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

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

From the time of ancient civilization, there have always been people that were looking for ways to make their lives easier. The financial world has evolved over many years and it's still evolving today with new technologies like cryptocurrencies or blockchain technology.
Cryptocurrencies are decentralized, irreversible payments that offer anonymity and allow for transactions without the need for third-party services (DeFi). Those facts suggest that cryptocurrency is a revolution that people want and should be used in any financial system.
Several nations have already embraced cryptocurrencies. One of them is El Salvador, which has declared Bitcoin as a legal currency. Argentina, on the other hand, is open to adopting Bitcoin.
However, many countries have chosen to block cryptocurrency exchanges from their citizens. 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.
The Chinese government has recently announced a ban on all crypto mining, trading, and exchanges. 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.
Why do some countries refuse to incorporate cryptocurrency into their monetary system? Why are they so keen on banning them? Which countries will follow China's lead and prohibit cryptocurrencies?

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We have asked 467 Experty community members questions related to "Crypto is banned in China and other countries, but why?". We have received many valuable replies, the best ones (based on Experty community feedback) you can read below.

article avatarJuan Diego Gomez Peña

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.

article avatarTruong Giang Vu

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.

article avatarsekarat banget

Design

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

article avatarJonathan Pooley

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.

article avatarDavid Filip

Product Manager

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

This is quite obvious as the state (central banks) is losing its control over finance policy. State is in its definition authoritarian and egalitarian. The crypto is potential threat to the state authority. The citizens will still find the way.

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

The totalitarian one such as Turkey, Venezuela and others. The more state has control over the country the higher probability for the ban. The more open and liberal countries the higher probability that crypto will flurish.

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

The crypto will be untouched as there will be still some countries supporting it. As the crypto does not know borders it can be traded anywhere and no ban can stop it.

article avatarTejas Walke

Photographer

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

Main reason is banks and government don't have any control over it and it scares them. Crypto currencies being decentralized there is no need of middle man like banks. It has been found that crypto currencies are also used in criminal dealing as these transactions are anonymous/hard to track. There is also tax evasion issue. It is already hard for government to find those who evade tax and crypto has made it even harder. In countries like India only 3 to 4% of population pay taxes.

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

Turkey is already on track to ban crypto. Algeria, Bolivia, Pakistan, Bangladesh, Qatar, Saudi Arabia, Macedonia are some of the countries which have or in process of completely ban crypto currencies.

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

It has always proven fact that whatever China bans, that things flourish and prosper. For example Facebook, WhatsApp, Google, Amazon, Twitter....you get the drift. Since total ban on mining in China...Bitcoin mining hash rate has already back to all time high. Miners simple moved to more welcoming countries. I do see crypto market to grow and out perform any given financial market in the world.

article avatarNuman Polattimur

Psychologist

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

Turkey is one of the countries that banned cryptocurrency usage in daily life. You can not buy or sell any product in exchange. Turkey's Central Bank sees dangers in the new practice, and on April 16 banned the use of cryptocurrencies and crypto-assets for purchases from April 30, citing “irreparable” damage and transaction risks. As you know Turkey's inflation is rising every day. This is a sign that taxes have a huge place in the economy, which helps it stand if you would use that term. Blockchain and cryptocurrency are something most of the countries trying to adjust with and some of them will have a hard time doing that. What I think is that the countries with a free and strong economy might adapt easier. And of course, we should consider the politics and cultural assets in this field. Look at the number of trading of cryptocurrency in Turkey. You will see that Turkey is one of the top counties. Why? People are trading small amounts but almost 1 out of 5 people trades and many of them lose more than they could afford. They know nothing about the blockchain system. They have never read the whitepaper of the projects they are investing. This is about mindset, this is about lifestyle. This could be over with the correct education provided. People need to know what is blockchain, how to use it, what are the risks, and more. With the right steps taken nothing is impossible. No one can compete with this new system. So it is either you are in or out and I know one day everyone will be on board.

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

In Turkey, inflation is around 20% announced just a few days ago. There are taxes added to everything almost every month so I think it would be Turkey since inflation makes them cover their steps economically.

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

More countries will ban cryptocurrencies and after some time they will see that it is unstoppable they will come to a conclusion that they are better with it.

article avatarulul amri

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

article avatarDuncan LEE

Economist

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

They want a system that they can manage. This is because they can benefit and have power only when they are under their own control. I think that being incorporated into the system itself gives them power in their hands.

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

I think Korea will follow China's policy after China. Korea's current president is implementing a policy that is as good as a socialist believer. Also, Korea's current major political faction wants all people to be equally poor.

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

China's ban on cryptocurrency does not seem to have a significant impact. Ultimately, I think China will open the market again if it is judged to be controllable through CBDC.

article avatarKrit Yoorit

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

article avatarGoodluck Ifeanyi

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!

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!

article avatarkemal @kemalerdgn

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.

article avatarKevin Nicholas Doran

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.

article avatarAušrius Radzys

Programmer

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

Governments are afraid of becoming powerless inside the monetary system. They want as much control and regime as they can get. With the existence of decentralized infrastructures, those in power seek to put them down.

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

I don't know yet. Maybe India. Indian government has not been happy about the things brilliant programmers are building to change the obsolete monetary system

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

I don't think the decentralized systems will ever die. Now that people are aware of it and have tasted the freedom that they give, there is nothing much that can stop these people. Especially when countries started incorporating crypto as a legal tender

article avatarMark M

infosec

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

People's Bank of China can't control it. The wrong people might get wealthy. Digital Yuan give that control back to the gov't, keeps the citizens under control.

