crypto banned?

[lepbagong]

For eastern countries, who don’t have things like democracy to worry about, it was easy. They banned it.

The West took a more subtle approach using the jab-cross-left-hook of fear, dis-accreditation, and tax. Fear of capital loss and distrust. Stories of stolen coins, bankrupt and corrupt exchanges. Linking cryptocurrency to crime, and what the government will do to anyone who actually makes a profit.

It worked.

Globally the response to the rise in the market capitalisation of cryptocurrencies was not homeopathic.

Governments didn’t bring out the heat lamp and cream to soothe the problem.

They brought the sword and started swinging.

On the demand side…

China outright banned ICO offerings and cryptocurrency trading, but India was slightly more subtle. The Indian government made an offer the banks couldn’t refuse — sure, you (banks) are free to do what you want. But if you let your customers swap between rupees and cryptocurrency the Indian Central Bank will cut you off. Not quite waking up with a prize stallion head in the bed, but Johnny Fontaine got his movie.

South Korea, a country whose citizens are understandably Bitcoin crazy, initially banned ICO’s but allowed the restricted buying and selling of cryptocurrency. The restrictions include prohibiting anonymous deposits and reporting anyone who moved more than 10 million won ($9,300) a day into the cryptocurrency market.

In the West, while not outright banning cryptocurrency trading, the campaign to stop cryptocurrency demand moved into full swing and included…

Full KYC (know your customer) requirements to open a cryptocurrency account.

Restrictions on how much fiat currency can be moved in and out of exchanges.

Huge increases in fees from credit and debit cards to fund cryptocurrency accounts.

New tax laws. The IRS now treats cryptocurrency as property. Any profit must be disclosed. Not just from moving fiat currency into cryptocurrency and then back again, but on every individual transaction.

Strong-arming cryptocurrency exchanges with new regulation caused massive delays in account opening, and all this combined with a negative media frenzy successfully killed the demand.

Big companies too joined the anti-cryptocurrency stance.

Facebook and Google outlawed cryptocurrency advertising. Perhaps they have been persuaded by the wisdom of the establishment, considering the lightness of touch over regulation and taxation. Why bite the hand?

The speed and aggressiveness in response to the rising value of cryptocurrencies is a significant tell on the future of this technology.

The establishment wants your seat at the table.

they banned it but they are having a hard time regulating it, its easy for them to say that something is banned but to realy stop it is a whole other ball game.

All governments clearly have a specific intention to take any action, as long as it is in the interests of the benefit of course done. It usually happens like this and it's not strange anymore because it often happens, but I totally agree with your opinion. prohibit it but cannot take further action. because they also know that they need it.

[DoublerHunter]

Crypto Is Banned In india, but on the other hand court hearing is going on

^ I dunno reason of banning crypto in India but I heard some of my friends still using bitcoin there. Maybe they are using VPN to bypass to other IP address. Probably at this moment, they can still be using bitcoin but can't spend on their places due to restricted by their governments. I hope they will realize soon how bitcoin is useful to the economy not only the negative side on it.

[sehoon]

I think different countries only have reservations about cryptocurrencies and their reasoning behind it is just fair. For example, the transactions are public but the anonimity is assured. It means that it can be used for illegal activities and the government can't tax it. But in the end of the day, they can't stop cryptocurrency having the choice to regulate it.

[yohananaomi]

The title you made is quite sensational, "crypto banned?" But it is not really something new about this, and many countries have done that but finally they are willing to accept it too. it is difficult for them to do this because technological developments must be unavoidable, they must accept the crypto.

[SirLancelot]

Crypto Is Banned In india, but on the other hand court hearing is going on

Now that the crypto has been banned pending the time the court hearing is sorted out, what then has been the gain or benefit if the Indian government, and what effect as it had o their economy? There are so many pressing needs that needs to be handle by them than what they hold as enemy, bitcoin is not their enemy but a friend to them, and they need to focus more on eliminating the enemy that may not make their economy to grow.

Even at the ban of this coin, people are still making use of it to trade and for investment, if they persist, they will only ended up losing the one that ought to have stayed in their country to another country. Imagine that I build my account to $150k now, and you are saying because of your own selfish interest I should not remove it, I will definitely just move to another country and enjoy my life.

