Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: KryptoBull on March 14, 2024, 03:34:54 AM
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About 15 years ago, BTC was expected by Satoshi to become a currency, a crypto-currency, meaning that it could replace fiat in payments. Today, BTC itself and many other tokens are often seen as a store of value or financial instrument, their price appreciation brings profit to investors but that also means that fiat gradually depreciates against those tokens. Things get even more complicated when many people decide to store crypto like BTC, ETH and USDT instead of storing fiat because they believe that fiat is depreciating, while tokens will continue to appreciate.
This could really affect the role of fiat in the economy, undermining the economic control of governments through money printing. Depending on their perspective, different governments have different ways of behaving. The EU wants to regulate crypto so it has issued the MiCA law [1], while China wants to ban crypto [2]. The Nigerian government alone wants to have a whole drama related to crypto [3].
Recently, after blaming crypto for the devaluation of the naira currency, the Nigerian government banned all crypto exchanges in Nigeria [4]. In particular, the Nigerian government suspects that Binance is involved in a $26B illegal money flow that has negatively impacted the Nigerian economy. To address these suspicions, they have arrested two Binance executives and demanded information about Binance's users [5]. Binance has denied any wrongdoing and has called for the immediate release of its executives. The company is cooperating with the Nigerian authorities in their investigation [6].
This incident raises important questions about the regulation of crypto exchanges. Governments around the world are still grappling with how to best oversee these new and rapidly growing crypto companies. The Nigerian government's actions remind us of the potential for conflict between governments and crypto exchanges. I think Nigeria is just trying to suppress crypto with extreme and ill-advised behavior.
With its decentralized nature, crypto will continue to exist without the permission of governments. However, in order to develop and grow stronger, crypto also needs friendly access from governments around the world, otherwise things will become extremely complicated: when crypto trading and CEXs are banned, market liquidity will collapse, investors will not want to participate in the market, and the crypto market will lose potential investors and new money. DeFi and P2P can still exist, but the crypto market will not be able to develop as strongly as in countries that accept crypto.
Given the extreme actions and the state of the crypto market in countries like China and Nigeria, I am really worried that even though crypto cannot be destroyed, governments still have enough power to suppress and stifle its development in their countries. If this situation spreads to other countries and is imitated by other governments, things could be worse than we can imagine.
I hope that in the near future, major governments will soon accept crypto and issue a legal framework to manage and collect taxes on crypto income as a legitimate asset class. Extreme actions to attack the crypto market also need to be opposed and condemned by the crypto community.
I would like to know your views on the acts of repression of the crypto market:
- Can crypto continue to thrive without the support of governments?
- Do you think governments can suppress and restrain the crypto market with their power?
- If you were the head of government, would you accept or reject the crypto opportunity for your country?
References:
[1] MiCA, EU’s Comprehensive New Crypto Regulation, Explained (https://www.coindesk.com/learn/mica-eus-comprehensive-new-crypto-regulation-explained/)
[2] China Never Completely Banned Crypto (https://www.coindesk.com/consensus-magazine/2024/02/05/china-never-completely-banned-crypto/)
[3] An overview of cryptocurrency regulations in Nigeria (https://cointelegraph.com/learn/crypto-regulations-in-nigeria)
[4] Nigeria targets cryptocurrency in bid to end naira freefall (https://sg.news.yahoo.com/nigeria-targets-cryptocurrency-bid-end-075831754.html)
[5] Binance Executives’ Detention Could Spark Diplomatic Crisis in Nigeria (https://beincrypto.com/binance-nigeria-hostages/)
[6] Binance says it trained investigators in Nigeria under government cooperation (https://cointelegraph.com/news/binance-trained-investigators-nigeria-under-government-cooperation)
Note:
- My opinion was posted first in that topic, on Bitcointalk (https://bitcointalk.org/index.php?topic=5488810)
- I leave the source link to avoid plagiarism accusation.
- I excluded/ included minor things from an original thread if necessary.
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Whether we admit it or not, governments have the power to make the whole cryptocurrency market go to the south by banning the whole thing just like what we saw years ago in China and although there can still be some who are involved with crypto underground we know that the market is never the same as in previously in an open market. No government can stop or control cryptocurrency but the business surrounding them can be a lot restricted and its growth stifled if the government will exercise its state power to stop the industry from doing its normal business.
1. Can crypto continue to thrive without the support of governments?
Yes, there is still a big possibility that crypto can thrive in an environment where the government is so hostile against it but it would be impossible to flourish as the people would be so afraid to join the industry for fear of losing their money and even prosecution from authorities. The best example on this is, of course, China. I could not imagine the price of BTC right now if the China market was not killed by the government.
2. Do you think governments can suppress and restrain the crypto market with their power?
This all depends on the kind of government we are dealing with. Under an authoritarian regime, everything can be done with a stroke of a pen or even a pronouncement without the benefit of any law passed by its own legislature. There are many governments right now who are looking at cryptocurrency as their enemy as we know that crypto can be an empowering tool...something some governments may not have a liking with.
3. If you were the head of government, would you accept or reject the crypto opportunity for your country?
One day when I would be the President or Prime Minister of my country, I would totally support cryptocurrency and invite many legit exchanges from abroad to come and have business with my people. But everything has to be in order, legal and above the board. I would not tolerate any scam and scammers as well as hackers will be crucified in the public. I would also include Bitcoin as part of my country's reserve aside from gold, US Dollar and Euro. I am for regulations in a win-win fashion where both sides are benefitted and no one loses.
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- Can crypto continue to thrive without the support of governments?
- Do you think governments can suppress and restrain the crypto market with their power?
- If you were the head of government, would you accept or reject the crypto opportunity for your country?
To the first question, Bitcoin right now is standing at it ATH of 73K$ and all this has happened with out support of any big powers. Bitcoin has made it from zero dollars to 73k in almost 14 years and it's very much obvious that it will continue to survive and excel without support of govt.
Secondly, there is only one decentralised crypto currency i.e. Bitcoin, rest are all centralised one. Governments can only control the centralised one.
Thirdly, as a head of state no one will accept Bitcoin. Bitcoin is created for it's own purpose and was never created to replace fiat. Both have there own importance and will continue to exists side by side.
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Actually bitcoin depend on their investor without support from government keep increasing the higher price, but get difficult for selling or buying bitcoin without support bank deposit for the beginner when using local exchange currency market. I think government can't crack down totally with bitcoin but they have power to stop or banned bitcoin transaction from closing exchange market access until not allowed to withdraw crypto assets to fiat using bank account.
Today bitcoin have give positive impact and take benefit each other between by adopting taxes transaction for cryptocurrency, government will not suspend using bitcoin for transaction any more behind how much taxes earn every month.
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If the government wanted to ban cryptocurrency, it would have done it a long time ago, when this field of activity was just in its infancy. Then it would be much easier and faster to do this. But now, when it has already fully formed and become a part of people’s lives, no one will be able to completely ban crypto. Also, even the Governments of many countries keep a large part of their money in cryptocurrency. And they will not saw the branch they are sitting on.
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If the government wanted to ban cryptocurrency, it would have done it a long time ago, when this field of activity was just in its infancy. Then it would be much easier and faster to do this. But now, when it has already fully formed and become a part of people’s lives, no one will be able to completely ban crypto. Also, even the Governments of many countries keep a large part of their money in cryptocurrency. And they will not saw the branch they are sitting on.
Yeah you are right! We've seen bans everywhere and there are ones who had lifted that ban and there are ones who do become that neutral when it comes to crypto.Why?
