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

[fruktik]

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?

The most important aspect is that cryptocurrency transactions cannot be controlled. Financial authorities cannot track the movement of funds. And this is incredibly infuriating for those at the helm of the country.

Hasn't cash been used for criminal purposes before? The question is rhetorical. The authorities have simply found a pretext to ban crypto. This is a new wave of freedom, and this cannot be allowed. The people must be subjugated and controlled.

[_BlackStar]

-snip-

The most important aspect is that cryptocurrency transactions cannot be controlled. Financial authorities cannot track the movement of funds. And this is incredibly infuriating for those at the helm of the country.

You're right - but only if they transact peer to peer without involving any centralized platform. But if you transact on a centralized platform - then the government can track and control it. In fact - the government can only control users, but not crypto especially decentralized ones like bitcoin.

Hasn't cash been used for criminal purposes before? The question is rhetorical. The authorities have simply found a pretext to ban crypto. This is a new wave of freedom, and this cannot be allowed. The people must be subjugated and controlled.

Governments don't want to lose control of financial transactions, so they'll always find ways to track them, regardless of the reason. They often claim these bans are intended to minimize national economic disruption, but I don't think that's a valid reason. Money laundering and other illegal transactions are also quite common using fiat - so it's not the currency itself that's at fault, but rather the perpetrators who misuse the currency.

[yudi09]

Hasn't cash been used for criminal purposes before? The question is rhetorical. The authorities have simply found a pretext to ban crypto. This is a new wave of freedom, and this cannot be allowed. The people must be subjugated and controlled.

Governments don't want to lose control of financial transactions, so they'll always find ways to track them, regardless of the reason. They often claim these bans are intended to minimize national economic disruption, but I don't think that's a valid reason. Money laundering and other illegal transactions are also quite common using fiat - so it's not the currency itself that's at fault, but rather the perpetrators who misuse the currency.

The government does not want economic control without their knowledge because, from a political perspective, all systems must be under their control so that they can control everything.
I am trying to explain that what is meant by crypto is not the many coins or tokens that are available, but rather Bitcoin. Here, I am not saying that Bitcoin is the same as crypto.

You are right that all of this is just an excuse made up by those in power to maintain control over what they have built. So, when there is a better breakthrough than the system they have, they will find ways to prevent people from using it.
Sane people will use their logic when there is a ban on using something that does not belong to them. If it is not for the negative intentions of the perpetrators, then what else could it be?

[Cookdata]

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?

I don't know but it depend on how dip that country economy must have been with crypto before the ban must have affected them. Let's used China as a case study, I still remembered the refreshly ban of Bitcoin and Bitcoin activities in China back in 2021, all mining operations were forcedly stop. There was a time some mining farms were raided, this affected the market badly because Chinese communities remains one of the biggest place where Bitcoin acceptance started but does the banned affect their economic?

Now, let's come back to El Salvador where Bitcoin and crypto are free service and legal tender, they have reserve where Bitcoin is kept and right now, that amount of money is coming close to $1B, if they wake up tomorrow and decide to ban Bitcoin which is unlikely but you never can tell, it's going to affect their economy because they heavily invested money in Bitcoin, that's public funds we are taking about. If there is a change in government tomorrow and they decide to dump their Bitcoin, it's going to have a down turn on their economy.

[Bitcoin Smith]

Banning the crypto or making it harder for the people to access is hurting the economy and the users as well. For example in India there is 30% taxation and now government is restricting every crypto casino and exchange that is not following the guidelines proposed by the government which seriously hinders the available option and people will find a way to bypass from this situation for tax and to access the better crypto platforms which may not follow the guidelines yet so it is loss of revenue for the government.

[The Cryptovator]

As crypto enthusiasts, we don't want crypto by the government. How do you feel banning crypto would help the economy? No crypto means there won't be any impact on the economy from cryptocurrency. But to me, if you ban crypto, then you are further back than whoever is allowing Bitcoin for their economy. Rather, crypto helps the economy to grow it. Because Bitcoin is a potential cryptocurrency that has just been moving forward. So at the same time, economies move together.

It doesn't make sense to ban crypto to protect citizens. Because crypto isn't something that could be stopped by the government. The ban is just limited to the paperwork. No one can prevent crypto transactions at all. So if any citizen wants to use crypto, they still can access it. Just the government will lose the tax. When the government loses a lot of tax, it means it won't be better for the economy.

[Versatile_choice]

It doesn't make sense to ban crypto to protect citizens. Because crypto isn't something that could be stopped by the government. The ban is just limited to the paperwork. No one can prevent crypto transactions at all. So if any citizen wants to use crypto, they still can access it. Just the government will lose the tax. When the government loses a lot of tax, it means it won't be better for the economy.

Even if the government of a country decide to ban crypto, still there are some set of people who would want to go behind thier back to continue with thier routine buying. So I don't get bordered whenever I heard issues regarding the government planning to ban crypto in a country, the restriction can only be for a particular set of people especially those  that like making thier purchase through bitcoin ATM as they will seize the machine or shut it down so that it will no longer be available. But as for those who are making thier purchase online is 100% free because they can stay in thier comfort zone to make thier purchase and no one will find out.

