Now it's an all out war : Government Vs cryptocurrencies

[MonsterV]

It's not an all out war. Using the word 'war' is too much. It's not something new that governments are not into cryptocurrency. It's somehow slowly becoming a threat to them, the more people recognizes it. But there's still a lot more countries who supports crypto. So it's not an all out war at all

But I don't think, why is the government doing all this? is there something wrong with cryptocurrency? The government only reasoned that the existence of crypto would increase the network of crime, there was no regulation, etc. But I see there is no difference with the fiat they make, there are still many crimes that exist and regulation issues I think are not necessary because cryptocurrency is an innovation of new technology. It sounds strange if they have to ban technology.

[pawanjain]

In India they are proposing a draft to ban all cryptocurrencies
Even dealing with them will land you in jail for 10 years and even holding unlawful.

wrong and this is not new, it has been going on for a couple of years now and the recent bill had nothing to do with jailing people for using bitcoin, it was misinterpreted by the shitty news sites.

The draft that was published somewhere on the internet was a new one. It has nothing to do with the ongoing hearing of crypto regulation.
There is no genuine source for the uploaded draft though and hence I think it's just a FUD since there is no official announcement as such.
The 10 year jail part is an old news though which was a part of the ongoing crypto regulation hearing.

[Yassin]

a lot of news against cryptocurrency, and that always happens when the price of Bitcoin starts to rise, and the government seems to oppose it, but I believe the government doesn't want to fight this, they also realize that cryptocurrency cannot be ignored, and inevitably they have to be involved, not just about cryptocurrency and the government, but how can the government be in line with the development of cryptocurrency..

[imstillthebest]

a lot of news against cryptocurrency, and that always happens when the price of Bitcoin starts to rise,

no price isnt the issue here . rise or fall there are always be negative news on cryptocurrencies   .

the government seems to oppose it, but I believe the government doesn't want to fight this, they also realize that cryptocurrency cannot be ignored,

if they didnt want to fight this and if they realize that cryptos are unstoppable then why do you think they are still making a noise or complains regarding on cryptocurrencies  ?

but how can the government be in line with the development of cryptocurrency..

there are in front of the line because they can ban or allow cryptos on thier own country  .

[clair508]

Yap.The war is on.This will be one of the most remembering battle of man kind.Battle between financial freedom coin ""The bitcoin" and the +tax government supported "Libra" coin.They did lot of things against crypto-currencies and they failed.Now they are sending the trojan horse.That is" Libra" Don't trust the trojan horse this one.Burn it before rise.Otherwise we will have the same fate that happen Troy city.

[TheCoinGrabber]

I agree with Trump about Libra, I think it's dangerous. He's completely wrong about Bitcoin though. Either he really don't know how it works or he's purposely dissing it as damage control. Never did he said he'd ban it though. He likely just want it more regulated.

[Anonylz]

Government in most part of the world has not fully warm up to the idea of having a cryptocurrency as an alternative method of transactions especially since they have no control of it the way they would have wanted it, and in regards to Trump's tweet, i don't see it surprising government has been looking for a way to put crypto down but it won't stop from growing.

[Artemis3]

I don't think it's an all out war between government and cryptocurrencies at all. There's a lot of things that will hinder the government from stopping the usage of cryptocurrencies.

1. Cryptocurrencies are electronic assets. They are intangible assets.
2. Cryptocurrencies are decentralized. The government will have a hard time tracing who are holding such cryptos.
3. Cryptocurrencies are already widely used. There are already companies that include cryptocurrencies in their businesses. Even famous people supports some cryptocurrencies.

Also, how would BANNING works in the world of cryptocurrencies? I think, that's harder that we thought it would be.

The only thing the government can do for now is to create bodies or regulatory that will regulate the use of cryptocurrencies. The biggest reason that I can see about these chaos of govenrments against the cryptos is TAXATION. Banks lost a lot of money (just my opinion) because more people prefer investing their money in cryptos than in banks. Who even wants to invest their money for a year, and just get an interest of 5%? LOL

These are valid attributes of Bitcoin, but there are some altcoins out there that don't fulfill all of them, and are easy to destroy. *Libra comes to mind first. So you can't use the world "cryptocurrencies" trying to be politically correct to the altcoins, when you know many of them lack the Bitcoin attributes.

