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.
Topic: Government ban on crypto - page 7. (Read 1269 times)
I believe the government knows the benefits of cryptocurrency, but they pretended to close their eyes and decided to ban cryptocurrency.
This is because the government is afraid that cryptocurrency can replace fiat and stop Banks system, but it's just a fear that won't happen.
If we think carefully and use our logic in thinking, then we will realize cryptocurrency can never replace fiat. At least for quite a long time,
because we know crypto transactions require an internet network. And not all areas have been covered by the internet network. Therefore,
the presence of fiat is still very much needed, so the government does not need to exaggerate that the presence of crypto is a threat.
This is because the government is afraid that cryptocurrency can replace fiat and stop Banks system, but it's just a fear that won't happen.
If we think carefully and use our logic in thinking, then we will realize cryptocurrency can never replace fiat. At least for quite a long time,
because we know crypto transactions require an internet network. And not all areas have been covered by the internet network. Therefore,
the presence of fiat is still very much needed, so the government does not need to exaggerate that the presence of crypto is a threat.
Banning Bitcoin has been a talk for long while but instead of getting it ban, it is still gathering momentum in the world. Ban Bitcoin at this stage will be difficult because some High profile individuals are now involved.
If some countries decides to lay a ban on bitcoin or restrict bitcoin transactions in thier countries it won't affect bitcoin that much and like you say most big investors will have to battle with thier government about such decisions, and also if a country put a ban on bitcoin it will only make things hard for the crypto users in that country and there will always find a way to make transactions which means going against the rule of their government. The government puts a ban and can't carry out action checking if citizens are really obeying the rules because there don't have access to every one's phone and crypto users will still always find a way to transact which means the ban eventually does not have an effect on them.
Government ban on Cryptocurrency is a product of selfish interest. Some government financial regulatory agencies are seeking on how to generally centralize the total asset and financial status of their economy.
Most country went as far as creating their own Crypto currency. This has lead to the ban of Crypto currency in many part of world with the aim of promoting their own digital currency
Most country went as far as creating their own Crypto currency. This has lead to the ban of Crypto currency in many part of world with the aim of promoting their own digital currency
Bitcoin is not a fiat currency... the government can't just ban bitcoin because they are not the ones in control. The government can only ban something they control over such as fiat money or something like that. Bitcoin is a peer-to-peer digital currency that is fast, secure, and decentralized. Thus, the government has no power over bitcoin, the government can only regulate bitcoin at certain levels.
You have valid points in your list,but keep in mind that USA is not the "center of the universe".
China can potentially ban cryptocurrency mining,and the Chinese government will have no regrets going this,event though there's no point of such ban.
Russia is in the list of "not-so-crypto friendly" countries,so they might ban crypto trading and mining pretty fast.
With all the crypto adoption,that is happening across big western corporations,soon cryptocurrencies will be seen as something "western" by Russia and China.This means that the cryptocurrency users in those countries might have a hard time.
China can potentially ban cryptocurrency mining,and the Chinese government will have no regrets going this,event though there's no point of such ban.
Russia is in the list of "not-so-crypto friendly" countries,so they might ban crypto trading and mining pretty fast.
With all the crypto adoption,that is happening across big western corporations,soon cryptocurrencies will be seen as something "western" by Russia and China.This means that the cryptocurrency users in those countries might have a hard time.
The probability of US government banning Bitcoin is same like of Sathoshi revealing his Indentity which is near to impossible because there are valid reasons for that justifications.Us government is one of the nation which themselves holds Bitcoin in their reserves with more than 80000 Bitcoins seized from Silk road scam.The other reasons are they can put a ban on trading like centralized Excganges and punishment for trading but they can't stop Bitcoin because it is not limited to geographical boundaries of countries and miners and people will continue to work for its progress until all the coins are mined in 2140.You have coins in your non custodial wallet and no government can seize it as they don't have access to it.But they will prefer to regulate it and promote its global usage with globalisation and people moving towards digital payments Bitcoin is best possible source with you.
It appears that these regular periodic bans in individual nations are not going to stop as it is a way of creating chaos by the government in other to tap into the resources of crypto enthusiast. In a way, causing the necessary distraction for crypto enthusiast to withdraw their bitcoin or Altcoin into there fiat equivalent for local investment which are readily taxable.
In other way, it is a test of reactions and perception to see how the public reacts ino order to find a way round it as per suggestions from concerns of both crypto enthusiast and the community at large.
In other way, it is a test of reactions and perception to see how the public reacts ino order to find a way round it as per suggestions from concerns of both crypto enthusiast and the community at large.
If we are seeing an auctioneer getting paid 70 million USD for their artwork and on the other hand I am able to buy the Tesla with crypto, no I dont think that bitcoin is going to be banned anytime sooner. Bitcoin (or crypto's) has become "real part of the real world". It may take sometime to digest for new peeps but those who are here since 2009 and sooner after, know for factual practices that bitcoin has always been outstanding for the decade. It continues to amaze many people in the today's world.
When the economy was crushing to it's knees during the strictest pandemic, bitcoin achieved roaring 1 trillion + market cap. I think that's more than enough to prove it's existence forever!
When the economy was crushing to it's knees during the strictest pandemic, bitcoin achieved roaring 1 trillion + market cap. I think that's more than enough to prove it's existence forever!
In the history of bitcoin, there are still ban statuses issued from countries around the world. "Ban" here is not the same as blocking directly into bitcoin, because this cannot happen, they just indirectly issue orders that indirectly govern their citizens like the way India, China did given at 1/2018. Fairly or not, this is not to expect given the trend of bitcoin and the crypto space.
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Not just in USA, but to every other countries as well.I assume the OP is listing the answers on why Bitcoin can't be banned, particularly in US in case anyone is wondering what the OP is trying to point out.
