Nobody can ban bitcoin and cryptocurrency including the government. My country has banned bitcoin many times, but what the government did was in vain. We keep using bitcoin and continue to trade bitcoin. Some of the biggest crypto exchanges like Binance are not accessible in my country, but we can do it using VPN.
what you say is very true , but if we as good citizens obviously will not violate the existing rules, because clearly it violates the rules and the consequences must be there. in fact, if the government wants to really ban it, of course it can be done. but maybe your government just wants to state that if something happens the government doesn't interfere, like banking in general. 
Topic: Government ban on crypto - page 5. (Read 1280 times)
It is not surprising for me to know that there are always countries that want to ban Bitcoin, it's all because Bitcoin cannot be controlled.
The government will then take safe steps by banning Bitcoin normally, moreover the government thinks Bitcoin can threaten the Banks system.
So it's no wonder some countries ban Bitcoin, and if there are countries that legalize Bitcoin, it usually can't be used for payments.
Usually Bitcoin is legalized only as a digital asset.
Not also surprising that out of the countries in the world there were definity one or more countries that were going to ban crypto especially bitcoin, and they will going to treat cryptocurrency as a threat to their countries economic especially that they can't control bitcoin or they can't put it under their regulations. But good thing for sure will happen and now are already happening that there were more countries that will going to adopt and legaluze bitcoin. The government will then take safe steps by banning Bitcoin normally, moreover the government thinks Bitcoin can threaten the Banks system.
So it's no wonder some countries ban Bitcoin, and if there are countries that legalize Bitcoin, it usually can't be used for payments.
Usually Bitcoin is legalized only as a digital asset.
Nobody can ban bitcoin and cryptocurrency including the government. My country has banned bitcoin many times, but what the government did was in vain. We keep using bitcoin and continue to trade bitcoin. Some of the biggest crypto exchanges like Binance are not accessible in my country, but we can do it using VPN.
Question
What are your thoughts?
Quote
Do you guys think Bitcoin has any chance of being banned by the government? I keep hearing people say that Bitcoin has a chance of being banned, yet I don’t think so because very powerful people like Elon Musk along with other companies are large investors. Is their any weight to that statement?
What are your thoughts?
Again, Cryptocurrency being banned by the government can only boost its popularity because most people would like something when its infamous or even promoted since being banned by the government means more people would deep dive into learning it. Elon Musk can talk about it because he is a part of one famous Financial Technology company and he knows that adopting Cryptocurrency into his business is a great way to boost its credibility. Its also really impossible to ban Cryptocurrencies but what they can do is lessen the ways on how people can cash it in.
That was the beginning of bitcoin's entry into the country. All countries originally banned bitcoin including my country. But over time our country's unstoppable technology began to adopt bitcoin even now we have an investment regulatory body that currently also legalizes bitcoin as a commodity asset.
The topic related US government can ban BTC, we saw in previous onetime BTC was illegal here but people didn't obey this they used crypto for their progress and purposes then automatically BTC makes its position here. There are no ways to stop crypto just they can operate people's money. This will be great if some systems are correct which making this problem.
It is not surprising for me to know that there are always countries that want to ban Bitcoin, it's all because Bitcoin cannot be controlled.
The government will then take safe steps by banning Bitcoin normally, moreover the government thinks Bitcoin can threaten the Banks system.
So it's no wonder some countries ban Bitcoin, and if there are countries that legalize Bitcoin, it usually can't be used for payments.
Usually Bitcoin is legalized only as a digital asset.
There are few countries that banned bitcoin, Well, being threatened by the technology can at least make the government move to eradicate the use of it in their domain. As of now, I think most of the population today are still using their fiat and their banks in their daily transactions but come to think of it, Over the years people started to learn how to use bitcoin and this is what the government trying to avoid, An increasing number of people that can abandon banks and start using bitcoin. Though there are countries that have a positive approach to bitcoin, In our country we have a custodial wallet that is mandated by the authorities and can be at least used on paying bills, buying credits, and could be used on daily transactions. The government will then take safe steps by banning Bitcoin normally, moreover the government thinks Bitcoin can threaten the Banks system.
