Bans on crypto now looks like a joke

[Jawhead999]

I don't know where you live, but if you think bans on crypto is a joke, you can move to a country where Bitcoin is illegal [1] and then create a business where you're accepting Bitcoin as the payment. You can launch a seminar to talk about Bitcoin there and don't forget share your experience after you did that.

Don't blame me if you get caught by police and you need to go to the jail

[1] https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory

[someone703]

(...)Banning crypto is no more effective on crypto itself, it's now more like a pure joke, I would still like to see the U.S embrace crypto more than China, just my own answer to my question, what about you?

Banning cryptocurrencies may not be effective in controlling the flow of cryptocurrencies, as crypto transactions and activities can be done privately. However, this also depends on how and to what extent countries implement crypto bans. On the issue of the United States being more accepting of cryptocurrencies than China, this is a view and desire of many in the crypto community. However, the adoption of cryptocurrencies must also be based on appropriate regulations and risk control to ensure the security and stability of the financial system. In short, countries need to be careful in accepting and managing cryptocurrencies. Banning cryptocurrencies may not be effective, but it is also necessary to ensure the security and stability of the financial system.

[Ndabagi01]

Which country between these two would you rather see welcoming crypto and fully embracing Bitcoin? China? The United States?

I would prefer that China embrace and legalize bitcoin. With their adoption, more individuals will get acquainted with bitcoin, implying a growth in the number of users who own bitcoin.

At this point in Bitcoin and crypto life, Ban is no more an issue it seems, what do you think about this? It's like saying a country ban VPNs where as you can bypass any country's FireWall.

Banning crypto is no more effective on crypto itself, it's now more like a pure joke, I would still like to see the U.S embrace crypto more than China, just my own answer to my question, what about you?

Bitcoin is simply too powerful for the government to regulate and control. Many countries have banned the usage of cryptocurrencies in their countries, but statistics show that some of these locations have the highest number of bitcoin users. Countries that are unable to regulate its use simply require individuals who use it to pay a tax.

[irhact]

Banning crypto is no more effective on crypto itself, it's now more like a pure joke, I would still like to see the U.S embrace crypto more than China, just my own answer to my question, what about you?

Banning of cryptocurency is never a joke and doesn't look like one as it does have its effect on the market. For example, if US was to banned Bitcoin today, the market will react very negatively and until another law is passed to contradict the ban, the market wouldn't recover. The government understand this and have been using it to their advantages which is why China bans Bitcoin related services in the industry in the past.

While we have people still making use of cryptocurency when they're banned in a country, it can't be compared to when cryptocurrency was welcomed in the country. Using your china example, even though 30 million users are using cryptocurrency, that number would had been in their thousands if millions of Bitcoin was welcomed by the government.

[DrBeer]

Which country between these two would you rather see welcoming crypto and fully embracing Bitcoin? China? The United States?

I read an article that says that upon the ban of Cryptocurrencies in China over 30 million Chinese are using Crypto in the country.

At this point in Bitcoin and crypto life, Ban is no more an issue it seems, what do you think about this? It's like saying a country ban VPNs where as you can bypass any country's FireWall.

Banning crypto is no more effective on crypto itself, it's now more like a pure joke, I would still like to see the U.S embrace crypto more than China, just my own answer to my question, what about you?

China is 100% excluded from this scheme. No offense - but all totalitarian or near totalitarian systems will not allow UNCONTROLLED money flows. And there are a lot of reasons - from the loss of "control of the masses" to "sponsoring of anti-government groups." For this reason, China is unequivocally - crossed out from the list.

About the USA or other countries - I am also very pessimistic about the fact that cryptocurrency will become an official means of payment. The reason is banal, and in some sense intersects with the "Chinese problem", and I have already spoken about it more than once - not a single state will allow an uncontrolled and unmanaged asset as the basis of the financial system. The state is a set of certain entities, one of them is an independent from other "hands", and a financial system MANAGED by the state.
Accordingly, cryptocurrency, as some intangible asset, can be legally allowed, but as the basis of the financial system, no.

