" are not capable of security and safety.

Time for us "regulars" to keep exercising accountability to self and to others, and sniff out scammers while deny access greed into our hearts.

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Self regulation is possible only in a highly evolved society which believes in and practices the "We Are One" concept. When a society believes that "We Are One", then it knows that whatever is done to an individual is done to the whole of humanity.

Perhaps there are such societies in the universe, if there is life elsewhere. But our societies on earth are far from it. As a whole we are still very primitive!

Thanks for sharing link @devann

upvote on the way

A fair amount of regulations may not be bad for the crypto world - scammers will be forced out and the entire crypto market will be less manipulated and transparent.

Yes, that is a valid point, provided the government doesn’t go overboard with its regulations.

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Fair amount of regulations would be perfect as you say. Thanks for dropping by @meyrep.

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Knock knock @devann

I wonder how are you buddy. Didn't hear from you in a while. I can only hope that you're well.

Have a great weekend,