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

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.

A farm and a laboratory that utilize blockchain technology for genetic purposes.

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

It's normal that government of each country whant to regulate relationships between people. The only reason for crypto being banned is to research before useing

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

I believe that no one else country will prohibit crypto in the future but nobody knows what will happen tomorrow. I think the ban is temporary

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

If more countries start banning cryptocurrencies more valuable it will be, more faster will be cryptoadaption, more people will be interested in crypto

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/

Student

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

In my opinion, the reason for the ban on cryptocurrency is that prices change rapidly, as well as the danger of the abolition of the national currency, it will cause great harm to the state, as well as the fact that we are still not sure whether cryptocurrency will be future money.

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

Crypto will be banned in many European countries in the future, such as England, Germany, France and others. As well as America and Asian countries.

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

Many countries do not ban, I do not think this will harm crypto, but it is also important not to start panic in countries and the ban will not take a large scale, but I do not see the danger of this, because crypto has already occupied one of the main places in life.

employment

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

i dont care, but bitcoin and all cryptocurrency always my favorite asset investment. This bad news may greatly impact the market, but only for a short time, after which bitcoin will return to normal and continue to rise.

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

maybe America because many of its citizens are moving assets to bitcoin, this will make changes to some companies, maybe the future will happen

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

will obviously affect the market price to go down. but from year to year, there are always bad news for crypto especially bitcoin, and the fact is bitcoin remains a favorite

front-end student

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

many countries want to have full control of the economy and as cryptocurrencies are decentralized many are afraid of what the future holds, the specific ban that took place in china was just another warning that cryptocurrencies are the future and are on the right track, one hour or else the countries will yield and adopt the cryptocurrencies as they occur in el salvador

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

To be honest I think few, what China did was shot themselves in the foot and in the future they will regret this decision to ban cryptocurrencies, but on second thought maybe Russia will follow China.

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

even though cryptocurrencies are banned in several countries, they never needed countries to control them so the market will continue to grow but it will grow based on the countries that adopted cryptocurrencies.

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.

Designer, Writer, Community manager, Political analyst

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

Cryptocurrency has amassed a lot of attention over the past few years, Governments around the world are keeping tabs on the rapid advancements made by cryptocurrency because of it's potential ability to usurp the current financial structure of the world and at the same time undermine the role of government in it. Governments facilitate the role of central banks in an economy and the central banks do not have authority to regulate the use of cryptocurrency. Crypto gives individuals the platform to conduct financial transactions without involving the financial apparatus provided by the government of a country, this undermines the relevance of government and its authority. Also, due to the anonymity which crypto grants, it has become a tool for criminal activities and governments are wary that it may become uncontrollable in the near future.

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

Countries where dictators rule are more likely to follow suit, Countries with indigenization policies, internalization of innovation and development are more likely to enforce restrictions of some sort.

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

It doesn't matter how many countries ban cryptocurrency, it's about who. If many random countries ban cryptocurrency there will be little or no effect but if a good number of powerful countries (market wise) restrict people from using crypto then we will experience a real problem.

Crypto Trader

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

because the authorities cannot control the cryptocurrency, that's why they are afraid that they will lose their power among the people, because crypto is created for the safety and convenience of people

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

I think that everything will stop at China, but over time China will recognize the cryptocurrency, because they are the future. It's no secret that the trading volume has been beaten this year in trillions of dollars, more and more people are coming to the world of cryptocurrencies

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

People are not stupid, because not all countries will prohibit something, since there is such a thing as freedom of action in the world, and people will not tolerate such an attraction to themselves, the crypto world can no longer be stopped, just some do not realize that the future is behind the cryptocurrency

Operator

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

I believe that this attempt to ban cryptocurrencies in any country is a measure that will not last long, it does not make sense since cryptocurrencies are unstoppable and incensible ... It is a shame that this happens and more when, for example, China wants to take out your CBDC ...

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

In my opinion I think there will be few, perhaps some countries in Asia but the normal thing is that little by little they will be legalized so to speak and being of legal use in more and more countries ...

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

I think the ban will have little effect if you don't join crypto bad news, the Community is strong and knows this has a future .... To the moon .... In crypto we trust !!!!

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