Government ban on crypto

[The Cryptovator]

Such as topics that have been discussed many times, you might participate there instead of creating a new topic and you will find it by using the search button. Anyway, technically there is no way to ban Bitcoin. Since it's a decentralized cryptocurrency, no one can prevent you from using Bitcoin. Yes, the government would declare as an illegal currency, but they aren't the one who can ban it from their country. Currently, most developed countries allow their citizens to use Bitcoin. Those aren't allowing I think they aren't well familiar with it or they are just stupid. Because there is the possibility that Bitcoin could keep a role in the country's development. A few countries didn't miss it.

[avikz]

Well legally bitcoin can be definitely banned by any government. They can enforce punitive actions against any bitcoin holders by law as well. So yes a government can definitely ban bitcoin if they wish to.

Now the question is that how they would enforce the law. That's extremely difficult! It's like finding a needle in the haystack if they want to go behind the crypto holders. So enforcing such law will not be easy at all.

Also people will quickly find an underground market if the government bans it in any way. So just a law can't really stop users from using it. So I don't see a great success if a government bans it.

[Finestream]

I don't get the information that OP is trying to convey. I've understood it as, USA on the urge of banning bitcoin. This might happen with different countries, but not with USA. Yesterday I had small conversation with a friend of mine working in usa, and he said about bitcoin, different gateways are available. USA has given access for bitcoin usage, only thing each and every transaction gets added to the taxation account with which taxation can be easily calculated.

We kept on hearing news about how USA wanted to banned bitcoin and yes, banning can be totally done by any government but it won't stop citizens from accessing it continuously. This is the reason i think that USA chose not to banned bitcoin but instead, it's even become more popular because of big institutional investors that has made a significant pump in the price of bitcoin.

[kryptqnick]

I think a chance of Bitcoin being banned by the government largely depends on the following factors: how democratic the country is, how widespread the usage of cryptos is and how many influential politicians and entrepreneurs use cryptos. The US is a strong democracy, crypto business is blooming, and crypto usage there is high, so there's a very small chance of cryptos getting banned there. But less democratic countries, such as China, can bad cryptos even if there's high interest to them among the population. So it depends on the country and the circumstances.

[veznata]

I believe BTC will get more adoption and regulation by governments since it's marketcap is in the trillions dollars. It is not a bad thing. Just the opposite. As we consider option of banning (just hypothetically) which have some small odds of happening anytime soon then I think crypto will become useless contrary to what many people here stated or at least be limited to very low level of usage since it is illegal. eventhough you exchange for cash you will not be able to use your money above some amount. 

[7788bitcoin]

Do you guys think Bitcoin has any chance of being banned by the government? I keep hearing people say that Bitcoin has a chance of being banned, yet I don’t think so because very powerful people like Elon Musk along with other companies are large investors. Is their any weight to that statement?

I am not afraid of any major developed country planning to ban the cryptocurrency market, we might expect a regulation to monitor the market and billions of dollars are invested by investors and companies alike and the government will not act against them, but they might find a way to benefit in the form of taxation. You might see a ban by the third world governments as you cannot predict what they do with it as we see topics regarding that all the time.

[Mahanton]

Do you guys think Bitcoin has any chance of being banned by the government? I keep hearing people say that Bitcoin has a chance of being banned, yet I don’t think so because very powerful people like Elon Musk along with other companies are large investors. Is their any weight to that statement?

I am not afraid of any major developed country planning to ban the cryptocurrency market, we might expect a regulation to monitor the market and billions of dollars are invested by investors and companies alike and the government will not act against them, but they might find a way to benefit in the form of taxation. You might see a ban by the third world governments as you cannot predict what they do with it as we see topics regarding that all the time.

Every decision would be made would have corresponding reason neither personal or those typical government kind of views when it comes on dealing with anonymous things.
Banning is something that we have been talking all over the years here on cryptospace.We have seen already lots of decision had been made which is really been divided between
both sides.Good thing that there are still government who do look crypto as an important or still on the neutral and havent done any steps for some blockage or banning it and its a good thing.
They are thinking for some taxation? They can do it through those platforms which are involved with crypto.

[angrynerd88]

Obviously,but I think that they can still boycott bitcoin indeed in case a part of powerful individuals are owning bitcoin since they can work it and HODL Bitcoin,But that thing is near to inconceivable within the nations where crypto is illicit but i think if government legalize it'll be beneficial for economy of the nation will produce income within the shape of taxes. There ought to be cartel for crypto which play a part between monetary teach and individuals to urge acces effortlessly on crypto and get advantage from administrations.

[StartupAnalyst]

The fact that USA government strongly maintains BTC and cryptocurrencies today doesn’t mean that other countries have similar policies and can’t ban it. Politics in my country still argue about cryptocurrencies and doesn’t have consensus decision to consider crypto as an illegal asset because of a huge amount of money speculations concerned with crypto or to make it legal and provide a huge amount of rules even somehow to control crypto.

[Bilgent]

China banned Bitcoin before but I was still hearing something about people were continuing to invest in Bitcoin. It looks like there is really no way to stop people. Because governments can't track their transactions unless they keep their coins in their wallet and don't convert them to fiat and don't send the money to their bank account.

