Today, in news from Europe, Switzerland government is rapidly working towards giving cryptocurrencies such as bitcoin and other cryptos a legal status. The government is moving towards a well thought out regulatory framework for companies in the fintech space. The new rules are expected to go into effect from August.
Swiss Federal Council have said that amongst the initiatives launched today, there is a “sandbox” regulation that will help create an accommodative environment for startups. Exemption from authorization is allowed for firms accepting fewer than 1 million Swiss Francs. The council has clarified that depositors of these firms would not be protected by Switzerland’s deposit protection rules.
Swiss rail service SBB, business that work with cryptos and exchange startups in the country could face the implications of the outcome of this new legal framework around Bitcoin and cryptocurrency. For example, SBB began selling bitcoin through its ticket kiosks last year.
In the past couple of years Switzerland has become an exciting new location for fintech startups. Some of the country’s municipal bodies have moved to integrated blockchaIn technology in their operations. This move comes as South Korea moves towards legalizing cryptocurrency and is working to implement a framework soon.
BTCC Boss Bobby Lee Wants Bitcoin Regulated in China!
CEO of popular Chinese cryptocurrency exchange BTCC, Bobby Lee has told CNBC that cryptocurrencies such as Bitcoins must be regulated else they get out of hand as millions more adopt these new technologies.
Without regulations the high volatility, low liquidity and major swings in price will continue. PBOC, the central bank of China has stepped up its efforts to ensure that exchanges don’t violate any rules and ensure all basic anti-money laundering systems are in place.
"I think it's taking the lawmakers and regulators some time to wrap their minds around it, and to come up with the appropriate rules and laws to govern companies, how we do business, to govern individuals and how people conduct business online."
Bitcoin is a new currency that is being traded across the world and has become hugely popular in China. Bobby Lee even made a prediction that he expects Bitcoin to be valued around $5000 to $11000 by 2020. He expects the banks in China to pay attention to the changing environment in fintech and focus on developing the legal framework to ensure smooth continuity.
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Everybody seems to be making wild forecast on the price of bitcoin. Some say bitcoin will be priced at $55,000 in 2020. Other argued it will be $11,000 in 2020. I wonder who's right. I just need a crystal ball...
You need a crystal ball. I need to ask the 8 ball....
So what did 8 ball tell you? :p @nibzter8
Just ask yourself: will this thing called Bitcoin suddenly go away to die or will it grow the next 5 years? I find that an easy question (for myself; opinions can differ).
I would love to see it grow in the next 5 years! I am sure it will! Things are looking good in the crypto world!
@dali.soh You never know what's going to happen in the crypto world. We will just have to wait and watch for the big good news!
We just need news like this for the price to go up.
This comment has received a 0.14 % upvote from @booster thanks to: @cryptopie.
Nice! @booster
Yes! These are good news. Hoping more countries to follow it up soon! :) @cryptopie
Thanks for following me I upgraded my upvote for you. aloha Al By the way great post as always
Not surprised Switzerland is somehow in the thick of things... the Swiss have always been "money handlers." Reminds me that Luxembourg (another money/tax haven) might be a place to keep an eye on, as far as the direction of cryptos-as-real-currency goes.
I don't know about the whole "regulations" thing... I suppose it just goes hand in hand that when something starts having "mass appeal," people step in and want to create "laws" around it. To me, that sort of defeats the whole idea of "decentralized," but maybe there are ways to make it all work side-by-side.
Agreed, regulation kills the idea of decentralisation. And that is precisely what the current financial establishment along with their rubber stamp governments intend to do.
that's one perspective for sure!
Regulation is probably aimed at people seeking and holdung funds from the general public. That's not a stupid thought.
Good point!
You said it! I think it's great that few governments are having the right approach to this! :) Swiss govt is great with handling money.
Switzerland always recognizing good earnings.:) They will legalize the cryptos and tax them after because they know fiat is doomed to be overtaken by the cryptocurrencies. They are already making some nice money from the ICOs and early stage crypto state financial recognition will earn them so much. What a country.
