Governments planning a Crypto Crackdown?

[Blawpaw]

Recently, many governments have been showing increasing animosity against Cryptos. While the US is preparing to launch a Blockchain surveillance plan, other countries such as Sweeden are showing signs of moving towards a crypto crackdown by criminalising mining.

Should we be worried about this?

[hyudien]

Personally, I wouldn't worry, because they often use this as a stepping stone to fake crypto market conditions, but from a financial perspective, of course, we should be able to follow what the United States is doing with crypto values? while some information that the United States is preparing to withdraw the dollar from circulation until the middle of 2022. This has led to speculators that the big impact will be on the decline in prices during the face of a bear market.

Back to the issue of a crackdown on crypto? Is it possible for crypto flows to be blocked / I don't think it will work, in fact crypto flows are increasingly unstoppable, even the role of the government will ultimately follow how the blockchain implementation system helps them in solving problems in managing modern financial management.

[hugeblack]

Currently or in the long term?
Bitcoin has proven its ability to move despite all the restrictions that have been imposed or may be imposed on it, and therefore I will not be worried unless there is a global consensus to adopt strict laws or ban Bitcoin, which is something I do not expect to happen due to the difficulty of most countries of the world agreeing on something related to money.

Therefore, there may be a direct effect in the short and medium term, but it will not affect the long term.

[mk4]

Quick tip: expect government crackdowns in different shapes and forms; hence, probably expect this to be a bumpy ride(though you probably already know this by now). If negative news gets you worried, probably decrease your BTC allocation a bit.

[Baofeng]

We've seen this crackdown for many years now, specially after a massive bull run in 2017. And then not just governments, but G7 countries and other world financial governing bodies are coming after bitcoin and crypto in general.

But so far nothing has change, crypto continue to grow and we have adoption increasing every year. So I don't think that we should be worried with this kind of news, crypto will continue to thrive and will probably meet in the middle grounds.

[OcTradism]

They can do it but the world nowadays are opened and in globalization process.

So if one nation bans Bitcoin mining, other nations can allow it. If they see benefit from Bitcoin mining and other activities from crypto industry, they will not close it by banning it.

Therefore, when a gate is closed (ban, crackdown), other gates might open for the industry. China bans Bitcoin or crypto, India moves next, ok fine, we already have El Salvador with Bitcoin Legal tender, Bitcoin City. After El Salvador, we might see more nations follow in the same way.

[NeuroticFish]

Should we be worried about this?

While increasing surveillance, regulation and obviously taxing crypto are absolutely normal/expected directions for governments, I don't see anything worrisome in their actions. I mean why would they create elaborated laws and tax for it if they would plan to ban it?!

And the declarations about mining are just politics. They want to temporary distract the plebs from the energy problems their politics have created and found Bitcoin an easy target. The energy crisis can't last too long, else they'll lose var too many votes, and when that's gone nobody will care about Bitcoin mining. The only problem there is that the price rise may render it unprofitable.

[avikz]

Recently, many governments have been showing increasing animosity against Cryptos. While the US is preparing to launch a Blockchain surveillance plan, other countries such as Sweeden are showing signs of moving towards a crypto crackdown by criminalising mining.

Should we be worried about this?

Expect more and more countries to join the bandwagon. Because the increased userbase is actually making the governments worried due to its decentralized nature. People can effectively bypass the taxes using cryptos. They can send any amount of money to anyone without revealing the identity of both parties. There are multiple reasons why a government ahould be worried about cryptos.

So I foresee that more countries will come up with crypto surveillance plans in the near future. Also please expect heavier regulations. We can't stop this from happening!

[Leviathan.007]

I'm not sure but in my idea bitcoin was not created to be government-friendly it's created to bring us economic freedom and the economic freedom is against what usually a governments want, no matter if we are talking about America or China all the governments will usually try to somehow get control and monitor over people funds for any purposes such as illegal deals and tax-related stuff and that's why it's normal to see some governments are against bitcoin and crypto.

[stompix]

Other countries such as Sweeden are showing signs of moving towards a crypto crackdown by criminalising mining.

According to the two officials, the energy consumption of Bitcoin mining in Sweden between April and August this year soared “several hundred per cent,” and has reached a usage equivalent of 200,000 households.

When you're stupid and you have done everything wrong of course you're going to scream like an idiot for a few MW of power.

Sweden’s Power Bills Set to Rise With Closure of Nuclear Plant
Who would have thought, I bet not even Greta anticipated this happening!  

We've seen this crackdown for many years now, specially after a massive bull run in 2017. And then not just governments, but G7 countries and other world financial governing bodies are coming after bitcoin and crypto in general.

Can you please say which of the G7 has come after crypto?
Japan, one of the first countries legalizing it as a payment method, Germany which has kept bitcoin sales tax-free if holding it for 1 year and allowed financial institutions to keep money in BTC, the United States who leads in every possible number from ATMs to nodes to companies to mining now?
Where is this war on crypto happening in the western world cause I must be living under a rock or something.

[Kakmakr]

Governments have been cracking down on Crypto currencies since New York introduced the BitLicense back in 2014. They just have to have control over everything people do and what they own, so this will never stop. We have seen the totalitarian tendencies from the so-called democratic governments during the Covid epidemic, like Australia and the USA... and this is just going to get worst. 