They cant do any shit with it, yes they could be able to impose those centralized companies or platforms but they are really just that only good until there but making that control
in overall then it would really be something that cant be possible and for sure the government had been still that keeping on trying out their best to control it out
but well this market cant be totally that be manipulated and this is why its not surprising that it do really get that such attention.
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I would like to know your views on the acts of repression of the crypto market:
- Can crypto continue to thrive without the support of governments?
- Do you think governments can suppress and restrain the crypto market with their power?
- If you were the head of government, would you accept or reject the crypto opportunity for your country?
Bitcoin can exist without governments, because it is not based on speculation, but on decentralization and in a real demand for a global currency, internet money, etc.
Other cryptocurrencies are not that resilient, so the rest of the crypto market certainly need government acceptance and depends on regulations.
(https://th.bing.com/th/id/R.3b8e7719976bac6583ab806f0ce4fc87?rik=0p4jFIL%2bP23%2bWw&pid=ImgRaw&r=0)
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Recently, after blaming crypto for the devaluation of the naira currency, the Nigerian government banned all crypto exchanges in Nigeria [4]. In particular, the Nigerian government suspects that Binance is involved in a $26B illegal money flow that has negatively impacted the Nigerian economy. To address these suspicions, they have arrested two Binance executives and demanded information about Binance's users [5]. Binance has denied any wrongdoing and has called for the immediate release of its executives. The company is cooperating with the Nigerian authorities in their investigation [6].
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I would like to know your views on the acts of repression of the crypto market:
- Can crypto continue to thrive without the support of governments?
- Do you think governments can suppress and restrain the crypto market with their power?
- If you were the head of government, would you accept or reject the crypto opportunity for your country?
I am really shocked at the behavior of the Nigerian government: they understand the law but break the law by illegally detaining people before there is any official conclusion from the court. The accusation that crypto exchanges cause local currency devaluation is just a statement by a presidential advisor, not the result of an official and clearly convicted lawsuit. Nigeria is becoming a dangerous country for crypto projects @@
1. I believe that crypto will still develop but it will be difficult to be strong if the government bans crypto transactions or ownership.
2. Governments have the power to issue laws banning or severely punishing behaviors related to the crypto market. They also have to listen to the people, but when they need to protect their power, they will take extreme actions.
3. If I were to decide, I would allow crypto to exist as a commodity, which could be owned and traded legally, profits would be taxed to supplement the budget, and help develop the country ;D
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Can crypto continue to thrive without the support of governments?
As you already wrote, if governments would ban CEXs, mining and any interaction of banks with the crypto world, then trading would actually only be possible with cash. Cryptocurrencies would be forced to go underground, and the impact on their survival and price would be catastrophic.
Do you think governments can suppress and restrain the crypto market with their power?
Of course, everything I wrote above is actually the answer to this question - governments have elements of power in their hands with which they govern the world and cryptocurrencies are something that most of them tolerate (for now).
If you were the head of government, would you accept or reject the crypto opportunity for your country?
Countries where one person makes decisions are not a very good example of democracy - so I think that for such things there should always be an agreement of all the competent bodies of a country, and in democratic countries like Switzerland people are always asked about such things in a referendum.
I would never impose something on people without asking them if they wanted it, and even if they wanted it, I would make sure that they were protected from scams.
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If the government wanted to ban cryptocurrency, it would have done it a long time ago, when this field of activity was just in its infancy. Then it would be much easier and faster to do this. But now, when it has already fully formed and become a part of people’s lives, no one will be able to completely ban crypto. Also, even the Governments of many countries keep a large part of their money in cryptocurrency. And they will not saw the branch they are sitting on.
Exactly because cryptocurrency is now most acceptable field of earning accepted by numerous individuals and if government want to banned cryptocurrency then they would have done it long ago when not large number of people were involved in it.
I think if success rate of crypto remain the same for longer then crypto will not ban it but instead of stopping its use government will add its role and will give permission to use crypto throughout the world.
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But why? Thats my question about it and that's important. I think the "request" or fear that government could crack down on this might be a little way too much, it feels like we are going to end up with something that may not be all that reasonable for them to do. Anytime anyone feels like governments may ban it, my first reaction is always "why?" because I do not see the logic there. Don't get me wrong, I am not saying they won't, there has been a lot of illogical stuff coming out of governments all around the world, but I do not see the proper reason for doing something like this at this moment.
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- Can crypto continue to thrive without the support of governments?
- Do you think governments can suppress and restrain the crypto market with their power?
- If you were the head of government, would you accept or reject the crypto opportunity for your country?
Satoshi's idea of why he created Bitcoin is to be decentralized so it doesn't have to be government-dependent or compatible with the terms of the government, and if the governments are capable of suppressing the Crypto market they should have done that years ago when Bitcoin the main Cryptocurrency is just starting, after several years it just proved that they can't.
And if I were the head of the government I would support its full implementation it's good for the many industries and new technology should be adopted for a nation to move forward.
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Actually, crypto is independent, most of them are created for decentralization.
But in fact, it still cannot be that decentralized. Because there are indeed several things or obstacles that require crypto to be related to various regulations in certain countries.
If it's just about the coin, it's very possible to be independent. However, if it is related to other implementations, it still cannot be separated from various specific government interventions.
such as related to various exchanges that must be under the auspices of certain institutions, regulations for project creation and development, and also other things. So far we have encountered lots of CEXs spread globally. And some of them are also CEXs which must be under local government regulations. This means that the government still has the power to do so.
but of course, it won't work 100% because there are still many other ways to avoid it. There is still a DEX and also a P2P system which is quite trustworthy. So, it depends on each of us who will be involved and where we will go.
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Satoshi's idea of why he created Bitcoin is to be decentralized so it doesn't have to be government-dependent or compatible with the terms of the government, and if the governments are capable of suppressing the Crypto market they should have done that years ago when Bitcoin the main Cryptocurrency is just starting, after several years it just proved that they can't.
And if I were the head of the government I would support its full implementation it's good for the many industries and new technology should be adopted for a nation to move forward.
It is true that Satoshi Nakamoto's main goal is as you mentioned, but in reality currently the government is starting to interfere in the world of cryptocurrency, even people who are able to provide world financial movements are also getting into cryptocurrency and trying to control Bitcoin price movements.
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I would like to know your views on the acts of repression of the crypto market:
- Can crypto continue to thrive without the support of governments?
- Do you think governments can suppress and restrain the crypto market with their power?
- If you were the head of government, would you accept or reject the crypto opportunity for your country?
1. Well, we've seen cryptocurrency thrive for more than a decade now. We've seen Bitcoin thriving for more than a decade now, and take note, governments around the world have little to no support for it. Some even banned it in their own country. Yes, we've seen 1 or 2 governments supporting it by declaring it as legal tender in their own country, but I believe that even without the help of the governments, cryptocurrency will thrive. On the other hand, though, it will be a big hit for the crypto, and to us investors if most if not all of the governments decide to ban it in their country.
2. We've seen governments banning cryptocurrency in their country, and although people can still access it, it's still hard for them to have access to it without anybody suppressing it. Do I see more governments doing the same? There's a chance, but for now, I don't see them doing it. Regulating it would be better for the country as a whole.
3. 100% accept. I mean we are involved in cryptocurrency, and I know that most of us benefitted from crypto so why reject it? Scams? Just teach the people how not to get scammed.
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- Can crypto continue to thrive without the support of governments?
- Do you think governments can suppress and restrain the crypto market with their power?
- If you were the head of government, would you accept or reject the crypto opportunity for your country?
1. Yes. Bitcoin in early days and Monero are the prime example. Although i expect many cryptocurrency would be dead if all government stop all form of support towards cryptocurrency.
