india: 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

Photographer

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

Main reason is banks and government don't have any control over it and it scares them. Crypto currencies being decentralized there is no need of middle man like banks. It has been found that crypto currencies are also used in criminal dealing as these transactions are anonymous/hard to track. There is also tax evasion issue. It is already hard for government to find those who evade tax and crypto has made it even harder. In countries like India only 3 to 4% of population pay taxes.

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

Turkey is already on track to ban crypto. Algeria, Bolivia, Pakistan, Bangladesh, Qatar, Saudi Arabia, Macedonia are some of the countries which have or in process of completely ban crypto currencies.

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

It has always proven fact that whatever China bans, that things flourish and prosper. For example Facebook, WhatsApp, Google, Amazon, Twitter....you get the drift. Since total ban on mining in China...Bitcoin mining hash rate has already back to all time high. Miners simple moved to more welcoming countries. I do see crypto market to grow and out perform any given financial market in the world.

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!

Aušrius Radzys

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

Governments are afraid of becoming powerless inside the monetary system. They want as much control and regime as they can get. With the existence of decentralized infrastructures, those in power seek to put them down.

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

I don't know yet. Maybe India. Indian government has not been happy about the things brilliant programmers are building to change the obsolete monetary system

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

I don't think the decentralized systems will ever die. Now that people are aware of it and have tasted the freedom that they give, there is nothing much that can stop these people. Especially when countries started incorporating crypto as a legal tender

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/

Analys data

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

because it is too volatile and goes up and down very quickly, so people feel at a loss, there are many countries that still don't accept bitcoin, right?

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

America, Malaysia, and India, Arabia, Japan, Korea, and many more I also feel the impact of the effects of these results this out all the world

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

crypto will continue to advance even though there are many obstacles and challenges from finance and crypto will experience a significant drop or decline

BDM

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

The fears arround a new liberal monetary and economic system. We should not forget that the country has a communist regime which wants to control everyone whereas cryptocurrency will let them down in term of cashflow tracking

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

Probably all third world countres Turkey Egypt Algeria Syria Iraq Sudan Jordan Tunisia borma India and I think also any totalitarian country

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

The cryptos will gain on value and will be more stronger when miners, traders and ad faps start claiming their money. It will take time but in the end it will flourish for all

Crypto trader

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

Definitely will cripple banks as people will sort to crypto as medium of exchange that people no longer the need to store their money through centralized like banks

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

in my opinion probable countries that might follow from China's lead would include from Singapore, Malaysia, India, Thailand and mostly parts of Asia

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

I think it will still thrive even greater as some countries have already legalized the used of BTC and will be a great opportunity for countries that does not ban crypto as Supply will be limited among them

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

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

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