Yep, that is all "legalisation" means - TAX! One only has to look at the marijuana legalisation in the US. The state governments are raking in huge amounts of tax.
when it's "legal" and recognized by governments, many more will flock to bitcoin. Unlike fiat, it's not just a currency, its an asset. It's easily tradable. It's then that the price will really move. Watch
I'm watching, trading up and HODL.
Indeed! But other countries will follow suit when the Swiss do it.
Really interesting. But, one has to consider the fact that the instability in the crypto market limits and somewhat discourages well any governing force to make it a legal thing. Ofcourse, a whole new difference and stability might be achieved when it actually does get such a status!
The instability largely results due to low liquidity or volumes where large transactions can result in changing the price sharply. It will be a few years before this effect gets corrected by larger volumes and greater public participation in crypto.
Swiss know value of money..
Yes! They do! It's a very good sign! :)
The only things they can regulate are exchanges.. there is an underground economy growing.. good post!
True.
However there is an alternative to the centralised exchanges - Bisq.
https://bitsquare.io/
Bisq is an open-source desktop application that allows you to buy and sell bitcoins in exchange for national currencies, or alternative crypto currencies.
Don't know why I never heard of it.. is it similar to OpenBazaar?
As far as I remember and understand, OpenBazaar is more like decentralised Ebay/Etsy.
Whereas Bisq is a decentralised currency exchange. You use your own crypto wallets, bisq does not provide you with one, and therefore, you do not have these lock-down-out problems people have had with Steem and others recently. Your coin is your coin.
Good comments on this post from you @leoplaw
Yes more and more governments are recognizing cryptocurrencies and they would be crazy not to.
Yeah! It's a good sign for the crypto world! Cheers!
As long as Bitcoin remains Decentralized, it'll always keep volatility at the highest. But if governments make it centralized then the core importance of Bitcoin will be lost. So, it's better to make some flexible laws so that the volatility can be controlled to some extent while maintaining it's decentralised factor. I think Bitcoin will soon be legalised by India also, though it's not illegal still, then public would know about it and could use it in daily transactions.
Thanks @firepower for sharing the info.
This is why other coins have been created, so if governments move in on Bitcoin and "kill" it with centralisation, there will be plenty of others to step up and take its place.
But having the status of mother currency is a serious matter. If goverment, say for example, 'kill' bitcoin, then this will seriously affect the price of other coins as well. They can go in a steep downtrend. @leoplaw
That is assuming Bitcoin remains king of the cryptocurrencies. We cannot assume this will always be the case. That is why people diversify.
But for sometime, Bitcoin will remain the king of all the cryptocurrencies. Also it has the highest market capital as per now. Let's see what happens after this Segwit hype.
Agreed! Wait and see. HODL
Good point dude. I think this will happen soon!
Maybe it's the libertarian side of me, but I feel like the more regulations governments impose, the less fair any system is.
Yeah, you maybe right!
This will change the world how people view crypto currencies! What do you think?
Completely agree. The most countries who legalize and regulate means more people will be able to invest and use them.
And pay TAX.
Probably! You never know! @leoplaw
You only have to look at the US where marijuana has been legalised. The state governments are raking in the tax. Now the big tobacco is eyeing it off. Which means they will lean on the governments to introduce more regulation, which will then squeeze out the little guys.
Just watch the crypto space. Same pattern will happen there if it becomes "officially" recognised.
@wagsdot Yeah, you can say that!
True! It is for sure a good step in bring crypto currencies closer to the world!
@xredsoulless
I give it another 2 years and most or all of it will be regulated, its the only way many of the "big boys" will even touch the stuff, no one wants government backlash
Yeah, you can say that!
Haha! Yes, true. Steem Power it is!!!
Nice to see government legalizing cryptos. I hope my country follows suit.
Nice update @firepower.
Yes, it is a good sign! I really hope in the next few days or weeks many more countries follow the same including India! :)
probably the price of btc up 3 or 4 times in 2020
I really hope it does!
Thank you for the information. I have so much to learn - very valuable info here. Great job.
Thank you! Glad I could share and help! Cheers! :)
Hey @firepower !!
nice post , great info .......
upvoted you.
