Topic: Can Government Really Ban Crypto? (Read 624 times)
Seriously is always funny to me whenever I hear about government banning bitcoin, I know it's not possible for them to stop bitcoin the only thing I believe the government should do now is just to adopt bitcoin and work with it which will be better than wasting there time trying to ban it because if a country bans bitcoin it will only affect the price of bitcoin at that moment which will definitely bounce back but banning of bitcoin by a government can not kill bitcoin.
I think it is possible, because there are many reasons why the government bans cryptocurrencies
let's take an example: often caught in money laundering to terrorist financing, a cliche but true reason where a rogue government will definitely do money laundering to bitcoin et al,
let's take an example: often caught in money laundering to terrorist financing, a cliche but true reason where a rogue government will definitely do money laundering to bitcoin et al,
^ Probably not all of them can be regulated, how about those using non-custodial wallets and keep buying and selling on P2P exchange.
For me, I think they can't ban digital forms of fiat completely, on the grounds that they control the public authority does not imply that they can handle each unique individual also. That would be a hard game to play I guess. Nations who ban BTC will clearly not see it right yet they think about BTC as something pointless with no worth and soon to fall. They can always prohibit the use and acquisition of BTC, but they can never prevent people from utilizing it even if they face legal consequences if they do not comply with the ban's enforcement.
Yes true but I only said those things about some of the custodial wallets like what I used that is regulated by the government. I would also do the same too if the government decides to ban btc and I would do what you said by buying btc on p2p exchange and use non-custodial wallets like electrum and many more but the government didn't ban so that's why I share what happen in here about the custodial wallet/exchange I used that is regulated by the central bank in my country. For me, I think they can't ban digital forms of fiat completely, on the grounds that they control the public authority does not imply that they can handle each unique individual also. That would be a hard game to play I guess. Nations who ban BTC will clearly not see it right yet they think about BTC as something pointless with no worth and soon to fall. They can always prohibit the use and acquisition of BTC, but they can never prevent people from utilizing it even if they face legal consequences if they do not comply with the ban's enforcement.
The government can only ban Bitcoin in a way that people wouldn’t be able to transact to banks. But they won’t be able to stop p2p usage of Bitcoin. That is why in countries where Bitcoin has been banned, you will still see people who are making use of Bitcoin for transactions, and the government is unable to stop them.
So, in a situation whereby the government has banned cryptocurrency in a country, it is only the exchanges that are centralized who face the consequences, due to the fact that they are centralized and are being controlled by the government, the government can stop them from working at anytime. But the exchanges that are decentralized cannot be harmed by the government policies. So, whenever there is such a situation where the government bans Bitcoin, people moves over to making use of decentralized exchanges.
This is why bitcoin is unstoppable, no one really knows if bitcoin will in fact become as successful as its potential indicates, but one thing that governments cannot do no matter how hard they try is to completely stop bitcoin, after all as long as there are two people willing to send coins to each other bitcoin will still exist, so a complete ban is impossible, however governments are never going to give up either so it is going to be interesting to see how things evolve from now on.So, in a situation whereby the government has banned cryptocurrency in a country, it is only the exchanges that are centralized who face the consequences, due to the fact that they are centralized and are being controlled by the government, the government can stop them from working at anytime. But the exchanges that are decentralized cannot be harmed by the government policies. So, whenever there is such a situation where the government bans Bitcoin, people moves over to making use of decentralized exchanges.
Government could ban out as much as they could even though not directly but they could really make out some movements which would really be a big or serious hassle for us crypto supporters or
enthusiast.It would be more better if they would reconsider it out and wont be focusing on the negatives and would rather see its benefits.
Government can't literally ban cryptocurrency but they can issue a ban of using cryptocurrency and those who are found using or owning some crypto will be send to prison. Though many government can't do anything so that's why the government in other country will make their own crypto website, exchange site, wallet provider or an exchange that is also wallet but it is regulated by the government where they can benefit from it just like in my country where a wallet I used to buy, sell and trade crypto is regular by the central bank.