[AmoreJaz]

China banned Bitcoin before but I was still hearing something about people were continuing to invest in Bitcoin. It looks like there is really no way to stop people. Because governments can't track their transactions unless they keep their coins in their wallet and don't convert them to fiat and don't send the money to their bank account.

this is the advantage of crypto. even if one govt is banning its usage, one way or another, crypto users will find a way how to get around the system. the govt have no full control of what these users can do to their coins. this is why some govts dont want its existence. however, the approach today is changing towards crypto. with the influence of some big financial institutions like paypal or microstrategy, or big companies like tesla, people are now changing their perspectives towards crypto. am sure a lot of them have had negative perception towards crypto but some change when paypal or tesla started dealing with crypto
with respect to the govt, it depends on them actually. but they will be left behind if they will totally ban the usage of crypto to its citizens. i guess, it is not in their good interest if they will do so

[verita1]

I just found an article in forbes published a few days ago that titled
India’s Plan To Ban Bitcoin! Could The U.S. Be Next?

Obviously, countries like India and Nigeria that have more recently banned bitcoin arguing that bitcoin is not money, it is not endorsed, it is a Ponzi scheme, it is an easy way to launder money among other things. They will not want bitcoin to dominate the economy in their countries because it will be difficult to divert public funds due to the need to implement a new, more transparent and secure technology.

Governments and central banks absolutely don't want independent individuals and entities creating credible alternatives to their own money.

https://www.google.com/amp/s/www.forbes.com/sites/steveforbes/2021/03/18/indias-plan-to-ban-bitcoin-could-the-us-be-next/amp/

I don't think the US will be the next to ban bitcoin. Because bitcoin lives with the United States from day one, there is a good ecosystem that is gradually consolidated.

[Shasha80]

This is a discussion I have encountered on this forum many times, and I remain in my opinion that the government will not be able to prohibit
the use of crypto. Because it is interesting that several countries that frequently banned crypto always end up failing. Because residents will
always find ways to use crypto, so in my opinion it will only be useless if there are countries that ban crypto. Therefore it is better to make crypto
an ally than to make crypto an enemy.

[Yamifoud]

This is a discussion I have encountered on this forum many times, and I remain in my opinion that the government will not be able to prohibit
the use of crypto. Because it is interesting that several countries that frequently banned crypto always end up failing. Because residents will
always find ways to use crypto, so in my opinion it will only be useless if there are countries that ban crypto. Therefore it is better to make crypto
an ally than to make crypto an enemy.

We can't stop some leaders to ban crypto as it was their decision and they are blind enough not to see the benefits it gives their netizens. But I believe they will soon realize that they are wrong and change their mind. Because many were saying that "I just to believe if I saw the result" That kind of perceptions and behaviors are just happening since before, these leaders thought about crypto that is just a scam until they can prove it that they were wrong and opened-up their minds.

[isaac_clarke22]

~

Not just in USA, but to every other countries as well.

I assume the OP is listing the answers on why Bitcoin can't be banned, particularly in US in case anyone is wondering what the OP is trying to point out.

Personal or p2p transaction is like the fail-proof way even if "ban" was imposed into a country. Nobody knows that you made that kind of transaction except you and the third party person.
Assuming that ISPs banned every exchange in their own nation, then people would just go and continue using VPN.

[ivankoh]

In the history of bitcoin, there are still ban statuses issued from countries around the world.  "Ban" here is not the same as blocking directly into bitcoin, because this cannot happen, they just indirectly issue orders that indirectly govern their citizens like the way India, China did given at 1/2018.  Fairly or not, this is not to expect given the trend of bitcoin and the crypto space.

[so98nn]

If we are seeing an auctioneer getting paid 70 million USD for their artwork and on the other hand I am able to buy the Tesla with crypto, no I dont think that bitcoin is going to be banned anytime sooner. Bitcoin (or crypto's) has become "real part of the real world". It may take sometime to digest for new peeps but those who are here since 2009 and sooner after, know for factual practices that bitcoin has always been outstanding for the decade. It continues to amaze many people in the today's world.

When the economy was crushing to it's knees during the strictest pandemic, bitcoin achieved roaring 1 trillion + market cap. I think that's more than enough to prove it's existence forever!

[CryptocurencyKing]

It appears that these regular periodic bans in individual nations are not going to stop as it is a way of creating chaos by the government in other to tap into the resources of crypto enthusiast. In a way, causing the necessary distraction for crypto enthusiast to withdraw their bitcoin or Altcoin into there fiat equivalent for local investment which are readily taxable.
In other way, it is a test of reactions and perception to see how the public reacts ino order to find a way round it as per suggestions from concerns of both crypto enthusiast and the community at large.

[aysg76]

The probability of US government banning Bitcoin is same like of Sathoshi revealing his Indentity which is near to impossible because there are valid reasons for that justifications.Us government is one of the nation which themselves holds Bitcoin in their reserves with more than 80000 Bitcoins seized from Silk road scam.The other reasons are they can put a ban on trading like centralized Excganges and punishment for trading but they can't stop Bitcoin because it is not limited to geographical boundaries of countries and miners and people will continue to work for its progress until all the coins are mined in 2140.You have coins in your non custodial wallet and no government can seize it as they don't have access to it.But they will prefer to regulate it and promote its global usage with globalisation and people moving towards digital payments Bitcoin is best possible source with you.

[davis196]

You have valid points in your list,but keep in mind that USA is not the "center of the universe".
China can potentially ban cryptocurrency mining,and the Chinese government will have no regrets going this,event though there's no point of such ban.
Russia is in the list of "not-so-crypto friendly" countries,so they might ban crypto trading and mining pretty fast.
With all the crypto adoption,that is happening across big western corporations,soon cryptocurrencies will be seen as something "western" by Russia and China.This means that the cryptocurrency users in those countries might have a hard time.