Is banning crypto helping or hurting a country's economy?

[Ryu_Ar1]

The ban on cryptocurrency is merely an excuse for the government so that we do not appear to be rebelling because we cannot be controlled by the existing system and this is clearly not a good approach when prioritizing security concerns as it indirectly hinders the growth of technology that should be available.

However, in the end there is not much we can do about this situation because after all we are aware that such bans are a defensive measure by the government to maintain its existing power and control.
When cryptocurrencies exist especially with the proliferation of Bitcoin it becomes very difficult for them to control the finances and economy of their people especially since the Bitcoin system is beyond their control, which makes them feel clearly unsafe about it.
Therefore, to this day there are still many countries or even media outlets affiliated with the government that portray cryptocurrency especially Bitcoin as something negative to keep the public ignorant about it.

[bhadz]

Some countries have banned crypto,saying it cause scams and financial instability.But others argue it blocks innovation and pushes investors underground.Whats your opinion-does banning crypto protect citizens or stop progress?

My honest opinion on this, if they do this on our country it will seriously hit a lot of us and so the economy's bad and it will even make harder for the people that have crypto assets. So, this is a huge hit for our country if they start doing that. That's because our government starts to see the benefits from crypto and how it's changing lives here and how it's a huge game changer on this era. While we're fortunate that despite that the government of us are trying to limit the competition here locally for exchanges and that limits our choices still, we're not yet on the point of seeing it being banned.

[Stepstowealth]

Whats your opinion-does banning crypto protect citizens or stop progress?

Cryptocurrency has offered opportunities in investment and even individuals who are not financially buoyant are developing the culture to invest because of the opportunity that cryptocurrency carries. I feel like banning cryptocurrency in a country affects the economy in the sense that the culture of investing that cryptocurrency tends to promote will no longer be promoted among its citizens because if citizens develop an investment mindset you will find more person who are in the financial position to invest, investing directly in the country they are in instead of taking their investments elsewhere or not investing at all.

[Smartvirus]

Some countries have banned crypto,saying it cause scams and financial instability.But others argue it blocks innovation and pushes investors underground.Whats your opinion-does banning crypto protect citizens or stop progress?

Before cryptocurrencies, has there been cases of scams?

Surely the answer to that is always a resounding YES.
Are these issues of scams still persisting in everyday fiat today, still a resounding YES.
What kind of progress have been made in tackling these scams that uses the fiat route? There is little to none for sure.

Scams do exist in fiat and as well as cryptocurrencies. The government just uses scam to be a tool for crypto bans and regulations.

[Scarlett_23]

Some countries have banned crypto,saying it cause scams and financial instability.But others argue it blocks innovation and pushes investors underground.Whats your opinion-does banning crypto protect citizens or stop progress?

Cryptocurrency is completely decentralized. No government or state can control it. That's why many countries don't accept it. Because the government of each country wants to control the national currency. If they accept crypto, they won't be able to control it. That's why many countries often ban it. However, banning it means closing the new income opportunities for the younger generation. Because they see it as a potential area. Crypto and blockchain technology have expanded new types of businesses and jobs among the new generation, so if they are banned, the economy will not be digitized. Banning crypto may temporarily reduce financial risks, but in the long run, it will not keep pace with the global economy and hinder technological development.

[uneng]

Some countries have banned crypto,saying it cause scams and financial instability.But others argue it blocks innovation and pushes investors underground.Whats your opinion-does banning crypto protect citizens or stop progress?

By banning crypto, and Bitcoin more specifically, governments are just preventing citizens from having access to a key long term investment which has been very profitable along the years, much more than any investments offered by banks regulated by such governments. Moreover, by banning crypto, governments let it very clear they don't respect privacy, neither autonomy of the local citizens when dealing with their finances.

The excuse is to take care the population, but in fact it's not exactly what happens for real. It's more like the government wants control and surveillance more than anything else.

[5W-KILO]

Some countries have banned crypto,saying it cause scams and financial instability.But others argue it blocks innovation and pushes investors underground.Whats your opinion-does banning crypto protect citizens or stop progress?

