Government ban on crypto

[AndySt]

Now many countries shlwing their attractiveness towards bitcoin which is possitive sign for bitcoin and all cryptocurrencies.
Bjg reason due to Bitcoin is banned in more countries are it decentralized system and Government  want to tax every rich peraon according to their money which cannot be achieved when trader trade through bitcoin.

On the contrary, most rich people who make investments in cryptocurrencies are willing to pay taxes on these incomes and are unlikely to want to spoil relations with the state authorities on such an occasion. Some concerns about cryptocurrencies may raise monetary policy issues, because governments are used to acting and responding to situations in a certain way and cryptocurrencies do not fit into the usual way of doing things. Therefore, governments are more willing to accept cryptocurrencies as property than as currency.

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[MIner1448]

The more bitcoin hype goes around the world, the more there is a desire to regulate it by the governments of different countries. After all, in fact, in America, when money was handed out to people in connection with the pandemic, we saw bitcoin jump, I think the entire population invested in bitcoin and the government did not like it very much ...

[TheUltraElite]

Banning of cryptocurrency is as old as cryptocurrency itself. Instead of seeing this coming true more influencial people are getting on board coupled with institutions.

Human nature to see new things with suspicion but crypto is not new though, it came into existance in late 2009 more in 2010 but came into public mainstream media much later.

So the governments are run by the politicians but the country is run by the industrialists. As soon as they start taking a pro-crypto stance we can see changes in the governments stance, which is gradually happening in the first world countries, hoping that it reaches the third world soon because that is where crypto can really make some changes.

And lets put aside the conspiracy theories of how bitcoin can be removed, shutting down the electricity supply to a country means a huge loss for that governments and so that is not happening. Besides the governments know that its people use crypto, they only need to keep a watch to catch money launderers, thats all.

[kopijos]

the times and the population of bitcoin is getting more and more popular, it seems unlikely that bitcoin will be banned. including the US will not easily ban things that provide profit, I just believe the government can only have a limited number of rules to regulate bitcoin around the world, but that is the regulation according to the government of each country. because bitcoin does not have a centralized system so it will not be able to easily ban bitcoin in any form.

[thirdkiller]

What is the attitude of the government of India to crypto now?

[Vishnu.Reang]

What is the attitude of the government of India to crypto now?

Wait for 3-4 weeks. State elections are going on in India, and some of the states with large number of cryptocurrency users are taking part in this process. So for now the regime has put a hold on their plans to ban the ownership of cryptocurrency. And the best news is that the current session of the parliament will end today. The next session is scheduled for August 2021. So before that I don't expect any major movement on this issue. And right now there seems to be disagreement between the bureaucrats (who are in favor of the ban) and some members of the governing party (who oppose such move).

[hulla]

Bitcoin is normal investment someone can adventure into, that's the reason most prominent people in the society likely to go into it currently, so government banning cryptocurrency, whenever I hear such I laughs because I noticed that government can't ban crypto because people in government don't have power over crypto, they can only restrict it movement or popularity in their country not in any other country, restrictions is different from  bad, people misunderstood the point between ban and restrictions, Ban simply means it can never exist again across the continent, while restrictions means eradication for a specific place or a country, which other countries will partake on it with willingness, so the difference is very clear.

I believe the lack of sophistication of some people about the major concept of Bitcoin is the reason why some people thought the government can actually ban Bitcoin and the last time I checked Bitcoin posed total liberation from the government. Besides, people from countries like China still trade/invest in Bitcoin despite their government stance about it.

[uneng]

Making it illegal does not ban bitcoin, but would rather show that they are a totalitarian government, albeit an incompetent one, since stopping Bitcoin is much more complicated than winning the drug war.

What are your thoughts?

Nah, don’t say that the government can’t ban cryptocurrency, they can do that anytime they want to do it, the thing that most people are going to do is get angry, even the Elon Musk you mentioned can’t do anything about it except just to be tweeting on Twitter and he wouldn’t tell the government what to do.

I am not saying that the government is going to ban bitcoin, I am just trying to let you know that there is the possibility of them banning it if they want to. But then if you look at it the other way round, if they ban bitcoin it doesn’t still stop people from making use of cryptocurrency, because they are going to continue making use of it and they will do that through p2p, just as what happened in Nigeria where p2p became the next big thing that everyone faced.

The most important thing is that a bitcoin ban means nothing as people will keep using it. Governments can't stop bitcoin and for this reason I think they aren't going to ban anything, as it's worthless and doesn't guarantee themselves any benefit at all. Nigeria tried a ban, but it seems they are already regretful about it.
With a bitcoin ban, governments force individuals to transact in the shadows illegaly, not producing any income from taxes to the country. It's definitely not interesting for them.

[Twentyonepaylots]

As OP stated, banning bitcoin at least in the US is very unlikely. But in the off chance that it is to banned,  bitcoin will suffer significant losses. As most of it's high-rollers are situated in the US, and will be forced to cash-out or risk losing their money in the process. I can expect that it can even spark a panic sell which will definitely dump bitcoin's value, down to something that I highly doubt it can recover from. Even in the crypto world, the US still holds the best cards apparently.

[iTradeChips]

I am really that surprised that there are countries who wants to ban Bitcoin and cryptocurrency in general. But what they don't know is that Bitcoin cannot be regulated lest controlled by anybody. Not even the Big Finance can do anything to make Bitcoin disappear. It will just make people be more aware of the existence of Bitcoin and more and more people will use it and invest on it. So in a sense, it is a losing game for the governments. 

[testabcde]

Back in 2010 😂:

I'm also concerned about government banning it.  Possibly one way to fly under the radar of government long enough to get established in the mainstream and thus make it politically expensive for government to intervene is to blah blah blah, blah blah, blah blah.

