Crypto is going mainstream and everyday more demand for crypto is emerging making it become so utilized that it will be so unwise to ban crypto right now at its early stage. It’s still in its late infancy stage, it’s progressing towards its adolescent stage before we see crypto get to the adult stage. Kudos to countries that are openly accepting crypto and utilizing it. The latest country to recognize crypto and about to utilize crypto is Dubai. The country’s word trade center(WTC) acknowledged going into being a crypto zone and also went into agreement with the world’s biggest exchange, Binance.
Dubai is a country that is big on investments and utilizing every opportunity they get, so taking this action puts them at the forefront ahead other countries. While these countries are taking these advantages that crypto has to offer at its stage, some countries are banning it. Countries like my beloved country “Nigeria”. The absurd reason the government gave towards the reason for the crypto ban is that it affects the value of Naira and its a big risk. In their own opinion, banning it will make the naira’s value higher, but guess what, the Naira’s value has gone down 23% after the ban.
How can you ban the future, crypto is the future, banning it just shows that you are not supporting the future. Countries are supposed to be investing in crypto to grow their GDP, they need to learn and take a page from these crypto countries playbook. Crypto was banned, citizens panicked because they know the value and impact of crypto, so they started converting their fiat to crypto and storing it on exchanges through P2P. The ban was not really as hard core as other countries like China or some parts in asia.
Now imagine countries with a hardcore crypto ban, this act will force investors who are focused and fully invested in crypto to leave the country to a crypto friendly country. This crypto friendly country will gladly and openly accept these new crypto investors into their country giving them the opportunity to invest and use crypto. This means that these crypto investors will help the crypto friendly country flourish by helping them improve their GDP.
If we are going to see how things are playing out for countries that banned crypto, let’s take a look at US and China. China was known as the country that had the highest number of crypto miners before the ban. It’s market share was around 70% + in the market share when it comes to hash rate, that is the business of mining bitcoin. Other countries had low dominance, country like USA. But after the ban, we saw miners leave the country because of the crypto ban to a more friendly country like some parts in USA. Now we are seeing the market share in the bitcoin mining business in China heading towards 0%, a great decline in the hash rate. But take a look at US hash rate, the hash rate was below 4% before the China crypto ban, but it’s presently above 30%+ in terms of dominance.
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When it comes to the crypto ban, one wonders the rationale behind it. It is even more laudable when underdeveloped countries follow the likes of China that are well developed to ban crypto.
The best thing here is regulation. Crypto needs to be regulated to help reduce money laundering especially through peer to peer trading.
Can they actually ban cryptocurrency?
They can’t ban crypto, but ban ways that people get, or make it illegal. For instance, ban crypto exchanges from operating in their region and also make using it a criminal offense to scare people
I don't understand why they ban the crypto? They can just regulate the crypto business and it will definitely add to government Tax income. This is massive opportunity and countries are just getting it delayed only because people in power are not understanding it.
Crypto market can generate many employment opportunities as well. So banning crypto is not good for any country. Just regulate it.
I suspect that political leaders want to ban crypto simply because they haven't figured out how to get their piece of the pie yet. When they figure out how to cajole a large piece of the pie and maintain their political stature, they will like it.
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I think governments understand it, crypto doesn’t give them power to control the masses like fiat does.
This is another vital factor. They just don't want to give people the authority to control their finances.
I don't think any countries can fully ban crypto currency as they are decentralised and they exist on the internet. Countries may can ban citizens from using exchanges but not the crypto currency
Yeah, that’s what I meant on banning crypto, their ways of banning crypto is banning exchanges from operating in their country
I think that the people, when live in a world where the money is regulated by people that don't produce anything (politicians), the people that have the habit to produce and work based over the markets rules gonna take there owns alternatives. The crypto is the alternative against the politically correctly and the inflation that beat us so hard. The crypto have my totally support