currency: 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.

Design

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

In my opinion, maybe digital currency can replace money in a tangible form that creates fear in the government of a country, or causes criminal acts of money laundering committed by someone who has special interests in a country, such as money laundering resulting from corruption of state money.

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

i think saudi arabia, or maybe india that has so much crypto adoption, apart from that maybe more countries that will follow china's footsteps to ban crypto think that china is a big country that has a big level of trade,

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

may collapse slowly considering the panic of a news, which causes everyone to panic and sell their assets so as not to suffer huge losses as a result of a ban in a country

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

Bussiness owner

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

This may be because they don't have any rules or regulations that support cryptocurrencies. And perhaps look at the volatility of the crypto market that outweighs fiat money. and their people do not have enough knowledge and understanding Especially China. Their people love to change and corrupt digital currency.

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

I think when cryptocurrencies are popular all over the world. Until then, China will have to accept. and adapting to adapt to changes with the United States and the European Union is leading

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

I don't think any country can ban the digital currency market. If his people are forbidden They will trade on the black market. will create more problems for their country

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.

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.

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.

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