Can governments crack down on crypto?

[mvdheuvel1983]

The only thing they can go on to do which is easily achievable is to place a ban on all forms of cryptocurrency and also set a fine or penalty for anyone who's found guilty of investing or having any cryptocurrency related activities.

How can you ban bitcoin? Its unstoppable, unless the government forbids all citizen of each country to use it, however does people will not use it even they say its illegal now? I think some will slipped and continously use that or migrate to a country that isnt scope of ban like El Savador and other crypto friendly countries.

Well some governments are banning certain exchanges (Belgium tried to ban Binance but they found a loophole) so you always need to be cautious. There always exchanges you can use, but cashing out to a bank account might get harder and more difficult also. Or you need to find another solution to spend your crypto.

What if the government of a certain country decides to ban all the exchanges in the country does it mean the citizens of that country who are into crypto will need to migrate to another country before they can trade their cryptocurrency, will their be an exchange which they can not come against that the citizens can rely on for their transactions, this is some of the things I find really difficult to answer with the way the government is placing attacks.

[cryptoaddictchie]

What if the government of a certain country decides to ban all the exchanges in the country does it mean the citizens of that country who are into crypto will need to migrate to another country before they can trade their cryptocurrency, will their be an exchange which they can not come against that the citizens can rely on for their transactions, this is some of the things I find really difficult to answer with the way the government is placing attacks.

Possibly the best move is probably to migrate or transfer first to other countries which doesnt have restriction on crypto and process his asset. Well thats one thing we can do, since your country isnt supporting any at all then leave for another place. If you can migrate or have a long time stay on other countries who embraces crypto. Most whales are doing that since they are having hard time on trading or cashing out their crypto.

[Sophokles]

The only thing they can go on to do which is easily achievable is to place a ban on all forms of cryptocurrency and also set a fine or penalty for anyone who's found guilty of investing or having any cryptocurrency related activities.

How can you ban bitcoin? Its unstoppable, unless the government forbids all citizen of each country to use it, however does people will not use it even they say its illegal now? I think some will slipped and continously use that or migrate to a country that isnt scope of ban like El Savador and other crypto friendly countries.

Well some governments are banning certain exchanges (Belgium tried to ban Binance but they found a loophole) so you always need to be cautious. There always exchanges you can use, but cashing out to a bank account might get harder and more difficult also. Or you need to find another solution to spend your crypto.

What if the government of a certain country decides to ban all the exchanges in the country does it mean the citizens of that country who are into crypto will need to migrate to another country before they can trade their cryptocurrency, will their be an exchange which they can not come against that the citizens can rely on for their transactions, this is some of the things I find really difficult to answer with the way the government is placing attacks.

Cex won't allow you to use any kind of vpn to access their services. Government can ban certain exchanges in their country and this will create inconvenience for people to enter or exit with their liquidity from the market. But crypto can still be used to do other activities by using dapps. Also P2P can be a good option in a non crypto friendly country.

[asriloni]

The only thing they can go on to do which is easily achievable is to place a ban on all forms of cryptocurrency and also set a fine or penalty for anyone who's found guilty of investing or having any cryptocurrency related activities.

How can you ban bitcoin? Its unstoppable, unless the government forbids all citizen of each country to use it, however does people will not use it even they say its illegal now? I think some will slipped and continously use that or migrate to a country that isnt scope of ban like El Savador and other crypto friendly countries.

Well some governments are banning certain exchanges (Belgium tried to ban Binance but they found a loophole) so you always need to be cautious. There always exchanges you can use, but cashing out to a bank account might get harder and more difficult also. Or you need to find another solution to spend your crypto.

What if the government of a certain country decides to ban all the exchanges in the country does it mean the citizens of that country who are into crypto will need to migrate to another country before they can trade their cryptocurrency,

They don't need to migrate into the another counter to trade their crypto. They needs only to find an exchange site that is still remain unbanned to help them convert their tokens to the USDT that can be exchange with money. The most complicated thing when your government ordered all of exchange sites to be banned.
You can go through p2p to sell your crypto. This is what happening in india. Many crypto gets banned and its users were starting to struggle in finding an exchange site that was supporting that country. It's sometimes hard to find an exchange site that has good liquidity to help you liquidate your money into the fiat money.

will their be an exchange which they can not come against that the citizens can rely on for their transactions, this is some of the things I find really difficult to answer with the way the government is placing attacks.