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

I would expect emerging economies or those with high rates of corruption will follow. Anti-laundering laws will be used as cover to introduce regulations,

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

People will find a way around the bans until it can't be controlled or a leading nation formally adopts a digital currency. It's out of the bottle, it can't be put back.

article avatarOffelia Ogg

day trading, investment, crypto enthusiast

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

I believe that no one else country will prohibit crypto in the future but nobody knows what will happen tomorrow. I think the ban is temporary

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

If more countries start banning cryptocurrencies more valuable it will be, more faster will be cryptoadaption, more people will be interested in crypto

article avatarBonaventure Obijekwu

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

article avatarBhijan Neupane

Full Stack Developer

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.

article avatarChetan Singh

Crypto

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

Other counties who feeling down from China may follow their steps but not all . Few countries allowing to use crypto leagaly later or sooner crypto going to be legal on this planet .

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

Some countries may ban crypto but they can't decline blockchain and crypto lovers of their country can't sit quit without using crypto in thier choice activities like , trading , defi farming, investing and much more

article avatarChangpeng Xiao

Analys data

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

America, Malaysia, and India, Arabia, Japan, Korea, and many more I also feel the impact of the effects of these results this out all the world

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

crypto will continue to advance even though there are many obstacles and challenges from finance and crypto will experience a significant drop or decline

article avatarMuhamad Ridwan

Freelance

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

article avatarrabie bakli

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

article avatarAsbab Thepunisher

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.

article avatarcrypto hunter

Crypto trader

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

Definitely will cripple banks as people will sort to crypto as medium of exchange that people no longer the need to store their money through centralized like banks

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

in my opinion probable countries that might follow from China's lead would include from Singapore, Malaysia, India, Thailand and mostly parts of Asia

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

I think it will still thrive even greater as some countries have already legalized the used of BTC and will be a great opportunity for countries that does not ban crypto as Supply will be limited among them

article avatarRomeo Rocha

IT Generalist

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

China is country that lives absolute control. Bitcoin and other decentralized assets are beyond their control system. That is the number 1 fundamental reason. Money is going digital. Without control of money, how can you monitor and control what people do (from a macro view)?

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

Other possible countries that could follow the lead of China are speculative at this point because El Salvador has gone the complete opposite direction. This move by El Salvador has opened the eyes of other countries. If there are other countries considering prohibiting bitcoin and cryptos, they will most likely be countries run similarly to China.

article avatarCon khoe Ba lao

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

article avatarhurtownia rzeczy ładnych Wątły

HAMDLOWIEC

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

seems. that countries ruled by a dictatorship. in countries where there is no freedom. human rights are violated. communist countries. Korea. Cuba. Iran. Iraq

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

I suppose. That it will not come to this. the cryptocurrency ban will be applied in a small number of countries. it won't matter much. if it happened in the US and Europe then it wouldn't be cool. This would stop BTC adoptions for a while.

article avatarHenry Cooper

Author

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

Eventually all the altcoins will be deemed fake and bitcoin will rise to be the most valuable asset in the world displacing gold and silver.

article avatarMuhammad Saqib

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

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

article avatarAbegail Prado

Teacher

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

The only reason I think, is it because the local banks and currency in the specific country is being degraded. The cryptocurrency is the international currency that is legalized in El Salvador and its best to adopt in all countries. However, we are not aware of the mindset of some countries why the keep on banning crypto. The main reason why this is happening is , in my opinion, the higher officials/authority on a specific country have a hidden agenda. Bitcoin is money and money is the root of all evil. So, use money and save money wisely

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

I think the countries that will prohibit cryptocurrency is myanmar , thailand because in my opinion they value their own beliefs and culture so there is posibility that they would not adapt bitcoin but value their own currency

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

Generally speaking , if more country keep on banning cryptocurrency, sadly it will dump. But the whales who own lot of money to buy crypto will bag more and much and it will lead to a more and more richer people or group.

article avatarMalik Galiev

Crypto Trader

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

because the authorities cannot control the cryptocurrency, that's why they are afraid that they will lose their power among the people, because crypto is created for the safety and convenience of people

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

I think that everything will stop at China, but over time China will recognize the cryptocurrency, because they are the future. It's no secret that the trading volume has been beaten this year in trillions of dollars, more and more people are coming to the world of cryptocurrencies

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

People are not stupid, because not all countries will prohibit something, since there is such a thing as freedom of action in the world, and people will not tolerate such an attraction to themselves, the crypto world can no longer be stopped, just some do not realize that the future is behind the cryptocurrency

Summary

Opinions about Bitcoin and its legalization are divided. The main question is which countries will follow China and ban cryptocurrencies. Countries such as Albania, Colombia, Egypt, Iran, and Iraq are the nations that have limited trust in Bitcoin and probably will prohibit or limit crypto next.
To fully understand why cryptocurrencies are such a controversial topic in different countries, we need to focus on their politic. According to Experty members’ opinions, there are many reasons why China banned cryptocurrency transactions. Their government is afraid of becoming powerless inside the monetary system. With the existence of decentralized infrastructures, those in power seek to put them down. Besides, the reason may be the fear around crypto and the lack of understanding of how blockchain technology and closely related projects work.
There is also an issue about the market reaction. Might be a temporary pullback, but mostly, predictions are promising. Whatever China prohibits, flourishes and grows all over the world, including Facebook, WhatsApp, Google, Amazon, Twitter.

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

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