[yhiaali3]

For me, it could be China, the problem is that the United States is trying hard to impose the hegemony of the dollar, so if it adopts bitcoin, it will certainly make it primarily linked to the dollar, and this is what many want to get rid of.

The United States, through its strict policy towards bitcoin and cryptocurrencies, helps the Chinese government to attract bitcoin more to it, but what I personally hope is that we get rid of the control of both major countries and obtain decentralization.

[South Park]

Which country between these two would you rather see welcoming crypto and fully embracing Bitcoin? China? The United States?

I read an article that says that upon the ban of Cryptocurrencies in China over 30 million Chinese are using Crypto in the country.

At this point in Bitcoin and crypto life, Ban is no more an issue it seems, what do you think about this? It's like saying a country ban VPNs where as you can bypass any country's FireWall.

Banning crypto is no more effective on crypto itself, it's now more like a pure joke, I would still like to see the U.S embrace crypto more than China, just my own answer to my question, what about you?

All people are driven by their own self-interests, so it makes sense that there are so many people at China that are using bitcoin as the freedoms they have there are way more limited than what you can experience on other countries, however as free countries try to limit or ban the usage of cryptocurrencies this will ironically increase their usage, as people will want to be free of the constraints imposed by the governments as it is obviously they are doing this not out of concern for their citizens and instead they are doing so to protect their economies.

[vv181]

Which country between these two would you rather see welcoming crypto and fully embracing Bitcoin? China? The United States?

I would prefer that China embrace and legalize bitcoin. With their adoption, more individuals will get acquainted with bitcoin, implying a growth in the number of users who own bitcoin.

The United States and China's population is very distinct. But the probability of the custom or cultural acceptance within each country will likely favour the US instead of China. Instead of outright banning cryptocurrency or bitcoin, the US try to regulate its usage. It does not happen in China where it is completely controlled and opposed.

At this point in Bitcoin and crypto life, Ban is no more an issue it seems, what do you think about this? It's like saying a country ban VPNs where as you can bypass any country's FireWall.

It is worth noting that how the current Bitcoin ecosystem operates is harder to be stopped systematically. A power of decentralization. It will surely limitate what governments can exert a force on bitcoin. So the best they can do is to regulate tightly.

[Oneandpure]

Exactly, banned cryptocurrency transaction looks like a joke right now because not negative impact yet, maybe all investors have more experienced with cryptocurrency banned is not first time and have many countries announced for banning bitcoin. Seems joke later if any countries announce cryptocurrency banned in their country because investor have calm down and not panic yet how many time later with banned announcement.

Usually, China and United State are countries consistent announced about banned cryptocurrency every years, right now like drink a cup of water for investor when both countries announce banned crypto.

[Hamza2424]

Which country between these two would you rather see welcoming crypto and fully embracing Bitcoin? China? The United States?

Banning crypto is no more effective on crypto itself, it's now more like a pure joke, I would still like to see the U.S embrace crypto more than China, just my own answer to my question, what about you?

China is like a more independent country, they always tend to make their own products instead of using others, we have seen many examples of it, like Huawei (smartphone industry) which refused to provide informational insight and data flow, to US authorities. So the US banned the usage of their product of Google services for them plus all Android Operating Systems. There are many other similar examples that can be found, there is no WhatsApp in China you have to use their own product "WeChat". These examples point out that, they do not like to be controlled and questioned about their manipulation attempt either. Therefore they do not openly accept cryptocurrency and blockchain because they know, by doing that they will lose the biggest assets they have which is "data". Because everything in Blockchain, is transparent so they banned it and still using it.

There were many controversies on the manipulation of cryptocurrency by China, as they had banned it several times and I tried to cover it in my post. So, keeping the past acts of China in mind i would say "The USA" is likely to embrace crypto and blockchain technology and they had already embraced it in many ways. I know, currently, there is some heat against crypto but that's temporary (because of Elections).

At this point in Bitcoin and crypto life, Ban is no more an issue it seems, what do you think about this? It's like saying a country ban VPNs where as you can bypass any country's FireWall.