Personal or p2p transaction is like the fail-proof way even if "ban" was imposed into a country. Nobody knows that you made that kind of transaction except you and the third party person.
Assuming that ISPs banned every exchange in their own nation, then people would just go and continue using VPN.
This is a discussion I have encountered on this forum many times, and I remain in my opinion that the government will not be able to prohibit
the use of crypto. Because it is interesting that several countries that frequently banned crypto always end up failing. Because residents will
always find ways to use crypto, so in my opinion it will only be useless if there are countries that ban crypto. Therefore it is better to make crypto
an ally than to make crypto an enemy.
We can't stop some leaders to ban crypto as it was their decision and they are blind enough not to see the benefits it gives their netizens. But I believe they will soon realize that they are wrong and change their mind. Because many were saying that "I just to believe if I saw the result" That kind of perceptions and behaviors are just happening since before, these leaders thought about crypto that is just a scam until they can prove it that they were wrong and opened-up their minds. the use of crypto. Because it is interesting that several countries that frequently banned crypto always end up failing. Because residents will
always find ways to use crypto, so in my opinion it will only be useless if there are countries that ban crypto. Therefore it is better to make crypto
an ally than to make crypto an enemy.
This is a discussion I have encountered on this forum many times, and I remain in my opinion that the government will not be able to prohibit
the use of crypto. Because it is interesting that several countries that frequently banned crypto always end up failing. Because residents will
always find ways to use crypto, so in my opinion it will only be useless if there are countries that ban crypto. Therefore it is better to make crypto
an ally than to make crypto an enemy.
the use of crypto. Because it is interesting that several countries that frequently banned crypto always end up failing. Because residents will
always find ways to use crypto, so in my opinion it will only be useless if there are countries that ban crypto. Therefore it is better to make crypto
an ally than to make crypto an enemy.
I just found an article in forbes published a few days ago that titled
India’s Plan To Ban Bitcoin! Could The U.S. Be Next?
Obviously, countries like India and Nigeria that have more recently banned bitcoin arguing that bitcoin is not money, it is not endorsed, it is a Ponzi scheme, it is an easy way to launder money among other things. They will not want bitcoin to dominate the economy in their countries because it will be difficult to divert public funds due to the need to implement a new, more transparent and secure technology.
India’s Plan To Ban Bitcoin! Could The U.S. Be Next?
Obviously, countries like India and Nigeria that have more recently banned bitcoin arguing that bitcoin is not money, it is not endorsed, it is a Ponzi scheme, it is an easy way to launder money among other things. They will not want bitcoin to dominate the economy in their countries because it will be difficult to divert public funds due to the need to implement a new, more transparent and secure technology.
Quote
Governments and central banks absolutely don't want independent individuals and entities creating credible alternatives to their own money.
https://www.google.com/amp/s/www.forbes.com/sites/steveforbes/2021/03/18/indias-plan-to-ban-bitcoin-could-the-us-be-next/amp/
I don't think the US will be the next to ban bitcoin. Because bitcoin lives with the United States from day one, there is a good ecosystem that is gradually consolidated. https://www.google.com/amp/s/www.forbes.com/sites/steveforbes/2021/03/18/indias-plan-to-ban-bitcoin-could-the-us-be-next/amp/
China banned Bitcoin before but I was still hearing something about people were continuing to invest in Bitcoin. It looks like there is really no way to stop people. Because governments can't track their transactions unless they keep their coins in their wallet and don't convert them to fiat and don't send the money to their bank account.
this is the advantage of crypto. even if one govt is banning its usage, one way or another, crypto users will find a way how to get around the system. the govt have no full control of what these users can do to their coins. this is why some govts dont want its existence. however, the approach today is changing towards crypto. with the influence of some big financial institutions like paypal or microstrategy, or big companies like tesla, people are now changing their perspectives towards crypto. am sure a lot of them have had negative perception towards crypto but some change when paypal or tesla started dealing with crypto
with respect to the govt, it depends on them actually. but they will be left behind if they will totally ban the usage of crypto to its citizens. i guess, it is not in their good interest if they will do so
China banned Bitcoin before but I was still hearing something about people were continuing to invest in Bitcoin. It looks like there is really no way to stop people. Because governments can't track their transactions unless they keep their coins in their wallet and don't convert them to fiat and don't send the money to their bank account.
The fact that USA government strongly maintains BTC and cryptocurrencies today doesn’t mean that other countries have similar policies and can’t ban it. Politics in my country still argue about cryptocurrencies and doesn’t have consensus decision to consider crypto as an illegal asset because of a huge amount of money speculations concerned with crypto or to make it legal and provide a huge amount of rules even somehow to control crypto.
Obviously,but I think that they can still boycott bitcoin indeed in case a part of powerful individuals are owning bitcoin since they can work it and HODL Bitcoin,But that thing is near to inconceivable within the nations where crypto is illicit but i think if government legalize it'll be beneficial for economy of the nation will produce income within the shape of taxes. There ought to be cartel for crypto which play a part between monetary teach and individuals to urge acces effortlessly on crypto and get advantage from administrations.
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?
I am not afraid of any major developed country planning to ban the cryptocurrency market, we might expect a regulation to monitor the market and billions of dollars are invested by investors and companies alike and the government will not act against them, but they might find a way to benefit in the form of taxation. You might see a ban by the third world governments as you cannot predict what they do with it as we see topics regarding that all the time.Banning is something that we have been talking all over the years here on cryptospace.We have seen already lots of decision had been made which is really been divided between
both sides.Good thing that there are still government who do look crypto as an important or still on the neutral and havent done any steps for some blockage or banning it and its a good thing.
They are thinking for some taxation? They can do it through those platforms which are involved with crypto.
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