The only way to find p2p for your assets. You can do nothing even if your country being blacklisted by the developers after the government has issued an order to ban it. So, you can do nothing once your asset was there.
Your money potentially blocked by the exchange site as you can't comply with their regulation to disallowed people from the blocked country to trade on their exchange site.
Anything that is involving the regulators are always very hard to deal. The regulartors can crack down anything what they think it's not giving them benefit.

[Abiky]

Disconnecting the internet just to prevent people from accessing BTC is not a wise move, no matter how much the government hates BTC. The internet has become extremely important to everyone, and the lack of internet can hinder the development of the country and push the economy and society into crisis.

If they really want to limit the influence of crypto, governments can issue extremely harsh bans: ban crypto trading, ban crypto ownership, ban crypto advertising... All violations will be considered as harming the national economy, the punishment will be extremely severe and that information will be spread on national media channels to warn of similar acts. I think that is the best way the government can do to stop crypto. Of course, it is only done by a totalitarian government and does not need to listen to the people's opinion.

A wiser government would want to regulate crypto and collect taxes on crypto to gain the support of the people and have more budget for national development.

Why not just block access to crypto software instead? The same way China blocks people from surfing certain websites with their "Great Firewall", the same way governments can restrict/block access to crypto exchanges, wallet software, etc. In the case of node operators, it's easy enough to block inbound/outbound requests at the IP level. I'm yet to see whenever governments are able to prevent people from using VPNs to circumvent these restrictions. I hope not, especially when crypto (particularly Bitcoin) strives for decentralization and censorship-resistance.

People should be able to get true financial freedom regardless of what the government thinks about crypto/Blockchain tech. As long as crypto has its supporters/defenders, governments are going to have a hard time cracking down the entire industry. They'll win more by regulating it. Maybe all of the world's countries will embrace crypto in the future?

[Vincom]

Why not just block access to crypto software instead? The same way China blocks people from surfing certain websites with their "Great Firewall", the same way governments can restrict/block access to crypto exchanges, wallet software, etc. In the case of node operators, it's easy enough to block inbound/outbound requests at the IP level. I'm yet to see whenever governments are able to prevent people from using VPNs to circumvent these restrictions. I hope not, especially when crypto (particularly Bitcoin) strives for decentralization and censorship-resistance.

People should be able to get true financial freedom regardless of what the government thinks about crypto/Blockchain tech. As long as crypto has its supporters/defenders, governments are going to have a hard time cracking down the entire industry. They'll win more by regulating it. Maybe all of the world's countries will embrace crypto in the future?

Attempting to block crypto is a futile effort that benefits no government, unless that government wants to be satisfied with power instead of listening to the people and developing the country. Every country can refer to El Salvador's approach with Bitcoin strategy to develop the country, every government can learn the cautious approach to BTC that the US is taking. Taxes, jobs, energy are all things that the government wants to have, they don't want to spend budget on efforts to ban crypto.

Even, to my knowledge, in some countries without internet-banking services, people can still buy and sell BTC in P2P form: meet to exchange money and receive BTC at self-custody addresses. I really haven't figured out an effective way for the government to completely ban crypto. The government is increasingly having more young people, I believe they will be able to convince others to trust and open up to crypto.

[sunsilk]

Even, to my knowledge, in some countries without internet-banking services, people can still buy and sell BTC in P2P form: meet to exchange money and receive BTC at self-custody addresses. I really haven't figured out an effective way for the government to completely ban crypto.

That's true, and that's a physical P2P. Many people used to do this in the past but because of some threats that can happen, this is discouraged to be done.

So, if someone wants to do P2P then he/she has to go to the P2P platforms that are reputable and do the exchange or trade there.

