russia: 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.

Global Strategist

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

There are philosophical reasons for governments to oppose to the adoption of cryptocurrencies. Governments derive great economic and social control through their centralized control of fiat currency and the banking system. The Chinese government, being a communist government, will be particularly opposed to any technology that threatens their existing control of their citizens and economy.

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

There seems to be a couple of trends in countries that have banned crypto: First - an authoritarian government (expressed through various political ideals). Second - Islamic countries with a large population tend to ban cryptocurrency. Third - Governments that believe Cryptocurrency is a destabilizing force in their economic control. As such: Yemen, Niger, and Turkey are all candidates. While they may not be directly following China in religious or political ideals - the values of decentralized finance are in direct opposition to their own value system. In addition - due to political ties, and an already strained relationship with cryptocurrency, it would not be a surprise if Russia followed China's ban.

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

Short term pullback - there are people trend trading, who will rightly see this as a market reduction. The market will shrink dramatically in those countries, although, it will not disappear altogether. The people who are willing to flaunt the government regulations are in the minority. Given that these participants are invested in cryptocurrencies because of a deeply held value set - you should expect to see more long term holders in this group. This creates a bullish long term outlook, since they are still able to interact with the global cryptocurrency community. Cryptocurrencies directly challenge the centralized economic control of fiat currencies. There will always be a market seeking this type of financial freedom. As long as there is that community, cryptocurrencies have a bright future.

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

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.

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.

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.

Part time Stack Developer

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

Its because of the use of users and crypto are now more relevant that usual money. And also crypto are much more usesful nowadays especially this time pandemic wherein lots of countries uses this rather than typical currencies

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

I think its Russia because Russia are belong to the first world country and somehow there currencies are more useful than any currencies so basically the crypto are not useful to them and this crypto are much more risk than usual

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

The crypto will definetely low that will causes or will shut down and use the first currencies which are the currencies in specific country but because of rise of crypto I think this not gonna happen

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

Cyber Security

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

Lack of control of wealth, governments wants rich to be rich, inability to tax citizens because crypto is complex to track and understand… how do you tax an NFT, it’s not a currency, it it an asset?

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

Russia, Vietnam, North Korea outright bans. Australia will get it wrong and people will hide what they have fearful of taxation, irs already too complex too keep up with

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

Black market, more privacy coins, vpn for crypto. Big corps will get rich while everyday people will be persecuted for trying to get ahead , way of the world

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