So it's no wonder some countries ban Bitcoin, and if there are countries that legalize Bitcoin, it usually can't be used for payments.
Usually Bitcoin is legalized only as a digital asset.
It is not surprising for me to know that there are always countries that want to ban Bitcoin, it's all because Bitcoin cannot be controlled.
The government will then take safe steps by banning Bitcoin normally, moreover the government thinks Bitcoin can threaten the Banks system.
So it's no wonder some countries ban Bitcoin, and if there are countries that legalize Bitcoin, it usually can't be used for payments.
Usually Bitcoin is legalized only as a digital asset.
I would say that these countries are just trying to save their own, not their people. They know the possible benefits that their people will get from the crypto investment but these corrupt leaders never wanted it to happen. The government will then take safe steps by banning Bitcoin normally, moreover the government thinks Bitcoin can threaten the Banks system.
So it's no wonder some countries ban Bitcoin, and if there are countries that legalize Bitcoin, it usually can't be used for payments.
Usually Bitcoin is legalized only as a digital asset.
They wanted everything will be in their control which could not. And they ban crypto for this reason and this is just like showing how wrong they use their power.
It is not surprising for me to know that there are always countries that want to ban Bitcoin, it's all because Bitcoin cannot be controlled.
The government will then take safe steps by banning Bitcoin normally, moreover the government thinks Bitcoin can threaten the Banks system.
So it's no wonder some countries ban Bitcoin, and if there are countries that legalize Bitcoin, it usually can't be used for payments.
Usually Bitcoin is legalized only as a digital asset.
The government will then take safe steps by banning Bitcoin normally, moreover the government thinks Bitcoin can threaten the Banks system.
So it's no wonder some countries ban Bitcoin, and if there are countries that legalize Bitcoin, it usually can't be used for payments.
Usually Bitcoin is legalized only as a digital asset.
governments all over the world ban bitcoin and this is not new and bitcoin is increasingly in demand. Big investors have jumped into the world of crypto and they are collecting bitcoin as an asset in the future.
Mostly unstable governments who fear for their fiat currency.
Banning bitcoin tells the world they're vulnerable and weak. It's one of the worst things you can do to your country's economy and status on the global arena.
I'm not scared of bans because in the EU it's already legalized and many countries are trying to invite crypto businesses by lowering taxes.
Question
Answer
Bitcoin being illegal in the United States is highly unlikely for the following reasons:
1-According to the Howey test, the Trendon Shavers case established legal precedent that Bitcoin is not an illegal protection.
2-The IRS has already formalised its approach to Bitcoin (as an asset)
3-Many rich and well-connected people have personally invested in Bitcoin, and they would be upset if their political colleagues make Bitcoin illegal.
4-Traditional financial institutions in the United States, such as ICE/BAKKT (owner of the NYSE), Fidelity, TD Ameritrade, CME, and others, are now actively involved in Bitcoin mining, investing, and trading.
5-Exchanges such as coinbase, square, gemini, and others are now very big businesses that are actively interested in Bitcoin.
6-Many local states have case law and regulations on Bitcoin that makes it more difficult to make illegal.
7-There is a significant body of current case law in US courts that defines encryption and code to be covered by the first amendment.
8-Making it illegal does not ban bitcoin, but would rather show that they are a totalitarian government, albeit an incompetent one, since stopping Bitcoin is much more complicated than winning the drug war.
What are your thoughts?
Quote
Do you guys think Bitcoin has any chance of being banned by the government? I keep hearing people say that Bitcoin has a chance of being banned, yet I don’t think so because very powerful people like Elon Musk along with other companies are large investors. Is their any weight to that statement?
Answer
Bitcoin being illegal in the United States is highly unlikely for the following reasons:
1-According to the Howey test, the Trendon Shavers case established legal precedent that Bitcoin is not an illegal protection.
2-The IRS has already formalised its approach to Bitcoin (as an asset)
3-Many rich and well-connected people have personally invested in Bitcoin, and they would be upset if their political colleagues make Bitcoin illegal.
4-Traditional financial institutions in the United States, such as ICE/BAKKT (owner of the NYSE), Fidelity, TD Ameritrade, CME, and others, are now actively involved in Bitcoin mining, investing, and trading.