2. Yes, they could stop such activity on all legal centralized service.
3. Yes, but i would only explicitly accept major coin which has been around for long time.
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All I can say is that I also know that everyone knows that no one can control Bitcoin because of the decentralization features it has. So I am interested in a country or government that is open to blockchain technology, bitcoin, or cryptocurrency. Because they think about the welfare of their constituent citizens, who can be helped by bitcoin or cryptocurrency.
And one of those, for example, is what El Salvador did to make Bitcoin and other cryptocurrencies legal tender in their country.
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1. Can crypto continue to thrive without the support of governments?
2. Do you think governments can suppress and restrain the crypto market with their power?
3. If you were the head of government, would you accept or reject the crypto opportunity for your country?
1. Yes. Crypto can continue to thrive without the support of governments but much better if they will allow it's citizens to freely take part into this growing industry.
2. Yes, and we are left no choice on this. If they totally ban crypto in any country we will be having a hard time making deposits and withdrawal transactions locally. Access to certain sites and platforms is also a problem.
3. If I am the head of the government here in my country I will make crypto investments open so citizens will be able to jump-in in a more convenient way however there will always have regulations whether it's foreign and local exchanges so there is no monopoly and I hate deals under the table. Users can choose the best liquidity for their investments and grab every opportunity crypto has to offer.
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OP I am replying based on your topic and as we can see it is self explanatory. Of a truth government as an institution is so powerful that it can do and undo. I have no doubt about what you have said because crypto depends on individuals to execute it and those individuals belongs to the society being governed and those governments have stipulated rules and regulations governing them so in that case, the government can go to any extent to suppress crypto activities within their jurisdiction limiting crypto activities but they can never stop it.
Looking at the Nigeria government and binance saga, what I can be able to deduce from the tussle is that the Nigeria government is not happy for the fact that huge amount of money have been moving through Crypto without the government benefiting from the transactions with respect to taxation and other entitlement due the government. Hence their agitation and fight with binance. I believe crypto made its arrival timely and nobody would be able to wipe off the pace already created but rather they would gradually adopt and implement it into their system.
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OP I am replying based on your topic and as we can see it is self explanatory. Of a truth government as an institution is so powerful that it can do and undo. I have no doubt about what you have said because crypto depends on individuals to execute it and those individuals belongs to the society being governed and those governments have stipulated rules and regulations governing them so in that case, the government can go to any extent to suppress crypto activities within their jurisdiction limiting crypto activities but they can never stop it.
Looking at the Nigeria government and binance saga, what I can be able to deduce from the tussle is that the Nigeria government is not happy for the fact that huge amount of money have been moving through Crypto without the government benefiting from the transactions with respect to taxation and other entitlement due the government. Hence their agitation and fight with binance. I believe crypto made its arrival timely and nobody would be able to wipe off the pace already created but rather they would gradually adopt and implement it into their system.
I think there have always been people in the Nigerian government who keep up with the development of crypto, but their voices are not enough for the government to become more friendly to crypto and more responsible for the domestic economy. As a result, Nigerian government used the most extreme measures to make Nigeria a dangerous country for any crypto company in the future.
It is possible that the political careers of government leaders are more important than the development of the country, which is why they are taking such a tough stance. The naira had already depreciated badly before centralized exchanges had P2P in the country, which shows that it was the domestic economic recession that caused the naira to depreciate, not crypto or exchanges. Exchanges only want to do business and make a profit, they have no purpose in negatively impacting the value of the domestic currency against the USD.
I wish Binance will be able to sort out this trouble with the Nigerian government, other CEXs should also be cautious and stay away from this dangerous market for the time being. Crypto users in Nigeria will have to trade crypto more difficultly through P2P markets that are less liquid than CEXs.
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crypto can develop without the government, where we see that there has never been real support for crypto itself throughout the world, only some support it and others prohibit it, but we can see crypto from the beginning of circulation until now and has experienced ups and downs and still survives,
If I were the head of government, and I understood crypto, maybe I would accept crypto, but I couldn't possibly make decisions unilaterally, of course I had to communicate with sub-parts of my government, because as we know, not everyone knows and understands crypto. , even if they knew would they accept ,
So I return it all to the people whether they want to use this crypto or not
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About 15 years ago, BTC was expected by Satoshi to become a currency, a crypto-currency, meaning that it could replace fiat in payments. Today, BTC itself and many other tokens are often seen as a store of value or financial instrument, their price appreciation brings profit to investors but that also means that fiat gradually depreciates against those tokens. Things get even more complicated when many people decide to store crypto like BTC, ETH and USDT instead of storing fiat because they believe that fiat is depreciating, while tokens will continue to appreciate.
This could really affect the role of fiat in the economy, undermining the economic control of governments through money printing. Depending on their perspective, different governments have different ways of behaving. The EU wants to regulate crypto so it has issued the MiCA law [1], while China wants to ban crypto [2]. The Nigerian government alone wants to have a whole drama related to crypto [3].
Recently, after blaming crypto for the devaluation of the naira currency, the Nigerian government banned all crypto exchanges in Nigeria [4]. In particular, the Nigerian government suspects that Binance is involved in a $26B illegal money flow that has negatively impacted the Nigerian economy. To address these suspicions, they have arrested two Binance executives and demanded information about Binance's users [5]. Binance has denied any wrongdoing and has called for the immediate release of its executives. The company is cooperating with the Nigerian authorities in their investigation [6].
This incident raises important questions about the regulation of crypto exchanges. Governments around the world are still grappling with how to best oversee these new and rapidly growing crypto companies. The Nigerian government's actions remind us of the potential for conflict between governments and crypto exchanges. I think Nigeria is just trying to suppress crypto with extreme and ill-advised behavior.
With its decentralized nature, crypto will continue to exist without the permission of governments. However, in order to develop and grow stronger, crypto also needs friendly access from governments around the world, otherwise things will become extremely complicated: when crypto trading and CEXs are banned, market liquidity will collapse, investors will not want to participate in the market, and the crypto market will lose potential investors and new money. DeFi and P2P can still exist, but the crypto market will not be able to develop as strongly as in countries that accept crypto.
Given the extreme actions and the state of the crypto market in countries like China and Nigeria, I am really worried that even though crypto cannot be destroyed, governments still have enough power to suppress and stifle its development in their countries. If this situation spreads to other countries and is imitated by other governments, things could be worse than we can imagine.
I hope that in the near future, major governments will soon accept crypto and issue a legal framework to manage and collect taxes on crypto income as a legitimate asset class. Extreme actions to attack the crypto market also need to be opposed and condemned by the crypto community.
I would like to know your views on the acts of repression of the crypto market:
- Can crypto continue to thrive without the support of governments?
- Do you think governments can suppress and restrain the crypto market with their power?
- If you were the head of government, would you accept or reject the crypto opportunity for your country?
References:
[1] MiCA, EU’s Comprehensive New Crypto Regulation, Explained (https://www.coindesk.com/learn/mica-eus-comprehensive-new-crypto-regulation-explained/)
[2] China Never Completely Banned Crypto (https://www.coindesk.com/consensus-magazine/2024/02/05/china-never-completely-banned-crypto/)
[3] An overview of cryptocurrency regulations in Nigeria (https://cointelegraph.com/learn/crypto-regulations-in-nigeria)
[4] Nigeria targets cryptocurrency in bid to end naira freefall (https://sg.news.yahoo.com/nigeria-targets-cryptocurrency-bid-end-075831754.html)
[5] Binance Executives’ Detention Could Spark Diplomatic Crisis in Nigeria (https://beincrypto.com/binance-nigeria-hostages/)
[6] Binance says it trained investigators in Nigeria under government cooperation (https://cointelegraph.com/news/binance-trained-investigators-nigeria-under-government-cooperation)
Note:
- My opinion was posted first in that topic, on Bitcointalk (https://bitcointalk.org/index.php?topic=5488810)
- I leave the source link to avoid plagiarism accusation.
