Regulating Bitcoin is “futile and pointless”, given its secure construction and the flexibility it affords its owners to trade them where pro-crypto rules are enforced, the hereditary prince of Serbia has said.
The world’s first and biggest cryptocurrency, which hit $100,000 last week, should be allowed to be traded freely because users will just be able to go around any restrictions imposed on it, Philip Karageorgevitch told The National at the Bitcoin Mena conference in Abu Dhabi on Monday.
“Regulating Bitcoin is futile because you can just go around it. Those who have Bitcoin will find out [they can just] go to where it's unregulated and they're free to use it,” Mr Karageorgevitch, who is also an early Bitcoin advocate, said.
“I'm not saying that we can't regulate Bitcoin, I'm just saying that it's futile and I think it's pointless … it acts more like a commodity such as gold and it's something that should be treated completely different with no regulations at all.”
As an example, if some levy, such as a capital-gains tax, is imposed on Bitcoin, people can keep their Bitcoin and sell it elsewhere tax-free, rendering the tax imposition moot.
“They'll just store it and find an opportunity later in the future and in another jurisdiction,” Mr Karageorgevitch said.
That would have some ill effects, including forcing the creation of a grey market as Bitcoin owners try to dodge regulations and “surveillance”.
The secure and unregulated nature of Bitcoin is what makes it work and grow in appeal. However, he stressed that the line has to be drawn between Bitcoin and other cryptos.
Bitcoin is acquired by a process called mining, which is solving complex mathematical problems to extract the cryptocurrency. That also serves as its proof of work, which is what ties Bitcoin to its owner.
“Since its inception up until now, Bitcoin has been indestructible and immutable. And that is very important,” Mr Karageorgevitch said, noting that Bitcoin would not suffer the same fate as FTX and Celsius Networks.
“Bitcoin doesn't really care about regulations, but I think cryptos should have because of all the scams happening to them,” he said.
The issue of regulating Bitcoin and other cryptocurrencies has been a hot topic as the technology continues to grow in adoption. Jurisdictions have regulations in one form or another to rein in these digital assets.
Their unregulated and speculative nature, price volatility and the risk of illicit activity such as money laundering are among the reasons why central banks around the world have been reluctant to endorse them.
There have been efforts to draw up standard regulations over the years. It is unclear if this will gain traction with the upcoming administration of president-elect Donald Trump, who has embraced crypto, sparking a surge in Bitcoin and other digital assets.
Bitcoin has risen 40 per cent in the two weeks after Mr Trump won the US election. It has increased by about half since the November 5 polls, leading a crypto sector whose market capitalisation is now at more than $3.6 trillion, data from CoinMarketCap shows.
Mr Karageorgevitch acknowledged that Bitcoin is still new and people still do not understand what it means for the future of transactions. However, a jurisdiction having a libertarian approach of letting the market decide is also beneficial for it to expand and be more accepted, he said.
“Bitcoin is the only opportunity that will ever have a digital scarcity. It is the only cryptocurrency that matters and the rest are securities, which should be regulated to some extent to protect the end user,” he said.
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
The%20Specs%20
%3Cp%3E%3Cstrong%3ELamborghini%20LM002%3C%2Fstrong%3E%3Cbr%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%205.2-litre%20V12%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20450hp%20at%206%2C800rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E500Nm%20at%204%2C500rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3EFive-speed%20manual%3Cbr%3E%3Cstrong%3E0-100kph%3A%3C%2Fstrong%3E%209%20seconds%20(approx)%3Cbr%3E%3Cstrong%3ETop%20speed%3A%3C%2Fstrong%3E%20210kph%20(approx)%3Cbr%3E%3Cstrong%3EYears%20built%3A%3C%2Fstrong%3E%201986-93%3Cbr%3E%3Cstrong%3ETotal%20vehicles%20built%3A%3C%2Fstrong%3E%20328%3Cbr%3E%3Cstrong%3EValue%20today%3A%3C%2Fstrong%3E%20%24300%2C000%2B%3Cbr%3E%3C%2Fp%3E%0A
MATCH INFO
Barcelona 4 (Suarez 27', Vidal 32', Dembele 35', Messi 78')
Sevilla 0
Red cards: Ronald Araujo, Ousmane Dembele (Barcelona)
Killing of Qassem Suleimani
Killing of Qassem Suleimani
The specs: 2018 Mercedes-Benz E 300 Cabriolet
Price, base / as tested: Dh275,250 / Dh328,465
Engine: 2.0-litre four-cylinder
Power: 245hp @ 5,500rpm
Torque: 370Nm @ 1,300rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.0L / 100km
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Dual%20electric%20motors%20with%20102kW%20battery%20pack%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E570hp%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20890Nm%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERange%3A%3C%2Fstrong%3E%20Up%20to%20428km%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh1%2C700%2C000%3C%2Fp%3E%0A
Student Of The Year 2
Director: Punit Malhotra
Stars: Tiger Shroff, Tara Sutaria, Ananya Pandey, Aditya Seal
1.5 stars
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Bob%20Marley%3A%20One%20Love
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%C2%A0Reinaldo%20Marcus%20Green%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%C2%A0%3C%2Fstrong%3EKingsley%20Ben-Adir%2C%20Lashana%20Lynch%2C%20James%20Norton%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%C2%A02%2F5%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
T20 World Cup Qualifier, Muscat
UAE FIXTURES
Friday February 18: v Ireland
Saturday February 19: v Germany
Monday February 21: v Philippines
Tuesday February 22: semi-finals
Thursday February 24: final
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Specs – Taycan 4S
Engine: Electric
Transmission: 2-speed auto
Power: 571bhp
Torque: 650Nm
Price: Dh431,800
Specs – Panamera
Engine: 3-litre V6 with 100kW electric motor
Transmission: 2-speed auto
Power: 455bhp
Torque: 700Nm
Price: from Dh431,800