[sana54210]

Of course hurting. Crypto is a way to make money, not by just investing or trading, but also earning. Which means if you can allow bitcoin to be used, then workers in your nation could work for other nations and make money and bring bitcoin back to your country and make money from that.

It is such a clear situation that we are making a ton of money from this and could end up with so much profit from this as a nation. So, it should not be banned and the best path forward would be just acknowledge it and let it be legal to be used. Doesn't mean you have to accept it as legal tender, that would be a lot, but at least make it official that it is being used and that should not be something that is too hard to accept.

[letteredhub]

The argument that the ban on cryptocurrency in a country blocks innovation and suppresses investors is true, instead the government in those countries could create an appropriate regulatory policies serving as guideline that could provide enabling environment that would prevent scam and safeguard investors. Crypto driviee innovation and attracts investors from different industries and sectors.

Eventually they will realize that banning crypto only puts a stop on their growth and development and will be leaving them behind. The government has to keep up with innovations if they want to grow as a country they just need to address the risks or concerns they are so afraid of.

In all spheres of investment assets the investors morale to be confident in the environment with a feeling of trust and safety of their investment from market manipulation actors is inclined towards government involvement through the regulation measures and this improves government revenue through the income tax investors has to pay from what they profit in asset. And the more the investors the more revenue is accrued to the government, any astute government would know this and choose to regulate rather than ban.

[fruktik]

The government does not want economic control without their knowledge because, from a political perspective, all systems must be under their control so that they can control everything.
I am trying to explain that what is meant by crypto is not the many coins or tokens that are available, but rather Bitcoin. Here, I am not saying that Bitcoin is the same as crypto.

You are right that all of this is just an excuse made up by those in power to maintain control over what they have built. So, when there is a better breakthrough than the system they have, they will find ways to prevent people from using it.
Sane people will use their logic when there is a ban on using something that does not belong to them. If it is not for the negative intentions of the perpetrators, then what else could it be?

Governments around the world are also furious because they can't control these cash flows, nor can they issue them. But that's a completely different story. How can you govern people when you can't control the money? This poses a danger to those in power. With the advent of crypto, this situation is further exacerbated. Those in power have realized this and have imposed a strict ban on the use of crypto as a payment and settlement method. But this doesn't help. Those who want to pay this way will do so, despite the strict laws.

[bettercrypto]

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?

Why, even before Bitcoin or cryptocurrency was created, were there no scams happening in all countries? Many scams were already emerging even back then, which means scammers
have many ways to use different reasons to scam their victims.

What is the ultimate bottom line for why there are scammers? Isn't money the reason? Scammers simply saw an opportunity to scam because many community investors
are fascinated by Bitcoin or cryptocurrency, so they used it as a way to scam people. Wherever there is an opportunity, that's what scammers utilize.

[retreat]

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?

When more countries adopt and legalize cryptocurrency, while some tighten their regulations or outright ban it, it means they aren't truly protecting their citizens. They simply want to maintain control over their citizens' finances and prevent cryptocurrency from becoming a threat to established banks and their financial systems. If they truly care about their citizens, they should create clear and fair regulations so their citizens can continue using cryptocurrency. But instead, if they further restrict cryptocurrency use, it only indicates they are prioritizing their own interests and don't want more people using it.

[free-bit.co.in]

I don't know but it depend on how dip that country economy must have been with crypto before the ban must have affected them. Let's used China as a case study, I still remembered the refreshly ban of Bitcoin and Bitcoin activities in China back in 2021, all mining operations were forcedly stop. There was a time some mining farms were raided, this affected the market badly because Chinese communities remains one of the biggest place where Bitcoin acceptance started but does the banned affect their economic?

Now, let's come back to El Salvador where Bitcoin and crypto are free service and legal tender, they have reserve where Bitcoin is kept and right now, that amount of money is coming close to $1B, if they wake up tomorrow and decide to ban Bitcoin which is unlikely but you never can tell, it's going to affect their economy because they heavily invested money in Bitcoin, that's public funds we are taking about. If there is a change in government tomorrow and they decide to dump their Bitcoin, it's going to have a down turn on their economy.

I agree, whether banning cryptocurrencies will hurt or help a country's economy will depend on the health and size of that economy. China is proof of that, they banned bitcoin for years but they are still very strong.

Additionally, although El Salvador is making significant profits from its bitcoin investment. But I don't think early adoption of crypto will help them much either. Their economy is still on the brink of bankruptcy after 4 years of adopting bitcoin and crypto. They are not getting any better than many people think.

It can be said that Bhutan is the only country that has benefited from the adoption of bitcoin. But it's a combination of cheap electricity and bitcoin mining, and not every country has that advantage.

[MykeAdams]

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?

The most important aspect is that cryptocurrency transactions cannot be controlled. Financial authorities cannot track the movement of funds. And this is incredibly infuriating for those at the helm of the country.

Hasn't cash been used for criminal purposes before? The question is rhetorical. The authorities have simply found a pretext to ban crypto. This is a new wave of freedom, and this cannot be allowed. The people must be subjugated and controlled.

