Bans on crypto now looks like a joke

[karmamiu]

China has been a big player in mining, but not in trading or adoption. Meanwhile the US is a home to the biggest Bitcoin exchanges and other companies, and a lot of trading volume is coming from it. EU is also a very important market. If these two entities ban crypto trading, it would be like the asteroid that killed the dinosaurs. Most coins will die, Bitcoin will survive but will become very small in all senses - price, popularity, community, network.

This is why it's very hard to ban crypto on that country since mostly the market which is the people will have a hard time coping up the losses. I was even shocked years ago when they announced that China is prohibiting mining coz as far as I know they were amongst the first to recognized crypto and mostly launched campaigns to promote it and then suddenly they just declared out of the blue.

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[browsiek]

Ban on crypto is a joke. The truth remains that the world, or government can't do anything about bitcoin.
The worse they can do is go after institutions promoting bitcoin and cause them to fall so that they may have reasons to paint bitcoin in a negative light. They went after miners, the miners left the country, it is over them now and they should be more accommodating of bitcoin because it is the future.

Yes, I remember last time our country's government agency promotes anti crypto. They are being broadcast in all networks telling that crypto can only harm you and make your assets in danger so do not invest. Funny that they spend a lot for ads but people doesn't believe in them, some other people yes but mostly they are not. Governments should promote anti hyip, scam policy instead of those non sense news.

So true.  The government only makes statements but the control is driven by the people themselves.  Moreover, the use of crypto is rampant in all corners of the world, the government can only bluff but cannot stop its movement.

[Ayers]

China has been a big player in mining, but not in trading or adoption. Meanwhile the US is a home to the biggest Bitcoin exchanges and other companies, and a lot of trading volume is coming from it. EU is also a very important market. If these two entities ban crypto trading, it would be like the asteroid that killed the dinosaurs. Most coins will die, Bitcoin will survive but will become very small in all senses - price, popularity, community, network.

This is why it's very hard to ban crypto on that country since mostly the market which is the people will have a hard time coping up the losses. I was even shocked years ago when they announced that China is prohibiting mining coz as far as I know they were amongst the first to recognized crypto and mostly launched campaigns to promote it and then suddenly they just declared out of the blue.

No country can completely ban crypto as there will still be several ways for people to invest in bitcoin. But I agree with what hatshepsut93 said if these two powers ban cryptocurrencies, it will be a big blow to the market. We will not die completely, but it will be tough for us to survive, and it will not be as easy to make a profit as we are now.

I don't expect any of these two countries to have a strong crackdown on the crypto industry. For me, China's bitcoin ban is temporary, and they will reopen soon because I believe they won't want to be left behind from the rest of the world.

[Freddie Boyer]

Banning crypto is no joke! It is true that cryptos can't be banned through a legal provision, but a government can take extreme measure to make cryptos irrelevant in their country. China has been doing that since the inception of ICOs but they haven't yet gone to extreme.

Also US has started taking some harsh measures against crypto companies. Apparantly they will not ban crypto entirely but they would want to regulate the crypto market in their country.

Don't underestimate the power of a government. They can go to extreme if they really want to achieve something at any cost.

I think extreme measures such as banning cryptocurrencies outright may not be effective in achieving the desired goals. Banning cryptocurrencies will only push them underground and make them more difficult to regulate, while also limiting the potential benefits they can provide.

Exactly and it's a reality as the OP said where governments have the power to regulate or restrict cryptocurrencies and it's always the winner when it comes to rules but I think the roles of parties can be achieved through open and transparent dialogue between government, industry experts and stakeholders can work together to develop an effective regulatory framework, so that cryptocurrency users and in this case the public can use it safely and responsibly, while driving innovation and growth in the industry.