5-Exchanges such as coinbase, square, gemini, and others are now very big businesses that are actively interested in Bitcoin.
6-Many local states have case law and regulations on Bitcoin that makes it more difficult to make illegal.
7-There is a significant body of current case law in US courts that defines encryption and code to be covered by the first amendment.
8-Making it illegal does not ban bitcoin, but would rather show that they are a totalitarian government, albeit an incompetent one, since stopping Bitcoin is much more complicated than winning the drug war.
What are your thoughts?
There are a few countries where bitcoin is banned like China, Algeria, etc. but if we know how the internet works you could easily access bitcoin or cryptocurrency even if it is banned in your country.
Something like a VPN thing could easily be used to bypass but it might actually just depend on what website that you are going to use if they are going to were going to allow the access.
I mean there are some websites that does not allow the use of VPN, it not that risky because you could always buy a VPN if you want to buy bitccoin.
They can still make money from it. They don't have to ban it and just impose a regulatory tax that every profit gained through crypto is taxable and has to be declared as income.
In some countries, they're doing this. Instead of putting a ban to crypto related income, they're simply giving their people freedom to get along with another source of income through crypto trading.
In some countries, they're doing this. Instead of putting a ban to crypto related income, they're simply giving their people freedom to get along with another source of income through crypto trading.
I agree with this point. I think civilized countries should give an example to all world and show everyone that Bitcoin and crypto are not dangerous. However, these assets can be regulated in the proper way so people can even pay taxes for the crypto received from mining or trading. Perhaps, Bitcoin can become a second international currency like USD.
Have you heard about Venezuela's experience? They try to relieve the country's economy with the help of their own crypto known as El Petro. There is already allowed to pay salary with El Petro and the prices in the country partially indexed to the coin.
but for my country this is still complicated to do, tracking is required on their personal crypto wallet and it is still not possible. the use of regulatory tax is only imposed on exchanges in that country, not for individuals or individuals. Some crypto regulations in developing countries allow crypto to be used only as a commodity asset no more than that.
Crypto is becoming very popular and many are already aware of it. Several agencies have also started to enter crypto, large companies and others. Other income through crypto trading provides an opportunity for them to get more profit but still with a high risk and become their own responsibility.
It can be applied for the individuals who make money from crypto. Just like the people from the US, when they've gained profit from crypto, they're filing it as their revenue along with respective taxation. Crypto is becoming very popular and many are already aware of it. Several agencies have also started to enter crypto, large companies and others. Other income through crypto trading provides an opportunity for them to get more profit but still with a high risk and become their own responsibility.
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I wasn't even aware that FBI held Bitcoins already.Even those who impose law to it were even hodling something for themselves just to keep their people away from it.
Government can ban it but they can't stop their people to use Bitcoin. Recently china govt tried to ban mining and uses of bitcoin but they failed badly. Indian govt and Nigeria attempted to regulate cryptocurrency and tried to stop their people to trade crypto via Bank account, But they did not succeed and has finally been forced to give legitimacy to bitcoin transactions. So, govt can ban crypto but It will not be good for them.
Bitcoin and other cryptocurrency are already ban from certain countries, if I am correct. Most of them are denied access from crypto, like how the government ban access on certain websites, which users are forced to VPN to access cryptocurrency. Yes, they can still have access on crypto but it would a hassle to and can be problem on certain website as they can be targeted for account termination or inaccessible account once found out that they live on certain banned country.An example where an account error may happen are on gambling website and trading website where KYC are held. Even, non-strict website on KYC can hold your funds when you've been ask for an KYC due to transaction on your account. Most of this situation results on an account termination or funds being on hold due to illegal use of crypto.
There are various inconvenience that these ban can cause to their citizen trying to access crypto which is best to follow the protocol or migrate somewhere else to be eligible on full access on crypto.
No one can access the bitcoins in your custodian wallet!
No one can restruct you from making a transaction to another wallet!
No one can restrict the introduction of new coins into the market!
The only way governments can control your assets is if you store them on centralized platforms or use such platforms to exchange.
