Do you fear the president of your country, one day, making Crypto illegal ?

[Dollar_Hunter]

crypto currencies do not need approval from the president, crypto currencies are decentralized, not centralized, this is not money from the government, this is world money, I'm not afraid

[plvbob0070]

For now, I don't have such fear because I don't see any reason for our government or the president to ban crypto in my country. Especially now that we are in a pandemic and that's the main issue of almost all country. Even without it, I have not seen any violent reaction from them about crypto and adoption.

But if the government is showing a negative reaction towards it, of course, you will get worried about the possibility that they might ban it in your country. I think a chance like this will come if some incidents or someone will trigger the government to ban crypto, but I just hope that such things won't happen.

[cheezcarls]

What if, for example - like after that twitter hack - the President wakes up (in a bad mood) and decides with an executive order to make all crypto illegal in the USA?

Of course this probably will never happen in today's world, as the there is big money is invested into crypto currencies; but do you ever think that it is even remotely possible...

Or the next elected president is so "old school" and decides that crypto needs to go?


I don't mean only America, what about in your country; do think that a future ban on crypto currencies is ever possible in your country?

Ain’t worried with it. Here in the Philippines, we are a crypto-friendly country. Unionbank has it’s first-ever crypto ATM (I’ve seen that ATM myself in their main branch in Makati), and they’ve formed Cagayan Economic Zone Authority (CEZA) where multiple cryptocurrency and blockchain firms can operate (and the Philippine president was in attendance giving the speech during the inauguration), and the Bangko Sentral ng Pilipinas (BSP) approved lots of virtual currency exchanges (VCEs) to operate in Philippine soil.

However, there are no clear laws yet regarding crypto taxes here in the Philippines. However, I think they’ve implemented regulation in launching ICOs here in the Philippines. SEC Philippines have categorized cryptocurrencies as securities. I’ve seen some physical and online shops within the National Capital Region where they accept Bitcoin as payment method in buying products and services.

For me, the cryptocurrency and blockchain industry in the Philippines is growing gradually but in a slow pace due to COVID-19 threat.

[aprilnot]

no, I'm not afraid. because this will never happen. but if crypto is illegal, it's no big deal. I would only have a hard time exchanging it with FIAT. nothing has changed. from the beginning in my country crypto was not very popular, so the government did not pay more attention to crypto. I also rarely use the local market for crypto trading, because the trading volume is not too large. I prefer global markets like binance, OKex or Bittrex. so, if one day crypto is illegal in my country. it doesn't have a big impact on me.

[ElmedoRator]

crypto currencies do not need approval from the president, crypto currencies are decentralized, not centralized, this is not money from the government, this is world money, I'm not afraid

Absolutely, it was not created by the government, so we need not fear it is banned. I have seen many countries ban it but people there still use it smoothly because crypto is decentralized, which is why I love this market.

[Leonardo7]

I don't think any America President will try that. As for my country, they are already discussing a bill to see how cryptocurrency can boost the economy. Should my president try anything negative with cryptocurrency, I will go incognito, still will be making good use of crypto without them knowing save they want to shutdown the internet. Cryptocurrency has evolved and it's too real to be dealt with by a single president of any nation.

[Bananington]

I am not worried about this issue, ever since I entered this market, the government has listed crypto as illegal. But there are still a lot of people who use and trade it, so I believe there won't be any problems for me.

If most governments make crypto illegal officially and place a complete ban on crypto, it will drastically cause downtrend in crypto market. However, this doesn't mean crypto will seize to exist, people will still use crypto. The big problem is when centralized exchanges are given orders to close up or face the consequences, and we need these exchanges to trade. I don't see it forthcoming anyway, so no need ponder on this.

[Iyanu14]

What if, for example - like after that twitter hack - the President wakes up (in a bad mood) and decides with an executive order to make all crypto illegal in the USA?

Of course this probably will never happen in today's world, as the there is big money is invested into crypto currencies; but do you ever think that it is even remotely possible...

Or the next elected president is so "old school" and decides that crypto needs to go?


I don't mean only America, what about in your country; do think that a future ban on crypto currencies is ever possible in your country?

There is nothing to fear again about that one.  In the first instance, crypto has never been declared legal before in my country and we have many adopters of crypto.  There was a time my country's government declared that individual phones should be checked by security personnel and anyone with crypto related documents should be arrested, still people were not discouraged.  No matter what my country's government does, I cannot be discouraged or worried.

[Yaunfitda]

I am living in India, and here the system is different. The president has only nominal powers and the real power is with the parliament and with the ministers. But that doesn't mean that we don't have to worry about a potential ban. The former finance secretary (Subhash Chandra Garg) once proposed to make ownership of cryptocurrency a criminal offense, punishable by a jail term of up to 10 years. Fortunately, the finance ministry fired this loser and threw away his recommendation in the dust bin.

India is very different, we thought that we have won against the RBI ban, but it seems that the parliament and ministers will take it differently.

Regarding the question, anything is possible, we shouldn't be too relax today. Just because some governments are being too friendly doesn't mean that one day they won't overturn their decisions. If they deem that crypto is bring more harm than good to their economic standing, sooner or later they might go against and change their tone. No one is safe from government.

[Jating]

What if, for example - like after that twitter hack - the President wakes up (in a bad mood) and decides with an executive order to make all crypto illegal in the USA?

Your example is quite vague, I don't think that countries like USA or their President has the authority to make an executive order without being challenge.

Of course this probably will never happen in today's world, as the there is big money is invested into crypto currencies; but do you ever think that it is even remotely possible...

