High possibility major governments will BAN Bitcoin in the near future

[shield132]

The major governments of the world have for some time been laying the groundwork for their own national cryptocurrencies. Does that matter? Yes, it matters a lot. Bitcoin will be a direct competitor.

Why do they do this? To remain in financial control and to stop financial crime like whitewashing of funds from happening. Is it likely to happen? Yes, the US banned holding gold privately in the 1930's. So that the US government was to be a monopoly gold holder in the US.

There is a clear danger that the US, Europe, China, Japan and others will get togheter and flat out ban and even criminalize the usage and holding of Bitcoin. Resulting in after the ban, if you are cought using and holding BTC, you would get a huge fine or jail term.

The price of Bitcoin would get killed completely, you would be looking at Bitcoin below $1000.

How likely do YOU think this scenario is? Although you might say this is only speculation, IT IS A FACT that these countries are working on cryptocurrencies of their own.  

If you don't see a clear difference between 1930 and 2021, then I don't know what to say. They banned not only gold but Alcohol distillation, steroids, 90ths drugs, etc. But what? Gold is legal again, alcohol is legal again and just visit the Campus of any University, you'll be amazed when you see what happens there. Also, every bodybuilder and fitness influencers (some exceptions ofc) use steroids (while it's illegal).

Nevermind, Bitcoin isn't their competitor and there is no need to ban it. Plus, consider that there are a lot of businesses built around Bitcoin and cryptocurrencies, you can't just abandon them when you wish.

[Mistafreeze]

It has started. Indian Government already presenting bill to ban crypto in upcoming session of parliament due in February. This will be a big set back for global and Indian crypto community.

[Wysi]

I know governments have been planning to have their own crypto currency but I don't think they can ban bitcoin as they don't have control over it and the maximum they can threaten the traders to instill fear which will surely send the Bitcoin market crashing but that would not be the end as user will find an alternative to bypass the government ban and bitcoin will be back to normal. We cannot blame bitcoin for the crimes you have mentioned because those crimes used to take place before the emergence of Bitcoin.

[xiboothrezi]

Indeed the government will oppose with the use of bitcoin or other cryptocurrency considering the fact that it is all decentralized meaning they have no control over it. ~~~

However, on the other hand, the government also realizes that bitcoin has great potential to overcome many problems in the conventional financial system. with cryptocurrency, transactions become faster, not limited by space and time, but the government cannot fully control and supervise it, which is why in some countries the use of crypto is only legal for investment and trading commodities.

[Wapfika]

I know governments have been planning to have their own crypto currency but I don't think they can ban bitcoin as they don't have control over it and the maximum they can threaten the traders to instill fear which will surely send the Bitcoin market crashing but that would not be the end as user will find an alternative to bypass the government ban and bitcoin will be back to normal. We cannot blame bitcoin for the crimes you have mentioned because those crimes used to take place before the emergence of Bitcoin.

They can only limit the use in terms of not allowing physical stores or establishment to use or accept it but they cannot monitor it that can still lead to be use it often, there are also too many ways now to use it online even they will limit many will find ways. They might create their own cryptocurrency but the sense of being decentralized will not be applied in it which their people might not be interested to use with.

[Yatsan]

Even at the present time, government can already to restrict usage of not just Bitcoin but also other cryptocurrencies within their country if they would like too as long as they will have the reason to do such thing. There is really no need for their own digital or crypto currency to be created before they make such higher restriction or banning because they could possibly do such in any time they would want to make it up such decision. The point is that it is impossible for Bitcoin to loss value in that instant and for the totality of the majority of the governments existing in the world to restrict or ban Bitcoin usage for many have already been engaging into it. But we are not eliminating the possibility that it might happen, still we do not know what could happen so better just focus on the present rather than thinking of such thing that seems to be far to happen yet.

[emmybd]

Most governments want to control financial situations of its people. They are putting taxes on everything, so there is no financial freedom. With bitcoin they can't do it, so they are against it.  As bitcoin is anonymous, they can't properly put taxes and there are other difficulties. Many banks and other financial institutions have been putting pressure on governments to ban bitcoin. In such situations, there is high possibility that they would put ban on bitcoin. But, a lot of people don't want their governments to control their financial situations, so they fully support bitcoin and their number is growing day by day. The way bitcoin has become so much popular in recent times that some governments have been contemplating of introducing their own cryptocurrency. So, the day is not far away, when we can see government issued crypto.

[Kakmakr]

The governments must just accept the natural evolution of Crypto currencies, if they start "banning" Crypto currencies. The first thing that will happen after a ban, would be the "new" revolution of Crypto currencies. The developers will be motivated to create more decentralized market places and exchanges and this whole experiment will go underground.

What will the impact be of this "revolution" for these governments? Answer : All those transactions will not be taxed and a whole new secondary economy will be created that are free from government control and manipulation.  

[bryant.coleman]

The governments must just accept the natural evolution of Crypto currencies, if they start "banning" Crypto currencies. The first thing that will happen after a ban, would be the "new" revolution of Crypto currencies. The developers will be motivated to create more decentralized market places and exchanges and this whole experiment will go underground.

What will the impact be of this "revolution" for these governments? Answer : All those transactions will not be taxed and a whole new secondary economy will be created that are free from government control and manipulation.  