The government is increasingly having more young people, I believe they will be able to convince others to trust and open up to crypto.

I highly doubt that they're going to understand it like this even if there will be more younger people work to the government.

Because what matters there is all about the leader whether he or she is young or old but if don't like crypto, then regulations might come or worst, a ban.

[Mate2237]

Government can only crack down the centralized exchanges, and centralized cryptocurrency projects and not the open source cryptocurrency projects. As you can see. Governments is dealing with Binance in the world world. At first it was USA who made the Binance CEO to resign. Then later Nigeria government deal with them because they manipulate the country exchange market or the rate and today the news reaching me that, Philippines SEC has as also asked the National Telecommunication Commission to Block Binance in the country so when you look at all these things you can see that centralized exchanges are suffering in the hand of the government.

But the decentralized exchanges and non custodial project are save from government attack.

[arjunmujay]

Government can only crack down the centralized exchanges, and centralized cryptocurrency projects and not the open source cryptocurrency projects. As you can see. Governments is dealing with Binance in the world world. At first it was USA who made the Binance CEO to resign. Then later Nigeria government deal with them because they manipulate the country exchange market or the rate and today the news reaching me that, Philippines SEC has as also asked the National Telecommunication Commission to Block Binance in the country so when you look at all these things you can see that centralized exchanges are suffering in the hand of the government.

But the decentralized exchanges and non custodial project are save from government attack.

Yes, you are very right friend, even crypto exchanges have been banned from several countries because they are considered to threaten the sustainability of the country. they are afraid that if their people see and access crypto it will cause uncontrollability in the society they lead.

it would also make it difficult for him to take actions that could benefit a country.
but we also have to be smarter than the government, even though the channel can no longer be used generally, we can still access crypto exchanges in other ways.

[irhact]

But the decentralized exchanges and non custodial project are save from government attack.

I don't think they're safe either as some decentralized exchange are blocked in some countries and also some countries aren't allowed to participate in presale on some presale sites that are decentralized. The government wants to make sure that cryptocurrency isn't a threat to them therefore they're using all the measures that they can to crack down on cryptic. Each country has something that they're fighting and this is makings the adoption of cryptocurrency to reduce.

The government can crack down on crypto as not all cryptocurrency are decentralized, many of them are centralized as they have someone heading the cryptocurrency and if the governments target that peron, that cryptocurrency might fall in price or stop getting investors as many individual will be doubting if the coin can survive the government attack. As governments is fighting crypto, they might win.

[Vincom]

I don't think they're safe either as some decentralized exchange are blocked in some countries and also some countries aren't allowed to participate in presale on some presale sites that are decentralized. The government wants to make sure that cryptocurrency isn't a threat to them therefore they're using all the measures that they can to crack down on cryptic. Each country has something that they're fighting and this is makings the adoption of cryptocurrency to reduce.

The government can crack down on crypto as not all cryptocurrency are decentralized, many of them are centralized as they have someone heading the cryptocurrency and if the governments target that peron, that cryptocurrency might fall in price or stop getting investors as many individual will be doubting if the coin can survive the government attack. As governments is fighting crypto, they might win.

You are right, we have to accept that if we want to develop strongly, crypto needs acceptance and support from governments, not confrontation or suppression. Crypto has blockchain and a large community, but the government has enough power to make it difficult for crypto to develop or to exist in the dark. That is why the teams of large projects in the market, including blockchains and crypto companies, are trying to comply with the regulations of countries to survive and develop.

I really feel comfortable being able to buy and sell crypto on CEXs or DEXs as it is now, I don't want to have to trade secretly to avoid prosecution and accusations from the government @@

[sekalitas]

• Can crypto continue to thrive without the support of governments?
• Do you think governments can suppress and restrain the crypto market with their power?
• If you were the head of government, would you accept or reject the crypto opportunity for your country?