- I excluded/ included minor things from an original thread if necessary.
However it's possible for government to crack down the use of crypto. In most countries have already banned crypto exchange and coin offers like china, it's very certain that government can limit the use of crypto currency. It's also no use that many government are still figuring out ways to deal with crypto. Some have set rules, and rules will continue to evolve us.
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However it's possible for government to crack down the use of crypto. In most countries have already banned crypto exchange and coin offers like china, it's very certain that government can limit the use of crypto currency. It's also no use that many government are still figuring out ways to deal with crypto. Some have set rules, and rules will continue to evolve us.
Actually there is no point in the government restricting crypto in their country, their citizens can still invest and trade even if the country's IP blocks crypto. In my opinion, the government should legalize crypto investment.
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crypto can develop without the government, where we see that there has never been real support for crypto itself throughout the world, only some support it and others prohibit it, but we can see crypto from the beginning of circulation until now and has experienced ups and downs and still survives,
If I were the head of government, and I understood crypto, maybe I would accept crypto, but I couldn't possibly make decisions unilaterally, of course I had to communicate with sub-parts of my government, because as we know, not everyone knows and understands crypto. , even if they knew would they accept ,
So I return it all to the people whether they want to use this crypto or not
Adopting crypto is a long-term strategy, potentially taking many years to ensure that the economy is ready for a new type of asset or payment method. I believe that at this point, politicians are also learning about crypto, US congressional candidates are also talking about crypto to gain voter support, crypto is one of the most hotly debated issues in many countries and we are starting to have separate legal frameworks for crypto like MiCA in the EU.
If you are a head of government, your perspective is extremely important, you should have an open mind about crypto, the legal framework will be discussed by other members. We have had enough test results to refer to: the success of El Salvador with BTC, the failure of Venezuela with CBDC, the success of BTC spot ETF in the US...
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However it's possible for government to crack down the use of crypto. In most countries have already banned crypto exchange and coin offers like china, it's very certain that government can limit the use of crypto currency. It's also no use that many government are still figuring out ways to deal with crypto. Some have set rules, and rules will continue to evolve us.
Actually there is no point in the government restricting crypto in their country, their citizens can still invest and trade even if the country's IP blocks crypto. In my opinion, the government should legalize crypto investment.
To our satisfaction, it will not be the case, there will still be government around the world that is going to be against crypto no matter what and they will not change their stance. But that is ok, 50/50 we will take that as a big win for us. And it's up to the people, we have heard stories of some countries that have a hard line stance, and yet their population is doing crypto activities, buying/selling and holding. So there's no way that they can stop it although there is risk for this individuals but they are all willing because they know what let's say having Bitcoin in a bull run can do to them.
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About 15 years ago, BTC was expected by Satoshi to become a currency, a crypto-currency, meaning that it could replace fiat in payments. Today, BTC itself and many other tokens are often seen as a store of value or financial instrument, their price appreciation brings profit to investors but that also means that fiat gradually depreciates against those tokens. Things get even more complicated when many people decide to store crypto like BTC, ETH and USDT instead of storing fiat because they believe that fiat is depreciating, while tokens will continue to appreciate.
This could really affect the role of fiat in the economy, undermining the economic control of governments through money printing. Depending on their perspective, different governments have different ways of behaving. The EU wants to regulate crypto so it has issued the MiCA law [1], while China wants to ban crypto [2]. The Nigerian government alone wants to have a whole drama related to crypto [3].
Recently, after blaming crypto for the devaluation of the naira currency, the Nigerian government banned all crypto exchanges in Nigeria [4]. In particular, the Nigerian government suspects that Binance is involved in a $26B illegal money flow that has negatively impacted the Nigerian economy. To address these suspicions, they have arrested two Binance executives and demanded information about Binance's users [5]. Binance has denied any wrongdoing and has called for the immediate release of its executives. The company is cooperating with the Nigerian authorities in their investigation [6].
This incident raises important questions about the regulation of crypto exchanges. Governments around the world are still grappling with how to best oversee these new and rapidly growing crypto companies. The Nigerian government's actions remind us of the potential for conflict between governments and crypto exchanges. I think Nigeria is just trying to suppress crypto with extreme and ill-advised behavior.
With its decentralized nature, crypto will continue to exist without the permission of governments. However, in order to develop and grow stronger, crypto also needs friendly access from governments around the world, otherwise things will become extremely complicated: when crypto trading and CEXs are banned, market liquidity will collapse, investors will not want to participate in the market, and the crypto market will lose potential investors and new money. DeFi and P2P can still exist, but the crypto market will not be able to develop as strongly as in countries that accept crypto.
Given the extreme actions and the state of the crypto market in countries like China and Nigeria, I am really worried that even though crypto cannot be destroyed, governments still have enough power to suppress and stifle its development in their countries. If this situation spreads to other countries and is imitated by other governments, things could be worse than we can imagine.
I hope that in the near future, major governments will soon accept crypto and issue a legal framework to manage and collect taxes on crypto income as a legitimate asset class. Extreme actions to attack the crypto market also need to be opposed and condemned by the crypto community.
I would like to know your views on the acts of repression of the crypto market:
- Can crypto continue to thrive without the support of governments?
- Do you think governments can suppress and restrain the crypto market with their power?
- If you were the head of government, would you accept or reject the crypto opportunity for your country?
References:
[1] MiCA, EU’s Comprehensive New Crypto Regulation, Explained (https://www.coindesk.com/learn/mica-eus-comprehensive-new-crypto-regulation-explained/)
[2] China Never Completely Banned Crypto (https://www.coindesk.com/consensus-magazine/2024/02/05/china-never-completely-banned-crypto/)
[3] An overview of cryptocurrency regulations in Nigeria (https://cointelegraph.com/learn/crypto-regulations-in-nigeria)
[4] Nigeria targets cryptocurrency in bid to end naira freefall (https://sg.news.yahoo.com/nigeria-targets-cryptocurrency-bid-end-075831754.html)
[5] Binance Executives’ Detention Could Spark Diplomatic Crisis in Nigeria (https://beincrypto.com/binance-nigeria-hostages/)
[6] Binance says it trained investigators in Nigeria under government cooperation (https://cointelegraph.com/news/binance-trained-investigators-nigeria-under-government-cooperation)
Note:
- My opinion was posted first in that topic, on Bitcointalk (https://bitcointalk.org/index.php?topic=5488810)
- I leave the source link to avoid plagiarism accusation.
- I excluded/ included minor things from an original thread if necessary.
There is a saying here in Nigeria that after God, Na government. It is true that crypto cannot be destroyed but what happens if the government frustrate all the participant and the community, my guess may not be correct but i assume that the issue of Binance with Nigeria government is slightly part of why the market is adjusting because there was a large cash outflow/withdrawal from Nigerian users who doesnt want to lose their funds. Just yesterday, OKX announced their exit from India market due to regulatory complaint isssues. You can remeber also that about 9 exchanges including Binance was delisted from the country few months ago. So i think the government have the power to bring crypto activity to the bearest minimum if most countries decides to ban it but with SEC approval of BTC spot ETF, i thought if that can happen because its also a losss for the countries. I think with time, crypto will become mainstream but more development still needs to evolve from the space and we must also try to eradicate adoption of all this shitcoin by some individuals and focus on asset class with utility and reak world use cases. POC, not all exchanges were banned in Nigeria because many other exchanges like Bitget, Bybit, Kucoin and OKX are still operating with their respective P2P working well.