I think you are wrong, let's understand, with your VPN's example, no wonder some apps and features are regulated (restricted) by governments in China but you can still use them by changing your IP or proxy ( like by using VPNs) but these VPNs are also working with the permission of governments. I think you should go through on how the network works, Your country is not producing it but instead sharing it with the whole world, and the internet providers of China are managed by the Chinese government as every other country manages theirs. So i think we should not use the world bypass because that is not an option for a country to accept if they had banned something. If you are using some restricted features with VPNs that's because the government has a light restriction policy for it.

And i don't think you are right about the ban as a joke because every single time when China banned crypto we have faced results and if they embrace it then we are likely to see the same impact (bullish) too, plus according to my knowledge, USA has not banned crypto as China did, so if they ban crypto, (as china did) then we are likely to see the highest impact than china. So, i think we should not take the bans as jokes because the fundamental analysis is still a thing.

[Lorence.xD]

Which country between these two would you rather see welcoming crypto and fully embracing Bitcoin? China? The United States?

I read an article that says that upon the ban of Cryptocurrencies in China over 30 million Chinese are using Crypto in the country.

At this point in Bitcoin and crypto life, Ban is no more an issue it seems, what do you think about this? It's like saying a country ban VPNs where as you can bypass any country's FireWall.

Banning crypto is no more effective on crypto itself, it's now more like a pure joke, I would still like to see the U.S embrace crypto more than China, just my own answer to my question, what about you?

Oh, crypto ban? It's like trying to stop teenagers from using TikTok  , I don't think banning it is an effective strategy. Several countries have recognized the potential of cryptocurrencies and have implemented regulations to ensure their proper use. From a global perspective, it would be great to see more countries embrace crypto and take advantage of its potential benefits to explore and embrace this innovative technology.

Yeah people would always find way to do their thing. Banning crypto definitely government thinks it for their own good, but people prefers  to control their own property and funds than the centralized system. If government doesn't embrace the crypto as their citizens much prefer it then they got no choice but to ban it.

[panganib999]

Fhe US isn't really big on outright banning the cryptocurrency giant. What it could be looking for is total control over bitcoin, hence why so many bills and regulations are being reviewed in the congress. In any case, I do think that this just makes China the better country to have their ban lifted even though looking at it the ban pretty much did nothing to stop chinese cryptocurrency users from ever using bitcoin and other currencies. So I'm guessing this lifting of sanctions is more ceremonial and less ahout removing strict parameters set in the past.

[Unbunplease]

Bans on cryptocurrencies only redistribute the market. If the U.S. bans cryptocurrencies, miners will go where they are allowed. As a result, the U.S. budget will lose quite an impressive amount in taxes. A country that bans cryptocurrencies is hitting itself, but it does not have a global impact yet.

[taufik123]

The more crypto is banned, the more people will oppose the ban.
Many Bitcoin miners eventually had to move and leave China because of China's very harsh crypto ban.
China's Banking Supervision warned that the increasing use of crypto assets has the potential to increase financial stability issues.

But funnier still, China is even adopting Blockchain and wants to create its own cryptocurrency. If they ban crypto and Bitcoin, but why create their own crypto. this already proves that China does not want to lose full control.
Banning Bitcoin is the right choice so that no asset escapes their monitoring.

Bans on cryptocurrencies only redistribute the market. If the U.S. bans cryptocurrencies, miners will go where they are allowed. As a result, the U.S. budget will lose quite an impressive amount in taxes. A country that bans cryptocurrencies is hitting itself, but it does not have a global impact yet.

Currently, the taxes generated by crypto miners are a good source of income.
If they are banned it will be a coffer of money for countries that accept Bitcoin miners.
The problem of large energy use can already be overcome by the use of renewable energy which is more environmentally friendly.

[Wexnident]

I meaan in general bans have always been a joke, especially lately. Ban gambling? Underground casinos would surface. Apply Denuvo to games? Crackers/piraters would rise up to release it for free. There's always going to be some method or way people can bypass it.

Probably would be better if they regulate it if they actually want some semblance of control really. In China's case their way of regulation was creating their own to be used and banning other alternatives. Afaik though it never really stopped the popularity of other coins, so it was a fruitless endeavor.

U.S. would probably go with regulations instead of bans though.

