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

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.

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.

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/

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

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.

I am a crypto trader and I am trading with bitcoin and many other crypto currencys

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

Because many biggest peoples don't pay Texas and hold money in crypto and crypto have not any tex so this is big reason because many politically leaders hold money in crypto he don't hold money in country bank because bank charge yearly texs

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

Pakistan India And some other countries follow china each and every time when China give bad news in crypto crypto market don't 30 to 50% so many countries follow china

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

If many countries start crypto currency banned then Bigest bad effect in crypto traders and investors crypto again down 80% if 10 to 15 countries instantly banned crypto

student

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

I think that crypto money is not understood by many people. The opportunities it provides over time will not prevent the rise of cryptocurrencies.

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

big countries may want to see the fluctuations of the cryptocurrency. Developed countries may adopt a similar approach. As before, their approach will soon change.

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

The remaining investors will continue to win and trade. Even if the countries are against, the support of the citizens will always carry forward.

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