Will cryptocurrency be banned or not?
This is a question that has been on the minds of many.
The debate is heated and opinions are diverse, but in this article, we will explore both arguments with as much depth as possible.
We will also discuss what to do if such a ban were to happen will we have to wait for another tempest like Bitcoin for an opportunity similar?
That’s not all.
But you get to see the updated list of countries where Bitcoin and related cryptocurrency operations have been banned over the years.
But generally speaking…
Will Cryptocurrency Ever Be Banned?
If cryptocurrency will ever be banned will depend on the country and its policy.
That’s the short answer.
You see, if a country does not see any benefits in cryptocurrencies (or see crypto as a threat), then they will ban them without thinking twice.
On the other hand, if there are some advantages of using these digital currencies that can lead to an increase in economic growth or productivity for instance; some countries will consider it more positively than others.
For example, many major and developed countries have shown increased interest over time because of its high-profile Bitcoin exchange market which creates jobs and leads to new avenues for investments – a result beneficial for both parties involved in this business transaction (business owners as well as customers).
Countries such as the U.S., Canada, and the U.K. allow the use of Bitcoin.
Even though crypto has been in existence for over a decade now, it’s still in its infant stage to be widely accepted by all.
Countries will have their own individual perspectives and will also be waiting on the storm to pass before making any decisions about regulation or banning cryptocurrency altogether.
Since major countries like the U.S, Canada, and the U.K. have embraced crypto – I see things getting better.
So, it is fair to say that cryptocurrency will never be banned because of the many benefits it has to offer.
Some Benefits of Cryptocurrencies are:
- global accessibility
- low transaction fees
- security and protection from cyber threats.
- a store of value (compared to fiat currency) that doesn’t depreciate over time
- safer than carrying cash around on payday Fridays from all the robberies going on
Is it Possible to Ban Cryptocurrency?
Well, the answer is: “It will not be possible to ban cryptocurrency.”
It will never happen because it would require a global agreement.
The reason why there are no good arguments for banning cryptocurrencies is that they offer so many benefits and can’t really hurt countries or economies if used responsibly by citizens.
Bitcoin has proved itself as the best currency of all time against which other fiat currencies should be measured, just like the gold standard was in the past.
Cryptocurrencies have also proven themselves better than precious metals such as gold since their values don’t depreciate over time instead they increase with market demand at an exponential rate while gold remains unchanged (except during recession). You know, if we compare the costs of mining one ounce of
What Happens if U.S Bans Bitcoin?
Many will assume that if the U.S bans Bitcoin, then all other countries will follow suit and will ban cryptocurrency too.
This is not true since some nations have stricter regulations on cryptocurrencies than others that don’t enforce any kind of restrictions at all (more like Japan).
Japan currently has the world’s most progressive regulatory climate for cryptocurrencies and recognizes Bitcoin and other digital currencies as legal property under the Payment Services Act (PSA).
The truth about banning Bitcoin or anything else has to do with economics. Economics in the sense that will it be worth the economic costs?
If cryptocurrency will ever become a major part of our global economy, then countries will have to face up and adopt regulations in order to make sure they don’t lose out on any opportunities for growth.
Bans on cryptocurrency would only be successful if all governments worldwide unite together with one goal: the destruction of cryptocurrencies.
I think it goes without saying that when governments institute laws against something, there inevitably needs to be good reasons for doing so.
And those need to be well-thought-out arguments before making an irrational decision based on hype or hysteria such as what happened during the
Will Crypto be Banned in the U.K?
The UK will not be banning cryptocurrency. At least not today, not tomorrow.
This is because the government will only ban it if there are strong reasons to do so, which at this point have yet to become apparent.
Although, I will not be surprised if the UK bans cryptocurrencies.
While the FCA, and the U.K. as a whole, does not regulate cryptocurrencies as when writing this, it requires exchanges to be registered to operate, which means crypto-related companies must comply with anti-money laundering measures at all costs.
This means offering services such as trading and selling cryptocurrency derivatives does require authorization.
Countries Where Bitcoin and Crypto Activities Have Been Banned
While the regulatory situation in some countries is still unclear, others have brought a halt to crypto activities.
Here is the list of countries where cryptocurrencies have been banned:
Bitcoin is, for all intents and purposes, banned in China. All banks and other financial institutions like payment processors are prohibited from transacting or dealing in bitcoin.
Cryptocurrency mining and exchange operations are also banned.
The largest cryptocurrency market in Africa – Nigeria says no to crypto exchanges.
They banned banks and financial institutions from providing crypto services.
Turkey’s central bank has banned the use of cryptocurrencies and crypto-assets including Bitcoin to purchase goods and services, citing possible “irreparable” damage and significant transaction risks.
- South Korea
What is the Verdict?
Will cryptocurrency be banned? This will depend on how much the government and financial institutions think it will impact their business. If they see advantages in adopting digital currencies, then governments may not ban cryptocurrencies at all.
However, if the government is afraid that crypto will cause harm to people’s savings or other investments without any benefits for them, a complete ban might happen.
Countries like Turkey have already imposed bans as they are concerned about “irreparable” damage and significant transactions risks involved with trading cryptos.
The largest market of Africa – Nigeria has also prohibited banks from providing crypto services.
While countries like the U.S, U.K, Canada, and Japan will not ban the trading of cryptocurrencies in their countries…
Governments will regulate cryptocurrency to provide a safe environment for crypto users as well as the general public.
This will ensure that these currencies are used only by those who know what they’re doing.
There will be regulations on how to prevent fraud and scams which will help keep people from just throwing money at something without researching it first.
This will protect them both physically and digitally.
Making sure that no one gets scammed or hurt financially because of their ignorance about this new form of currency.
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