Crypto you said, not Bitcoin, which means that all those shit coins are a part.

Do you know how many damages those shit coins are causing? People make thousands of crap tokens every day and sell them on the market hoping to see stupid investors clicking the buy button so that they can rug them later, nothing is been done about this and it is affecting crypto space so much.

Shit coins will cause s ams and financial instability in a country and yes they have the right to ban crypto if this is the case, assuming you are a leading of your country and it is getting to you that your people are investing heavily into shit coins causing some of them to lose their jobs and peoperties or turned them into debtors wouldn't you do the same.

I expected Trump to do a major cleansing in crypto space, this was what I hoped for that made me to pray that he wins, eventually he does but on getting there he started using his influence to promote his meme coin and doing the exact same thing that others are doing, he is just like those criminals and the only difference is he is a president.

[imthegreat]

Some countries have banned crypto,saying it cause scams and financial instability.But others argue it blocks innovation and pushes investors underground.Whats your opinion-does banning crypto protect citizens or stop progress?

These claims usually concern Bitcoin, which is very strange. KYC is already in place everywhere, so Bitcoin isn't exactly an anonymous cryptocurrency; unfortunately, it's been well-regulated for a long time.

Therefore, claiming it could be dangerous is incorrect. All cryptocurrencies are currently traded; they don't engage in illegal activity. All these claims about the dangers of cryptocurrencies are far-fetched, so they shouldn't be taken seriously.

Hopefully, regulations won't become too strict, and cryptocurrencies will at least remain in a gray area.

[SOKO-DEKE]

Some countries have banned crypto,saying it cause scams and financial instability.But others argue it blocks innovation and pushes investors underground.Whats your opinion-does banning crypto protect citizens or stop progress?

If they said crypto is associated with scam, I will not deny the fact that crypto is sometimes linked to scams. But what about fiat currency? Is it not also used for scams? Some governments that have banned crypto in their countries are just pointing fingers at crypto without having any concrete reason. The reason of scam does not make sense to me because even fiat currency are also use for scams and the benefits that crypto can provide to citizens are greater than its negative impact.

So, from my view, some governments that banned crypto in their countries are doing so for other hidden agendas, not because of scams. After all, crypto is not the only currency used for scams fiat currency is used for scamming as well. In fact, I would argue that fiat is used more often for scams than cryptocurrency.If the purpose of banning crypto is truly to stop scams, then why don't these governments create laws that punish anyone using crypto for illegal activities?

[Olatundespo]

Some countries have banned crypto,saying it cause scams and financial instability.But others argue it blocks innovation and pushes investors underground.Whats your opinion-does banning crypto protect citizens or stop progress?

Not without good reason to ban. Some fake and cheap developers tried to trap or trap greedy people using hype as their main weapon and stole a lot of money. Most of the cryptos were involved in scams and as a result, ordinary investors suffered losses. They lost their assets in the greed of getting high profits in a short time.

Some scams have had a negative impact on potential coins. Such decisions are a hindrance to new innovations but it is logical to accept the best coins through verification.

[Fortify]

Some countries have banned crypto,saying it cause scams and financial instability.But others argue it blocks innovation and pushes investors underground.Whats your opinion-does banning crypto protect citizens or stop progress?

It will have a small effect on an economy, because things like exchanges or casinos will choose not to base themselves in such a restrictive environment. It is better for a government to build up a clear set of laws that can be adhered to if someone wants to create a business or transact in these new forms of currency. Ultimately it is more reflective of the society, where they can be quick to ban things rather than engage constructively with "new" technology and this can sometimes make them rather late to the game if all other countries start jumping ahead. This industry can create jobs and income, so should be nurtured carefully rather than driving it elsewhere.

[Mahanton]

Some countries have banned crypto,saying it cause scams and financial instability.But others argue it blocks innovation and pushes investors underground.Whats your opinion-does banning crypto protect citizens or stop progress?