It doesn't matter how much money is invested, if such is the reason, then every country will simply accept crypto.

Or the next elected president is so "old school" and decides that crypto needs to go?

If this happens then obviously, crypto enthusiast on a former crypto friendly countries are going to take action and challenge it just like what happen to India.

I don't mean only America, what about in your country; do think that a future ban on crypto currencies is ever possible in your country?

I'm not afraid though, because we treat crypto as something that can change our country we are even trying to become a crypto hub, so I don't think that our government even with a new President will make a complete change or going 180 degrees.

[Kong Hey Pakboy]

I think the government already knows that bitcoin is also being used in illegal activities, that is why there are a lot of countries who have banned bitcoin and cryptocurrencies. So I can say that I am afraid, if someday the president of my country will banned cryptocurrency because maybe I don't have the chance to withdraw my funds from my wallet.

[umbara ardian]

My country has banned crypto for years, but it doesn't matter too much. We are still using it every day and making a profit from it without any difficulty, that's why we need decentralization and no one can control it.

[Jackl87]

I'm not worried at all that Crypto will be banned or declared illegal in my country.
Even if it would happen, i don't think that this would have a big impact at all.
Crypto has always been about decentralisation and freedom.
I think it would make it only even more attractive.

[coin-investor]

What if, for example - like after that twitter hack - the President wakes up (in a bad mood) and decides with an executive order to make all crypto illegal in the USA?

Of course this probably will never happen in today's world, as the there is big money is invested into crypto currencies; but do you ever think that it is even remotely possible...

Or the next elected president is so "old school" and decides that crypto needs to go?


I don't mean only America, what about in your country; do think that a future ban on crypto currencies is ever possible in your country?

Our president supports this technology and I'm sure all the coming president will support it also because Cryptocurrency is well established here in our country it is legal and has a strong foothold he will lose big support for and his popularity will go down and besides our country has a lot of business that revolves around Cryptocurrency.

[fuer44]

I was afraid because the jobs in crypto such as bounty, trading, and investing were very good prospects. at that time I always thought that this work must be there forever. but then when the market goes down, the bounty is also quiet, capital for trading and investment is also limited, when there are new rules from the government to ban it, maybe I can accept it. in addition to being in a state like this, the government does have the authority to provide regulations and we must comply with applicable law. I think it would be wise if we obey the rules.

[bigcash2011]

What if, for example - like after that twitter hack - the President wakes up (in a bad mood) and decides with an executive order to make all crypto illegal in the USA?

Of course this probably will never happen in today's world, as the there is big money is invested into crypto currencies; but do you ever think that it is even remotely possible...

Or the next elected president is so "old school" and decides that crypto needs to go?


I don't mean only America, what about in your country; do think that a future ban on crypto currencies is ever possible in your country?

I think such things have already happened especially in 2018-19 where some countries anniunced to ban cryptocurrencies or declared them illegal, it did created some short term FUD and drama but to be honest there was literally no effect on buying, selling, trading or exchanging of crypto coins which proved the solid and commanding position of crypto and increased trust as no third party was able to stop it including governments.

[20kevin20]

I would not be surprised at all if my country came up with a ban, although I do not think so. But enough stupid choices and laws have been passed out here.. If a large country with a significant economy such as the USA does though, it'd become an issue. On the other hand, hardcore Bitcoin supporters would probably rather emigrate in this situation.

Let's not forget one thing. Bitcoin's ledger is completely transparent, unlike fiat. This means hacks are way easier to be tracked than cash scams are, and this is both a good and a bad thing.

If a fiat scam at the level of Twitter's last vulnerability exploit happened, you couldn't see how much of the stolen bucks went to a certain place. Having a public fully transparent ledger makes things seem way more prominent when it comes to scams than cash tracing possibilites does, but in reality, way more fiat is stolen per day than the equivalent of BTC in USD is.

But.. a ban is now unlikely. It would've been a possibility if we hadn't seen large companies allegedly supporting cryptocurrencies. We have followed authorities' path, so we've basically kneeled to them. Hence, they probably do not see us as a danger anymore.

[Anonylz]

It won't be nice if for any reason the president of a country decided to present crypto as illegal, this will really affect the crypto community a lot because many people have come to love this space and benefit from it greatly, although, the president in some countries have not publicly come out to put a ban on crypto yet  and we hope it won't result to this, if not anything, they should start accepting crypto at  soon.

[bitgolden]

Honestly I do not because in my country whatever you can tax gets legal and becomes something important and protected, not because government likes it or wants it or even supports it, they do not give a damn about it, but they know that they could tax people and make themselves richer, so that is why they do look like they are supporting it and making it legal, all because they want the tax.

So, I am not worried that my president would do anything about it, he doesn't even know about it if you ask me, if you asked my president what he thinks about bitcoin he couldn't tell you what a bitcoin is, so I am 100% sure people around him are the ones that make the decision and they definitely wouldn't make it illegal considering if they do there will be money not coming in and that would anger the president.

[Zeehaxan]

What if, for example - like after that twitter hack - the President wakes up (in a bad mood) and decides with an executive order to make all crypto illegal in the USA?

Of course this probably will never happen in today's world, as the there is big money is invested into crypto currencies; but do you ever think that it is even remotely possible...

Or the next elected president is so "old school" and decides that crypto needs to go?


I don't mean only America, what about in your country; do think that a future ban on crypto currencies is ever possible in your country?

Why would we have to worry about such things when crypto is based on decentralization and powered by blockchain technology. Yes we need to follow local rules and regulations but crypto is something different it is borderless and is a unique peer to peer tech which i think cannot be controlled by anyone.