bank: Crypto is banned in China and other countries, but why?

UX Researcher and Designer

What do you think is the reason for crypto being banned in countries?

El Salvador took a great leap of faith for humanity by making bitcoin legal tender, it is still too early to conclude the decision as correct, but many see this action with positive eyes no matter how good or bad things could turn out. In the case of nations that are enthusiastic about banning bitcoin, there are different variables such as: 1. The government has an ongoing project of CBDCs. 2. Sell the FUD to buy the DIP themselves. 3. Loss of control over the masses. 4. Staggering in domestic monetary policies. 5. Stubbornness. And a handful more adjectives for the 1% of old minds who don't understand anything new. Anyway, they can ban bitcion here and there but the metaverse is here and it's here to stay. I live in a country where any form of currency not issued by the local central bank is supposed to be prohibited. Still, they are promoting sandboxes with neobanks around here and attracting international exchanges to open the doors to investment over there. The strategy with bitcion for me is now clearer. If it dips, I buy. If it keeps dipping, I keep buying, and if it dips more I bought more.

Which countries in your opinion will follow China's lead and prohibit cryptocurrencies?

Those where social control is an intrinsic characteristic and where some type of CBDC project is either in the Research stage or in the Development stage or in the Pilot stage, such as Nigeria or South Korea (https://www.atlanticcouncil.org/cbdctracker/)

What do you think will happen to the crypto market in general after more countries start banning cryptocurrencies?

Most likely, the price will go down but more and more I feel that the antifud community is better consolidated that we know that the price will go to the moon no matter what.

IT

What do you think is the reason for crypto being banned in countries?

The first is the growing number of crypto scams – they grew 40% in 2020 and are forecast to increase by 75% this year – and its links to illicit finance. In theory, restricting the mining and use of cryptocurrency should eliminate this problem. Practically speaking, however, bans do little to dissuade criminals. Scammers will scam, and outlawing cryptocurrencies merely provides “an illegal onramp” for these digital assets in a given jurisdiction The second reason for banning cryptocurrency, is the threat it poses to government-directed monetary policy. While bitcoin or Ethereum may provide citizens with a useful hedge against a plunging national currency, cryptocurrencies undermine central banks’ ability to use monetary policy to fix the problem underlying the currency depreciation, and diminish their influence over investment, spending, or inflation within their jurisdictions.

Which countries in your opinion will follow China's lead and prohibit cryptocurrencies?

Russia While cryptocurrency isn’t outlawed in Russia, there is an ongoing conflict being waged against its use. Russia passed its first laws to regulate cryptos in July 2020, which for the first time designated cryptocurrency as property liable to taxation. The law, which came into force in January this year, also bans Russian civil servants from owning any crypto assets. Russian President Vladimir Putin has repeatedly linked cryptocurrency with criminal activity, calling for closer attention to cross-border crypto transactions in particular. In July, the prosecutor general announced new proposed legislation which would allow police to confiscate cryptos deemed to be illegally obtained citing its use in bribery. Vietnam The State Bank of Vietnam has declared that the issuance, supply, and use of Bitcoin and other cryptos are illegal as a means of payment and are subject to punishment of fines ranging from 150 million VND (€5,600) to 200 million VND (€7,445). However, the government doesn't ban Bitcoin trading or holding them as assets.

What do you think will happen to the crypto market in general after more countries start banning cryptocurrencies?

I think the convenience of cryptocurrencies cannot be ruled out. It is possible that the cryptocurrency will depreciate from its current value. But will then return the value, and possibly increment further. Because above all, there are a lot of big investors and there are people who still believe in the use and recognition of cryptocurrencies.

Psychologist

What do you think is the reason for crypto being banned in countries?

Turkey is one of the countries that banned cryptocurrency usage in daily life. You can not buy or sell any product in exchange. Turkey's Central Bank sees dangers in the new practice, and on April 16 banned the use of cryptocurrencies and crypto-assets for purchases from April 30, citing “irreparable” damage and transaction risks. As you know Turkey's inflation is rising every day. This is a sign that taxes have a huge place in the economy, which helps it stand if you would use that term. Blockchain and cryptocurrency are something most of the countries trying to adjust with and some of them will have a hard time doing that. What I think is that the countries with a free and strong economy might adapt easier. And of course, we should consider the politics and cultural assets in this field. Look at the number of trading of cryptocurrency in Turkey. You will see that Turkey is one of the top counties. Why? People are trading small amounts but almost 1 out of 5 people trades and many of them lose more than they could afford. They know nothing about the blockchain system. They have never read the whitepaper of the projects they are investing. This is about mindset, this is about lifestyle. This could be over with the correct education provided. People need to know what is blockchain, how to use it, what are the risks, and more. With the right steps taken nothing is impossible. No one can compete with this new system. So it is either you are in or out and I know one day everyone will be on board.

