[2017-07-18]Corrupt Governments Tend to Declare Bitcoin Illegal: Analysis

Corrupt Governments Tend to Declare Bitcoin Illegal: Analysis

Many governments impose heavy regulation on Bitcoin with the justification that Bitcoin can and has been used to aid illegal activities. What governments do not say is that that Bitcoin is a medium of exchange that is outside of their control.

Given this fact, it’s time to inquire about other motives/agendas that may underlie efforts to regulate Bitcoin and other digital currencies. I developed an index of Bitcoin regulation in 62 countries and correlated it with a well-known index of government corruption in the same countries during 2016.

This analysis finds that corrupt governments tend to declare Bitcoin illegal while countries with good governance have a friendly regulatory framework for Bitcoin. Fear of Bitcoin as a trustless, decentralized and transparent transaction network may play a role in authoritarian governments’ distrust of Bitcoin.

https://cointelegraph.com/news/corrupt-governments-tend-to-declare-bitcoin-illegal-analysis

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