^ Probably not all of them can be regulated, how about those using non-custodial wallets and keep buying and selling on P2P exchange.For me, I think they can't ban digital forms of fiat completely, on the grounds that they control the public authority does not imply that they can handle each unique individual also. That would be a hard game to play I guess. Nations who ban BTC will clearly not see it right yet they think about BTC as something pointless with no worth and soon to fall. They can always prohibit the use and acquisition of BTC, but they can never prevent people from utilizing it even if they face legal consequences if they do not comply with the ban's enforcement.
The government can only ban Bitcoin in a way that people wouldn’t be able to transact to banks. But they won’t be able to stop p2p usage of Bitcoin. That is why in countries where Bitcoin has been banned, you will still see people who are making use of Bitcoin for transactions, and the government is unable to stop them.
So, in a situation whereby the government has banned cryptocurrency in a country, it is only the exchanges that are centralized who face the consequences, due to the fact that they are centralized and are being controlled by the government, the government can stop them from working at anytime. But the exchanges that are decentralized cannot be harmed by the government policies. So, whenever there is such a situation where the government bans Bitcoin, people moves over to making use of decentralized exchanges.
This is why bitcoin is unstoppable, no one really knows if bitcoin will in fact become as successful as its potential indicates, but one thing that governments cannot do no matter how hard they try is to completely stop bitcoin, after all as long as there are two people willing to send coins to each other bitcoin will still exist, so a complete ban is impossible, however governments are never going to give up either so it is going to be interesting to see how things evolve from now on. So, in a situation whereby the government has banned cryptocurrency in a country, it is only the exchanges that are centralized who face the consequences, due to the fact that they are centralized and are being controlled by the government, the government can stop them from working at anytime. But the exchanges that are decentralized cannot be harmed by the government policies. So, whenever there is such a situation where the government bans Bitcoin, people moves over to making use of decentralized exchanges.
There are countries that have banned cryptocurrency usage within the country. From sources across the web Bolivia, China, Bangladesh, Ecuador, India, Morocco, Vietnam, Nepal, Russia, Thailand, Sweden, Kyrgyzstan, Iceland have banned cryptocurrency. Among the list India recently made a big taxation over the cryptocurrency profit. This looks like making an indirect ban over the usage.
Though countries have banned it, people from these countries keep using it through some means. This way government can't ban cryptocurrency.
There have been times I have seen of the government threatening to imprison citizens that are caught with bitcoin. And that’s gets questioning how exactly they were going to find out that their citizens are making use of cryptocurrency? No one really knows that you’re making use of bitcoin except that you let them know. You don’t just magically find out that someone is making use of bitcoin, there is not a way to know that.Though countries have banned it, people from these countries keep using it through some means. This way government can't ban cryptocurrency.
I have been making use of bitcoin for long and I never told anyone about it and they never know. The only time I have seen government catch people who were using cryptocurrency was when they tried sending or withdrawing their cryptocurrency to banks. But if you stay fully P2P, no one will be able to tell at all.
The government can only ban Bitcoin in a way that people wouldn’t be able to transact to banks. But they won’t be able to stop p2p usage of Bitcoin. That is why in countries where Bitcoin has been banned, you will still see people who are making use of Bitcoin for transactions, and the government is unable to stop them.
So, in a situation whereby the government has banned cryptocurrency in a country, it is only the exchanges that are centralized who face the consequences, due to the fact that they are centralized and are being controlled by the government, the government can stop them from working at anytime. But the exchanges that are decentralized cannot be harmed by the government policies. So, whenever there is such a situation where the government bans Bitcoin, people moves over to making use of decentralized exchanges.
So, in a situation whereby the government has banned cryptocurrency in a country, it is only the exchanges that are centralized who face the consequences, due to the fact that they are centralized and are being controlled by the government, the government can stop them from working at anytime. But the exchanges that are decentralized cannot be harmed by the government policies. So, whenever there is such a situation where the government bans Bitcoin, people moves over to making use of decentralized exchanges.
Evolution is one thing that cannot be fought. Bitcoin ban is like keeping themselves in blackout. But all I see within this ban sabotage across some nations is that the are trying to prevent their citizens from having full control of their wealth. They really want to have full control of their economy which can't be granted them anymore. You see this fight to get back financial centralization by the time the government who places ban on cryptocurrency realizes what the are trying to avoid has skyrocketed it would be too late and they will definitely find a way to buy the innovation by then it might become late. Power and funds now lies in the hands of the masses
They can't as they can't claim the freedom of their people to do what they want in their life. The only they can do is issue a banning order and seize those who have been caught but this is not literally a criminal act that people were worried about. To ban is just temporary, they will change it once they could gain some control and imposed taxes on every crypto holder. The government I guess is too smart enough to know the sentiment in crypto which they know could help their people unless like in China that definitely cut the freedom of their people but instead of creating their own digital currency.