Which countries in your opinion will follow China's lead and prohibit cryptocurrencies?

In Turkey, inflation is around 20% announced just a few days ago. There are taxes added to everything almost every month so I think it would be Turkey since inflation makes them cover their steps economically.

What do you think will happen to the crypto market in general after more countries start banning cryptocurrencies?

More countries will ban cryptocurrencies and after some time they will see that it is unstoppable they will come to a conclusion that they are better with it.

Community manager

What do you think is the reason for crypto being banned in countries?

Bitcoin and other Crypto-Currencies are considered outlaws in some of the countries as the Government and the financial institutions are not able to control or regulate them. And Cryptocurrency Market attracts Criminals and people interested in tax evasion and money laundering.

Which countries in your opinion will follow China's lead and prohibit cryptocurrencies?

Turkey, bolivia,ecuador,columbia,vietnam,russia,saudi arabia, mongolia, libya, sudan, iran, iraq government and its state bank maintain that bitcoin is not a legitimate payment method, though it is not regulated as an investment.

What do you think will happen to the crypto market in general after more countries start banning cryptocurrencies?

Its keep straight, just as usual, there are some countries that prohibit it but on the other hand there are also many countries that legalize it. so I think the development of the crypto market will be the same, maybe it will also increase

infosec

What do you think is the reason for crypto being banned in countries?

People's Bank of China can't control it. The wrong people might get wealthy. Digital Yuan give that control back to the gov't, keeps the citizens under control.

Which countries in your opinion will follow China's lead and prohibit cryptocurrencies?

I would expect emerging economies or those with high rates of corruption will follow. Anti-laundering laws will be used as cover to introduce regulations,

What do you think will happen to the crypto market in general after more countries start banning cryptocurrencies?

People will find a way around the bans until it can't be controlled or a leading nation formally adopts a digital currency. It's out of the bottle, it can't be put back.

Crypto analyser

What do you think is the reason for crypto being banned in countries?

The relationship between governments and cryptocurrencies has always been tense. In some countries, this has led to outright bans on buying, owning, and trading. The outright prohibition of cryptocurrencies mainly happened around 2017 and 2018, coinciding with bitcoin’s (BTC) bull run. As central banks and governments noticed the surge in interest in cryptocurrencies, ignoring this growing market was no longer an option. While those were the biggest years for bans, some countries continue to consider prohibitions on these coins they can’t control. Turkey bans crypto payments Most recently, the central bank of Turkey enacted a ban on cryptocurrency payments. However, this move wasn’t a surprise, as the country had been tightening restrictions on the cryptocurrency exchanges over the last few months. Turkey’s reason for this ban is the lack of regulation and a central authority for the coins. They consider this a risk to investors who can’t recover any losses. India continues to threaten a ban India’s government has yet to pass anti-crypto regulations. However, a draft bill proposing the ban on private cryptocurrencies will soon go before the Indian parliament. One of the reasons is because it believes cryptocurrencies fund illegal activities. However, the government isn’t against digital currencies entirely. It is also looking at its own central bank digital currency (CBDC), the digital rupee. Nigeria says no to crypto exchanges Nigeria doubled down on its crypto ban in February 2021. The largest cryptocurrency market in Africa has had a ban on banks and financial institutions providing on and off-ramp crypto services since 2017. In addition, the announcement even threatened to close bank accounts found using cryptocurrency exchanges Bolivia’s ban continues Bolivia’s central bank banned any decentralized cryptocurrencies in 2014. It made provisions to allow those created by the government, however. This ruling was put in place to protect the national currency and protect investors. At the time, Bolivia was the only country in South America with an outright ban. Ecuador follows Bolivia in banning crypto Ecuador quickly followed Bolivia, implementing an outright ban on decentralized currencies, later in 2014. In a vote in the National Assembly, the government amended the monetary and financial laws to allow for payments using “electronic money,” while prohibiting coins not controlled by the state. Algeria doesn’t support internet money In 2018, Algeria outlawed the use of cryptocurrencies. A translation of the law from Arabic defines cryptocurrency as: “A virtual currency is one used by internet users over the internet. It is characterized by the absence of physical support such as coins, paper money, or payments by check or credit card.” Those breaking this ban are punishable under the financial laws already in place. Crypto could mean jail in Nepal Nepal banned cryptocurrencies in a 2017 notice by the Nepal Rastra Bank. Shortly after this notice, law enforcement arrested seven people for running a cryptocurrency exchange. At the time, they faced fines and possible jail time. Currently, the case is still pending. South Korea is not interested in privacy coins Cryptocurrencies are legal in South Korea, with some big players in the space coming from the region. However, the country started 2021 by banning privacy coins like zcash (ZEC) and monero (XMR). The government told crypto exchanges in the country to delist the coins from March 21. The reasons for the ban related to cybercrime syndicates and money laundering. As a result, the South Korean government considers the extent to which privacy coins provide anonymity a hindrance to law enforcement. Qatar prohibits banks from dealing with crypto Qatar warned banks against trading in cryptocurrencies, in 2018. A circular from the Supervision and Control of Financial Institution Division at Qatar’s Central Bank warned banks not “deal with bitcoin, or exchange it with another currency, or open an account to deal with it, or send or receive any money transfers for the purpose of buying or sell this currency.” Those caught were told they will face penalties. In Egypt, crypto is haram Cryptocurrencies are not directly banned in Egypt. However, the Islamic legislator declared transactions with cryptocurrencies haram (prohibited) under Sharia law, in 2017. The Dar al-Ifta considers cryptocurrencies possibly damaging to national security and the economic health of Egypt. Bangladesh doesn’t support crypto Since 2017, Bangladesh has banned cryptocurrencies. The central bank warned against transactions in bitcoin. As it said these are illegal. As a result, trading with unnamed people may go against the country’s Money Laundering Prevention Act. It asked citizens “to refrain from performing, assisting, and advertising all kind of transactions through virtual currencies like Bitcoin to avoid financial and legal damage.” Bans come and go, but crypto stays This list isn’t exhaustive, and bans on cryptocurrencies often change. As mainstream acceptance of bitcoin grows, it’s possible the legal landscape globally will change even more. While it appears some countries are moving towards more restrictive policies, other governments are considering ways they can participate in the future of digital money. In most cases, this is through a central bank digital currency. https://www.google.com/amp/s/finance.yahoo.com/amphtml/news/countries-banned-cryptocurrencies-why-210500613.html