[LogitechMouse]

Which country between these two would you rather see welcoming crypto and fully embracing Bitcoin? China? The United States?

Although it's possible, US is unlikely to ban it because it will require legislation, and pass that would make it illegal, base on Investopedia. LINK
As for China, the Communist party there always want to track what their countrymen are doing, but we know that they can't do everything, and of course because of that there will still be people who are using cryptocurrency for various reasons.

At this point in Bitcoin and crypto life, Ban is no more an issue it seems, what do you think about this? It's like saying a country ban VPNs where as you can bypass any country's FireWall.

Banning crypto is no more effective on crypto itself, it's now more like a pure joke, I would still like to see the U.S embrace crypto more than China, just my own answer to my question, what about you?

They can't ban something that they didn't created themselves.
I wonder why don't the government just let their people do what they want with cryptocurrencies without any restrictions whatsoever. On the other hand, seeing countries banning crypto as a "joke" isn't a good thing either because if there is a country (especially when a huge country like China), issued a ban on it, most of the time it has an effect on the price of crypto.

As with US embracing crypto, as of now there are no legislations that are being passed to make it illegal. On the other hand, there will still be people who are anti-crypto like the one in the senate I guess that is building an anti-crypto campaign IIRC (Correct me).

[Bitstar_coin]

It is becoming very ridiculous to claim to be fighting crypto honestly, why wasting time fighting something that is inevitable?
Perhaps the government of China with all their supposed intellectual will brainstorm over this piece of information and determine if they fighting a lost cause. Time to go back to the drawing board to critically analyse their position.
And as for the United State they are fully aware of what to do, staying in the middle is not the best position. They are both welcome to the space anytime.  

Note:
Donald Trump NFT ........ crypto is bad, NFT are worthless jpeg right? Lol.

[noorman0]

-snip-
As for China, the Communist party there always want to track what their countrymen are doing, but we know that they can't do everything, and of course because of that there will still be people who are using cryptocurrency for various reasons.

The important thing is that the ban is issued, the consequences of punishment have been prepared too. After all, China is a giant country in terms of population, the implementation of this crypto ban may be felt by companies that usually serve the public.
You may find it difficult to stay on the surveillance radar if you are a casual enthusiast and are somewhat free to do with the cryptocurrency. This was proven in the news last month when a Binance employee helped a Chinese resident pass verification.

[Smack That Ace]

Which country between these two would you rather see welcoming crypto and fully embracing Bitcoin? China? The United States?

I read an article that says that upon the ban of Cryptocurrencies in China over 30 million Chinese are using Crypto in the country.

At this point in Bitcoin and crypto life, Ban is no more an issue it seems, what do you think about this? It's like saying a country ban VPNs where as you can bypass any country's FireWall.

Banning crypto is no more effective on crypto itself, it's now more like a pure joke, I would still like to see the U.S embrace crypto more than China, just my own answer to my question, what about you?

These are the 2 most influential countries in the world, it would be great if one of them fully embracing crypto. But I won't be too concerned about whether the US or China will accept it or not, I will be more concerned with the country I live in, my homeland.
I won't get any benefit if the US and China accept crypto because I don't live there. But if my country fully embraces crypto before those two countries, although it won't affect the international market much, it will mean a lot to me.

[karmamiu]

As per your question, I would have thought that China would embrace crypto more than the US, but the reverse is the case.

However, the data at my disposal still shows that more Yankees are engaging in crypto than Chinese in terms of headcount and percentage of the population.

As of 2022 according to Coinbase, 20% of Yankees (66.38 million people) deal with crypto. While Trple-A puts the Chinese percentage to be 5.5%, which is 31.06 million people.

Regardless of the accurate figure, the fight against crypto is a lost course.

Situation can drastically change over the course of time. If you have been here around 2015 or so, China was the leading country to support the implementation of crypto and legally accepted them as means of payment, but over the past few years, the situation changed, and the tables flipped favoring US.

Last week I have also read a post here on this forum that the miner's situation there in China is like fugitives escaping the grasps of their own country, I don't know how real it is but according to the stats provided above I think this is mostly the case.