No one can restruct you from making a transaction to another wallet!
No one can restrict the introduction of new coins into the market!
The only way governments can control your assets is if you store them on centralized platforms or use such platforms to exchange.
Exactly. That's the beauty of Bitcoin's decentralization. No one will be able to stop it, as long as there's a considerable amount of nodes and miners supporting the Blockchain. By using a non-custodial wallet and decentralized exchange, you'd be able to overcome government restrictions. Be prepared to face fines or jail time if you ever get caught using Bitcoin in a country whose use is illegal. While government bans won't have a direct effect over the prominence of the Bitcoin network, it will certainly affect mainstream adoption. Most people will be afraid of using Bitcoin after it's "banned" by the government. Only a small number of people will continue to use it regardless of the government's negative stance towards Bitcoin.
Nonetheless, we could say that nothing lasts forever. Who knows how Bitcoin will survive after being banned by governments worldwide? Mainstream adoption will be at its lowest, so I guess that the number of nodes and miners on the network will decline too. We're going to have to see what happens in the future as governments see Bitcoin as a threat to the current monetary system. Just my opinion
They can still make money from it. They don't have to ban it and just impose a regulatory tax that every profit gained through crypto is taxable and has to be declared as income.
In some countries, they're doing this. Instead of putting a ban to crypto related income, they're simply giving their people freedom to get along with another source of income through crypto trading.
but for my country this is still complicated to do, tracking is required on their personal crypto wallet and it is still not possible. the use of regulatory tax is only imposed on exchanges in that country, not for individuals or individuals. Some crypto regulations in developing countries allow crypto to be used only as a commodity asset no more than that.In some countries, they're doing this. Instead of putting a ban to crypto related income, they're simply giving their people freedom to get along with another source of income through crypto trading.
Crypto is becoming very popular and many are already aware of it. Several agencies have also started to enter crypto, large companies and others. Other income through crypto trading provides an opportunity for them to get more profit but still with a high risk and become their own responsibility.
Government can ban it but they can't stop their people to use Bitcoin. Recently china govt tried to ban mining and uses of bitcoin but they failed badly. Indian govt and Nigeria attempted to regulate cryptocurrency and tried to stop their people to trade crypto via Bank account, But they did not succeed and has finally been forced to give legitimacy to bitcoin transactions. So, govt can ban crypto but It will not be good for them.
They can still make money from it. They don't have to ban it and just impose a regulatory tax that every profit gained through crypto is taxable and has to be declared as income.
In some countries, they're doing this. Instead of putting a ban to crypto related income, they're simply giving their people freedom to get along with another source of income through crypto trading.
In some countries, they're doing this. Instead of putting a ban to crypto related income, they're simply giving their people freedom to get along with another source of income through crypto trading.
I agree with this point. I think civilized countries should give an example to all world and show everyone that Bitcoin and crypto are not dangerous. However, these assets can be regulated in the proper way so people can even pay taxes for the crypto received from mining or trading. Perhaps, Bitcoin can become a second international currency like USD.
Have you heard about Venezuela's experience? They try to relieve the country's economy with the help of their own crypto known as El Petro. There is already allowed to pay salary with El Petro and the prices in the country partially indexed to the coin.
I think it will not be in the world because of Bitcoin value.i think any country in the world Will not do this,yes may be temporary it can but it's not possible to ban Bitcoin perminantly.because there are millions of inversters Evan infuancers have involved in Bitcoin,so how can they afford loss.and how can they allow Bitcoin ban.but there are many countries thinking about regulating Bitcoin .and I think some countries have done.alow Bitcoin.So if someone is thinking about Bitcoin ban its their thinking.
To simply those list, its decentralized currency, banks and government can't make a profit from cryptocurrency so they would rather ban and ensure that people would stick to the regular currency which then can regulate. Its nothing new, tons of government bans Cryptocurrency to the point that there are certain countries bans mining as well.
They can still make money from it. They don't have to ban it and just impose a regulatory tax that every profit gained through crypto is taxable and has to be declared as income.In some countries, they're doing this. Instead of putting a ban to crypto related income, they're simply giving their people freedom to get along with another source of income through crypto trading.
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