Evolution is one thing that cannot be fought. Bitcoin ban is like keeping themselves in blackout. But all I see within this ban sabotage across some nations is that the are trying to prevent their citizens from having full control of their wealth. They really want to have full control of their economy which can't be granted them anymore. You see this fight to get back financial centralization by the time the government who places ban on cryptocurrency realizes what the are trying to avoid has skyrocketed it would be too late and they will definitely find a way to buy the innovation by then it might become late. Power and funds now lies in the hands of the masses
Government can't literally ban cryptocurrency but they can issue a ban of using cryptocurrency and those who are found using or owning some crypto will be send to prison. Though many government can't do anything so that's why the government in other country will make their own crypto website, exchange site, wallet provider or an exchange that is also wallet but it is regulated by the government where they can benefit from it just like in my country where a wallet I used to buy, sell and trade crypto is regular by the central bank.
There are countries that have banned cryptocurrency usage within the country. From sources across the web Bolivia, China, Bangladesh, Ecuador, India, Morocco, Vietnam, Nepal, Russia, Thailand, Sweden, Kyrgyzstan, Iceland have banned cryptocurrency. Among the list India recently made a big taxation over the cryptocurrency profit. This looks like making an indirect ban over the usage.Though countries have banned it, people from these countries keep using it through some means. This way government can't ban cryptocurrency.
Government can't literally ban cryptocurrency but they can issue a ban of using cryptocurrency and those who are found using or owning some crypto will be send to prison. Though many government can't do anything so that's why the government in other country will make their own crypto website, exchange site, wallet provider or an exchange that is also wallet but it is regulated by the government where they can benefit from it just like in my country where a wallet I used to buy, sell and trade crypto is regular by the central bank.
Until now there has been no country that is strict and totally banned cryptocurrencies, this is because crypto brings benefits and can increase people's income so that the state also acts realistically, the thing I hear most often is that countries only ban cryptocurrencies for direct transactions or function like fiat.
That's right, even China, which is very strict about banning Bitcoin, can't stop the use of cryptocurrency in their country. Since crypto is already known and spread all over the world, it can no longer be removed from circulation, we will continue to see people transacting with crypto even though the government in each region makes strict rules against crypto.But, when we are talking about bitcoin then we are talking about true decentralization where nobody in the world has any power over it at all. Only if we all agree at the same time to change blockchain or anything like that, we could actually change something otherwise it will not have any changes at all. Obviously it is not really that easy to ban it when there are nobody controlling it that countries could somehow ban that person and make a permeant solution.
Yes, it can happen as you say. Countries that prohibit crypto development, their citizens will be left behind in digital money technology.
It is citizens that want to be left behind that will be left behind, Just as the scriptures say we should vet every word from the prophets and confirm with the bible, likewise as an individual you should evaluate every policy by the government and confirm if it occurs well with your development. Not like i am pushing you to go against government policies, but we all know that sometimes some government policies are selfish and more to the benefit of the government than the people, we all need to know for a subject as regards crypto, that the government is panicked by the idea of it and will do everything in its power to stop its growth. As an individual that has evaluated and seen the prospects crypto has, it is in your power to decide whether or not to be one of the citizens left behind globally or not. 
Government can not ban cryptocurrency, they can only restrict the banks from operating in cryptocurrency exchange. Their are countries that banned the use of cryptocurrencies in there banks, but that have not stop citizens from buying cryptocurrency. Like in the case of Nigeria, after the government gave a ban on exchange of cryptocurrency it didn't cause any affect in their country from citizens not having access to it, rather it attracted many people to cryptocurrency more.
