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.
OTHER IPL BOWLING RECORDS
Best bowling figures: 6-14 – Sohail Tanvir (for Rajasthan Royals against Chennai Super Kings in 2008)
Best average: 16.36 – Andrew Tye
Best economy rate: 6.53 – Sunil Narine
Best strike-rate: 12.83 – Andrew Tye
Best strike-rate in an innings: 1.50 – Suresh Raina (for Chennai Super Kings against Rajasthan Royals in 2011)
Most runs conceded in an innings: 70 – Basil Thampi (for Sunrisers Hyderabad against Royal Challengers Bangalore in 2018)
Most hat-tricks: 3 – Amit Mishra
Most dot-balls: 1,128 – Harbhajan Singh
Most maiden overs bowled: 14 – Praveen Kumar
Most four-wicket hauls: 6 – Sunil Narine
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
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What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
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UAE currency: the story behind the money in your pockets
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Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
21 Lessons for the 21st Century
Yuval Noah Harari, Jonathan Cape
Killing of Qassem Suleimani
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