The answer depends on how and why a country would want to ban crypto. But actually they do have advantages and disadvantages to a country.

For example, protecting citizens from scams and volatility. Many country are aware of how volatile the crypto market can be, how its filled with fraud etc, so they do ban and thinking it might also be of help to prevent losses from unexperienced investors. Some countries ban crypto because it weakens thier national currency and fully afraid as they don't have control or ownership to it.

The disadvantages are so grievous for one to even mention, if crypto is banned from a country it reduces technology growth, crypto brings about interest between two countries and if being banned can drive away foreign investors from other countries. Crypto and other mining operations creates self income for an individual reducing the rate of poverty.

To crown it all, I suggest regulation instead of total ban, looking at countries like the U.S, UAE, UK and so on regulate and pay close watch on crypto and don't see ban as an option, this way can reduce the risk.

[YOSHIE]

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

If you talk about a crypto ban, the impact of a crypto ban on a country can be both.
• Impact of potential economic losses for the country from the crypto ban.
1. We know that so far the largest country generates taxes from crypto. If a ban occurs, it is clear that the economic turnover from taxation will be lost.
2. The state understands that investors are the spearhead for the country in innovation and investment, including technological development, meaning that banning crypto is the same as driving away investors, clearly the impact of the country being losses and many other things that can harm the country from an economic perspective.
• Impact of potential economic benefits for the country from the crypto ban policy.
1. Prohibition can increase the country's financial stability and can limit the criminal risk of money laundering and terrorist financing, clearly in such situations it can protect the public.

So, that is my understanding that a crypto ban can be detrimental to the country and beneficial to the country.

[RockBell]

Even if the government of a country decide to ban crypto, still there are some set of people who would want to go behind thier back to continue with thier routine buying. So I don't get bordered whenever I heard issues regarding the government planning to ban crypto in a country, the restriction can only be for a particular set of people especially those  that like making thier purchase through bitcoin ATM as they will seize the machine or shut it down so that it will no longer be available. But as for those who are making thier purchase online is 100% free because they can stay in thier comfort zone to make thier purchase and no one will find out.

And what the government should understand is that even if they should ban ot people will still find there way around because there ways that a lot of things are going to go about it, and people are no longer concerned about what the government thinks intact people are hoping they don't legalize it because if the government should legalize they will have more opportunity to want to tax it, and because of tax sole people have left there countries because of tax because the government go ahead taxing almost 30% for what exactly.

And it will be good to make proper enquiry before setting up does machines and if it's for personal na use like in a grocery store, I don't think the government have anything better to do because I choose what payment method to accept in my store, sometimes I think what the government is doing is very unnecessary because what's really there problem with crypto currency.

[Oluwa-btc]

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?

Bitcoin isn't getting in the way of anything so banning crypto as a whole isn't going to help normalize the scams and fraudulent acts in the country, it could even get worse but deep down the reasons for the scam and financial instability isn't as a result of crypto existence and taking such drastic actions has posed fear and rejection of which it's not going to help the country and citizens already involved.

[Mate2237]

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?

The question you ask yourself is how does crypto currency affect the economic performance of a country .any country claiming that crypto currency is the reason why there's economic problems in their country is lieing and is not saying the truth as far as am concerned because, the economic performance of any country is directly proportional to the policies and environment that any government takes to make sure that their country have a good economy.



Crypto is one good way that government can even partner to have a good economy, Bitcoin has offered recent been of interest of many countries because governments which are progressive and forsighted enough has seen the potential that crypto currency has like Bitcoin that is why they are investing into it.

[dezoel]

When more countries adopt and legalize cryptocurrency, while some tighten their regulations or outright ban it, it means they aren't truly protecting their citizens. They simply want to maintain control over their citizens' finances and prevent cryptocurrency from becoming a threat to established banks and their financial systems. If they truly care about their citizens, they should create clear and fair regulations so their citizens can continue using cryptocurrency. But instead, if they further restrict cryptocurrency use, it only indicates they are prioritizing their own interests and don't want more people using it.

That is what a dictatorship does. If you weaken the power of their fiat by using crypto, they will react to it and act as if you have done something terrible. But in reality we are not doing something bad, we are doing something normal by wanting more. It is not that complicated to get the best from this, it is totally normal to react the way we do by wanting something better and considering fiats are usually terrible (unless you are Swiss or something) then you are going to end up with better returns from bitcoin.

So wanting better returns means you are taking control over your own money and any dictatorship that loses that control will go mad with power lust and will ban it. So if you are living in a nation that bans bitcoin, know that you are in a dictatorship, or a dictator wannabe is running it.

[Emeraldo]

Who is it going to affect if the government ban crypto? It will be the politicians and government workers.
Anybody can bypass the ban and buy Bitcoin from p2p market and the government will not know. I pity the government if they decide to ban Bitcoin when other nations are creating reserves to hold Bitcoin because of it potentials. The government will benefit more from holding Bitcoin and that can make the country to create jobs for people and make money through taxation. Live is hold with Bitcoin and nothing more.