money: 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

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

Bussiness owner

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

This may be because they don't have any rules or regulations that support cryptocurrencies. And perhaps look at the volatility of the crypto market that outweighs fiat money. and their people do not have enough knowledge and understanding Especially China. Their people love to change and corrupt digital currency.

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

I think when cryptocurrencies are popular all over the world. Until then, China will have to accept. and adapting to adapt to changes with the United States and the European Union is leading

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

I don't think any country can ban the digital currency market. If his people are forbidden They will trade on the black market. will create more problems for their country

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!

officer

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

decrease in seigniorage revenues. each country receives an income in exchange for printing money. cryptos will seriously decrease the seigniorage revenues of states .This is the reason for the ban.

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

I think these are the countries that will follow the Chinese government. Russia and Turkey Iran. These countries are both closer to China and in search of new ones.My guess for the country that will legalize crypto is brazil and ukraine.

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

I think cryptocurrencies cannot be banned. In fact, last week, the United States announced that they would not be banned. The internet needs to be turned off to completely block crypto. but if we think that crypto has been sent via satellite in the past, it will not be a solution to turn off the internet.

Full Stack Developer / Crypto / Blockchain

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

So many countries are banning cryptocurrencies due to various reasons like they are getting worried due to the decentralized nature of the cryptocurrencies, the risk of crypto usage in the money laundering acts, risks of criminal activities, etc.

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

I guess Australia, Bangladesh, Nepal, Egypt, Morocco, Iraq, Malaysia, and South Korea can be the next countries to ban crypto as China has already declared it to be illegal in the mainland of China. The list can be even longer than I have mentioned here.

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

It will affect the cryptocurrency markets as the effects were started to be seen just after China issued a ban against crypto. You know, the more the adoption of cryptocurrencies in this world, the stronger will be its markets' situation.

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.

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.

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

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