Hey @fatema,
Thank you, glad to share :)
Cheers!
you are welcome........ keep it up.
I'm proud of my country. :,)
I didn't even hear of these info. Thank you for sharing them to an uninformed Swiss guy. Haha. Cheers!
Yeah, you should be! This is a wonderful move by Swiss Government.
I am really glad and happy to help! Thanks!
Cheers! :)
@firepower thank you for this interesting information!
@itstudent glad I could share and help! :)
Even though the regulation hasn't been issued in China, transferring Bitcoin takes a lot longer time than other cryptocurrency. The exchange platform provider actually has set up further steps to scrutinize it before they confirm the transaction.
Yeah, it must be!
Hoping things get better for the good!
This may be the game changer for cryptocurrency...
Yes! Indeed, it is a game changer for cryptocurrency. Hoping more countries join in soon!
Looks like it will be India, Russia and China who legalize and then regulate crypto-currencies. Which means they will never disappear or go bust and that will force Western countries to be more accepting and regulate them properly. That's what the people want!
I had read about Russia wanting to create it's own cryptocurrency, based on Ethereum if I remember correctly. It's a way for nations like them to skirt around international sanctions and boost the internal economy. Middle finger to the world, I suppose. Crypto is a massive worldwide chess game that we are all witnessing being played out before out eyes.
Thank you @firepower for the topic post.
Yeah! you are right in a way!
I am hoping for the better and good of all people. Crypto for sure is a game changer!
Let's just wait and watch! :)
Thanks.
Yeah, you can say that. I am hoping India adopts and accepts it soon! Can't wait for it! More countries will follow! :) @wagsdot
great news!!
Yes, It is indeed a great news! :)
resteemed
Thanks! :)
He wants Bitcoin to be regulated in China? Maybe he's somehow connected to Litecoin.
Probably! I am not sure about that!
I'm also not sure lol and it's not easy to know these things in China, where connection is extremely important.
wooaw that is the great post
Thank you! Glad you liked it! :)
It's a step no matter the direction. Could work, who knows at this point but regulating though.. not so sure about that..
Lets hope for the best!
Good info. Thank
Thank you :)
Governments would be ill advised not to accept and embrace the rise of a digitsl economy with digital value exchange. If they don't, massive growth will go elsewhere and/or economies will start to go underground, on purpose or just because...
Embracing it and keeping it in the open gives government a better chance to control parts of it and ensure taxation than pushing it undetground.
Yes, you are right in a way!
Very nice sir
Thanks!
I wish Sweden could go the same way, switzerland always makes smart moves.....a country to follow :0)
I am sure many more countries will follow the same including Sweden. Lets hope for the best!
I think so too. I hope Sweden will to its just thar our goverment just makes bad dissitions like imigration...taxes etc.
But lets hope :0)
Good to see bitcoin starting to be acknowledged and adopted in many places :)
I am really glad too! Bitcoins are going in a good direction! Hoping for many more countries to adopt it soon!
Fiat currency Lords definitely will not want to be left behind,history will never forgive them if they fail to capitalize on the numerous window opportunities and rewards trading the cryptocurrencies.Am not surprised various governments are formulating policies to have a slice of the cake.The major question is will it be favorable to all or for themselves alone?
Well, regarding this only time can tell what is stored for us! Let's just wait and watch till the fun and games begin! :)
Awesome write up @firepower
It's so cool that the cryptos are starting to be more and more trusted and adopted! :)
Thank you @acromott.
It's super cool to see cryptos growing big and in a good positive way! :)
Thanks for sharing this news!
You are welcome! Happy to share! :)
Lots of movement on the regulatory front to give digital assets a space to grow and innovate. This is very encouraging and will speed up the adoption of Internet money and digital trading.
No democratic government can afford to miss this train.
Yes! You are right! New countries adopting these is a very bright and good sign. More countries to follow!
great post
Thank you so much! :)
have a read guys livecoin.net is also like poloniex now messing with users
https://steemit.com/livecoin/@shariqriaz/livecoin-net-do-not-deposit-polybius-coin
Okay, sure!
Good post