Why restrict or ban of cryptocurrency in some countries?

[B-BossMan]

Why restrict or total ban of cryptocurrency in some countries?

I went for research on these, which I also learnt from, and I got to understand that some of these countries' governments seem to view cryptocurrency as a big threat to their financial system and regulations in their region. Due to the decentralized nature of cryptocurrency, it will become a big challenge to their finances traditionally; the fear of their citizens using cryptocurrency illegally or in a form of money laundering activities has become a huge panic for the government.

In addition, I will vividly say these countries are trying to protect their citizens from the risk of something they don't trust or have full knowledge about: the technologies of cryptocurrency. However, Bitcoin has gained more success and popularity globally since then, and yet many countries that accepted cryptocurrency have gone far beyond expectations. In fact, cryptocurrency has been refashioning many countries. Finally, it has offered huge opportunities to many businesses and citizens.

Now if we consider decentralized nature of cryptocurrency, is it possible for Governments to effectively ban cryptocurrency globally?

 What would be the implications of global ban economically?

[Coyster]

Now if we consider decentralized nature of cryptocurrency, is it possible for Governments to effectively ban cryptocurrency globally?

 What would be the implications of global ban economically?

No be every cryptocurrency dey decentralized oh, centralized coins choke oh. We no get one world government na, so we no fit dey talk about global ban or anything like that. Cryptocurrency is not going to be banned in more countries, i believe say as time dey go, na the countries wey don ban crypto go unban am.

The direction wey the network dey go now is one of stringent regulation, like wetin dey happen for EU, but e go hard to see any outright ban from now on and going forward.

[Hatchy]

It's not possible for a global ban as every country works different under separate government. Even in the united states, where trump is the president, his states still don't agree to some of his instructions on crypto. But then the idea is that some countries still don't trust crypto as it's actually something very risky. They might have their own personal reasons for not allowing the use of crypto but honestly crypto is the new face of financial systems and I hope they adopt it soon.

Just like Coyster said, not all cryptocurrency is decentralised and the government are more against those that are decentralised compared to those centralised crypto where they can have control over.

[Joy_learns_crypto]

Why restrict or total ban of cryptocurrency in some countries?
In addition, I will vividly say these countries are trying to protect their citizens from the risk of something they don't trust or have full knowledge about:

Let’s think critically and rationally here. I understand you when you say the government are trying to protect their citizens from something the may not trust, the safety of lives and properties of citizens is a duty for government but where I don’t understand you is the area you wrote about the government not having knowledge of Cryptocurrency. Let’s be realistic, if you have a knowledge about cryptocurrency be sure that you government has same or even more knowledge about crypto. They aren’t stupid and even if they are they control some very smart people working for them.
It’s obvious that they understand cryptocurrency but they may have seen the advantage citizens can get over them the government.

[Justbillywitt]

Why restrict or total ban of cryptocurrency in some countries?

I went for research on these, which I also learnt from, and I got to understand that some of these countries' governments seem to view cryptocurrency as a big threat to their financial system and regulations in their region. Due to the decentralized nature of cryptocurrency, it will become a big challenge to their finances traditionally; the fear of their citizens using cryptocurrency illegally or in a form of money laundering activities has become a huge panic for the government.

In addition, I will vividly say these countries are trying to protect their citizens from the risk of something they don't trust or have full knowledge about: the technologies of cryptocurrency. However, Bitcoin has gained more success and popularity globally since then, and yet many countries that accepted cryptocurrency have gone far beyond expectations. In fact, cryptocurrency has been refashioning many countries. Finally, it has offered huge opportunities to many businesses and citizens.

Now if we consider decentralized nature of cryptocurrency, is it possible for Governments to effectively ban cryptocurrency globally?

 What would be the implications of global ban economically?

I don't see such agreement happening globally. There will be  a side that will always support new technologies and there will be some that will oppose it. So I don't think there will ever be a time when the entire world will agree to ban bitcoin, I think bitcoin has grown past that stage. Each country has their own sovereignty, so you can't detect for other countries what will be legal and what should be banned in their country. All countries are not like ours, were leaders take decisions without hearing the opinions of their citizens.

Any country that is saying they are banning bitcoin because they want to protect their citizens from something they don't trust or have full knowledge of is lying. The government of such country obviously don't want their citizens to grow. Bitcoin is growth for the people, People have the right to self custody. They are banning it because they haven't figured out how to be profiting from it that's why they are banning it. Not because they love their citizens so much.

[CryptSafe]

We understand the fears of these countries that restrict the use of cryptocurrency in their nations but with time, they would realize that they need to upgrade to the current trend so as not to be left behind, because when the adoption takes a different dimension altogether, it would be obvious to them that they missed it all. The bad eggs would indeed want to perpetrate evil through crypto, but with a mechanism put in place, their activities would be put in check and would be thwarted just like other big nations do, there is always a way to remedy a situation, which is why you see some nations fast adopting new technology and they are doing well but when there is a neglect, that nation is far behind and would take time before they could measure up with other nations.