[kryptqnick]

For eastern countries, who don’t have things like democracy to worry about, it was easy. They banned it.

The West took a more subtle approach using the jab-cross-left-hook of fear, dis-accreditation, and tax. Fear of capital loss and distrust. Stories of stolen coins, bankrupt and corrupt exchanges. Linking cryptocurrency to crime, and what the government will do to anyone who actually makes a profit.

It worked.

Globally the response to the rise in the market capitalisation of cryptocurrencies was not homeopathic.

Governments didn’t bring out the heat lamp and cream to soothe the problem.

In the West, while not outright banning cryptocurrency trading, the campaign to stop cryptocurrency demand moved into full swing and included…

Full KYC (know your customer) requirements to open a cryptocurrency account.

New tax laws. The IRS now treats cryptocurrency as property. Any profit must be disclosed. Not just from moving fiat currency into cryptocurrency and then back again, but on every individual transaction.

Big companies too joined the anti-cryptocurrency stance.

Facebook and Google outlawed cryptocurrency advertising.

I think you are focusing on the bad stuff. Surely, some companies and countries are fighting against cryptocurrencies for various reasons, but mainly because they want to stay in power and are afraid of the freedom Blockchain gives to people. But most of civilised countries are either avoiding the topic of cryptos or making them actually legal.  As for banning ICOs, I think it's a fair nice these days, since it's mainly scam. And many companies are actually positive about cryptos, thinking about supporting them or at least implementing Blockchain.

[AjithBtc]

Crypto Is Banned In india, but on the other hand court hearing is going on

Crypto isn't officially banned, but it is restricted to be used as a currency. Another thing it is completely on the users own risk, recently a draft was prepared stating that cryptocurrency needs to be banned and the people using the same needs to be sentenced to ten years prison. For this the hearing is going on for months, I believe this will get postponed and postponed for months.

[Savantor]

No point in banning crypto if using it requires someone else's permission. 

 https://cointelegraph.com/news/chainalysis-jesse-spiro-on-crypto-wallet-blocking-and-its-potential-impact

[maydna]

Crypto Is Banned In india, but on the other hand court hearing is going on

Crypto isn't officially banned, but it is restricted to be used as a currency. Another thing it is completely on the users own risk, recently a draft was prepared stating that cryptocurrency needs to be banned and the people using the same needs to be sentenced to ten years prison. For this the hearing is going on for months, I believe this will get postponed and postponed for months.

Perhaps, the governments don't want to ban cryptocurrency, but they want people to be careful to invest in the cryptocurrency because the price of all cryptocurrency is not stable and fluctuate. The government wants to warn people about the risk of the cryptocurrency so they can use cryptocurrency with their responsibility. But I think that the government still learning more about cryptocurrency and if they found that the cryptocurrency can help their people, they will allow people to use it and even the government will launch their own crypto coin. Let's wait for their announcement related to the cryptocurrency, and I hope in the end, the government will support the existence of the cryptocurrency among the people.

[putukin]

It is very interesting to watch China. Here, the government is trying to control crypto by creating its own national cryptocurrency. I am sure that their crypto will work only in centralized organizations. At the same time, in order to suppress competitors, China banned ICOs, and mining is also at risk of the ban.

[Cityhunter123]

In many countries, crypto is already banned and will be banned soon, but many countries still support cryptocurrencies and traders

[virasog]

Crypto Is Banned In india, but on the other hand court hearing is going on

If the matter is still in the court, it means it is not completely ban.
I have also heard that crypto is ban in china too, but Chinese people are actively using the crypto currencies. A complete ban means that no one is able to use bitcoins and if anyone is found using it, they would have to face legal issues. I do not think this is happening in India at the moment.

[fullhdpixel]

Perhaps, the governments don't want to ban cryptocurrency, but they want people to be careful to invest in the cryptocurrency because the price of all cryptocurrency is not stable and fluctuate. The government wants to warn people about the risk of the cryptocurrency so they can use cryptocurrency with their responsibility. But I think that the government still learning more about cryptocurrency and if they found that the cryptocurrency can help their people, they will allow people to use it and even the government will launch their own crypto coin. Let's wait for their announcement related to the cryptocurrency, and I hope in the end, the government will support the existence of the cryptocurrency among the people.