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The government has power, I think that could be a reason to take action against crypto. But what should be done? Currently, more and more people and even government agencies understand crypto, so they will not take action against crypto but will instead support it.
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OP I am replying based on your topic and as we can see it is self explanatory. Of a truth government as an institution is so powerful that it can do and undo. I have no doubt about what you have said because crypto depends on individuals to execute it and those individuals belongs to the society being governed and those governments have stipulated rules and regulations governing them so in that case, the government can go to any extent to suppress crypto activities within their jurisdiction limiting crypto activities but they can never stop it.
Looking at the Nigeria government and binance saga, what I can be able to deduce from the tussle is that the Nigeria government is not happy for the fact that huge amount of money have been moving through Crypto without the government benefiting from the transactions with respect to taxation and other entitlement due the government. Hence their agitation and fight with binance. I believe crypto made its arrival timely and nobody would be able to wipe off the pace already created but rather they would gradually adopt and implement it into their system.
I think there have always been people in the Nigerian government who keep up with the development of crypto, but their voices are not enough for the government to become more friendly to crypto and more responsible for the domestic economy. As a result, Nigerian government used the most extreme measures to make Nigeria a dangerous country for any crypto company in the future.
It is possible that the political careers of government leaders are more important than the development of the country, which is why they are taking such a tough stance. The naira had already depreciated badly before centralized exchanges had P2P in the country, which shows that it was the domestic economic recession that caused the naira to depreciate, not crypto or exchanges. Exchanges only want to do business and make a profit, they have no purpose in negatively impacting the value of the domestic currency against the USD.
I wish Binance will be able to sort out this trouble with the Nigerian government, other CEXs should also be cautious and stay away from this dangerous market for the time being. Crypto users in Nigeria will have to trade crypto more difficultly through P2P markets that are less liquid than CEXs.
I have no doubt about your findings in the current crypto situations in Nigeria. All your statements are factual and I must say that crypto has no effect on the currency because too the naira began to devalue years back before crypto became popular here in Nigeria. The economy situation possibly is the major cause of the devaluation which non of the government officials are talking about because they know the truth but are just doing all these because they want the citizens to get distracted from knowing the truth but I am more curious about you as you sound like a Nigerian.
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I would like to know your views on the acts of repression of the crypto market:
- Can crypto continue to thrive without the support of governments?
- Do you think governments can suppress and restrain the crypto market with their power?
- If you were the head of government, would you accept or reject the crypto opportunity for your country?
1. Yes, it can, In several cases, it is really able to run it without supports of government.
2. To be honest, this is very unexpected, but in fact, this might happen. Indeed, it may not directly suppress the crypto market. but did several things and decisions that made the crypto market crash because of certain FUD that they created.
3. Luckily I live in a country that legalizes crypto as a commodity asset (even though it is still illegal as a means of payment or as currency), but from here, if I were the leader of that country, I would do it, of course with strict rules and making regulations based on an agreement within the government.
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Bitcoin has not needed the support of any country's government to get to the position it has so far. Moreover, most countries in the world, including their central banks, have opposed Bitcoin, yet Bitcoin has risen from zero to a maximum of $73,000 in its 14-year history. So for now I think Bitcoin can evolve at its own pace without government supportNo government support will be required. However, if a country's government, including its central bank, supports Bitcoin, then Bitcoin can perform better at its pace and play an important role as an emerging market. A country's government cannot single-handedly have a negative impact on the Bitcoin market, or even if it does, the impact is not long-lasting.
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I think that governments will always try to Find a way to reduce people's interest in acquiring bitcoin and crypto because they know that it is a way to keep them under control, governments will only Accept crypto and bitcoin when it is regulated and that because they somehow want to get some money , also everything that is the KYC and the data in the exchanges is something that they will use to ascertain that they want to have crypto in order to later apply a very Strong tax policy for those who use crypto , all this may be the Intentions of the Scammers, but being anonymous is much better, things can always be good if we have everything under control, it is better to interact with crypto and avoiding the way in which we share our data anywhere, Of course that's my Recommendation.
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The government can Crack down on crypto exchanges but can't do anything to people that hold coins in a personal wallets. From the beginning, Satoshi has always warn everyone the use Bitcoin on platforms that you don't have their private keys, it shows you can't have access to the coin if the restrict you but if you have the private key, the government can't do anything.
Another thing is that with centralized exchanges, they do have a mandatory KYC to track down people, this can be a tool go the government to do what they like, this is why I said the government can only Crack down on exchange because they know they as a team but a person with his private key is anonymous and can't be identified even though the transaction is visible to the public
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I think that governments will always try to Find a way to reduce people's interest in acquiring bitcoin and crypto because they know that it is a way to keep them under control, governments will only Accept crypto and bitcoin when it is regulated and that because they somehow want to get some money , also everything that is the KYC and the data in the exchanges is something that they will use to ascertain that they want to have crypto in order to later apply a very Strong tax policy for those who use crypto , all this may be the Intentions of the Scammers, but being anonymous is much better, things can always be good if we have everything under control, it is better to interact with crypto and avoiding the way in which we share our data anywhere, Of course that's my Recommendation.
It is true that Government would always want to discourage her citizens from transacting in Crypto but that does not make the Crypto market not grow. As a matter of fact the government wants to know their stand in taking tax from Crypto transactions that is why you see that they are hell bent on fighting third party exchange to get details of their citizens registered with them so they can be able to also get details of Crypto transactions and know how much they could charge.
All these talks of fighting terrorism and money laundering is a joke for all I think they are just making caricature of themselves.
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However it's possible for government to crack down the use of crypto. In most countries have already banned crypto exchange and coin offers like china, it's very certain that government can limit the use of crypto currency. It's also no use that many government are still figuring out ways to deal with crypto. Some have set rules, and rules will continue to evolve us.
Government has settled strick rules due to which there are certain countries where there there is no permission to use crypto but some people still use crypto without the permission of government. I think due to success of bitcoin many countries will accept bitcoin and some countries have already accepted bitcoin because limitation will not bring anything useful but bitcoin success can make the economy of a country better.
Every country has certain rules and regulations but these are changing with the passage of time according to the era so I think a day will arise when most of the country will using bitcoin as a legal currency.
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All I can say is that I also know that everyone knows that no one can control Bitcoin because of the decentralization features it has. So I am interested in a country or government that is open to blockchain technology, bitcoin, or cryptocurrency. Because they think about the welfare of their constituent citizens, who can be helped by bitcoin or cryptocurrency.
And one of those, for example, is what El Salvador did to make Bitcoin and other cryptocurrencies legal tender in their country.
I believe one of the reasons why the El Salvador president did accept bitcoin and other crypto currency as a legal tender is because he is a youth and very much open to innovation and technology. So far, all the president's that have objected to accepting bitcoin and crypto are old men along side with their executive council. They do not want their citizens to tap into crypto because they are afraid of losing ground.
From my observations, majority of the countries that really looked into crypto are bent in taxing crypto enthusiast per transaction they make so they could generate revenue for their nation. I am surprised that some so called advanced nations are still struggling to implement or adopt bitcoin just because it has no control by anybody.