1. In a purely technological sense, yes. Decentralized cryptocurrencies will function regardless of government approval. However, widespread adoption and mainstream integration require a degree of government acceptance and regulatory frameworks.
2.While significantly disrupting the market is possible, complete suppression is unlikely. Bans and restrictions can force activities underground, spur P2P markets, and push innovation to find workarounds. However, governments can certainly hinder growth and mainstream accessibility.
3.My view would be to embrace the innovation with caution. Establish a regulatory framework that balances consumer protection with the potential for technological and financial advancement. Aim for regulation that ensures safety and taxation, while encouraging innovation. Rejection stifles growth, while a complete free-for-all invites chaos and exploitation.

[Nothingtodo]

Cryptocurrencies can cause temporary damage if the government wants to, but that damage is not permanent. For example, India announced a ban on all types of exchanges a few days ago, but even after banning exchanges, it could not ban the use of cryptocurrencies from Indian people. Although the Chinese government has repeatedly banned Bitcoin, it has not stopped the Chinese people from using Bitcoin. So no matter how hard the government tries, it cannot ban the use of bitcoins and crypto-currencies.

[peter0425]

What if the government of a certain country decides to ban all the exchanges in the country does it mean the citizens of that country who are into crypto will need to migrate to another country before they can trade their cryptocurrency, will their be an exchange which they can not come against that the citizens can rely on for their transactions, this is some of the things I find really difficult to answer with the way the government is placing attacks.

Possibly the best move is probably to migrate or transfer first to other countries which doesnt have restriction on crypto and process his asset. Well thats one thing we can do, since your country isnt supporting any at all then leave for another place. If you can migrate or have a long time stay on other countries who embraces crypto. Most whales are doing that since they are having hard time on trading or cashing out their crypto.

That is what those miners did when China banned bitcoin in their country , migrating to other countries to continue their operations.
and we are talking millions and billions of dollars here and also the world will never have the same stand in banning bitcoin meaning we can still have our place to enjoy using our bitcoins though small holders like me cannot afford that so wishing to never have this cracking in my country.

[Silberman]

Possibly the best move is probably to migrate or transfer first to other countries which doesnt have restriction on crypto and process his asset. Well thats one thing we can do, since your country isnt supporting any at all then leave for another place. If you can migrate or have a long time stay on other countries who embraces crypto. Most whales are doing that since they are having hard time on trading or cashing out their crypto.

That is what those miners did when China banned bitcoin in their country , migrating to other countries to continue their operations.
and we are talking millions and billions of dollars here and also the world will never have the same stand in banning bitcoin meaning we can still have our place to enjoy using our bitcoins though small holders like me cannot afford that so wishing to never have this cracking in my country.

You never know, the day may come in which bitcoin is so valuable that even those that think about themselves as small holders could have a lot of fiat money thanks to their bitcoin investments, however if that were to happen where you live, probably the best move will be to do nothing, keep quiet about your investment and hope for the next government to change their posture towards bitcoin, this way you will not need to do anything and in just a few years your problem regarding the legality of holding your coins will become a moot point.

[Vincom]

1. In a purely technological sense, yes. Decentralized cryptocurrencies will function regardless of government approval. However, widespread adoption and mainstream integration require a degree of government acceptance and regulatory frameworks.

2.While significantly disrupting the market is possible, complete suppression is unlikely. Bans and restrictions can force activities underground, spur P2P markets, and push innovation to find workarounds. However, governments can certainly hinder growth and mainstream accessibility.

3.My view would be to embrace the innovation with caution. Establish a regulatory framework that balances consumer protection with the potential for technological and financial advancement. Aim for regulation that ensures safety and taxation, while encouraging innovation. Rejection stifles growth, while a complete free-for-all invites chaos and exploitation.

I also think that crypto can exist, but it is difficult to develop strongly if it becomes a dangerous object for the economy in the eyes of the government. Crypto needs a legal framework so that developers and investors can comply and participate in this market more actively. Similarly, after the traffic law for cars was introduced, the automotive industry developed strongly.

We are still cautious in considering, issuing and testing legal frameworks for crypto. MiCA has been launched and I am waiting for the results of the pilot test in the EU to see what is best for crypto.