Of course the thing with bitcoin is that people can handle their money without anyone else watching over you, so its arguably easy to evade tax. But perhaps the simplest solution to this is to avoid certain types of tax, like those that need a voluntary declaration, and stick to commercial transactions that are easily traceable such as buying and selling, etc.

Also it would be unfair to tax according to exchange rates, which can change dramatically in minutes. I guess it would be fairer to tax in some cryptos, such as bitcoin. (Ie. 1% of your bitcoin transaction, not "the fiat equivalent" at that point in time...) But indeed that still needs voluntary declaration of your bitcoin wallets, and that can't stop people from having hidden undeclared wallets...

Also technically speaking this is "money" that doesn't really enters or leaves the borders of the country the person resides in.
Well these areas have a lot to debate, and governments can study and find compromises that satisfy all parties, rather than outright ban it all, a war they have lost before even starting. Only 15 countries outright banned Bitcoin, after 10 years.

*How to destroy Libra: Arrest Zuckerberg, seize and shutdown all his companies, done.
Are you willing to risk investing in a coin that can disappear overnight? Nobody can destroy Bitcoin.

[pixie85]

I don't see a war. It's more of a defamation game where one side wants to show how stupid and weak the other side is. Governments and banks are discouraging people from investing in bitcoin by saying that it's weak and will not become a real currency and we bitcoiners are discouraging people from holding large amounts of fiat money because we see that it's weak.

[ljane]

Although the governments are doing their best to make sure that people have less interest in BTC but I don't think this will work out. What they have to know is that they can't control a decentralized system where BTC is the captain of it. They will always try but I don't think this will work.

[Decimation]

I know some might disagree here, but I think that all this news about cryptocurrency can't be bad. It's the exposure we need in order to become mainstream. It doesn't matter what the government wants if the people don't want it.

[Leyss]

So far, nothing serious has happened. Trump's saying in social networks is not so serious and dangerous for cryptocurrency. It is not an official document or position of the US government. In India, the attitude to cryptocurrency has not yet been determined, the situation there is not so hopeless. As for China, despite certain restrictions, Bitcoin and another cryptocurrency still goes there and is mined there.
Today, the most important thing is that the G-20 countries at the recent summit evaluated the cryptocurrency quite positively, the leadership of the European Union also favorably relates to it.

[Pyr3x]

This is not a war. Governments understand that they cannot win such a war. It's more like a provocation. Especially trump's tweets. But I doubt Trump would dare to do anything serious

[Jating]

We have been in this war for as long as I can think. But the thing is, it looks like the government has been intensifying its battle. But I'm surprised at all, the only thing they can do is just to regulated it. Of course out right banning is the worst, however, I don't think that government is stupid enough to miss the large tax they going to shoulder for crypto enthusiast. So they would rather let the people enjoy it, then put a regulatory framework.

[krb91]

I feel its the fear of the power cryptocurries and block chain technology wields that scares governments being the apex centralized system of any nation. Decentralization and its potential completely takes the power from all major establishments like banks, insurance companies and the likes, fully empowering the masses.

[saifulbdit91]

many countries government are already banned using cryptocurrency but most important think that no step will work to stop using crypto as its very easy to use ..

[Oyarebu]

Government cannot win this war against the cryptocurrency because cryptocurrency us a technology. When the INTERNET came out, they fought against it and later joined into the same wagon, likewise this war against the cryptocurrency. They Will join and support their coins because they can't kill it nor ban it.

[bitcoin-shark]

is a lost battle for the governments, bitcoin is big for this, it is not tied to a country or something physical, even if all the countries of the world except one will forbid it,it would be enough the servers of that country to make it circulate globally, so this is his strength...

[Lauren Smith]

*Yawn* Aren't you tired of this?
Bitcoin is not banned in China.
Bitcoin will not be banned in India.
Trump is a moron and so is anyone who listens to or supports his dumbass.
I think he just likes people to dislike him. The guy has been talking shit even 10 years ago. Look his history up. He is just a twat.

Only savages put none violent offenders into prison anyway. The whole idea of putting someone in a cage is fucked. Think about it.
If bitcoin ever gets banned then the law means nothing and freedom doesn't exist and you may as well just do as you wish.

[Maxon111]

One of the most incredible market rallies in history has finally forced governments around the world to regulate the cryptocurrency industry. Their approaches are very different: from mass bans in China to licensing exchanges in Japan and a very loyal regime in Switzerland. Some countries, such as the United States and Russia, have yet to formulate a holistic strategy.