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I think that governments will always try to Find a way to reduce people's interest in acquiring bitcoin and crypto because they know that it is a way to keep them under control, governments will only Accept crypto and bitcoin when it is regulated and that because they somehow want to get some money , also everything that is the KYC and the data in the exchanges is something that they will use to ascertain that they want to have crypto in order to later apply a very Strong tax policy for those who use crypto , all this may be the Intentions of the Scammers, but being anonymous is much better, things can always be good if we have everything under control, it is better to interact with crypto and avoiding the way in which we share our data anywhere, Of course that's my Recommendation.
It is true that Government would always want to discourage her citizens from transacting in Crypto but that does not make the Crypto market not grow. As a matter of fact the government wants to know their stand in taking tax from Crypto transactions that is why you see that they are hell bent on fighting third party exchange to get details of their citizens registered with them so they can be able to also get details of Crypto transactions and know how much they could charge.
All these talks of fighting terrorism and money laundering is a joke for all I think they are just making caricature of themselves.
What you say is very true, governments always say something like that, however I know that governments say things like that so that they can control people, especially money laundering, but that is something that I don't see much impact on, I know that Governments can make or take these preventive measures trying to be the victims, but that is not the case, at least the government where I live is a government that really has things very given to fulfilling them for their own benefit, because each one of them has the things Without further ado, they don't care about the hype they have, everything for them is abundant, but for the people, if they are starving and have no benefits, that doesn't matter to them.
But since I cannot generalize, I know that there are people who live in developed countries, where the government is not like that, but is something else, that is the type of thing that we should see.
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All I can say is that I also know that everyone knows that no one can control Bitcoin because of the decentralization features it has. So I am interested in a country or government that is open to blockchain technology, bitcoin, or cryptocurrency. Because they think about the welfare of their constituent citizens, who can be helped by bitcoin or cryptocurrency.
And one of those, for example, is what El Salvador did to make Bitcoin and other cryptocurrencies legal tender in their country.
I believe one of the reasons why the El Salvador president did accept bitcoin and other crypto currency as a legal tender is because he is a youth and very much open to innovation and technology. So far, all the president's that have objected to accepting bitcoin and crypto are old men along side with their executive council. They do not want their citizens to tap into crypto because they are afraid of losing ground.
From my observations, majority of the countries that really looked into crypto are bent in taxing crypto enthusiast per transaction they make so they could generate revenue for their nation. I am surprised that some so called advanced nations are still struggling to implement or adopt bitcoin just because it has no control by anybody.
We dont know on whats on the mind of Bukele but its good that he had made out such decision on which we've seen that they do even that purchased coins even more on a dumping market
which does basically shows that they are really that positive towards it which its really that surprising for government would really be making out such decisions on which it did really basically shows that it is really that indeed possible on doing such stuff. In regarding about government crack down then pretty sure that they've been doing this long time
but still even up to now on which they had failed on cracking down Bitcoin or crypto as a whole.So they've decided to join up. ;D
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I think that governments will always try to Find a way to reduce people's interest in acquiring bitcoin and crypto because they know that it is a way to keep them under control, governments will only Accept crypto and bitcoin when it is regulated and that because they somehow want to get some money , also everything that is the KYC and the data in the exchanges is something that they will use to ascertain that they want to have crypto in order to later apply a very Strong tax policy for those who use crypto , all this may be the Intentions of the Scammers, but being anonymous is much better, things can always be good if we have everything under control, it is better to interact with crypto and avoiding the way in which we share our data anywhere, Of course that's my Recommendation.
It is true that Government would always want to discourage her citizens from transacting in Crypto but that does not make the Crypto market not grow. As a matter of fact the government wants to know their stand in taking tax from Crypto transactions that is why you see that they are hell bent on fighting third party exchange to get details of their citizens registered with them so they can be able to also get details of Crypto transactions and know how much they could charge.
All these talks of fighting terrorism and money laundering is a joke for all I think they are just making caricature of themselves.
What you say is very true, governments always say something like that, however I know that governments say things like that so that they can control people, especially money laundering, but that is something that I don't see much impact on, I know that Governments can make or take these preventive measures trying to be the victims, but that is not the case, at least the government where I live is a government that really has things very given to fulfilling them for their own benefit, because each one of them has the things Without further ado, they don't care about the hype they have, everything for them is abundant, but for the people, if they are starving and have no benefits, that doesn't matter to them.
But since I cannot generalize, I know that there are people who live in developed countries, where the government is not like that, but is something else, that is the type of thing that we should see.
The government does not care about their people. All they care about is their pockets. They always wants more claiming it to be in the interest of their citizens which you and I know too well to be lies. At first they tell you sweet stories to convince you the you join the and then get lost in the middle of nowhere.
You know sometimes the government can be this funny but however, they are never tired of doing their biddings to get it all.
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I still wonder on the possibility for a decentralized network and currency to be controlled by governments, they may try to regulate the whole sectors which are not decentralized in cryptocurrencies but they may not do so with bitcoin because this is completely a decentralized digital network, of which they have on countless times try to attack and stop people from adopting bitcoin but everything went to futile efforts because bitcoin contain the solution to the peoples financial problems in cryptocurrency.
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- Can crypto continue to thrive without the support of governments?
Yea, we can. Bitcoin is a typical example at its early stage, some government banned the use of crypto but bitcoin was still able to succeed, because it cannot be controlled by anyone.
- Do you think governments can suppress and restrain the crypto market with their power?
Yea, they can do that on centralized exchanges and centralized coins, but not on bitcoin. This is because you cannot be tracked when you use bitcoin the way it was designed. From your private wallet to DEX, and vice versa.
- If you were the head of government, would you accept or reject the crypto opportunity for your country?
LOL, I am a crypto fan. I am happy with the benefits from crypto on individuals, especially bitcoin. So I will legalize it for my citizens to also benefit from it. As long as it is regulated.
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I would like to know your views on the acts of repression of the crypto market:
- Can crypto continue to thrive without the support of governments?
- Do you think governments can suppress and restrain the crypto market with their power?
- If you were the head of government, would you accept or reject the crypto opportunity for your country?
The Nigerian government is looking to crack down, create a diversionary event, and blame crypto exchanges. I hope people won't be fooled by this.
Crypto needs to be legalized to thrive with legitimate capital. Otherwise, it will be difficult for crypto to develop, with privacy coins being the clearest example.
If really needed, governments can easily suppress crypto in their countries. China has done so and succeeded in banning crypto trading and mining.
I would adopt crypto like El Salvador to attract tourism and investment.
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I think that governments will always try to Find a way to reduce people's interest in acquiring bitcoin and crypto because they know that it is a way to keep them under control, governments will only Accept crypto and bitcoin when it is regulated and that because they somehow want to get some money , also everything that is the KYC and the data in the exchanges is something that they will use to ascertain that they want to have crypto in order to later apply a very Strong tax policy for those who use crypto , all this may be the Intentions of the Scammers, but being anonymous is much better, things can always be good if we have everything under control, it is better to interact with crypto and avoiding the way in which we share our data anywhere, Of course that's my Recommendation.
It is true that Government would always want to discourage her citizens from transacting in Crypto but that does not make the Crypto market not grow. As a matter of fact the government wants to know their stand in taking tax from Crypto transactions that is why you see that they are hell bent on fighting third party exchange to get details of their citizens registered with them so they can be able to also get details of Crypto transactions and know how much they could charge.
All these talks of fighting terrorism and money laundering is a joke for all I think they are just making caricature of themselves.
What you say is very true, governments always say something like that, however I know that governments say things like that so that they can control people, especially money laundering, but that is something that I don't see much impact on, I know that Governments can make or take these preventive measures trying to be the victims, but that is not the case, at least the government where I live is a government that really has things very given to fulfilling them for their own benefit, because each one of them has the things Without further ado, they don't care about the hype they have, everything for them is abundant, but for the people, if they are starving and have no benefits, that doesn't matter to them.