[Abiky]

Attempting to block crypto is a futile effort that benefits no government, unless that government wants to be satisfied with power instead of listening to the people and developing the country. Every country can refer to El Salvador's approach with Bitcoin strategy to develop the country, every government can learn the cautious approach to BTC that the US is taking. Taxes, jobs, energy are all things that the government wants to have, they don't want to spend budget on efforts to ban crypto.

Even, to my knowledge, in some countries without internet-banking services, people can still buy and sell BTC in P2P form: meet to exchange money and receive BTC at self-custody addresses. I really haven't figured out an effective way for the government to completely ban crypto. The government is increasingly having more young people, I believe they will be able to convince others to trust and open up to crypto.

The revolution simply can't be stopped. No matter how hard governments try, people will always find a way to get access to crypto/Blockchain tech. The code is open source and widely-distributed worldwide. Anyone can produce new binaries from that code, even if governments manage to remove every trace of the core wallet software. Not only that, but the largest cryptocurrency in the world (Bitcoin) has a huge number of nodes and miners supporting it.

As long as there are two nodes on the network, cryptocurrencies will never die. Trying to shut them down is like trying to shut down the whole Internet (which is practically impossible to achieve). Lets all sit back and relax as the best is yet to come. Who knows if crypto (particularly BTC) goes as far as replacing Fiat currencies in the future?

[Tmoonz]

Considering what happened to binance in Nigeria I think yes government can crackdown on crypto but thou they can not completely stop the technology behind the crypto space but can regulates it in certain areas just like what happened in Nigeria, it doesn't happen in other countries.
There is always going to be an alternative solution towards what ever government of any any region may do as regards to cracking down the crypto space.

[Vincom]

The revolution simply can't be stopped. No matter how hard governments try, people will always find a way to get access to crypto/Blockchain tech. The code is open source and widely-distributed worldwide. Anyone can produce new binaries from that code, even if governments manage to remove every trace of the core wallet software. Not only that, but the largest cryptocurrency in the world (Bitcoin) has a huge number of nodes and miners supporting it.

As long as there are two nodes on the network, cryptocurrencies will never die. Trying to shut them down is like trying to shut down the whole Internet (which is practically impossible to achieve). Lets all sit back and relax as the best is yet to come. Who knows if crypto (particularly BTC) goes as far as replacing Fiat currencies in the future?

I agree with your point of view: crypto will always exist with the internet and user trust. It is very difficult for governments around the world to agree on a single issue, whether it is fighting climate change or condemning war, and the same is probably true for banning crypto. The internet, VPN, Tor, P2P market... will be ways for users to access and use crypto even if it is banned in many countries. Of course, countries cannot cut off the internet just to destroy crypto!

However, I think that in order to develop strongly, crypto also needs to be recognized as legal by governments. That will be the scenario we aim for to see crypto widely adopted in investment and payment. Governments should adopt crypto cautiously to gain additional financial resources for national development, while also taking advantage of blockchain technology.

[Abiky]

I agree with your point of view: crypto will always exist with the internet and user trust. It is very difficult for governments around the world to agree on a single issue, whether it is fighting climate change or condemning war, and the same is probably true for banning crypto. The internet, VPN, Tor, P2P market... will be ways for users to access and use crypto even if it is banned in many countries. Of course, countries cannot cut off the internet just to destroy crypto!

However, I think that in order to develop strongly, crypto also needs to be recognized as legal by governments. That will be the scenario we aim for to see crypto widely adopted in investment and payment. Governments should adopt crypto cautiously to gain additional financial resources for national development, while also taking advantage of blockchain technology.

Exactly. Crypto needs governments' approval to reach new heights. Without their support, demand for crypto assets will be extremely-low (which translates into lower market prices). VCs, and both institutional and retail investors are the ones who pour money into the crypto market. Without them, crypto will become a "ghost town". Even if Blockchains remain alive and healthy because of their decentralized nature.

We can't predict what will happen in the future because of the uncertainty of government regulations. It's in our best interests to defend the crypto industry by voting for politicians in favor of the revolution. With governments working hand-in-hand with the crypto industry, our world will become a better place.