Can governments crack down on crypto?

[Vincom]

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.

Currently, crypto investors have become an important part of the electorate, and politicians know this. Look at the US election: presidential candidates talk about crypto, senators talk about crypto, it seems everyone wants to express their views on crypto to get votes from electorate. If people understand the value of crypto, they will choose a government with a crypto-friendly view and crypto will have the conditions to develop strongly in that country. Suppose Trump will be re-elected president and Gary Gensler has to step down as SEC chairman, we will soon see a big crypto era in the US.

What I'm worried about is in authoritarian countries, where people have no voice and the government wants to protect its control over the economy through fiat. Crypto will have a difficult journey in such countries

[tygeade]

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.

That is true, I wouldn't say "ghost town", it would still exist, and if they never got in then people here who are retail investors wouldn't be able to take it this high but at least would make it go higher than what it used to be, and then when those big companies left there wouldn't be a crash because they never joined.

Now that they are already here, it looks like it would be quite terrible if they left, even worse than if they didn't join, so that is why we need them to stay. For them to stay we need these government approval, because without that, companies wouldn't have gotten into it. Good news is, just this year USA approved so many ETF's, and that means we are getting billions and everyone is enjoying the profits.

[Abiky]

Currently, crypto investors have become an important part of the electorate, and politicians know this. Look at the US election: presidential candidates talk about crypto, senators talk about crypto, it seems everyone wants to express their views on crypto to get votes from electorate. If people understand the value of crypto, they will choose a government with a crypto-friendly view and crypto will have the conditions to develop strongly in that country. Suppose Trump will be re-elected president and Gary Gensler has to step down as SEC chairman, we will soon see a big crypto era in the US.

What I'm worried about is in authoritarian countries, where people have no voice and the government wants to protect its control over the economy through fiat. Crypto will have a difficult journey in such countries

Of course. Some governments are realizing crypto is the only answer to all of their economic problems. Politicians on the US and abroad have gone as far as publicly stating their support for crypto just to gather voters' attention. You can see the huge taxation benefits they will receive by embracing the revolution with open arms. I think even authoritarian countries will change their stance about crypto due to its ever-rising popularity. China once "banned" Bitcoin mining, and now supports crypto through Hong Kong. Even Russia is considering adopting crypto for international payments to circumvent sanctions.

If the crypto industry becomes a huge success, it's likely Fiat currencies will become a thing of the past. This means the end of centralized money, and the dawn of decentralized large-scale economies (hyperbitcoinization?). Who knows what will happen in the future?

[GeorgeJohn]

Well I think the governments will want to crack down on it. But we must ask our self if it is possible for them to really do it.

China has trued to ban crypto and some other countries too. But the thing about that is you can not ban or crack down on crypto.  

The only thing they can do it try to regulate it to control it. And they are doing that now since crypto is becoming more popular.

Cryptocurrency especially bitcoin can not be ban but it can be regulated or restricted in a particular country due to their government, so bitcoin is not a centralized currency in which government can sealed or give a sanctions of it, its a decentralized currency which government have no access to it and also in document of its technology..its impossible from my perspective that government can abolish the existence of bitcoin...bitcoin is a currency that have to do decentralized operations so banning it totally will be difficult for government...and since the existence or introduction of bitcoin may countries has attempted to ban bitcoin but they could not.

• 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?

It has been thriving before the government intervention earlier and in those days when too much negative news was coming from mainstream media. I do not think the government would suppress or restrain the crypto market. They would try to regulate it and we have already seen certain countries are on the verge of finalizing regulation. Since I am not the head of the government I won't be able to answer the last question as it is not my job to think in that zone.  

the last question is answerable, as a lover of a cryptocurrencies and more especially bitcoin, its obvious that if I eventually become a president in my country I will accept Bitcoin as a legal tender in my country, because have noticed and also been aware of bitcoin, knowing that with bitcoin investment in my country it can also help for eradication or elimination of downfall of a country economy,  it will be one of elevation or sustainable impacts of my country economy...its when you know the worth of bitcoin it's when you will redirect it into economy generating function. [/list]

[Ojima-ojo]

Chinese government has not stopped their people from using crypto despite banning it so there's the example of not being able to put an end to it. 

but governments these days are using the blockchain as some point to monitor users which is not the kind of crackdown you expect and this could result in actually making them more powerful in collecting taxes from the people especially because we are now accustomed to seeing KYC on every platform we signup. and then they supported the ETFs which made people on board so the government is supporting crypto in the end but this is also a double edge sword.

Chinese are indeed some of the biggest crypto holders and if iay say something, the ban on cryptocurrency in China have hard a bad negative implications on the growth and development in the Blockchain sector, despite that China was one of the leading country with mining farms in the early days it's there in history.


