Should cryptocurrency be banned in a country with a population of 240 million?

[petulino]

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Crypto currency has been around for a long time in Pakistan and a lot of people have invested in Bitcoin and Crypto currency since then millions are trading in Bitcoin, but now the government has started creating difficulties for crypto traders and there has been a debate in the senate that crypto currencies should be banned and a committee has been formed to ban crypto currencies. Therefore, the bill will be prepared and presented in the Senate. The Central Bank Director has also issued a statement.

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After this news, many traders are selling their crypto currency and Bitcoin and withdrawing their money from the exchange by converting their money to stable currency, and in the current situation, traders are selling crypto currencies and bit coins at a loss. this is because everyone is afraid of what will happen to their assets if the government bans access to the exchanges.

I myself have decided that I will not sell my Bitcoin but I have transferred my Bitcoin to my hard wallet where I believe my Bitcoin are safe, because I think that Bitcoin is a great choice for investment, here my capital is safer and more profitable than in a bank.Despite the ban, I will hold Bitcoin because Bitcoin is the best investment.

[Zaguru12]

This is the kind of panic the government creates ones they see that people have found out about the importance of bitcoin and they are taking advantage of it and this is usually at the cost of reduce usage of the country’s legal tender. I don’t know but just maybe they would have found out that it has affected their local banks and they want to just restrict it.

After this news, many traders are selling their crypto currency and Bitcoin and withdrawing their money from the exchange by converting their money to stable currency, and in the current situation, traders are selling crypto currencies and bit coins at a loss. this is because everyone is afraid of what will happen to their assets if the government bans access to the exchanges.

I myself have decided that I will not sell my Bitcoin but I have transferred my Bitcoin to my hard wallet where I believe my Bitcoin are safe, because I think that Bitcoin is a great choice for investment, here my capital is safer and more profitable than in a bank.Despite the ban, I will hold Bitcoin because Bitcoin is the best investment.

This the major problem with many people without proper bitcoin knowledge. They fall for every FUD created by government and rush into panic sales of their funds. No amount of government banning of cryptocurrency can make you lose your crypto funds store on self custodian wallets. The only fear is those on exchanges that are probably regulated by the government or generally on centralized exchanges.
Using the hardware wallet for the storage is the best but if the amount to store isn’t that much, you can simply use a self custodian wallet like electrum that offers both cold and hot wallet storage

[cabron]

Pressured by FATF. The government complies as the country needs aide.
Pakistan is their own country, no one else can decide for it but their officials and if they say crypto is banned, then it is. Eventually they come to realized they can't actually do it due to BTC's nature.

Its not about population, 240 is small compare to Billions on earth. BTC will survive without Pakistan.

[Onset]

If you’re in BTC to set free from today’s very very dirty fiat, you’re probably going to want to move out of a country who tries to block what sets you free. China has banned Bitcoin before and it now became such a normal and often heard of thing that nobody even seems to care anymore. This may slow down Bitcoin’s progress a very little bit but nothing else. It’ll just recover quickly and everyone will forget just as fast.

[The Cryptovator]

At present, implementing a ban may not be a favorable course of action in your jurisdiction due to the significant number of individuals already involved in cryptocurrency. However, it is possible that certain wallet software or exchanges may be prohibited. Nevertheless, due to the inherent nature of decentralization, no government would ultimately succeed in completely banning the usage of cryptocurrencies. In the event of a ban, people would resort to trading on the black market. A similar situation exists in my own country, where Bitcoin is not officially permitted, yet I and many others continue to use it. We engage in local fiat-to-crypto and peer-to-peer transactions. The government's attempts to impede us have proven ineffective.

[Findingnemo]

Don't forget China with a population of 1.5 billion people also banned the crypto currencies but we all know it can't stop the growth of Bitcoin in long term. So I don't think the current price fall is not even happening due to the statement from Pakistan it's mainly happening due to the high network fee for the past few weeks.

Bitcoin is going to be there even if every government says it's illegal and do you know how is it possible? Because it's decentralised and doesn't need permissions from government to exist.

[Upgrade00]

The population of a country has nothing to do with government actions against it. I'm from Nigeria, the most populous African nation and the government banned the banks from getting involved in Bitcoin some 2 years ago.
Non progressive governments would always find a way to stiffle new innovation if they cannot effectively control it.

