Government ban on crypto - page 6. | Bitcointalksearch.org

Ziskinberg

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Quote from: xanxus.kun on March 29, 2021, 03:33:13 AM

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.

There are some governments that already have regulated Bitcoin and imposed a tax on cryptocurrency earnings. So, saying that governments can't make a profit from them wouldn't be true. Because of this reason, I think regulating Bitcoin is more advantageous for governments rather than banning it.

If this going to happen around the world, we are simply giving up our anonymity. By simply paying tax to the government, we are also giving them the chance to know more about what we do in crypto and how much we are able to get from here.

Because the more we are exposed to them, the more they got the interest to oblige every crypto holder to tell how much they hold and their crypto assets. And this might lead to some tax abuse that will happen in the near future for the corrup leaders and which I worried about for the worse case scenario like being controlled by the government.

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Quote from: ConnerDalfino on March 26, 2021, 02:15:50 AM

Question

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?

We all hope u right, but u never know when we talk about U.S....

Furious 7

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Quote from: xanxus.kun on March 29, 2021, 03:33:13 AM

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.

There are some governments that already have regulated Bitcoin and imposed a tax on cryptocurrency earnings. So, saying that governments can't make a profit from them wouldn't be true. Because of this reason, I think regulating Bitcoin is more advantageous for governments rather than banning it.

If the government can regulate then the profits will definitely flow in every income so the government will have full control if this is regulated, just look at now that many institutions have adopted bitcoin, now the government can also impose taxes so it's not just one. The thing for many other companies if the government supports it in this way, not only because of decentralization but all that it can be done completely.

The government has begun to be interested in preventing the ban completely, but the government will assess how the government will fully support it.

peter0425

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Quote from: isaac_clarke22 on March 29, 2021, 03:53:42 AM

...or maybe the government is hiddenly hodling Bitcoin already so that people would sell their coins when they impose a ban, causing price to plummet and they'll take the coins that have been dumped.

Well Nice scenario , the question is when they will implement the banning?

Quote

Hodling Bitcoin in such specific wallets like cold storage would make them anonymous, or pseudonymous at the least and people wouldn't know.

That's something No one could ever Find , though the FBI is already Holding good amount of Bitcoins.

ultrloa

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Quote from: ShowOff on March 29, 2021, 04:58:09 AM

Quote from: xanxus.kun on March 29, 2021, 03:33:13 AM

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.

No, the government will still benefit from cryptocurrency just because of tax regulation. They regulate crypto but can't control it.
There are many reason why the government prohibit bitcoin from being used as a legal tender. We all know they are scared because bitcoin can render the banking system useless. Decentralization was not wanted by the government at all. Because they can't be controlled, regulation is one way to prevent growth and adoption.

Just still wandering on how they can regulate the users since bitcoin is cannot be automatically taxed by anyone not unless if they implement it on auto deduction on the wallet provider.
Maybe for now banking system sees bitcoin as a threat now but for sure government will file a law on how they can rule it upon usage on their country. We don't know yet on what will be the actual scenario, this is controversial and maybe this will create hype or fud once this scenario will newly came on big countries.

ShowOff

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Quote from: xanxus.kun on March 29, 2021, 03:33:13 AM

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.

No, the government will still benefit from cryptocurrency just because of tax regulation. They regulate crypto but can't control it.
There are many reason why the government prohibit bitcoin from being used as a legal tender. We all know they are scared because bitcoin can render the banking system useless. Decentralization was not wanted by the government at all. Because they can't be controlled, regulation is one way to prevent growth and adoption.

isaac_clarke22

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Quote from: bitterguy28 on March 29, 2021, 03:50:24 AM

Quote from: cryptomaniac_xxx on March 26, 2021, 03:15:00 AM

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Because the truth is? US is playing with Bitcoin and the whole market of it (Including altcoins) because just like what you said they can easily banned this or even stop if they want it.

But clearly they dont and they wont because of the benefits that they are gaining or the benefits they will get in the future.

...or maybe the government is hiddenly hodling Bitcoin already so that people would sell their coins when they impose a ban, causing price to plummet and they'll take the coins that have been dumped.
Hodling Bitcoin in such specific wallets like cold storage would make them anonymous, or pseudonymous at the least and people wouldn't know.

bitterguy28

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Quote from: cryptomaniac_xxx on March 26, 2021, 03:15:00 AM

If US are going to ban bitcoin, they have done it years ago, but they let it flourish and now it's being used as a hedge by big institutions and companies. I think we don't know another discussions about it unless we see a change in the air as far as US government stance on bitcoin. There could be countries that have banned bitcoin, but they are only a few and look at what kind of government they have.

Because the truth is? US is playing with Bitcoin and the whole market of it (Including altcoins) because just like what you said they can easily banned this or even stop if they want it.

But clearly they dont and they wont because of the benefits that they are gaining or the benefits they will get in the future.

xanxus.kun

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You have to get what you want your own way.

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.

Kong Hey Pakboy

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Quote from: cyriljundos on March 29, 2021, 12:36:02 AM

i think government should not consider bitcoin as an illegal.other government ban bitcoin and they destroy the image of bitcoin.