[Fiatless]

Why restrict or ban of cryptocurrency in some countries?

The political party in power might also be scared that cryptocurrencies could be used to finance opposition parties. I remembered that during Buhari's administration a particular political party was accused of receiving funds through crypto donations.

After the End Sars protest, the Nigerian government became hostile to the crypto industry because it was observed that donations came through cryptocurrencies.
I have also read that the government are concerned that citizens can easily invade or avoid tax using cryptocurrencies.

The bottom line is that the government wants to control the financial activities of the people, and crypto might make it difficult for them to achieve it.

Now if we consider decentralized nature of cryptocurrency, is it possible for Governments to effectively ban cryptocurrency globally?

 What would be the implications of global ban economically?

The government cannot stop the use of decentralized cryptocurrencies because there are several ways to bypass such bans or restrictions. But if the government criminalise the use of cryptocurrencies most people will be scared to use them.

Some of us are making money from the crypto industry; hence, a ban will stop such revenue or profit. Some nations like El Salvador and Bhutan are also benefiting from the sector, hence a ban will affect their finance negatively.

Many people will lose their jobs because the crypto industry employs a large number of people globally.

[Coyster]

The political party in power might also be scared that cryptocurrencies could be used to finance opposition parties.

Even if dem ban crypto, they cannot stop this, decentralized and privacy cryptocurrencies no need any third party, so crypto can still be used for this purpose even if it is banned, as long as it is used by the right people, with the right knowledge and if they use the right tools.

[Fiatless]

The political party in power might also be scared that cryptocurrencies could be used to finance opposition parties.

Even if dem ban crypto, they cannot stop this, decentralized and privacy cryptocurrencies no need any third party, so crypto can still be used for this purpose even if it is banned, as long as it is used by the right people, with the right knowledge and if they use the right tools.

You know say nothing dey dey hidden forever. One day person go cast the transactions. Currently we dey see fight wey dey happen for Labour party to the extent say Julius Abure the former chairman say him go expose how Peter Obi get money run last election. Imagine say crypto dey banned and Peter been secretly receive funds through any coin, Abure for don cast the transactions.

Now if I bi candidate for elections, baba I go avoid crypto if such restrictions dey in place because your best friend today fit bi your enemy tomorrow. Na the people wey run the package with you go bi the first to expose you.

You are correct, they cannot stop the use of decentralized cryptocurrencies but a ban will make people to avoid it because of fines or imprisonment.

[Fiasem20]

As I read this topic I just remember one topic wey I create last year,e sha dey related to this topic,for the topic I just list few reasons why Nigeria government neva accept Bitcoin as a legal tender.This one na the link https://bitcointalk.org/index.php?topic=5490939.msg63877539#msg63877539
Op you for sha edit this post small,change that cryptocurrency to Bitcoin because no be all the cryptocurrency dey decentralized.The funny thing be say even as government dey restrict bitcoin the adoption dey grow like say tomorrow no dey.Dem dey restrict wetin dem no get full control over,dem just dey waste their time.Bitcoin na currency of the future,weda dem like am or not dem no fit control am.Why government dey restrict bitcoin for some countries;
1.Dem dey fear say e go take over their national currency.
2.Dem dey think na Bitcoin and other cryptos nai dey increase the rate illicit business like money laundering.

[Cryptoprincess101]

Now if we consider decentralized nature of cryptocurrency, is it possible for Governments to effectively ban cryptocurrency globally?

Cryptocurrencies are decentralized digital currencies that the government has no control of its operation so even if they are to ban it globally, there will still be those who will be making transactions with it privately and secretly without the government knowing about it. Even in some countries where cryptocurrencies are banned, some of their citizens still invest and trade it secretly.

What would be the implications of global ban economically?

If cryptocurrency is banned globally, it will affect the crypto market because a lot of people will sell off their cryptocurrencies and the prices will fall drastically, and it will really affect the global economy.

[Odohu]

Now if we consider decentralized nature of cryptocurrency, is it possible for Governments to effectively ban cryptocurrency globally?

 What would be the implications of global ban economically?

I think we have passed the stage of pondering on global ban of cryptocurrency because that does not seem like what will even happen. How do we even start to discuss the fact that most of the critics of Bitcoin have been kicking their wounds of recent with some even changing their stance and buying Bitcoin? We have reached the stage of "if you can't beat them, join them", you can confirm that from the number of countries developing interest on having a Bitcoin reserve.

[B-BossMan]

Now if we consider decentralized nature of cryptocurrency, is it possible for Governments to effectively ban cryptocurrency globally?

 What would be the implications of global ban economically?