If you’re in BTC to set free from today’s very very dirty fiat, you’re probably going to want to move out of a country who tries to block what sets you free.

Not everyone has the liberty to simply move to another country, some have to find a workaround the bans.

[hannahB4]

The country might decide to accept Bitcoin legally after they see the positive side of it in the future and for many that own the coin in the country, they can keep holding with a positive mindset that there will be a change with the decision soonest.

[coolcoinz]

Pressured by FATF. The government complies as the country needs aide.
Pakistan is their own country, no one else can decide for it but their officials and if they say crypto is banned, then it is. Eventually they come to realized they can't actually do it due to BTC's nature.

Its not about population, 240 is small compare to Billions on earth. BTC will survive without Pakistan.

They're in fact looking like complete fools by obeying FATF, which has no power over any country. It actually has no power at all. It's up to you whether you want to listen to them or not and they know it. That's why all they do is post "recommendations" but cannot make countries play by their rules.
Financial Action Task Force (FATF) is a joke. A puppet on a string. If an elected government of a country bows before such an organization, it only shows how deep in debt the country has to be if it's afraid of being put on some list.

You can't ban bitcoin, that's a fact and many countries have learned it the hard way. Time for Pakistan, I guess.

[electronicash]

not a wise decision by government. they are not seeing that majority of countries are not even banning crypto. the launch of their CBDC  is still on 2025, thats very far yet for the reason to ban crypto. they are not considering the people trading where theres $20B worth of volume last 2021.

the country however had been lobbying to be removed from the greylist since investors are moving away from countries on this list. banning crypto must be one of the condition for them to be removed on the list which after this pakistan will have access to global funding. their fate lies to this decision.

[royalfestus]

Whenever you come across news about a government-imposed ban on cryptocurrency, it is advisable to investigate the scale of the campaign and the likelihood of subsequent regulation before making any hasty decisions to sell your portfolio.

[tabas]

You're doing the right thing of keeping it to a hardware wallet because you'll never know what will happen in the future and there have been news about stealing of funds through known software and multicurrency wallets like in Atomic. The government of Pakistan or any government that don't see the good thing about Bitcoin and cryptos really aren't gonna be convinced by anyone who would speak good about it to them.
There's some force that's trying to make them decide that it shouldn't be adopted no matter what. But just as those countries before that have implemented a ban on Bitcoin, later on that will change for sure.

[drwhobox]

The population has nothing to do with banning bitcoin. Any government can bitcoin at any time but the question is can they stop their citizens from using bitcoin or holding bitcoin. The answers is No. No government can stop bitcoin and that is where bitcoin has advantages over other currencies.

[JoyMarsha]

Is there a sentiment among Asian nations toward bitcoin that leads them to accept it as a illegal form of payment there? I don't understand why some Asian nations do not fully welcome bitcoin. They prefer to initially discredit bitcoin for their citizens before eventually making it legal tender. Asian nations including China, Japan, and India did that before.

The Pakistani government, in my opinion, won't be an exception to that. I think that eventually, they'll want to legalize bitcoin and change their minds about their initial position. It is just a matter of time.

The government of a nation cannot block the growth of bitcoin (it is unstoppable), even if more than 240 million people are living there. What happened when the Chinese government took those actions a year ago? After learning about the economic impact bitcoin does have, they later encourage their population to start using it.

[GeorgeJohn]

So many countries has brought such kind of news of banning or restricting citizens not to operate or invest with bit more in their country, using Nigeria as illustrations or primary examples, bitcoiners should not be in panick to sell their coins because it will bring a lot of lose, in nigeria the government announced bitcoin to be ban and later they re- announced that they only restricted bitcoin but that could make Nigerians not to buy bitcoin or neither sell their bitcoin,  the only thing is that they can't purchase bitcoin with their ATM card through bank, but p2p is been used to sell bitcoins and also buy bitcoin, so no one should be on panick to sell their coins at lesser price due to you want to recover your capital, they most be a means of surviving with bitcoin over there.

[Smartvirus]

The population of a country has nothing to do with government actions against it. I'm from Nigeria, the most populous African nation and the government banned the banks from getting involved in Bitcoin some 2 years ago.
Non progressive governments would always find a way to stiffle new innovation if they cannot effectively control it.