So what do you think? The government guys will just sit back and watch this, while their revenue intake dips? The governments need tax revenue to survive and if they think that cryptocurrency is being used for tax evasion, they will come down really hard. The idea of "decentralized marketplace" is good in theory. But it needs to be seen whether it can be implemented in real or not. For my part, I am not in favor of avoiding taxes by using cryptocurrency. Let's pay the tax that is due and use cryptocurrency at the same time. 

[AGD]

OP, I'm waiting for an answer ... I say 'no major government will BAN Bitcoin in the near future.' Any amount. Escrow somebody?

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[ecnalubma]

I think the Bitcoin ban will only turn into a myth in the near future, only a hermit country will do that for they don’t understand the technology behind it. Banks don’t need to fear Bitcoin, its not competing against the fiat rather its the best alternative investment to gold.

[Dabs]

They can certainly try, however it is futile and will only result in what is called a "prisoner's dilemma". They ban but others won't. There's too much already by institutions at this point and it's just going to get messy.

[Sithara007]

I think the Bitcoin ban will only turn into a myth in the near future, only a hermit country will do that for they don’t understand the technology behind it. Banks don’t need to fear Bitcoin, its not competing against the fiat rather its the best alternative investment to gold.

From what I can see, the main competition right now is between cryptocurrency and stocks/mutual funds. And that is the reason why some of the governments are feeling uneasy right now. They feel that if cryptocurrency provides a better return compared to the stocks, then people will start moving their money from the stock market to the cryptocurrency market. This will have deep implications, such as reduced tax revenue, rise in unemployment, weakening of the national currency.etc. If the competition was between cryptocurrency and gold, then the governments won't be bothered to a great deal.

[bitterguy28]

The major governments of the world have for some time been laying the groundwork for their own national cryptocurrencies. Does that matter? Yes, it matters a lot. Bitcoin will be a direct competitor.

Any Proofs about this ? While other countries think that Bitcoin is a competitor of their currency , other countries see this differently so Please be guided on that matter.

Why do they do this? To remain in financial control and to stop financial crime like whitewashing of funds from happening. Is it likely to happen? Yes, the US banned holding gold privately in the 1930's. So that the US government was to be a monopoly gold holder in the US.

Well Don't make US as an Example because of course They will always Look for Dollar welfare but does the situation really favors them now?

There is a clear danger that the US, Europe, China, Japan and others will get togheter and flat out ban and even criminalize the usage and holding of Bitcoin. Resulting in after the ban, if you are cought using and holding BTC, you would get a huge fine or jail term.

  

|Lol Japan? Europe ? China? maybe they will not support Bitcoin But they will support other coin that in the end will favor bitcoin still.

[pakhitheboss]

The Indian government is also planning to ban crypto, the problem here is how will you enforce the ban. Cryptocurrency is an Internet-based currency if you want to ban it you have to ban the internet or you will have to create a system to keep track of all transactions on the Internet. How will the second most populated country do it, is the question?

The best option is to either regulate it as banning is not possible in this age of technology.

[torrantz]

There will be a very noticeable impact on the market, if the governments try to ban Bitcoin. Don't forget the fact that the recent bull run was triggered by institutional adoption of Bitcoin, especially from PayPal. If the government imposes any sort of restriction, then these institutions are going to pull out immediately, resulting in a bloodbath at the market. Bitcoin will exist, but the global adoption will be severely affected. 

Bitcoin and other crypto might be affected with any single fud or any single news from the government if they want to banned it in their country but as we all know crypto runs thru online I think it will take so many months or years before they can fully implement it, I don't know how do they stop people from using it, especially now many companies and even well known personalities are into bitcoin now such as Elon, so I don't think they will ban it, possibility is low.

They could definitely ban it if it confronts their interest. Look at India, the moment they about to release their own version of digital coin issued by the government or central bank they outright ban bitcoin and punish those bitcoin users.
The government will always try to get rid of anything that blocked its interest and more specifically in pursue of money and resources. But one thing people need to remember, banning bitcoin is one thing but enforcing the law and detecting the users are another thing.
I bet they need to allocate huge resources if they truly want to impose the law of bitcoin banning.

[Amejoaquim]

It could be.

And bitcoin can be use for illegal transaction like -> terrorism, money laundering, tax evasion, and other illegal and subversive activity all benefit from the ability to move money in untraceable ways.

[geegaw]

The Indian government is also planning to ban crypto, the problem here is how will you enforce the ban. Cryptocurrency is an Internet-based currency if you want to ban it you have to ban the internet or you will have to create a system to keep track of all transactions on the Internet. How will the second most populated country do it, is the question?

The best option is to either regulate it as banning is not possible in this age of technology.

Agreeing with your point of view, blocking an object online is really too difficult in the technology age when technology allows us to have too easy access to an object through many different methods even when the government wants to prevent, except for this point, government laws only make people more curious about this product and technology, India is a very typical country when people know more about bitcoin when the government tries to get rid of it. Strengthen and establish relationships with Bitcoin and create a team of highly specialized work in the near future with Bitcoin is something to do with the country wise

[gleisson05]

If undeveloped countries like India ban Bitcoin, it doesn't mean that developed countries will follow.

The thing is that more forward-looking and broadminded governments are more likely to attempt to adopt Bitcoin and use it for their own good.

[gurunanakji777]

Many countries can ban Bitcoin but I don't think bitcoin will be killed completely. Bitcoin will be there with good value. Now I don't see any reason that bitcoin will drop to $1000 value. The scenario you said only speculation on the other hand we can expect more countries will make it legal. If the countries make their own cryptocurrencies that would be like Tether with fixed value.