The real reason why government is actually against cryptocurrency is not because they so much love their citizens and wants to protect them, but believe they want to protect the fiat they have been using as powerful tools against their citizens for a long time now which they have seen bitcoin as a threat too, and they know they cannot stop it or destroy it, so they want to do everything possible to discourage it and that is why they are not giving in to that aspect of regulation.

If government really cares about its citizens as you said, they ought to have regulated the cryptocurrency for them for a very long time now which would really protect their money and investment in cryptocurrency but they would not so that power of fiat can still remain with them.

[taufik0911]

It is no secret that many governments see a threat in cryptocurrency. They think that here gathered some scammers who do not want to pay taxes. But despite this, the cryptocurrency is still gaining popularity. In time, they would have to accept it.

Basically, the government only needs cryptocurrency that meets the criteria they want, which is to meet the requirements as a banking company so that the country can feel the benefits of using cryptocurrency itself

[Daffadile]

The IRS can eat a dick. Not afraid of them sorry. You not touching my crypto or getting a single cent's worth. Corrupt government pieces of shit.

In many countries, crypto is already banned and will be banned soon, but many countries still support cryptocurrencies and traders

Stop talking shit.

It is no secret that many governments see a threat in cryptocurrency. They think that here gathered some scammers who do not want to pay taxes. But despite this, the cryptocurrency is still gaining popularity. In time, they would have to accept it.

Basically, the government only needs cryptocurrency that meets the criteria they want, which is to meet the requirements as a banking company so that the country can feel the benefits of using cryptocurrency itself

If it will fill their pockets they will allow it.

Crypto Is Banned In india, but on the other hand court hearing is going on

If the matter is still in the court, it means it is not completely ban.
I have also heard that crypto is ban in china too, but Chinese people are actively using the crypto currencies. A complete ban means that no one is able to use bitcoins and if anyone is found using it, they would have to face legal issues. I do not think this is happening in India at the moment.

People on this forum don't know the law thats why. YOu can't ban crypto. I will make a crypto transaction in from of the authorities and they must come arrest me.

[Udrujec]

I am glad to realize that despite all the prohibitions cryptocurrency not only continues to exist, but also to develop very well. It would be strange if the entrenched global financial system would embrace an independent digital currency with open arms. But I believe in bitcoin and its further development. He wins all the state bans.

[crzy]

I am glad to realize that despite all the prohibitions cryptocurrency not only continues to exist, but also to develop very well. It would be strange if the entrenched global financial system would embrace an independent digital currency with open arms. But I believe in bitcoin and its further development. He wins all the state bans.

That is because blockchain technology is really good and government can’t stop this anymore. We have now an assurance for a good future but expect always the volatility. Crypto banned wont last longer, and as far as I know people can still use cryptocurrency despite of the regulations of their government, its good if we continue to grow.

[rtm125]

I think that despite all the attempts of the state to ban the cryptocurrency, it will still flourish. It is no longer possible to simply ban this phenomenon or pretend that it does not exist. Bitcoin is able to completely transform the financial world, or rather it has already done so. And the government has only to accept it and stop obstructing.

[rezakurnia66]

Cryptocurrency is banned but cryptocurrencies cannot be killed. Only a few countries have expressly banned the use of crypto. Of course, banning is because it is anticipated in case of undesirable things.

It is, of course, we also cannot ignore it because this crypto is global. Everyone can develop it and there are no restrictions on the industry. Crypto has a very unique system, so people are interested in earning a living in this industry.

This prohibition may not happen in my country because the government also encourages people to develop the crypto industry.

[rodel caling]

Banning has been happening for years and the fact that Bitcoin is continuously developing only proves that banning it couldn't stop it. In fact, people are even wiser. They know how to deal and to get involved in cryptocurrency despite all the bannings and restrictions. Lucky are those countries who are accepting and adopting cryptocurrency because it will be a big help in their economic growth.

Perfect mate people knows how bitcoin useful and the most important thing bitcoin is helping for every country adopt and accept bitcoin not only country economic growth but also for the people of their communities to give them opportunity to get better using bitcoin.