If regulations are implemented now it is very late because all exchange systems have been implemented with decentralization that can be accessed by anyone. the government can only manage through the creation of its own digital currency not bitcoin
What did you mean by that? And what if other countries' government accepted or legalized Bitcoin? It is not late since there are no things that is late when doing these kind of things. They are just taking care of their people and their country, that is why they don't accept cryptos so easily. Bitcoin's transaction history can be seen on site like Blockchain.info, now what is the effect of that to the government? They can just accept Bitcoin whenever they want since that will be just a crpyto in their country and will never be a main currency.