When the government forbids cryptocurrency

[rosesocola]

In contrast to a system of decentralization and anonymity, the creation of government-controlled crypto is the only option of these countries so that the government can regain so-called "control" rights. The crypto money in the world is still very popular, but the leaders are still concerned about the illegal use of virtual currency. Terrorist financing is what the government fears for the anonymity of the market. However, the pre-crypto community still appears optimistic in the media and is slowly improving.

[margaret22]

It is similar, than what happened with Uber in my country a couple years ago. Government said, they do not have a problem with the company, but more rules need for them to fullfill, and of course, these rules were impossible the fullfill, so Uber left. I believe, and hope Bitcoin will be stronger to hold on.

[Assface16678]

You did not say what country you are talking about but such country is suppose to look at the positive side to cryptocurrency and the fact that so many countries have started being positive on it.

Yeah probably it is. The government need to understand what is really the cryptocurrency and also what are the perks of it and so as the positive and negative and how to minimize the risk. With this, if they really understand thing well then they will accept it and it will help the economy.

[randegibran]

I think the government is afraid and forbids for fear of being used in a crime, but they will not be able to stop users. the government will not be able to control the use and for transactions

[MTNAX]

I think even though the government prohibits bitcoin, there are still many people who are interested and use bitcoin. So I think even though the government prohibits bitcoin it will not be too influential for bitcoin users. I am sure that over time the government will know and be able to accept bitcoin as a currency.

[princesspoppy]

How unfortunate that your country doesn't/can't see the good things about bitcoin and its effect and use in technology. Bitcoin offers lot of opportunities to people, financially and even information that can be useful to one's country to grow their economical status. Good thing that some countries see these opportunities of bitcoin and some of them are not closing their doors in using and supporting it. But as far as I know, blockchain can't be control by anyone, it is decentralize and gives us the idea that you can still use it in some ways.

I just hope that your country will soon open their eyes and see the real value and importance of bitcoin.

[sakrosak]

the government does not prohibit bitcoin as a digital asset but the government just wants to avoid the negative effects of bitcoin, for example corruption and other crimes.

[Betwrong]

I think that the most important thing to be aware of in this context is that most governments do not forbid cryptocurrencies. You can check out legality of Bitcoin by country following this link

https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

and you'll see that most countries(read governments) are not hostile towards its usage. Only some of them, like China, India and Russia, have some legal restrictions on usage of Bitcoin, but in fact one can say that BTC is legal there. There is a really small number of countries where Bitcoin is totally illegal, and Vietnam(where OP lives) btw do not belong to that number. I think making cryptocurrencies illegal is ridiculous in the modern world, because it's obvious that there's no future without crypto. But people who make laws in some countries are far from being perfect and that's why sometimes we have ridiculous laws. For example potatoes were illegal in 18th-Century France for 24 years. I think in the future everyone will be laughing at past illegality of Bitcoin in the same manner as we are laughing today at illegality of potatoes.

[Capt00]

I think that the most important thing to be aware of in this context is that most governments do not forbid cryptocurrencies. You can check out legality of Bitcoin by country following this link

https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

and you'll see that most countries(read governments) are not hostile towards its usage. Only some of them, like China, India and Russia, have some legal restrictions on usage of Bitcoin, but in fact one can say that BTC is legal there. There is a really small number of countries where Bitcoin is totally illegal, and Vietnam(where OP lives) btw do not belong to that number. I think making cryptocurrencies illegal is ridiculous in the modern world, because it's obvious that there's no future without crypto. But people who make laws in some countries are far from being perfect and that's why sometimes we have ridiculous laws. For example potatoes were illegal in 18th-Century France for 24 years. I think in the future everyone will be laughing at past illegality of Bitcoin in the same manner as we are laughing today at illegality of potatoes.

I don't know yet that the potatoes are illegal in France in 18th-century, if what I the reason behind still I don't know yet. But your statements are right, different countries are having a perspective on what bitcoin it is. We are lucky enough and those countries that friendly on bitcoin also other cryptocurrencies. They will probably regret at the future why they are refusing bitcoin at this present time and not making legal by their government.

[wxa7115]

When the government forbids cryptocurrency

In my country, the government is gradually apply internet and cryptocurrency control decrees. Previously, they banned direct Bitcoin transactions. Currently, they are banning crypto-related bank transfers. And of course, ICOS is also gradually banned .
Initially, they said they would not ban crypto and bitcoin. But now their actions show that they do not want crypto to exist.
Is their purpose not to secure crypto investors? They are trying to make it their own
They see huge profits being lost for themselves
And when the internet management program took place in my country, maybe I could not come up here to share my views like this. So sad

It is entirely possible that what you are describing will eventually happen in most countries around the world, what we need to do is to create a plan about what we are going to do if that happens in the country in which we live, for what I can see in my country there is not a desire to ban cryptocurrencies, but there is a desire to regulate them as much as they can, as you may guess this is something that I do not really agree with but what kind of measures I'm going to take will depend on my particular circumstances at the moment.

