Step 3: Require businesses to only use the country's home currency (US Dollar for USA) for the sale of a business's products or services and ban the use of cryptocurrencies for point of sale transactions.
What do you guys think the chances of this all happening is and what do think the impact on cryptocurrency valuations would be?
I believe they won't ban all Crypto-Currencies, but they can force a whole country to use the Crypto-Currency owned by that government, a centralized Crypto-Currency by the government. It would be a smart way to say they accept Crypto-Currency world, but don't accept how people are dealing with this nowadays.
If everyone accepts a regulation like that, it would affect decentralized side of Crypto world very negatively, the demand would decrease, so the prices would fall hard and we wouldn't have access to profitable investments anymore.