That is the best thing to happen to bitcoin, being recognized by the state in a good way but every government differs in their way of thinking so we don't have a grasp on how they think unless we put people in the seat that knows what they are doing, competent and deserves their seat. There are a lot of reasons for governments to ban bitcoin and I don't think that they really want to destroy the image because if they were to ban it then the image of bitcoin is already destroyed in their perspective.

Darkelf11

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It's just my opinion only I think they would like to ban those users of the cryptocurrency in their country because again its decentralized and no one handles and it's doesn't help the country itself because the government doesn't handle this kind of money transferring we all know that the bitcoin is a tax less so we won't worry but the government does. Unless they will create a centralized platform that most users will use this so that they can get a commission on their transactions.

proTECH77

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Those countries that ban crypto, they don't know the benefits and progress that attached to any countries that make cryptocurrency legalized in the society. Cryptocurrency was a good gift Satoshi Nakamoto gave to the world, to use to secure their payment and to store money without any fear.
Many countries that legalized cryptocurrency are seriously enjoying the gift that the founder of cryptocurrency gave to the world. It reduced so many negative things in the country for those countries that made it legalized in their land and to do everything possible to protect cryptocurrency in the country.

cyriljundos

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i think government should not consider bitcoin as an illegal.other government ban bitcoin and they destroy the image of bitcoin. for megovernment also invested in bitcoin not telling to people that they invested in so that government benefit for their own good. Bitcoin has been phenomenal this year. rising and rising every year

2double0

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Stopping bitcoins would be like going back to where we came from, and that is the monkey era where we knew nothing, no internet, no food making, no money, no excitement of earning it, no competetion, nothing. And it will also make up our mind that we are government's slaves and can't go against them as we will suffer badly if we try to stand against an already established power. I do not think that btc can be stopped even if it is banned because people are so clever they will find any way to trade it.

Yatsan

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Banning cryptocurrency in a country like United States where there are lots of cryptocurrency users will be nearly impossible to make happen for the reason that they are continuously nourishing cryptocurrency usage within their scope and have visible works like Bitcoin ATMs scattered around that supports cryptocurrency usage as well as merchants who accepts Bitcoin as a mode of payment for purchases. If government would like to ban cryptocurrency, they would have done it a long time ago but since they have not done such, then it will be assumed that they will not be putting their hands into such issue concerning crypto.

Bitstar_coin

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If this would happen then it would have been long ago when btc was still in it's infancy and not known to many, right now btc is well known, this time big companies and affluent personalities are involved, it will be difficult to impossible for the government to ban btc now, even if the try it won't stick since blockchain can not be controlled by anyone.

Luzin

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What's should I think because my country government already declared cryptocurrencies as legit and they never permit bitcoin . My neighbour countries parliament already ban cryptocurrencies. But people over the India cannot leave bitcoin at all.

Where do you live? I'm a little confused what you mean. What is meant by prohibition here? Is the payment prohibition or prohibition against doing activities on crypto as a whole?

Quote from: Matimtim on March 28, 2021, 08:34:39 AM

but that law will applicable only to the people who caught using crypto currency but can't be impose penalty to those using crypto currency anonymously.

Maybe this is one way of getting around the rules. But if the authorities have the expertise to trace transactions, Anonymous can eventually be found. For example, through Fiat's account, he can track the transaction from where the money is coming from. There must be a barrage that can be investigated gradually.

yazher

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Quote from: cryptomaniac_xxx on March 26, 2021, 03:15:00 AM

If US are going to ban bitcoin, they have done it years ago, but they let it flourish and now it's being used as a hedge by big institutions and companies. I think we don't know another discussions about it unless we see a change in the air as far as US government stance on bitcoin. There could be countries that have banned bitcoin, but they are only a few and look at what kind of government they have.

I agree with you that this kind of scenario will be impossible since there are already lots of big names that are involved in the current development of its price especially this year. They could have done it years ago if they really wanted to but they didn't. that's because they know what's the best thing Bitcoin could bring to their country and the proof for that is some of their government officials have already talked about its benefits and some of them already invested in it along with the big names companies that are located in the USA.

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Quote from: XZERO1 on March 28, 2021, 08:11:03 AM

There were always some countries that wanted to ban Bitcoin or crypto in general and still to this day there are some of them that are not so accepting towards crypto currencies for obvious reasons, one of those reasons would be them making less money from their banks and the other reason is the fact that it would be harder to track and control people that are using decentralized cryptocurrencies to send and receive funds instead of using their centralized banking system.

But at the end of the day they have to accept the fact that crypto is going to take over traditional banking system or at least modernize and improve it for better efficiency, there are already a few countries that are starting to realize it and instead of fighting it, are adding new rules which could help the better adoption of cryptocurrencies, Japan and Switzerland to name some of them.

Of course there will be one or many countries that their government sees that the existence of cryptocurrency usually the adoptation may become a threat to their economy. So one of their action to these speculations was to announce it as ban or using it was hardly prohibited. Well of course one thing that the government may think it as a threat was the characteristic of cryptocurrency being decentralised meaning to say the government has nothing to do to make cryptocurrency under their control.

Matimtim

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Crypto currency is decentralize currency means no people in control behind this digital currency, in that way crypto is not easy to ban in one specific country; however they can make a laws imposing penalties those who use crypto currency in their place of jurisdiction, but that law will applicable only to the people who caught using crypto currency but can't be impose penalty to those using crypto currency anonymously.

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