investment: 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.

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

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

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.

Pharmacist

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

While bitcoin is welcomed in many parts of the world, a few countries are wary because of its volatility, decentralized nature, perceived threat to current monetary systems, and links to illicit activities like drug trafficking and money laundering. Some nations have outright banned digital currency, while others have tried to cut off any support from the banking and financial system essential for its trading and use.

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

Russia Bitcoin is not regulated in Russia, though its use as payment for goods or services is illegal. Vietnam Vietnam's government and its state bank maintain that bitcoin is not a legitimate payment method, though it is not regulated as an investment. Bolivia, Columbia, and Ecuador El Banco Central de Bolivia has banned the use of bitcoin and other cryptocurrencies. Columbia does not allow bitcoin use or investment. Bitcoin and other cryptocurrencies were banned in Ecuador by a majority vote in the national assembly.

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

Some countries have placed limitations on the way Bitcoin can be used, with banks banning its customers from making cryptocurrency transactions. Other countries have banned the use of Bitcoin and cryptocurrencies outright with heavy penalties in place for anyone making crypto transactions. These are the countries that have a particularly fraught relationship with Bitcoin and other altcoins.

Crypto enthusiasts

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

The reason is the threat it poses to government-directed monetary policy. While cryptocurrencies 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. Another reason for this ban is they consider this a risk to investors who can’t recover any losses to there investments.

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

Algeria, Nigeria, Bolivia, Colombia, Egypt, Iran, Egypt, Iraq, Ghana Iran, North Macedonia. This are the country that will follow China in banning cryptocurrency

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

It will affect the price of cryptocurrency in already volatile markets. Market volatility is why investing experts recommend keeping any cryptocurrency investments to less than 5% of your total portfolio and never invest anything you’re not OK with losing.

Senior Full Stack Developer

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

Every country values its monopoly on controlling the currency supply and demand. “They don’t want competition from other currencies they can't control.

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

Nigeria for starters, Indonesia, Uzbekistan, Egypt, Iran, Colombia, Iraq, North Macedonia, Russia, Turkey, Vietnam, Bolivia, Algeria and Nepal to mention but a few.

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, for everyone's good

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

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.

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