But since I cannot generalize, I know that there are people who live in developed countries, where the government is not like that, but is something else, that is the type of thing that we should see.
The government does not care about their people. All they care about is their pockets. They always wants more claiming it to be in the interest of their citizens which you and I know too well to be lies. At first they tell you sweet stories to convince you the you join the and then get lost in the middle of nowhere.
You know sometimes the government can be this funny but however, they are never tired of doing their biddings to get it all.
You are absolutely right, now what I have doubts about is the governments of countries that are prosperous as is the case of Switzerland, Nordic countries that are countries that are doing very well economically, you think they always have very good growth options, So this means that they are not like that, but I think that this happens only in those countries , in the rest of the world things are different, for me this has a lot to do with the countries worldwide, because they are already sticking to a direction established policy where they want to have a lot of power to control, the EU, the USA exercise a lot of power, and among these things they manage and lead the world.
The most important things are money, as long as they manage the money everything will be easier to control.
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- Can crypto continue to thrive without the support of governments?
Yea, we can. Bitcoin is a typical example at its early stage, some government banned the use of crypto but bitcoin was still able to succeed, because it cannot be controlled by anyone.
- Do you think governments can suppress and restrain the crypto market with their power?
Yea, they can do that on centralized exchanges and centralized coins, but not on bitcoin. This is because you cannot be tracked when you use bitcoin the way it was designed. From your private wallet to DEX, and vice versa.
- If you were the head of government, would you accept or reject the crypto opportunity for your country?
LOL, I am a crypto fan. I am happy with the benefits from crypto on individuals, especially bitcoin. So I will legalize it for my citizens to also benefit from it. As long as it is regulated.
1. Yeah the power of decentralization. Whether we like it or not crypto is crypto governments can only regulate exchanges but not crypto itself.
2. Yeah the reason why governments wanted to pursue the idea of CBDC for them to have a full control of our funds. They can do whatever they want like freeze and whatsoever.
3. I like this opinion of yours mate because I will do the same if I were the head of the state because I know cryptocurrency enthusiasts here in my country is rapidly increasing so to help them grab every opportunity crypto has offering legalizing it would be the best option.
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2. Do you think governments can suppress and restrain the crypto market with their power?
This all depends on the kind of government we are dealing with. Under an authoritarian regime, everything can be done with a stroke of a pen or even a pronouncement without the benefit of any law passed by its own legislature. There are many governments right now who are looking at cryptocurrency as their enemy as we know that crypto can be an empowering tool...something some governments may not have a liking with.
This is the most important thing and I am really sad some don't get it nor the danger it comes with!
When we talk about a government not being friendly and not liking crypto or trying to ban it we must look at two things
- what kind of government is that, it's an elected government that might be replaced in two months, it's a government that is normally under supervision from the one leading the country but it's not a true authority much being done by the parliament or prime minister, or it's a government that's made just out of puppets who echo a true dictatorship that runs the country!
- second and more important, what is the government ready to do to enforce the ban? If they care about stopping it just like they care about speeding tickets or food safety nothing will happen, but if they see it as a threat or a thing against religion it might end with people getting sentenced to the firing squadron, and that will be different, way different, and I'm sure after the first mass execution 99.99% will suddenly forget you can't stop Bitcoin and forget also everything about crypto for their own safety!
Also, the ridiculous take on the success without realizing what this bull run was caused by!
It was caused by the EFT, it was a government action on greenlighting crypto, is someone here truly thinking we would have seen 72k if the SEC would have refused again all applications or if the US would have (knock on wood) banned crypto just as China did?
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I still wonder on the possibility for a decentralized network and currency to be controlled by governments, they may try to regulate the whole sectors which are not decentralized in cryptocurrencies but they may not do so with bitcoin because this is completely a decentralized digital network, of which they have on countless times try to attack and stop people from adopting bitcoin but everything went to futile efforts because bitcoin contain the solution to the peoples financial problems in cryptocurrency.
You understand the word control too one-sidedly. It is enough to control card accounts and prohibit any payments for anything in cryptocurrency and that will be enough. You can also create various unbearable conditions and everything will wither away on its own.
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This is the most important thing and I am really sad some don't get it nor the danger it comes with!
When we talk about a government not being friendly and not liking crypto or trying to ban it we must look at two things
- what kind of government is that, it's an elected government that might be replaced in two months, it's a government that is normally under supervision from the one leading the country but it's not a true authority much being done by the parliament or prime minister, or it's a government that's made just out of puppets who echo a true dictatorship that runs the country!
- second and more important, what is the government ready to do to enforce the ban? If they care about stopping it just like they care about speeding tickets or food safety nothing will happen, but if they see it as a threat or a thing against religion it might end with people getting sentenced to the firing squadron, and that will be different, way different, and I'm sure after the first mass execution 99.99% will suddenly forget you can't stop Bitcoin and forget also everything about crypto for their own safety!
Also, the ridiculous take on the success without realizing what this bull run was caused by!
It was caused by the EFT, it was a government action on greenlighting crypto, is someone here truly thinking we would have seen 72k if the SEC would have refused again all applications or if the US would have (knock on wood) banned crypto just as China did?
Government is really big in many countries, not all governments are accountable to the people or elected based on democratic principles. I don't want to go deep into this, but governments can really make crypto suffer a lot of negative impact, for example, the Nigerian government has successfully turned that country into a dangerous place for crypto companies :(
I hope that governments will become friendly and treat crypto fairly in order to get taxes and people's support. Spot BTC ETFs are clear evidence of BTC acceptance in the US - the world's largest economy, and it is having a very positive impact on BTC price. We need more similar events like that for crypto to develop better, have a more important position in the economy.
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I would like to know your views on the acts of repression of the crypto market:
- Can crypto continue to thrive without the support of governments?
- Do you think governments can suppress and restrain the crypto market with their power?
The government seems to have control over the existence of cryptocurrency in the world. Until now, there are still many people who believe that permits and decisions from the government always have an impact on the existence of cryptocurrency... but believe me that cryptocurrency is unstoppable.. even the government should not make the existence of cryptocurrency worse or weaken, because Bitcoin and others is decentralized and accepted by many people.[/list]
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The votes are tied to 4 meaning that people here has half a belief and understanding , cracking down crypto had been a many years of an issue but up to now no clear stand for what will be true options of the government .
but this will damage all our ego if this is real to happen and also same as I am afraid for this to come because i have relied almost everything in me here in crypto .
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The votes are tied to 4 meaning that people here has half a belief and understanding , cracking down crypto had been a many years of an issue but up to now no clear stand for what will be true options of the government .
but this will damage all our ego if this is real to happen and also same as I am afraid for this to come because i have relied almost everything in me here in crypto .
I find this quite interesting: it shows that the crypto community is also really confused about this issue. So, things could be in the middle: people believe that crypto will continue to exist regardless of government action, and at the same time, crypto will develop better if it is recognized and supported by the government. El Salvador is the first successful experiment of crypto on a national scale. I hope that other governments can refer to and choose the most positive ways to deal with crypto in order to promote the economy and progress of the country. The government will not benefit from going against the wishes of the people and turning the country into a dangerous place for all crypto companies ::)
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Government is really big in many countries, not all governments are accountable to the people or elected based on democratic principles. I don't want to go deep into this, but governments can really make crypto suffer a lot of negative impact, for example, the Nigerian government has successfully turned that country into a dangerous place for crypto companies :(
I hope that governments will become friendly and treat crypto fairly in order to get taxes and people's support. Spot BTC ETFs are clear evidence of BTC acceptance in the US - the world's largest economy, and it is having a very positive impact on BTC price. We need more similar events like that for crypto to develop better, have a more important position in the economy.
