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

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

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.

Crypto

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

Countries, Try to ban for legal use of cryptocurrencies are fear to move thier economy from central control to private control ,even everybody knows well nobody can't trace real owner of crypto tokens they are afraid to loose thier income tax probably 😀. Other side China can't ban crypto but they are trying to create own crypto and later or sooner chine force to all connected businesses with Chinese to do with only thier created crypto . That's it

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

Other counties who feeling down from China may follow their steps but not all . Few countries allowing to use crypto leagaly later or sooner crypto going to be legal on this planet .

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

Some countries may ban crypto but they can't decline blockchain and crypto lovers of their country can't sit quit without using crypto in thier choice activities like , trading , defi farming, investing and much more

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

Self employed and motivated crypto trader and defi analyst

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

China's central bank said on Friday that all cryptocurrency-related transactions are illegal in the country and they must be banned, citing concerns around national security and “safety of people's assets.” ... Offenders, the central bank warned, will be “investigated for criminal liability in accordance with the law." (Techcrunch, 2021). Nigeria is also not left out and various other countries. Cryptocurrency is faced with price fluctuations and volatility hence assets can be liquidated if invested without proper knowledge and in a bid to protect their citizens from these occurrences, many countries turn to a strict disuse or ban of this currency. Countries like Algeria, Colombia, Egypt, Indonesia and the likes have banned crypto. I sympathise with them cause crypto is the future!

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

The united States The U.S has taken a generally positive stance toward bitcoin, though several government agencies work to prevent or reduce bitcoin use for illegal transactions. Prominent businesses like Dish Network (DISH), Microsoft, Subway, and Overstock (OSTK) welcome payment in bitcoin. The digital currency has also made its way to the U.S. derivatives markets adding to its legitimacy. Top of that, The U.S. Department of Treasury's Financial Crimes Enforcement Network (FinCEN) has been issuing guidance on bitcoin since 2013. The Treasury has defined bitcoin not as currency, but as a money services business (MSB). This places it under the Bank Secrecy Act, which requires exchanges and payment processors to adhere to certain responsibilities like reporting, registration, and record keeping but they are kind of in-between. More like mixed feelings. Russia. I think Russia is looking into it though it has been debated for a while but I feel they are next in line to ban cryptocurrency and they have passed the law of recent in July 2021 to regulate crypto usage.

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

When we say the ban, we mean that the transactions between the bank and your crypto exchanges will be stopped. This means that you will not be able to convert your local currency into buying any kind of cryptocurrency. This also means that you will not be able to liquidate your HODLed cryptos and get them encashed. A decline in price for sure will suffice at some point. It would create a term called FUD (fear uncertainty and doubt) in the digital market as a whole due to the implementation of the ban buying all crypto cannot be banned for life. These of peer to peer will become top priority for most investors. God help us all.

Engineering

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

The peer-to-peer digital currency bitcoin made its debut in 2009, ushering in a new era of cryptocurrency. While tax authorities, enforcement agencies, and regulators worldwide are still debating best practices, one pertinent question is: Is bitcoin legal or illegal? The answer depends on the location and activity of the user. Bitcoin is not issued, endorsed, or regulated by any central bank. Instead, it is created through a computer-generated process known as mining. In addition to being a cryptocurrency unrelated to any government, bitcoin is a peer-to-peer payment system since it does not exist in a physical form. As such, it offers a convenient way to conduct cross-border transactions with no exchange rate fees. Consumers have a greater ability to purchase goods and services with bitcoin directly at online retailers, pull cash out of bitcoin ATMs, and use bitcoin at some brick-and-mortar stores.3 The currency is being traded on exchanges, and virtual currency-related ventures and initial coin offerings (ICOs) draw interest from across the investment spectrum. While bitcoin appears at a glance to be a well-established virtual currency system, there are still no uniform international laws that regulate bitcoin.

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

Bitcoin can be used anonymously to conduct transactions between any account holders, anywhere and anytime across the globe, which makes it attractive to criminals and terror organizations. They may use bitcoin to buy or sell illegal goods like drugs or weapons. However, that trend has shifted lately, as criminals move away from bitcoin for fear of being tracked. Most countries have not clearly determined the legality of bitcoin, preferring instead to take a wait-and-see approach. Some countries have indirectly assented to the legal use of bitcoin by enacting some regulatory oversight. However, as of June 2021, El Salvador is the only country that recognizes bitcoin as legal tender So I think other countries to would emulate this

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

Bitcoin is the largest cryptocurrency by market cap, and a good indicator of the crypto market in general, since other coins like Ethereum (and smaller altcoins) tend to follow its trends. Even though Bitcoin recently crossed the $50,000 threshold, it was a pretty normal uptick for the crypto, which has also seen a more than 50% decrease in value in past months. That’s not to say investors should take swings in either direction lightly, and this is also why investing experts recommend not making any major investment changes based on these normal fluctuations. The cryptocurrency space is still very new, and everything from innovation to regulation can have outsize impact for investors. Here’s how you can invest smartly, regardless of what’s making news or Bitcoin’s price swings.

Data Scientist

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

Because of the fear of many financial institutions who want to be the major player, and trying to suppress the use of cryptocurrencies as the major form of transaction

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

Japan, South Korea, India, and many other Asian countries might ban the use of cryptocurrencies.....................................................................................................

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

Once it happens, we might see a bearish market in the beginning and for quite some time. But I do think it would bounce back again as many people continue using it

CEO

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

The fear for the Government to lose control of the financial system. And the leak of understanding the new technologies and their benifits to the users and holders.

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

Maybe Russia and north korea. All the democratic world i believe will not ban cryptos Maybe it coud be baned for short amount of time due to energy shortage

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

I dont think this will happen. But if it will be the chance for other countries to accumulate more and get ritch. price willl surge. because its un bannable

Software engineer

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

This would be finally good news because it proves that cryptocurrencies as BTC have really power to disrupt legal currencies and to decrease some countries to control these as they usually did by making inflation/deflation despite user's thinks.... For example, China is at the moment facing major problems through Evergrande's fall crisis - and now other crisis through Fantasia far from fall... As China being one of countries able to control their currency's, they are afraid about losing this full power of control on all money flows. This fear is prove of cryptocurrencies being able to disable this power and being able to make all user free of this State power, as we could read on BTC's whitepaper... This fear is prove about BTC being exactly that foundators expected it to be.

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

First of all, countries with bigger needing of full control of currencies and with thinking they'd be able to decrease cryptocurrencies adoption might make try to lead or to prohibit cryptocurrencies. I think countries trying to prohibit it would be most totalitarian countries as North Korea, China. On other side, most of european countries, USA, North America will try to "lead" cryptocurrencies by making some laws. They will try to improve their power to lead values of cryptocurrencies as they did by leading of stocks.

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

It will have short decrease time due to fear of decrease but on a long time, it won't have any effect because of freedom due to decentralized market being free of all countrie's laws.

Arbitrage Trading & Airdrop Management

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

Decentralised and anonymous nature of cryptocurrency. Financially independence from central banks. Future Currency of the world. Countries cannot control the crypto so that's why they fear for it.

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

Till the time China doesn't succeed in banning crypto currencies other countries mostly will not try to ban the crypto. So I don't think it will be banned.

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

It will become public money and specially for those countries whose economies are falling. Anyhow no country will be able to ban it completely.

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