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But I 100% support the government's efforts to regulate Bitcoin activities, there is more dangers in leaving everyone to do as they like than to regulate it. And if your Bitcoin activity is legit, why fear the government? Just don't commit crimes with your Bitcoin and you will be fine.
However, we must take into account that Bitcoin is distributed all over the world. And mining is carried out in many countries and on different continents. And the regulation of Bitcoin turnover by governments and different countries is so radically different, from full legalization in El Salvador to a ban, for example, in China, that I cannot even imagine how politicians from different countries and financiers will be able to really approve common and uniform rules for regulating a payment system based on Bitcoin.
Now, in my opinion, humanity has not even come close to solving this problem.
And it obviously needs to be solved.
We are getting there my friend, it can't just be done once, it's gradual. Humanity will suffer more if there are no regulations at all, but for the fact that we still see a few regulations, the perpetrators are feeling the heat. I wonder how it will be if there is no KYC and other government watchdogs. Though some of the perpetrators find means to outsmart the government, many are being caught and face the consequences of their crimes.
If you look on the internet with this context, you will see enough financial evil being perpetrated through crypto, the syndicates are also getting wiser daily just as the government is increasing their beams. Had it been most countries could be as sophisticated as the US in cyber security, it would be better, but unfortunately, only a few advanced countries are fighting while others are just trying to join them in regulating the activity.
However, the example of El Salvador and the initiative of its president Nayib Bukele to legalize bitcoin have significantly outpaced all existing jurisdictions in the world. Including the USA, which is now being used as a guide by a significant portion of lawyers in other countries. But not all countries, of course.
No offence, I appreciate that Bitcoin advanced with the bold step of El Salvador, but what has that achieved for them so far? Nothing! That is the truth unless you allow people to deceive you. As someone deeply rooted in economics, I laugh when I read what most people say here in the name of Bitcoin, they are jokers. El Salvador is having serious financial issues right now and if Bitcoin had helped them, don't you think many countries would have joined? They couldn't because they've weighed the risk and the benefit.
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However, the world is truly becoming much more complex, including in matters of financial regulators. For example, the creation of a separate BRICS currency will clearly undermine the monopoly of the dollar as an international unit of account. And it may even destroy the monopoly of the dollar altogether. But such is progress and no one can stop it. In this context, the dollar is now repeating the fate of the once international monetary unit - the British pound sterling, which dominated the world before the introduction of the Bretton Woods system.
So bitcoin regulation will still be different in different countries. This will continue for a long time.
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Regulations have never and will never be the same with countries, even with companies, their dos and don'ts vary, but everything they must do must not cheat the other party. Is it the case with most casinos if not for weak regulations? Again, it's a misconception that the USD has its monopoly, we have top-rated currencies and Gold as alternatives and countries have their sovereignty options. So it's their choice to choose the USD as their reserve. And they mainly choose it simply because it is more stable than their various shit-currencies.