While I do not have a lot of bitcoins right now I really hope that this is going to change in the next months and years and if that happens and then my country begins to try to create a lots of regulations then it's likely that I will just move out.

[cc80aa]

   Cryptocurrency have been threatened at one point or another by nearly every country on the planet. Rarely does a government venture beyond rhetoric. Those resorting to crackdown are often met with greater public appetite for decentralized virtual money,making all that initial fuss an exercises in futility. Bitcoin cannot be stopped

[Burogh]

   Cryptocurrency have been threatened at one point or another by nearly every country on the planet. Rarely does a government venture beyond rhetoric. Those resorting to crackdown are often met with greater public appetite for decentralized virtual money,making all that initial fuss an exercises in futility. Bitcoin cannot be stopped

I am agree with you. Bitcoin can stopped by government or any institution because its decentralized. If government block it, people will find a way to access it. With decentralized system, bitcoin can not touch by any regulation.

[DigitalCyberius]

WhatsApp is helping some people get around Bitcoin/cryptocurrency bans and strong warnings from the government in some African countries as of recently, even allowing some to make it into a business. Of course, a government may be able to ban WhatsApp. Check out this article:
https://news.bitcoin.com/bitcoin-trading-flourishes-on-whatsapp-following-african-exchange-closures/

Hope you find that interesting,
The Cyberius team.

[wxa7115]

   Cryptocurrency have been threatened at one point or another by nearly every country on the planet. Rarely does a government venture beyond rhetoric. Those resorting to crackdown are often met with greater public appetite for decentralized virtual money,making all that initial fuss an exercises in futility. Bitcoin cannot be stopped

I really think that at some point they are going to need to make real their threats, we know that it is not going to work but if you were part of the powerful elite, what would you do? Do you really think that they are going to let everything they have worked so hard to achieve to be undone just because satoshi had an incredible idea and created a marvellous cryptocurrency? They are going to do everything in their power to avoid this and it is completely understandable to me.

However even if they do that, bitcoin was designed in such a way that it does not matter what they do unless they shutdown the entire internet there is always going to be someone trading bitcoin for other crypto, products and services as well.

[FlightyPouch]

the government does not prohibit bitcoin as a digital asset but the government just wants to avoid the negative effects of bitcoin, for example corruption and other crimes.

Well, this depends in that certain government since there are a lot of mixtures of point of views of these government officials to the crypto currencies the reason why some of them banned Bitcoin and other crypto currencies in their countries while others accepted, embraced and regulated Bitcoin in their country as a mode of payment. Every government of countries has their own oponion and decisions about these.

[ngusmin]

I think not all countries ban cryptocurrency and control every bitcoin transaction, and I think the government will have difficulty controlling cryptocurrency.

[andrei56]

When the government forbids cryptocurrency

In my country, the government is gradually apply internet and cryptocurrency control decrees. Previously, they banned direct Bitcoin transactions. Currently, they are banning crypto-related bank transfers. And of course, ICOS is also gradually banned .
Initially, they said they would not ban crypto and bitcoin. But now their actions show that they do not want crypto to exist.
Is their purpose not to secure crypto investors? They are trying to make it their own
They see huge profits being lost for themselves
And when the internet management program took place in my country, maybe I could not come up here to share my views like this. So sad

Hard for government to forbid cryptocurrency. Crypto transaction reach million dollar every day and its much better for government to take benefits from cryptocurrency market. Cryptocurrency is the future of payment and government can not stop it, i think

In fact it is going to be very easy for governments to ban cryptocurrencies, since they only need to pass a few laws, what it is going to be very difficult for governments is to try to implement those laws because as we know bitcoin is a decentralized currency and that makes it incredible difficult to attack effectively since there is not a central point to attack.

[pumbum]

I consider that such measures temporary and they are aimed at safety of means of citizens. later, when this industry will be able to provide quality solutions, I hope the bans will stop

[trako]

when the government forbids a very dangerous situation. The government uses all its power. commence criminal proceedings. and many people's assets can be confiscated. This is a very dangerous situation. market collapses.

[prtty2gal2]

When the government forbids cryptocurrency

In my country, the government is gradually apply internet and cryptocurrency control decrees. Previously, they banned direct Bitcoin transactions. Currently, they are banning crypto-related bank transfers. And of course, ICOS is also gradually banned .
Initially, they said they would not ban crypto and bitcoin. But now their actions show that they do not want crypto to exist.
Is their purpose not to secure crypto investors? They are trying to make it their own
They see huge profits being lost for themselves
And when the internet management program took place in my country, maybe I could not come up here to share my views like this. So sad

No government is benefitting from cryptocurrency, so there shouldn’t be any need to fight over it, so there actions is not likely to be as a result of being greedy.

It might be that they are seeing it as something dangerous, so they believe the action to take is to ban it from their country… but whatever, I’m no worried about it cause my government never talks about Bitcoin and I’m sure they wouldn’t do anything to stop it.

Bitcoin is good, just that some fools are trying to misuse it. I have seen a lot of people suggest regulation as a key to solve crimes with the use of Bitcoin, sounds funny to me cause that wouldn’t solve anything.