price: 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.

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!

Cryptocurrency Research & Blockchain Analyst

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

Many countries have a similar expectation I'd assume in that they fear cryptocurrency will weaken their own economy in the end. They fear handing something over with which they have been using for many decades, especially for a purely digital form of asset which isn't touched by the hand. China may be the best example of this in my opinion. Their economy has been rather steadfast & for a rather long time that it's in a way kind of understandable. But in the end, the digital will eventually take the world over. If they don't accept it as a form of payment now they'll be forced to later on anyway. Once airports & plane tickets start being paid for using bitcoin or any other cryptocurrency for that matter, then I cannot see how they wld deny the fair & legal usage of a bitcoin type currency.

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

Possibly the big economical giants. Such a Russia, United Kindgom, USA but only initially. As soon as the first folds into seeing just how easily unstoppable & practical digital payments will be in the end, there won't be much choice but to accept it.

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

I think it's a tricky cake to slice, cld either have the knock on effect of causing hodlers to hodl even more & more whales being created out of it, or the price climb will merely attract more people globally to invest their fiat earnings into cryptocurrencies.

Freelance

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

The People's Bank of China declared that Bitcoin has no value. Although it's not the first time China has made such claims, this could be a signal for other countries to follow.

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

Countries such as Indonesia, Turkey, Egypt, and Uzbekistan fall into the category of "blocked" countries. Some of them recognize cryptocurrencies as legal, but they prohibit them from being treated as payment tools. Other countries have completely banned cryptocurrencies.

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

I think it will impact to the price of any token in cryptocurrencies. It will make a crash at market. So many people who hold their token will sell it

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.

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

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.

CEO

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

The fear for the Government to lose control of the financial system. And the leak of understanding the new technologies and their benifits to the users and holders.

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

Maybe Russia and north korea. All the democratic world i believe will not ban cryptos Maybe it coud be baned for short amount of time due to energy shortage

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

I dont think this will happen. But if it will be the chance for other countries to accumulate more and get ritch. price willl surge. because its un bannable

IT Professional

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

EUTERS China's central bank has announced that all transactions of crypto-currencies are illegal, effectively banning digital tokens such as Bitcoin. "Virtual currency-related business activities are illegal financial activities," the People's Bank of China said, warning it "seriously endangers the safety of people's assets". China is one of the world's largest crypto-currency markets. Fluctuations there often impact the global price of crypto-currencies.

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

Mostly countries will follow China's lead and prohibit cryptocurrency, most likely India, Pakistan, Nepal, Siri Lanka, United States of America etc.

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

EUTERS China's central bank has announced that all transactions of crypto-currencies are illegal, effectively banning digital tokens such as Bitcoin. "Virtual currency-related business activities are illegal financial activities," the People's Bank of China said, warning it "seriously endangers the safety of people's assets". China is one of the world's largest crypto-currency markets. Fluctuations there often impact the global price of crypto-currencies.

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