If you’re in BTC to set free from today’s very very dirty fiat, you’re probably going to want to move out of a country who tries to block what sets you free.

Not everyone has the liberty to simply move to another country, some have to find a workaround the bans.

Something I asked myself as well,
What is the relationship between population size and bitcoin?
I don't seem to make that mark as I feel, its got nothing to do with it other than, increased or reduced demand could result in some adjustments to the market structure as per price and trends.

It's not uncommon for governments to make this sort of threats and the crypto enthusiast in Pakistan ought to have known better by now or at least, learn from the history of the bans from other nations. Only weak hands would rush to empty there portfolio at this time and it tells how little they've come to know of the currency.

The government have a commodity and tool to control of there own in fiat. Its very hard for them to accept the idea of a free financial system in bitcoin and so they throw what they can at it and see how the people react. What I think? You guys ought to be indifferent.

[dothebeats]

Even if the governments ban crypto, the citizens will always have the free will to use it or not. While it may be difficult to use crypto in a country where it is banned, it does not close the doors on other countries that are still open for business on the crypto side of things. Also, I’m pretty sure that the established ones in the crypto industry in Pakistan will still be happy to cater to traders that are looking to do business with them in crypto, albeit the bans and tight restrictions. It’s the classic doom and gloom tactic, but if the citizens are wise, they wouldn’t be scared about the possible bans at all.

[dansus021]

I do always disagree when a country tries to ban crypto I would still agree if a country try to regulate them or do a tax on cryptocurrency. Because when you banned the crypto, it just like kill the switch but if you like to do a tax on crypto it has benefits between the government and the crypto user.

I mean right now maybe there is million of the user that have crypto in Pakistan. and the best right now is move all the crypto to hardware wallet like you do and when trade or withdraw using P2P merchant and global exchange

[Darker45]

First, I'm not sure how strict Pakistan is in implementing certain rules, but I surmise they won't be too harsh on Bitcoin even if it is made illegal in the country. Bitcoin isn't a crime, after all.

Second, Bitcoin secretly thrived in China, Bangladesh, in some parts of the Middle East, and in other countries where it is not legally recognized. So I don't think this will be a big deal to Pakistani Bitcoin supporters. I guess they just have to avoid certain centralized platforms where Pakistan is on the blacklist and they're probably good.

[Gladitorcomeback]

Crypto currency has been around for a long time in Pakistan and a lot of people have invested in Bitcoin and Crypto currency since then millions are trading in Bitcoin, but now the government has started creating difficulties for crypto traders and there has been a debate in the senate that crypto currencies should be banned and a committee has been formed to ban crypto currencies. Therefore, the bill will be prepared and presented in the Senate. The Central Bank Director has also issued a statement.

Bitcoin have lot of enemy in this world and they are trying different ways to create fud. Government say that they are banning crypto because IMF ask for this but this is not correct. actually in case if Bitcoin, government will not be able to collect tax and high volume of fund will be entered in Crypto instead of Banks so how these banks can stay calm. banks and crypto has inverse proportion but at the end Crypto will win.

After this news, many traders are selling their crypto currency and Bitcoin and withdrawing their money from the exchange by converting their money to stable currency, and in the current situation, traders are selling crypto currencies and bit coins at a loss. this is because everyone is afraid of what will happen to their assets if the government bans access to the exchanges.

This is what people called him panic selling. no doubt Cex are not safe and any time exchange can freeze Withdraw but we can store our coins in hot wallet and no one can check our privacy. The same case is also with Sec fud and after this news we saw a sudden dump in btc. everything will become normal and instead of panic we should go for our fund safety

I myself have decided that I will not sell my Bitcoin but I have transferred my Bitcoin to my hard wallet where I believe my Bitcoin are safe, because I think that Bitcoin is a great choice for investment, here my capital is safer and more profitable than in a bank.Despite the ban, I will hold Bitcoin because Bitcoin is the best investment.

Yes this is good decision. i am also doing the same. I am using Binance for trading and i trust that it will not freeze our account without notice for Withdraw. There are some Cex which need no KYC like mexc and Kucoin for trading.