The Australian government regulatory agency is looking at becoming one of the first countries to attempt to control, monitor and regulate e-currencies.  Most of us will agree that some form of regulation is needed to keep out the bad elements of society, but how it is done is really up to debate. Additionally how to even accomplish a task when cryptos are borderless entities is going to be tough.

https://41.media.tumblr.com/9c1e19dda0359468ebfcc44ea1501b57/tumblr_nzklwsoX9q1tl751vo1_500.jpg

The main issues are with the anonymous nature of payments using digital currencies which make them an attractive tool for illegal activities according to Australia's financial intelligence agency (AUSTRAC).

Currently the law doesn't include digital currencies such as bitcoin because they are not backed by a physical asset.

Most crypto currency users DO NOT want a situation where transaction flow through the formal financial sector (meaning banks) because it's these financial institutions regulations, corruption & controls is what lead to the rise of digital currencies in the first place.

http://themerkle.com/wp-content/uploads/2015/05/No-Bitcoin-Allowed.jpg

At the same time, we don't want this freedom to be used as a tool for terrorist or criminals as a way to easily move and hide funds.

So we need ideas on a way moving forward coming from the crypro verse because just waiting around enjoying the "freedom" is just going to lead to politicians of countries clamping down in way a lot of us are probably not going to like. So we should be offering up ways now to avoid terrible solutions handed down by these regulating bodies that mostly don't fully grasp the good that blockchain, smart contracts and crypto currencies offer for our future.

https://s3.amazonaws.com/main-newsbtc-images/2015/05/Bitcoin-Startup-Regulations-newsbtc-Illustration.png

It could seriously happen that we could be living n a world in a few years where even Steem is even highly regulated in a number of countries. 

They could install tough regulations to try to keep average people out with fear tactics and guilt by association campaigns. It would literally drain all the joy and excitement in being involved with this cutting edge technologies.