Which countries in your opinion will follow China's lead and prohibit cryptocurrencies?

Algeria Algeria currently prohibits the use of cryptocurrency following the passing of a financial law in 2018 that made it illegal to buy, sell, use or hold virtual currencies. Bolivia. Indonesia Egypt Columbia Iran Iraq

What do you think will happen to the crypto market in general after more countries start banning cryptocurrencies?

Cryptocurrency Regulation Expect continued conversations about cryptocurrency regulation. Lawmakers in Washington D.C. and across the world are trying to figure out how to establish laws and guidelines to make cryptocurrency safer for investors and less appealing to cybercriminals. “Regulation is probably one of the biggest overhangs in the crypto industry globally,” says Jeffrey Wang, head of the Americas at Amber Group, a Canada-based crypto finance firm. “We would very much welcome clear regulation.” China announced in September that all cryptocurrency transactions in the country are illegal, effectively putting the brakes on any crypto-related activities within Chinese borders. In the U.S., things are less clear. Federal Reserve Chair Jerome Powell said recently that he has “no intention” of banning cryptocurrency in the U.S while Security and Exchange Commission Chairman Gary Gensler has consistently commented on both his own agency’s and the Commodity Futures Trading Commission’s role in policing the industry. Gensler recently went so far as to say investors are “likely to get hurt” if stricter regulation is not introduced. Plus, the IRS has an obvious interest in making sure investors know how to report virtual currency when they file their taxes. Like most things with cryptocurrency, regulation comes with hurdles. “There are different agencies that may or may not have jurisdiction to oversee everything,” says Wang. “And it differs state by state.” Clear regulation would mean the removal of a “significant roadblock for cryptocurrency,” says Wang, since U.S. firms and investors are operating without clear guidelines at the moment. https://time.com/nextadvisor/investing/cryptocurrency/future-of-cryptocurrency/

Freelance

What do you think is the reason for crypto being banned in countries?

The People's Bank of China declared that Bitcoin has no value. Although it's not the first time China has made such claims, this could be a signal for other countries to follow.

Which countries in your opinion will follow China's lead and prohibit cryptocurrencies?

Countries such as Indonesia, Turkey, Egypt, and Uzbekistan fall into the category of "blocked" countries. Some of them recognize cryptocurrencies as legal, but they prohibit them from being treated as payment tools. Other countries have completely banned cryptocurrencies.

What do you think will happen to the crypto market in general after more countries start banning cryptocurrencies?

I think it will impact to the price of any token in cryptocurrencies. It will make a crash at market. So many people who hold their token will sell it

Pharmacist

What do you think is the reason for crypto being banned in countries?

While bitcoin is welcomed in many parts of the world, a few countries are wary because of its volatility, decentralized nature, perceived threat to current monetary systems, and links to illicit activities like drug trafficking and money laundering. Some nations have outright banned digital currency, while others have tried to cut off any support from the banking and financial system essential for its trading and use.

Which countries in your opinion will follow China's lead and prohibit cryptocurrencies?

Russia Bitcoin is not regulated in Russia, though its use as payment for goods or services is illegal. Vietnam Vietnam's government and its state bank maintain that bitcoin is not a legitimate payment method, though it is not regulated as an investment. Bolivia, Columbia, and Ecuador El Banco Central de Bolivia has banned the use of bitcoin and other cryptocurrencies. Columbia does not allow bitcoin use or investment. Bitcoin and other cryptocurrencies were banned in Ecuador by a majority vote in the national assembly.

What do you think will happen to the crypto market in general after more countries start banning cryptocurrencies?

Some countries have placed limitations on the way Bitcoin can be used, with banks banning its customers from making cryptocurrency transactions. Other countries have banned the use of Bitcoin and cryptocurrencies outright with heavy penalties in place for anyone making crypto transactions. These are the countries that have a particularly fraught relationship with Bitcoin and other altcoins.

Student

What do you think is the reason for crypto being banned in countries?

Seeing the financial risks of these crypto assets, several countries are trying to make regulations that can regulate the industry of this digital currency. However, there are also some countries that prohibit cryptocurrency transactions in their territory. Most recently, there is China which strictly prohibits mining and trading of cryptocurrencies such as crypto bitcoin, ethereum, degocoin, etc. This eventually caused some crypto miners such as HashCow, BTC.TOP, and Huobi to stop their services in mainland China.

Which countries in your opinion will follow China's lead and prohibit cryptocurrencies?

Bank Sentral Turki resmi melarang penggunaan Bitcoin dan kripto lainnya sebagai alat transaksi pembayaran untuk membeli barang dan jasa. Larangan ini efektif per 30 April 2021.

What do you think will happen to the crypto market in general after more countries start banning cryptocurrencies?

More and more countries that prohibit crypto currency or crypto currencies such as crypto bitcoin, ethereum, degocoin, etc. are increasing. Cryptocurrencies such as crypto bitcoin, ethereum, degocoin, etc. have a high risk and are considered a danger to the financial system

senior full stack dev

What do you think is the reason for crypto being banned in countries?

1. Cryptocurrencies are not currencies. Cryptocurrencies cannot yet be considered currencies because the money must be issued by a central bank and recognized by countries. Currency fluctuations affect the balance of payments, commodity prices as well as other currencies. However, cryptocurrencies do not have the aforementioned properties. 2. high level of risk. According to research by ICO consulting firm Satis Group, in 2017, approximately 78% of ICO projects were scams, 4% failed, 3% were "dead", and only 15% of projects It can be understood simply that there are 10 new coins conducting ICO, up to 8 coins will have no products and in the remaining 2 coins, there will be 1 "dead" coin. 3. Cryptocurrency is a product from blockchain, it is not regulated and cannot be controlled by any country or bank. All transactions are anonymous and highly secure. Therefore, many people fear that bitcoin and other cryptocurrencies can be a money-laundering tool for criminals.

Which countries in your opinion will follow China's lead and prohibit cryptocurrencies?

Turkey Bans Cryptocurrency Payments India hasn't actually enacted crypto bans yet Nigeria says no to crypto exchanges Bolivia's crypto ban is still in effect Ecuador Maintains Cryptocurrency Ban Algeria does not support cryptocurrencies Using Cryptocurrency Could Mean Jail in Nepal Korea doesn't care about the privacy of these coins Qatar bans banks from trading cryptocurrencies In Egypt, Cryptocurrencies Are Banned Bangladesh does not support cryptocurrencies

What do you think will happen to the crypto market in general after more countries start banning cryptocurrencies?

First there will be strong sell-offs from scared investors, the market will fall deeply but still not enough to destroy the crypto market, and in a few years the market will recover and investors will bravery will win

This is not a financial advice. Please do your own research and consider the risks of trading cryptocurrencies.