As the "Internet darling," Dogecoin has already become one of the top-ranked cryptocurrencies by global market capitalization. However, when this once-joke coin attempted to evolve into a practical payment tool, it was met with a harsh reality check from regulators. The significant differences in regulatory attitudes around the world have become the biggest stumbling block to advancing the Dogecoin payment ecosystem.

Regulatory policies exhibit distinct regional characteristics. Central banks and financial regulators in various countries have crafted very different policy frameworks based on concerns such as financial security, investor protection, and monetary sovereignty.

The strict regulatory camp, represented by China, is arguably the most rigorous globally. Cryptocurrency trading is completely banned domestically, and Dogecoin is no exception. Interestingly, regulatory oversight has become quite detailed—ordinary users, for example, may have their accounts frozen if they mention "Dogecoin" in the remarks when making bank transfers. Unfreezing requires submitting cumbersome documentation and compliance commitments. Behind this is a self-protection mechanism of financial institutions that prefers to err on the side of caution—fearing involvement in virtual currency transactions. In this environment, Dogecoin’s payment applications are effectively rendered useless.

Across the ocean in the United States, a more tolerant stance is taken. As a global financial hub, most U.S. states permit Dogecoin trading, investment, and mining activities. However, leniency does not mean perfection—federal and state policies are not fully aligned, and the regulatory framework is still being developed. Agencies like the SEC are also continuously evolving their attitudes. This semi-open state provides project teams and traders with some breathing room but also plants the seeds of uncertainty.

The existence of regulatory gaps directly limits Dogecoin’s feasibility as an international payment tool. Achieving payment functionality requires cross-border circulation and widespread acceptance, but a fragmented regulatory landscape undoubtedly draws an insurmountable line in the way of this vision.