So, when governments say they care about the people and they want to protect them, then you should be worried. They will start using scare tactics like "Bitcoin is used to fund terrorism and/or Crypto currencies are linked to Child pornography etc.." to get an excuse to ban it or to over regulate it. 

[Victorik]

The heart of the matter is that government all over the world are always afraid of what they have no control over.
What they don't know is that no amount of crackdown will stop crypto.
Here in my country,  banks closes the account of any customer using their account for trading Crypto. But despite that, the crypto community is growing by the day. Crypto is something the government needs to study to understand how it works, so they can use the technology behind it in solving problems but their pride won't allow it , rather they would want to crackdown on it. I consider it a misplaced priority.

[Fortify]

Recently, many governments have been showing increasing animosity against Cryptos. While the US is preparing to launch a Blockchain surveillance plan, other countries such as Sweeden are showing signs of moving towards a crypto crackdown by criminalising mining.

Should we be worried about this?

The news does tend to be trending this way at the moment and it can become a self fulfilling prophecy. China was always shady about crypto, just like everything else, and nobody should have expected them to allow it over the long term - they just wanted to cash generated by miners via dirty fuels. However India is another huge population that may soon be banned from owning any crypto apart from the government sponsored one and if Sweden keeps pushing the environmental side then it could attract other EU governments to act against Bitcoin and others. Once we start seeing multiple countries come out with bans, it will become a lot easier for others to stop their citizens owning it (at least via legalized exchanges) in future. It seems like many politicians are seeing it as an easy target right now and that could be quite dangerous for holders.

[LFC_Bitcoin]

Resistance is futile, don’t worry about it. Pretty much all national fiat currencies are going to 0. They will hage no choice but to take a knee & cuck to King BTC. It’s just a matter of time.

[aoluain]

The general consensus of the experienced members on the forum is that this
is nothing new and generally it will continue.

I'm not reading the articles but in terms of the headlines:

Are surveillance and taxation coming soon to a blockchain near you?

Yes is the answer, while the Bitcoin blockchain, protocol and code etc. are safe, decentralised
and independent of any single controling entity, governments can control the entry and exit points (to a degree)

Sweden is Calling for EU to Ban Cryptocurrency Mining to Meet Climate Goals

There are way more harmful industries which could be banned before Bitcoin but too
many governments overlook them to protect their business interests.

[livingfree]

Recently, many governments have been showing increasing animosity against Cryptos. While the US is preparing to launch a Blockchain surveillance plan, other countries such as Sweeden are showing signs of moving towards a crypto crackdown by criminalising mining.

Should we be worried about this?

No.

We don't have to worry about those. It's like there's this negative news and eventually, good news would come. I would be worried if I'm in those countries that are showing red signals for crypto.

But since I'm not, I'm cool and neutral with those. We shouldn't really be worrying with those because they've been cracking cryptos years ago.

[dothebeats]

Not really worried one bit. Of all those countries wanting to ban crypto, a lot others are still positively aiming to get to crypto first and establish their dominance in the crypto space. Also, a lot of huge companies are also keen on getting that number one status when it comes to cryptocurrencies, so the number of countries banning crypto and taking a piss on it is insignificant when paired with those who want to develop their own space with it, together with a lot other huge companies that already have their feet wet.

[eaLiTy]

Recently, many governments have been showing increasing animosity against Cryptos. While the US is preparing to launch a Blockchain surveillance plan, other countries such as Sweeden are showing signs of moving towards a crypto crackdown by criminalising mining.

Should we be worried about this?

We should expect that the government authorities will be monitoring the blockchain activities and anyone doing any illicit activities will be caught in the near future, if you look back you will understand how many BTCitcoin were recovered from criminals by various government authorities in the past 8 years and how many BTCitcoins were auctions by the authorities.

Blockchain is a honest ledger and expect more surveillance and crackdowns in the future and there is nothing you should worry unless you are involved in criminal activities . Not sure about countries criminalizing mining though as it is not even a smart move by any government. I expect regulations rather than a blanket ban.

[dunfida]

Recently, many governments have been showing increasing animosity against Cryptos. While the US is preparing to launch a Blockchain surveillance plan, other countries such as Sweeden are showing signs of moving towards a crypto crackdown by criminalising mining.

Should we be worried about this?

They had been doing this silently and only a few things had just popped out that they a re cracking into something specially on this crypto space.

Is this something surprising?No its not because it would really be just a normal act to be done by government on anything which is out of their scope
that moving out freely which is understandable.

As a cryptoenthusiast should you be worried? I dont think so.

[Ryker1]

Recently, many governments have been showing increasing animosity against Cryptos. While the US is preparing to launch a Blockchain surveillance plan, other countries such as Sweeden are showing signs of moving towards a crypto crackdown by criminalising mining.

Should we be worried about this?

Well criminalizing mining should be stopped because they are most likely stealing or prohibited in a country just to make a profit in mining. It should be eco-friendly mining that does not have any damage. I don't think this will have an effect and should be worried, crypto enthusiasts know that it is hard to crack down on bitcoin, bitcoin will go the price up depending on the demand and supply. We have been facing different struggles on bitcoin and I dont think this should be worried if we compared before.