Yes that's right, they can only limit the movement of cryptocurrencies. It can be seen now that many countries are resisting, but that doesn't stop their citizens from owning assets in the form of cryptocurrencies, as you say. I think the government banned it just to scare its holders, and with that hopefully cryptocurrency holders switch to something they can control.This is one of the reasons why the development of the crypto industry is so rapid, because the government cannot prevent its citizens from
owning crypto. Even though the government has made rules that crypto is illegal and prohibited from being used, but that doesn't stop people
from owning and using cryptocurrencies. So like you said, the government can only limit the movement of cryptocurrencies. If that's the case it
just makes for an ineffective rule, even though it is more effective if the government just legalizes crypto by imposing taxes on platforms that
provide crypto transactions. Because there have been many previous attempts to stop the circulation of crypto from several countries that hate crypto.
But the results failed and until now the circulation of crypto is still running, even more and more people are using crypto.
Yes, it can happen as you say. Countries that prohibit crypto development, their citizens will be left behind in digital money technology. If you look at countries in the world whose technology has infiltrated various lines, even during the pandemic, it is clear that technology is the most important thing to complete various tasks, both study assignments and other meetings conducted online. Crypto technology is developing rapidly at this time, I believe in the future it will become the main medium of exchange in making payments. So I hope my country also supports crypto development.
Until now there has been no country that is strict and totally banned cryptocurrencies, this is because crypto brings benefits and can increase people's income so that the state also acts realistically, the thing I hear most often is that countries only ban cryptocurrencies for direct transactions or function like fiat.
That's right, even China, which is very strict about banning Bitcoin, can't stop the use of cryptocurrency in their country. Since crypto is already known and spread all over the world, it can no longer be removed from circulation, we will continue to see people transacting with crypto even though the government in each region makes strict rules against crypto.and adoption in relation into its existence and knowing that government doesnt really like on something which cant be controlled which it isnt really surprising with these kind of actions to be made.
Its not new anymore on having this kind of situation that we are facing now.
but the only problem is how you can access those p2p sites and what if its also banned in your country? But, let say you can be able to bypass it, we cant still be 100 percent sure that you are transacting with a normal user that only wants to trade his cryptocurrencies but what if that person you are transacting with is an asset of police, fbi, nbi or whatever you called it that are against this act.
The penalties are going to be heavy for sure. So, I do not think it is worth the risk but it will be better if we can wait till the cryptocurrencies are allowed on our country so that we can trade without worries and most importantly is we can spend the cryptocurrency that we obtain.
Every action that violates the rules does have a risk, therefore severe sanctions will be effective to prevent violations of the law in a country, including sanctions if someone uses illegal currency in a country that prohibits it.The penalties are going to be heavy for sure. So, I do not think it is worth the risk but it will be better if we can wait till the cryptocurrencies are allowed on our country so that we can trade without worries and most importantly is we can spend the cryptocurrency that we obtain.
In my country, the government not only prohibits the use of cryptocurrency as a means of payment but the government also prohibits the use of foreign currency. This means that trading can continue if the currency is converted to fiat “legitimate currency” so that no rules are violated.
In a world like that, I am 100% sure that the law is a law as long as you can enforce it. For example if you ban crypto, and say that "anyone who ever owns even 1 satoshi will be in jail forever!!!" but then thousands still do it while only 3-4 gets jailed for it? I am sure people will keep doing it.
The same I could say about crypto and fiat. To not be able to deal with cryptocurrency nowadays heavily limits the financial personal development of an individual, since he wil be hostage of the fiat depreciative currencies and traditional banks' lobby.
Actually even if they don't ban crypto this meme would still remain the same as eventually, crypto is looking to take away their stronghold of power. So they are in this big flux when deciding about what to do and what not to. Moreover, the problem is even the countries that are banning cryptos want to use the technology behind it but are unable to frame a law whereby they can both ban cryptos and promote blockchain-based businesses. Now with the current market cap and current adoption that we have had I feel it's impossible to ban crypto at a global level, crypto has now become a part of our lives and is not going away.
Until now there has been no country that is strict and totally banned cryptocurrencies, this is because crypto brings benefits and can increase people's income so that the state also acts realistically, the thing I hear most often is that countries only ban cryptocurrencies for direct transactions or function like fiat.
That's right, even China, which is very strict about banning Bitcoin, can't stop the use of cryptocurrency in their country. Since crypto is already known and spread all over the world, it can no longer be removed from circulation, we will continue to see people transacting with crypto even though the government in each region makes strict rules against crypto.Jump to: