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

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.

Global Strategist

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

There are philosophical reasons for governments to oppose to the adoption of cryptocurrencies. Governments derive great economic and social control through their centralized control of fiat currency and the banking system. The Chinese government, being a communist government, will be particularly opposed to any technology that threatens their existing control of their citizens and economy.

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

There seems to be a couple of trends in countries that have banned crypto: First - an authoritarian government (expressed through various political ideals). Second - Islamic countries with a large population tend to ban cryptocurrency. Third - Governments that believe Cryptocurrency is a destabilizing force in their economic control. As such: Yemen, Niger, and Turkey are all candidates. While they may not be directly following China in religious or political ideals - the values of decentralized finance are in direct opposition to their own value system. In addition - due to political ties, and an already strained relationship with cryptocurrency, it would not be a surprise if Russia followed China's ban.

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

Short term pullback - there are people trend trading, who will rightly see this as a market reduction. The market will shrink dramatically in those countries, although, it will not disappear altogether. The people who are willing to flaunt the government regulations are in the minority. Given that these participants are invested in cryptocurrencies because of a deeply held value set - you should expect to see more long term holders in this group. This creates a bullish long term outlook, since they are still able to interact with the global cryptocurrency community. Cryptocurrencies directly challenge the centralized economic control of fiat currencies. There will always be a market seeking this type of financial freedom. As long as there is that community, cryptocurrencies have a bright future.

Travelling

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

I think it's from the laws of a country or maybe with a lot of cryptocurrency users it can affect the finances of a country that's why it's forbidden to use cryptocurrencies

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

Some countries such as Russia, Vietnam, Bolivia, Columbia, and Ecuador also prohibit the prohibition of crypto currency as a means of payment or even prohibit investment, especially for bitcoin currency

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

Some countries such as Russia, Vietnam, Bolivia, Columbia, and Ecuador also prohibit the prohibition of crypto currency as a means of payment or even prohibit investment, especially for bitcoin currency

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

Economist

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

They want a system that they can manage. This is because they can benefit and have power only when they are under their own control. I think that being incorporated into the system itself gives them power in their hands.

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

I think Korea will follow China's policy after China. Korea's current president is implementing a policy that is as good as a socialist believer. Also, Korea's current major political faction wants all people to be equally poor.

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

China's ban on cryptocurrency does not seem to have a significant impact. Ultimately, I think China will open the market again if it is judged to be controllable through CBDC.

Technician/I.T.C Consultant

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

Using my country NIGERIA as a case study, LOL! well there is no much thing to say! It's something very clear and the actual truth is that the government authority thinks that since Cryptocurrencies are decentralized and not controlled by anyone, organization or individuals cannot be monitored, censored and controlled unlike the conventional fiat currency and as such, money laundering, fraud and several criminal acts can be done with it without a trace to the perpetrators. Although, some major crypto exchanges and crypto creators have found a way to integrate owners details to it but still not upto 65% of it is an actual reality! Some can still own a very large number of crypto coins without there identity exposed or known to any financial institution or governmental bodies! Also, this has given rise to hacks, scamming and defrauding of all sort which till date is still hard for the financial crime control to curb! With this, I still affirm that no matter how much this issue has lasted or has been on the table, and as long as cryptocurrencies remains uncontrolled, it will still be hard for the government to fully support cryptocurrencies! I rest my pen for now!

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

As a matter of fact, many third world countries may still find Bitcoin and it's counter-part a threat! India Pakistan Iran Italy Korea Some American countries and even some African countries still sees it a disastrous development!

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

On a heavy blow, the crypto will have a significant fall in price! But since the government still belongs to the people, in a matter time, the crypto market will still rise because the government has no option than to find a way to succumb to the people's decision! Cryptocurrency is here to stay!

Cryptocurrency Research & Blockchain Analyst

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

Many countries have a similar expectation I'd assume in that they fear cryptocurrency will weaken their own economy in the end. They fear handing something over with which they have been using for many decades, especially for a purely digital form of asset which isn't touched by the hand. China may be the best example of this in my opinion. Their economy has been rather steadfast & for a rather long time that it's in a way kind of understandable. But in the end, the digital will eventually take the world over. If they don't accept it as a form of payment now they'll be forced to later on anyway. Once airports & plane tickets start being paid for using bitcoin or any other cryptocurrency for that matter, then I cannot see how they wld deny the fair & legal usage of a bitcoin type currency.

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

Possibly the big economical giants. Such a Russia, United Kindgom, USA but only initially. As soon as the first folds into seeing just how easily unstoppable & practical digital payments will be in the end, there won't be much choice but to accept it.

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

I think it's a tricky cake to slice, cld either have the knock on effect of causing hodlers to hodl even more & more whales being created out of it, or the price climb will merely attract more people globally to invest their fiat earnings into cryptocurrencies.

Developer

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

The countries that ban crypto wants to enjoy monopoly of currency supply. Every country treasures its monopoly on controlling the supply and demand” of currencies, prominent investor Ray Dalio pronounced in April. “They don’t want other monies to be operating or competing, because things can get out of control.

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

I think Nigeria will follow in the footsteps of China and there is Indonesia and Uzbekistan. There's strong opposition to crypto in these countries

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

We can speculate on what value cryptocurrency may have for investors in the coming months and years (and many will), but the reality is it’s still a new and speculative investment, without much history on which to base predictions. No matter what a given expert thinks or says, no one really knows. That’s why it’s important to only invest what you’re prepared to lose, and stick to more conventional investments for long-term wealth building.

Full Stack Developer / Crypto / Blockchain

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

So many countries are banning cryptocurrencies due to various reasons like they are getting worried due to the decentralized nature of the cryptocurrencies, the risk of crypto usage in the money laundering acts, risks of criminal activities, etc.

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

I guess Australia, Bangladesh, Nepal, Egypt, Morocco, Iraq, Malaysia, and South Korea can be the next countries to ban crypto as China has already declared it to be illegal in the mainland of China. The list can be even longer than I have mentioned here.

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

It will affect the cryptocurrency markets as the effects were started to be seen just after China issued a ban against crypto. You know, the more the adoption of cryptocurrencies in this world, the stronger will be its markets' situation.

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