I think we have passed the stage of pondering on global ban of cryptocurrency because that does not seem like what will even happen. How do we even start to discuss the fact that most of the critics of Bitcoin have been kicking their wounds of recent with some even changing their stance and buying Bitcoin? We have reached the stage of "if you can't beat them, join them", you can confirm that from the number of countries developing interest on having a Bitcoin reserve.

Exactly, if you can't beat them join them, also some of these countries that restrict or ban crypto also have to realize that the more Bitcoin is being used in the world 🌎 the more it drives more adoptions.

[Oshio-man]

If u say governments see cryptocurrency as a threat to their traditional money, u no lie for that aspect op, Some governments ban cryptocurrency just because dey see say their people prefer to store their money in cryptocurrency than bank which is d challenge some government discovered d danger ahead of d government source of income, which is d reason that mak some government to ban or restricted cryptocurrency from their countries, but those ban and restricted no stop decentralized currency not to grow globally because governments are not d owner of decentralized currency, there is no third party before u can transact with people in far and near, which is another thing that is making some government to hate decentralized currency.

[Hewlet]

What would be the implications of global ban economically?

There won't be anything like the global ban of crypto or even bitcoin. The world as a globe does not make a unanimous decision on a financial system that affects them differently. China might be against bitcoin for instance while the United states will be very bullish on it, Nigeria might be against it while another African country might be rooting for it completely. It's all about how People across the globe precieve it.

For some countries, it's their edge against inflation while for some, it's a threat to her traditional financial system. Most times, those that are not really in support of bitcoin in general are those that are not always ready for change and hence, the tend to look at the negative effect of it's adoption rather than the positive side that comes with it.

Some other security concern like the usage of crypto for some frivolous agenda is part of the reason why it adoption is still slow to an extent.

[Tmoonz]

Now if we consider decentralized nature of cryptocurrency, is it possible for Governments to effectively ban cryptocurrency globally?

 What would be the implications of global ban economically?

I think we have passed the stage of pondering on global ban of cryptocurrency because that does not seem like what will even happen. How do we even start to discuss the fact that most of the critics of Bitcoin have been kicking their wounds of recent with some even changing their stance and buying Bitcoin? We have reached the stage of "if you can't beat them, join them", you can confirm that from the number of countries developing interest on having a Bitcoin reserve.

I doubt if such a day for a global banning of crypto will ever come but rather the opposite of it will happen which is  countries having certain restrictions on crypto will follow other countries adopting or supporting Bitcoin, crypto is one digital investment trend that will stay even in the test of time because there is nothing that could be like it, so far no criticism has stopped her from growing instead they are incredibly increasing it's publicity, it is a privilege for anyone coming in terms with Bitcoin now especially as an investment because those that knew about it now and has refused to invest now can have a big regret tomorrow on seeing where Bitcoin will be.

[Africolo]

It's not possible for a global ban as every country works different under separate government. Even in the united states, where trump is the president, his states still don't agree to some of his instructions on crypto. But then the idea is that some countries still don't trust crypto as it's actually something very risky. They might have their own personal reasons for not allowing the use of crypto but honestly crypto is the new face of financial systems and I hope they adopt it soon.

Just like Coyster said, not all cryptocurrency is decentralised and the government are more against those that are decentralised compared to those centralised crypto where they can have control over.

You're correct, the government fight against the progressive development of the world. They know what's at stake and will do anything within their reach to ensure they're able to control what's in for them. Cryptocurrency is risky and it's ought to be taught in schools and public places, it can also be online and we know the possible dangers and rewards for participating in crypto. Cryptocurrency is banned in most of these European countries and America following the restricted and forceful information that follows. We know it's been underrated and following the heavy losses other countries and investing firms have made, but its a gradual process.

Most of these countries are too frighten to accept development, they forget the world is advancing to a whole new level and this is crucially not the time they should relent, rather we've watch how fast and tough it's been for them, knowing what they know now, they're still keeping daft ears and mute towards participating in Cryptocurrency.

[Josefjix]

In addition, I will vividly say these countries are trying to protect their citizens from the risk of something they don't trust or have full knowledge about: the technologies of cryptocurrency. However, Bitcoin has gained more success and popularity globally since then, and yet many countries that accepted cryptocurrency have gone far beyond expectations. In fact, cryptocurrency has been refashioning many countries. Finally, it has offered huge opportunities to many businesses and citizens.

They are not protecting their citizens, they are angry they can't control the system to their own benefits that's why the government is acting that way. Infact, every rules set by Bitcoin na dhits decentralized nature is opposite the rules of the government, so it's not even in their favor. Imagine Bitcoin is saying, be your own Bank and control everything yourself while traditional monetary system is saying, have an account while they control it for you.

If you are talking about money laundering, haven't it happened with Fiat currency before? could they protect the victims that got affected, NO. Those loan apps that gives money to the citizens, where did they get the money from, it's money stolen from somewhere, money from laundry, that's it.