Remember that by writing exactly this sentence this is becoming public information... enabling governments to read this and step in earlier..
Better not to write about this in open forums (my opinion..)

Okay I've edited mine, now you have to edit yours!

[Abiky]

Human nature to see new things with suspicion but crypto is not new though, it came into existance in late 2009 more in 2010 but came into public mainstream media much later.

So the governments are run by the politicians but the country is run by the industrialists. As soon as they start taking a pro-crypto stance we can see changes in the governments stance, which is gradually happening in the first world countries, hoping that it reaches the third world soon because that is where crypto can really make some changes.

And lets put aside the conspiracy theories of how bitcoin can be removed, shutting down the electricity supply to a country means a huge loss for that governments and so that is not happening. Besides the governments know that its people use crypto, they only need to keep a watch to catch money launderers, thats all.

Governments will not want to lose a piece of the pie, as crypto has become a force to reckon with. Instead of banning Bitcoin and other cryptocurrencies from widespread use, governments can simply embrace them for their own benefit. It's possible to tax crypto for governments' own financial gain. As long as crypto can be properly taxed, there should be nothing to worry about. Even if governments decide to "ban" Bitcoin, they won't have much success because of its decentralized and censorship-resistant nature. They should've done something within Bitcoin's early days in 2009 in order to make it disappear from the face of the Earth. Now that it's too late to "ban" Bitcoin, governments will have no choice but to accept Bitcoin and other cryptocurrencies as legitimate mediums of exchange.

All in all, no one knows what will happen in the future. Governments could either go rogue against Bitcoin or friendly towards it. No matter what happens, Bitcoin and other cryptocurrencies will stand the test of time thanks to their decentralized design. While people won't be able to trade crypto as usual through a centralized exchange (because of the government ban) they can resort to other means in order to fully participate in the decentralized economy. With decentralized exchanges, privacy-oriented cryptocurrencies, and atomic swaps, one can achieve true peace of mind. That's the beauty of decentralization and censorship-resistance. Just my thoughts

[emmybd]

Governments or financial authorities can't control bitcoin as a result they don't like bitcoin as a currency. All governments want to control the financial matters of their citizens. But many people don't like it, they want some sort of freedom of their financial matters so they feel with bitcoin, they will get their financial independence. Seeing no other alternative, some governments have been considering launching their own crypto to counter bitcoin.

[concept2]

United States is the country of freedom...if the government will decide to ban crypto this will be a meaningless decision and im pretty sure this will not happen...americans play a very important rule in crypto and they will not let this happen

That is correct. The US will never make any statement to abandon bitcoin or cryptocurrency. It will be their dead end. They have all the facilities to experiment new technologies. That is why many technology start-ups choose America and Silicon Valley to begin their journey

However, regulations are necessary. Many people are being stolen their money without receiving any help from others. Authorities do not like this at all. The US government always want to protect their civilians from any harm. On the other hands, regulations give the authorities more tax. People might not like this at all but they have to do this because big companies can avoid paying tax by using cryptocurrency as a payment method

[Rasel5209]

Have Argument in your post. If government want ban bitcoin always he can. But it only her country not it all world. If today some big country ban bitcoin in her state bitcoin price fall down. If you saw 2018 why fall down bitcoin price. Many country ban bitcoin like China, France etc.

[jerrison]

I consider the banning of crypto by some governments and financial institutions as "myopic". It is an inevitable improvement in the financial space and the world entirely, how can you ban such a wonderful evolution of finance and expect to be ahead in the financial space.

[omone1]

No body can successfully ban Bitcoin, it's a decentralized system. Much have been invested in it and the US is home Major player of Bitcoin and Cryptocurrency at large. The government is left with no option than supporting the movement.

[Abiky]

No body can successfully ban Bitcoin, it's a decentralized system. Much have been invested in it and the US is home Major player of Bitcoin and Cryptocurrency at large. The government is left with no option than supporting the movement.

As it's said in the real world, "if you can't beat them, join them". Governments' efforts to ban or destroy Bitcoin have been futile to this point. They have no choice but to embrace it or be left behind in the dust. It seems that the proposed launch of CBDCs (Central Bank Digital Currencies) is a sign of governments admitting defeat to Bitcoin. Countries like India and Russia tried to ban Bitcoin without any luck whatsoever. It shouldn't be long enough before they open the doors for crypto and Blockchain tech to blossom.

As far as I know, governments can only enforce regulations through centralized entities. This means centralized exchanges, online wallet services (like Coinbase, Xapo, etc.), and third-party mixers will be subject to government regulations. Decentralized alternatives are free from this due to their widely-distributed nature. As long as Bitcoin and other cryptocurrencies remain decentralized and censorship-resistant, there should be nothing to worry about. Just my thoughts

[CarnagexD]

It is very unlikely indeed that bitcoin is to be banned in the US, basically because it has already been recognized by the government. But in the off-chance that it is to be banned, Bitcoin will receive the biggest downfall it would ever receive ever. Although it's operations aren't centralized to the US. The most of people who show the promise of accepting bitcoin aside from Nigeria is the United States, so to lose a very prominent investor/supporter will definitely dump the price of bitcoin to big degrees.

[GeorgeJohn]

I'm not convinced Bitcoin would be banned in the USA.  Gold has a market cap of 10-11 trillion dollars and it is not being banned.  Bitcoin just touched the trillion dollar market cap.  It will take decades to even come close to Gold's market cap imho.

It's obvious that government can't ban Bitcoin, and it's very clear and understanding that point is very clear that government can only restrict their people not to work with cryptocurrency and it's only situation that this can affects cryptocurrency, so therefore even though a particular country raised against Bitcoin, definitely Bitcoin can never be in control by the government, because it's digital currency which works with it's principle and regulations of increments and decrement without support from anyone.