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

[Saisher]

I hope it will not happen but so far it's unlikely to happen because so many people are used in transacting cryptocurrency, the new president that will ban Crypto will have to change a lot of laws about Cryptocurrency, Cryptocurrency is well adopted here in our country he will lose supports from so many people and sectors and besides it's helping the economy.

[ScamViruS]

Such a decision must be shocking for those in whose country cryptocurrency is completely legal. Before the government makes any decision, it looks at what kind of crime is being committed using that thing. If they find any inconsistency, they are prepared to ban it. However, it is illegal to use cryptocurrency in the country where I live. Citizens of our country can be jailed for keeping cryptocurrency. So I'm not too scared about that, since I've been dealing with these for so long.

[btcgolong]

It is possible for a president to be bad like what you have described because it's his/her account that has been hack. But it just can't be passed quickly out of his words. There's a process even if it's an executive order.

But if that happens in my country, I don't even think that it's going to happen. As it's a new technology and most are new to it, they should go after the scams and not cryptocurrencies.

Good thing that America's current president is not a big fan of the banks (as he probably believes that have treated him "unfairly" thoughtout the years), but he is a big fan of using Executive Orders...

On a side note:

Looks like Tik Tok just got 45 more days...

[Memminger]

I think everyone in crypto fears that moment because they doesn't have any choice but to quit or be jailed because of earning in crypto.
Who wouldn't fear about it if you are earning in crypto and they make it illegal then it is the same as losing your job or source of income.

[abeecrypto]

No worries at all. My country hasn’t even legalized crypto. Neither have they illegalized it. But people use it and the government is aware. In my country, the government is beginning to embrace the cryptocurrency market little by little. I know it’s going to take some time but I don’t see a president making crypto illegal. What do I know!

The legality of crypto rests in our hands. We have to include the government in this crypto journey. Some fellas in my country are beginning to make that movement. I think this would go a long way to foster the progress of crypto in every country.

[rathaha10]

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?

Yes i often do worry that the government of my country might decide to ban crypto one day because the media promotes how bitcoin and other cryptocurrency are being use for bad deals and considering how people are perpetuating scam with cryptocurrency, there is greater chance for governments to consider banning the usage of cryptocurrency around here! I just hope some members of the cabinet will know the good side of crypto well enough to debunk such idea when it get raised

[alani123]

If crypto is made illegal in one country, then it'd be very hard to block funds derived from crypto. After all, international bank transfers can also happen and banks in other countries wouldn't ban cryptocurrency so easily.
It'd be more devastating if a few countries banded together and decided to ban crypto. This way exchanges couldn't simply move to another country if a block of interconnected economies was working together. But that's unlikely to happen. If a country bans part of the economy, other countries will most likely seek to benefit from it.

[btcholder]

I would not like to think that way of course. But it's possible though.
It's sad to see that bad people using crypto technology for bad purpose. No doubt it'll harm crypto industry. But in my opinion financial system is not a thing that you just make a decision and change the law. At this moment crypto industries net worth almost $350billion. So it's not a joke.

[cabron]

Things will not flow easily despite the president supporting cryptocurrency, but might just work for a country that already supports cashless transactions like China. When Xi Jin Ping announced he supported blockchain, the price of BTC suddenly spiked in two days. Doing it in countries in South America would just shrug the shoulders of their people saying whatever. They'd still be there fishing in the amazon river.

[maxreish]

Not fear at all.
There are so many things to consider before deciding to put some law and makes crypto an illegal one in my country. I respect and trust our President. He is a mediocre and wise leader. Also, I believe he will not make such careless decisions regarding cryptocurrency legalities. And there are advisers of the President that may eventually be helpful in every decisions and law he may implement in the future.

[crwth]

Whether or not the head of the country has defined something as illegal, it's not reasonable unless he is scared of decentralization or something. How is it that people make crypto look bad? It's the people that use it for wrong reasons like scamming and making Ponzi Schemes for the people to "entice" into that type of investment and, in the end, blaming the currency being used or what that company is marketing. It's going to make the view of cryptocurrencies seem wrong, but it's the people that are bad.

There are a lot of good reasons why cryptocurrency should stay legal, and the head of the country should acknowledge or at least know that.