Up until China authentically banned cryptocurrency and that brought a stop to the growth and presence of such cryptocurrency related activities in that region, but we still have some Chinese that hold some of the decentralized coins like Bitcoin.

[Vincom]

Of course. Some governments are realizing crypto is the only answer to all of their economic problems. Politicians on the US and abroad have gone as far as publicly stating their support for crypto just to gather voters' attention. You can see the huge taxation benefits they will receive by embracing the revolution with open arms. I think even authoritarian countries will change their stance about crypto due to its ever-rising popularity. China once "banned" Bitcoin mining, and now supports crypto through Hong Kong. Even Russia is considering adopting crypto for international payments to circumvent sanctions.

If the crypto industry becomes a huge success, it's likely Fiat currencies will become a thing of the past. This means the end of centralized money, and the dawn of decentralized large-scale economies (hyperbitcoinization?). Who knows what will happen in the future?

I don't think governments will give up the right to print fiat, because it's a simple way to run the economy and the country. El Salvador can accept BTC because they don't have a national currency and they use USD, other countries can hardly do the same. CBDC is the way for them to put fiat on the blockchain, they even don't want to use popular stablecoins like USDT and USDC to replace fiat.

Governments just want to regulate crypto to collect taxes and create more jobs for people, I think they tend to classify crypto as a commodity to avoid conflict between crypto and fiat as the main payment method in the economy.

[Claymore2]

I believe that the community's desire to seek  further  fiscal liberty and diversify their investments will determine whether or not cryptocurrencies are  espoused extensively. This tendency is a result of both wanting freedom from traditional  fiscal structures and realizing the advantages of using cryptocurrencies. In terms of government involvement,  officers don't have complete control over liquidity and the relinquishment of cryptocurrencies. Eventually, the rise of leaders  similar as El Salvador serves as  provocation and emphasizes the possibility of favorable  metamorphosis in the cryptocurrency field.

[Vincom]

I believe that the community's desire to seek  further  fiscal liberty and diversify their investments will determine whether or not cryptocurrencies are  espoused extensively. This tendency is a result of both wanting freedom from traditional  fiscal structures and realizing the advantages of using cryptocurrencies. In terms of government involvement,  officers don't have complete control over liquidity and the relinquishment of cryptocurrencies. Eventually, the rise of leaders  similar as El Salvador serves as  provocation and emphasizes the possibility of favorable  metamorphosis in the cryptocurrency field.

El Salvador is a famous experiment with positive results for crypto on a national scale. Although El Salvador is a small country and does not have its own currency, we hope that it will also be a worthy example for other governments to see the positive effects of accepting, adopting, and encouraging crypto.

Governments are elected by the people, and they will be responsible for carrying out the people's wishes, but perhaps only in the US lawmakers face significant pressure from the growing wave of crypto support. This is also good because the US is a large economy, and the US's crypto legal framework will be cleverly referenced and applied by other governments around the world. In the meantime, while waiting for a clear legal framework for crypto, I hope that public awareness of crypto will improve and make crypto an indispensable part of the economy.

[evichi]

Governments of different countries have divergent views on cryptocurrency. While some countries recognize it as financial technology capable of hedging inflation in their country, others view it as a threat to their fiat banking system. Further, other counties aim to regulate it in the aspects of security and money laundering. As a result, governments can crack down on crypto depending on the area of concern. In my opinion, I think cryptocurrency have come to stay as a new paradigm in finances, more so when you view the level of acceptance as depicted on the amount of crypto assets at Coinmarketcap.

[GreatArkansas]

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.

The answer here is YES. Governments have the capability to crack down on cryptocurrencies, and there are several methods they can employe to regulate.
Consider that in the world there are a lot of different governments, based on your jurisdiction, these governments have different methods to regulate cryptocurrency.

For me, heavy-handed regulations or bans can push the cryptocurrency market underground, making it even harder for authorities to monitor and regulate.

[Silberman]

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.

The answer here is YES. Governments have the capability to crack down on cryptocurrencies, and there are several methods they can employe to regulate.
Consider that in the world there are a lot of different governments, based on your jurisdiction, these governments have different methods to regulate cryptocurrency.

For me, heavy-handed regulations or bans can push the cryptocurrency market underground, making it even harder for authorities to monitor and regulate.

Governments are definitely going to try everything they have on their arsenal in order to keep delaying the adoption of cryptocurrencies, but as long as all of the reasons why this market was created keep on existing, then their attempts to fully control it will fail, as now that I know about the existence of bitcoin, I have no incentive at all to save my money on fiat form, since I know very well that if I did that the purchasing power of my savings will keep on decreasing.