Cryptocurrency is completely decentralized. No government or state can control it. That's why many countries don't accept it. Because the government of each country wants to control the national currency. If they accept crypto, they won't be able to control it. That's why many countries often ban it. However, banning it means closing the new income opportunities for the younger generation. Because they see it as a potential area. Crypto and blockchain technology have expanded new types of businesses and jobs among the new generation, so if they are banned, the economy will not be digitized. Banning crypto may temporarily reduce financial risks, but in the long run, it will not keep pace with the global economy and hinder technological development.

Banning crypto might look like a way to protect citizens from scams or financial instability but in reality it only hides the problem instead of solving it scams existed long before crypto and they continue to happen even in systems controlled by governments the real issue is not the technology but the lack of education and proper regulation when people don’t understand how crypto works they become easy targets for fraudsters so teaching people about security and setting fair rules would be a much better approach than banning it completely.

Most governments fear crypto because it challenges their control over money and financial systems national currencies are centralized and monitored but crypto runs on a decentralized network where no one authority has full power that freedom makes regulators uncomfortable but it’s also what allows innovation and economic inclusion crypto has created new opportunities for entrepreneurs developers and investors especially among young people who now earn globally without borders. Banning it not only limits financial freedom but also drives innovation underground people will still use crypto but in less transparent and more risky ways instead of working with the technology governments end up fighting it and losing the chance to benefit from it the countries that embrace crypto responsibly are already seeing growth in tech startups blockchain development and foreign investment.

[Alpha Marine]

The biggest scam of crypto comes from the developers of shit coins. I don't think any study has been carried out on this; if it has, I would like to see it. I believe people have ost more money on shit coins than they have on scams and hacks, but nobody talks about these. The amount of money people lose to memecoins a day is enormous. I remember the trend of celebrities creating their own memecoin. So many celebrities created tokens, and they're all rubbish today. People lost money in all those projects.

Governments don't care about that, because those are the elites of the society. I don't agree that crypto should be banned because when you people do it like that, you include Bitcoin, but I believe the development and launching of altcoins should be heavily regulated. So much money has been lost through shit token and all that money goes to someone's bank account, which is the biggest scam in the crypto industry because it's legal. Every day, at least one token is listed on an exchange or launched and this will keep happening because there is so much money to be made.

[henmark]

Some countries have banned crypto,saying it cause scams and financial instability.But others argue it blocks innovation and pushes investors underground.Whats your opinion-does banning crypto protect citizens or stop progress?

Banning crypto makes the country goes back by a decade as cryptos are the future currency and not letting citizens use the benefits is just stopping them from innovations. Cryptos are not only a financial source now, they are also an innovation hub which can create a lot of job opportunities which can indeed help the economy of that specific country.

Mostly all countries are now rethinking about crypto and are planning to uplift the ban by creating few specific regulations where investors can still invest but needs to follow the all the regulations.

Banning crypto is definitely going to hurt the economy so the governments should really consider crypto as an opportunity and should look on the positive sides.

[WatChe]

Before cryptocurrencies, has there been cases of scams?

Surely the answer to that is always a resounding YES.
Are these issues of scams still persisting in everyday fiat today, still a resounding YES.
What kind of progress have been made in tackling these scams that uses the fiat route? There is little to none for sure.

Scams do exist in fiat and as well as cryptocurrencies. The government just uses scam to be a tool for crypto bans and regulations.

The governments are more aware of benefits of crypt (or Bitcoin) then us, they are not accepting crypto because the benefits of crypto are not in favour of governments. I have my opinion the governments have less resistance towards centralised crypto that flows through CEX, which can be monitored and if required controlled. The real issue of government is with decentralised Bitcoins, over which they have zero control. That's why governments are using excuse of scams to limit use of crypto in the country.   

[Shadiq]

Banning crypto means creating distance between the government and crypto investors or traders and harming the country economically. Countries that ban crypto to avoid scams have the most scams. It is not because of crypto, but rather government people and government officials who are most involved in these scams.