[Pamadar]

I would not like to think that way of course. But it's possible though.
It's sad to see that bad people using crypto technology for bad purpose. No doubt it'll harm crypto industry. But in my opinion financial system is not a thing that you just make a decision and change the law. At this moment crypto industries net worth almost $350billion. So it's not a joke.

It's already a huge amount of money that present to this industry, though there's no assurance that the government will do such action.

If they will continue to see that there's illegal activities and there are lots of scamming which causes for
the citizen to lose their money, the president needs to take side, it's not good for people who really understand
crypto but there's no other choose if the government will see the negative side and not to focus with the positive
impacts of this crypto business.

[smyslov]

If our president will do that that would be a very bad decision seeing that adoption in Cryptocurrency in our country is very much in progress his finanacial advisers will not advice that because the government is making revenues from Cryptocurrency it's like saying we do already have enough money and don't want additional source of funding when in fact the government needs all the money it can get.

[Twinkledoe]

It's already ban in my country. So I am expecting one morning PM to wake with good mode and announce crypto is legal  I do not think any country where crypto is legal now, would consider ban crypto. The adoption is increasing now.

Going from legal to banning of crypto is very slim, as they already experience the benefits brought by crypto. It may not have big impact on the economy, but it is giving income to some small crypto users, which is helping the economy of the country. Also, with this pandemic and looking for options not to use fiat money, crypto is one good alternative to be digital. So I don't think that a country will go from legal to banning the usage of crypto.

[antsam]

Too paranoid, it can't suddenly be a president or a state leader banning crypto, a study by competent institutions must first be done. Currently many countries have accepted Crypto, although not as a currency, but the recognition of a commodity. So seeing the enthusiasm and development now I don't think there will be a ban on crypto, but maybe a special regulation might be made

[jossiel]

It is possible for a president to be bad like what you have described because it's his/her account that has been hack. But it just can't be passed quickly out of his words. There's a process even if it's an executive order.

But if that happens in my country, I don't even think that it's going to happen. As it's a new technology and most are new to it, they should go after the scams and not cryptocurrencies.

Good thing that America's current president is not a big fan of the banks (as he probably believes that have treated him "unfairly" thoughtout the years), but he is a big fan of using Executive Orders...

On a side note:

Looks like Tik Tok just got 45 more days...

I've seen that news last time and although I don't use that app, I kind of agree with the decision.

Trump is a known businessman so he knows what's essential and beneficial related to finance. But do you know that there are too many crypto casinos and exchanges that have a separated rule for their US resident users.

[Towerbreeze]

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?

Bans on crypto have happened in few countries around the world and later all the bans are lifted, china did the same thing and even India but now it's no more, probably maybe after they detect the real potential of crypto and blockchain

[BALIK]

I think it's a general fear that a lot of people have, but for the most part it is undeserved. The vast majority of countries are democratic and value individual freedoms over the whims of the government.

In order to sign a democratic order banning something, Trump would need to be confident that he is actually able to enforce the ban. However, since the United States does not have totalitarian control over the internet, they're definitely not going to able to ban Bitcoin. In a country like China or Iran, where internet access is heavily restricted, this might be more feasible—but even then, the likes of VPNs and proxies can help those under a firewall use Bitcoin.

There's also the blockstream satellite to consider. Unless a country is willing to shoot these out of the sky (practically impossible given their size), people will always be able to communicate with blockstream using a standard satellite dish. This means they'll be able to execute Bitcoin transactions and sync to the Bitcoin blockchain with just ~$50 worth of equipment.

With the development of Elon Musk's Star Link it's only likely to become harder to enforce this ban, since there will essentially be thousands of internet broadcasting Bitcoin nodes in low earth orbit!

[Genemind]

Our country is crypto-friendly and our government only warns people to be careful of investment scams that are using cryptocurrency to scam people and also the risk of getting involved in crypto.  Even our security and exchange warn people if there are investment scams that they should be aware of. Some countries are starting to take notice of crypto and now starting to regulate and create law for crypto.

[aioc]

Yep, I'm afraid that one day the cryptocurrency will be ban in my country. As a crypto enthusiast it is a bad news for us, we lost opportunity to make extra money in crypto space. I hope that the our government making legal using crypto.

So there is a chance that your country might ban Cryptocurrency? government and administration come and go but Cryptocurrency will stay for good so keep on supporting and holding your coins and and if times come there is a new government that supports Cryptocurrency you can continue trading but be sure to strengthen the Crypto community in your country so you will have voice when there is election.