[AnonBitCoiner]

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.

There are certain alternative ways to recover your money once a country banned crypto but if a person wants to continue crypto then he should migrate to that country where there is no banned on it.

I think it will not happen but for the purpose of security one should not keep his money saved for longer time in crypto because anything can happen here and once government banned its use then you will not be able to take your profit. One should take out his money because in such situations when there happen some restrictions then you would miss to take out profit and will regret for whole life.

[Bushdark]

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.

There are certain alternative ways to recover your money once a country banned crypto but if a person wants to continue crypto then he should migrate to that country where there is no banned on it.

I think it will not happen but for the purpose of security one should not keep his money saved for longer time in crypto because anything can happen here and once government banned its use then you will not be able to take your profit. One should take out his money because in such situations when there happen some restrictions then you would miss to take out profit and will regret for whole life.

You should also know that there are countries that ban cryptocurrency but does not take it too seriously and people are still buying and holding good projects in the market. There is no need to leave the country we are staying because we want to keep trading and doing our crypto business because some persons could be working and do not necessarily need to leave their job and migrate to another country. There are good VPN we can always use to make sure we track all our crypto portfolios and earn from the market.

[Abiky]

I don't think governments will give up the right to print fiat, because it's a simple way to run the economy and the country. El Salvador can accept BTC because they don't have a national currency and they use USD, other countries can hardly do the same. CBDC is the way for them to put fiat on the blockchain, they even don't want to use popular stablecoins like USDT and USDC to replace fiat.

Governments just want to regulate crypto to collect taxes and create more jobs for people, I think they tend to classify crypto as a commodity to avoid conflict between crypto and fiat as the main payment method in the economy.

You do have a point there, mate. Governments always want control/power over the economy. Stripping off central banks' ability to print money at will, is a no-go for them. The only exception is El Salvador because it doesn't have a central bank. Argentina's President Javier Milei promised to abolish the central bank and adopt BTC as currency (as well as the USD), but that hasn't materialized yet. If all of the world's countries abolished central banks + Fiat in favor of BTC, we'd be in a better position now.

At least we know it's impossible to take down crypto. Governments will only go as far as regulating the industry or "banning" centralized exchanges from the face of the Earth. But core Blockchain networks will remain alive and running as usual thanks to their decentralized and censorship-resistant nature. Lets move on, shall we?

[Rabata]

Chinese government has not stopped their people from using crypto despite banning it so there's the example of not being able to put an end to it. 

but governments these days are using the blockchain as some point to monitor users which is not the kind of crackdown you expect and this could result in actually making them more powerful in collecting taxes from the people especially because we are now accustomed to seeing KYC on every platform we signup. and then they supported the ETFs which made people on board so the government is supporting crypto in the end but this is also a double edge sword.

Chinese are indeed some of the biggest crypto holders and if iay say something, the ban on cryptocurrency in China have hard a bad negative implications on the growth and development in the Blockchain sector, despite that China was one of the leading country with mining farms in the early days it's there in history.


Up until China authentically banned cryptocurrency and that brought a stop to the growth and presence of such cryptocurrency related activities in that region, but we still have some Chinese that hold some of the decentralized coins like Bitcoin.

With the rise of cryptocurrencies, China has given special attention to this sector, but various regulations from Chinese regulatory agencies have also created various problems for crypto users. Despite China being one of the leading countries for Bitcoin mining, they have maintained their position in crypto despite government restrictions. If they had received direct support, they would certainly have had the opportunity to advance further than other countries. Crypto transactions, including the use of blockchain, still hold a significant position despite their ban. However, no government has the power to completely stop the use of crypto at will. Even if China doesn't accept crypto, its country's crypto enthusiasts will never shy away from using crypto.

[Vincom]

Governments are definitely going to try everything they have on their arsenal in order to keep delaying the adoption of cryptocurrencies, but as long as all of the reasons why this market was created keep on existing, then their attempts to fully control it will fail, as now that I know about the existence of bitcoin, I have no incentive at all to save my money on fiat form, since I know very well that if I did that the purchasing power of my savings will keep on decreasing.

We understand the power and intentions of the government, we know that the government always wants to protect their own fiat because sometimes it is also really necessary. But we also need to protect the value of our labor, fiat is depreciating against goods and crypto, we are forced to choose crypto or a few other assets to not be left behind in the never-ending wave of inflation.

I hope that governments will take the time to go to crypto forums to understand the aspirations of the people and crypto investors, they will see that we are willing to pay reasonable taxes, they will see that crypto can actually bring huge benefits to the country. But I wouldn't be surprised if many countries decide to block crypto forum links.