From my general knowledge, the main reason why governments of some underdeveloped countries ban crypto as a scam is to control the people by making the people of the country dependent on banks and open the way for their own theft. When the banking system becomes weak, the government's way of stealing becomes weak. Even governments want to have as much control over the country as possible, crypto works against this. Basically, these reasons prevent the government from giving legitimacy.

[cakir1]

The biggest scam of crypto comes from the developers of shit coins. I don't think any study has been carried out on this; if it has, I would like to see it. I believe people have ost more money on shit coins than they have on scams and hacks, but nobody talks about these. The amount of money people lose to memecoins a day is enormous. I remember the trend of celebrities creating their own memecoin. So many celebrities created tokens, and they're all rubbish today. People lost money in all those projects.

Governments don't care about that, because those are the elites of the society. I don't agree that crypto should be banned because when you people do it like that, you include Bitcoin, but I believe the development and launching of altcoins should be heavily regulated. So much money has been lost through shit token and all that money goes to someone's bank account, which is the biggest scam in the crypto industry because it's legal. Every day, at least one token is listed on an exchange or launched and this will keep happening because there is so much money to be made.

These kind of scams is something which makes the governments ban cryptos because this is where majority of people will loose money and that dents the economy as this money can be invested elsewhere or maybe can even be used to develop the infrastructure of few specific countries.

Governments are actually threatened by cryptos because they are a great source of investment and people would prefer investing in cryptos rather than elsewhere which will drive the money our of local markets and invest into the international markets which are not even regulated so the governments will have no role in this and this will be a big no-no for the governs.

[Alone055]

Some countries have banned crypto,saying it cause scams and financial instability.But others argue it blocks innovation and pushes investors underground.Whats your opinion-does banning crypto protect citizens or stop progress?

Crypto causes scams? As if scams weren't in existence before cryptocurrencies. We all know these are nothing but excuses; what they actually don't like is the decentralized nature of cryptocurrencies, especially Bitcoin. They know that if their people start using Bitcoin for storing their funds, and stop using banks as often as they do right now, they are slowly going to lose control over their finances and financial activities, and that's a big loss for them. Right now, if you have your money in the bank, they have all the rights to do whatever they want with your money, and they can even create some falsified story and hold your funds at will, can they do that if you have your funds in Bitcoin? No, they can't.

That is basically the biggest reason why countries and their governments are against cryptocurrencies, and central banks are having a hard time accepting the reality that cryptocurrencies are now everywhere, if you do a survey within your country, at least 5 out of 10 people who are educated and in-touch with technology would know about cryptocurrencies, this wasn't the case in the past, but now they know that cryptocurrencies are spreading like a fire in the forest, so they are doing their best to stop them, but they won't be able to do that.

[DYING_S0UL]

BTW, this is how it looks when the government bans Bitcoin.

LOL, how did you know that?  (being sarcastic)
The above image is exactly the current situation in my country. Here Crypto is banned, but we are still using it, and aren't getting away with it, without any problems from the authority. Of course as long as you keep your head down, don't draw too much attention or create any noise from our  crypto earnings, you are good to go. No only that we have also suffered many crypto related scams (MLM) in the past (still happening), but the govt couldn't do anything signification to recover those laundered coins or reduce these from happening. They are well aware that the people uses it but doesn't take strict actions or turns blind eyes when its about crypto.

So yeah, the doors are closed but we can just use the windows to enter the home.

[Ndabagi01]

To place ban on crypto is to indirectly stage a war for the young generations against their privilege to several opportunities this advance technology might have brought our ways, so many will fight it well to an extent, because it has provided with lots of opportunities we couldn't have seen from the centralized economy and government, if they succeeded to ban crypto, there will be much dependency on the failing economy and the masses will mostly be affected.

It is not something to hide anymore since we are all getting to see the privilege and the many opportunities that embracing Bitcoin has brought to us. The government cannot ban totally what it did not create. I am still sure that many countries that are facing ban on bitcoin still have their citizens still finding a way to still be part of the revolutionary financial technology. The government will continue to fight bitcoin all they want but they cannot put an end to it. The technology is not perfect but it is beyond what the government can temper with and stop it from existing.