One thing we need to understand as a crypto community is that cryptocurrency and governance cannot work together, especially in countries where many government are not accountable and matters are easily swept under a carpet. I state this because I believe most governments fear the independence and wealth opportunities cryptocurrency provides to the people. When people are financially free, they can be less subject to those above them, which makes most governments strictly against it. Thanks to El Salvador for recognizing the true potential of Bitcoin and other cryptocurrencies because they understand how important it could be for their economy in general.
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The government can do many things if it wants but the government can't harm bitcoin or crypto currency if it wants. Because millions of people in a country invest in virtual currency. Therefore, if some actions of the government cause financial loss to those investors, then the government will have to take responsibility for that loss. That's why the government doesn't crack down on Bitcoin at all despite doing a lot of things.
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The government can do many things if it wants but the government can't harm bitcoin or crypto currency if it wants. Because millions of people in a country invest in virtual currency. Therefore, if some actions of the government cause financial loss to those investors, then the government will have to take responsibility for that loss. That's why the government doesn't crack down on Bitcoin at all despite doing a lot of things.
I disagree with you, normally we all know gist crypto is not a centralized currency, but if the government of a country want to crack down crypto in their country they can do it, but it won't affect other countries... a very good example is the China.
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The government can do many things if it wants but the government can't harm bitcoin or crypto currency if it wants. Because millions of people in a country invest in virtual currency. Therefore, if some actions of the government cause financial loss to those investors, then the government will have to take responsibility for that loss. That's why the government doesn't crack down on Bitcoin at all despite doing a lot of things.
I disagree with you, normally we all know gist crypto is not a centralized currency, but if the government of a country want to crack down crypto in their country they can do it, but it won't affect other countries... a very good example is the China.
China has created a chaotic environment by repeatedly banning Bitcoin and then recognizing Bitcoin. In this case, you can see China as a trick because they invest huge amount on Bitcoin with negative announcement and sell the investment market with positive announcement. China faced a similar situation in 2017 and the whole world has seen China's cunning many times. So for now I don't think it is reasonable to give an example about China.
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China has created a chaotic environment by repeatedly banning Bitcoin and then recognizing Bitcoin. In this case, you can see China as a trick because they invest huge amount on Bitcoin with negative announcement and sell the investment market with positive announcement. China faced a similar situation in 2017 and the whole world has seen China's cunning many times. So for now I don't think it is reasonable to give an example about China.
We currently do not know China's future plan for crypto, but it seems that they will soon accept crypto because Hong Kong is the testing ground for this plan. I think we can refer to the case in China as an example of the strong influence of the government on crypto. When China banned crypto trading, many exchanges had to leave China and liquidity was affected, causing China to no longer be the largest crypto market in the world, and the US has taken over this position.
In the past 7 years, although blockchain technology has been tested in China, the crypto market here has not developed strongly even though people can still store crypto and trade P2P. I do not expect this to be the fate of crypto in many countries in the future.
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The government can do many things if it wants but the government can't harm bitcoin or crypto currency if it wants. Because millions of people in a country invest in virtual currency. Therefore, if some actions of the government cause financial loss to those investors, then the government will have to take responsibility for that loss. That's why the government doesn't crack down on Bitcoin at all despite doing a lot of things.
China might have a word with this!
Also, how do you think crypto adoption works in NK?
Your idea of unstoppable crypto will come to a screaming end once a punishment-by-death law is issued by some nutty dictatorship!
Do not confuse a piece of code distributed among 100 000 does with your life!
We currently do not know China's future plan for crypto, but it seems that they will soon accept crypto because Hong Kong is the testing ground for this plan.
It's pretty simple, they want crypto, but crypto that they issue and control.
So they have no problem with search engine was long as it's baidu not Google.
They have no problem with social apps as long as it's not facebook it's Weibo.
They hate a currency controlled by the US, but they love their own manipulated two rates yuan!
China is in full swing of enforcing capital controls as more and more wealth is draining from the country no way they will allow the perfect tool for that to have a foothold in the country.
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I would like to know your views on the acts of repression of the crypto market:
- Can crypto continue to thrive without the support of governments?
Obviously, crypto currency is decentralized eco system where government can ban it but cannot stop its development. As an example, if I present myself, because in my country, all kinds of use of crypto currency are currently banned and those who are associated with it are being prosecuted. The main thing I will say here is that even without the support of the government, crypto currency can flourish, but the people associated with it will not get such an environment to be fully successful.
- Do you think governments can suppress and restrain the crypto market with their power?
I have already said that government can ban it but cannot stop its development because crypto currency works in peer to peer de-centralized system and it is not bound to only one government that they can suppress or restrain the crypto market.
- If you were the head of government, would you accept or reject the crypto opportunity for your country?
Obviously, if I will in that kind of position then I will accept that cryptocurrency Because only by accepting it can its misuse be monitored
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The government can do many things if it wants but the government can't harm bitcoin or crypto currency if it wants. Because millions of people in a country invest in virtual currency. Therefore, if some actions of the government cause financial loss to those investors, then the government will have to take responsibility for that loss. That's why the government doesn't crack down on Bitcoin at all despite doing a lot of things.
That's right, the government has full power in everything, but it can't do with Bitcoin, it's too risky if the government interferes in controlling Bitcoin, there will definitely be lots of problems that are always faced every day.
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it's too risky if the government interferes in controlling Bitcoin, there will definitely be lots of problems that are always faced every day.
BTC cannot be controlled, it is decentralized and there is no way for a third party to control the network, you can only be a part of the community by either running a node or buying gears and confirming tx's as a miner. The government can only regulate cypto through centralized crypto services, but they cannot take charge of the network in itself.
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Bitcoin to be specific can't be cracked down, other cryptocurrencies may be dealt with by the government in this manner because of being centralized, anything government can get hold of them they can regulate it for their own benefits, but Bitcoin in cryptocurrency is a decentralized network and digital currency, which gives them no access to how they can do anything in taking control over the affairs of Bitcoin.
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China has created a chaotic environment by repeatedly banning Bitcoin and then recognizing Bitcoin. In this case, you can see China as a trick because they invest huge amount on Bitcoin with negative announcement and sell the investment market with positive announcement. China faced a similar situation in 2017 and the whole world has seen China's cunning many times. So for now I don't think it is reasonable to give an example about China.
We currently do not know China's future plan for crypto, but it seems that they will soon accept crypto because Hong Kong is the testing ground for this plan. I think we can refer to the case in China as an example of the strong influence of the government on crypto. When China banned crypto trading, many exchanges had to leave China and liquidity was affected, causing China to no longer be the largest crypto market in the world, and the US has taken over this position.
In the past 7 years, although blockchain technology has been tested in China, the crypto market here has not developed strongly even though people can still store crypto and trade P2P. I do not expect this to be the fate of crypto in many countries in the future.
I don’t think that everything is so simple in relation to China. Firstly, they can test for as long as they want, and secondly, after the end of the tests, it is not a fact that they can allow the use of cryptocurrency throughout the country.The problem is that we are considering this issue from the point of view of the average person, while the government of any country, not only China, considers any issues, including this one, from the point of view of national security.In fact, in resolving this issue, we see that the interests of transnational capitals, behind which there are certain clans and states, collide. So, not everything is so simple.
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The government seems to have control over the existence of cryptocurrency in the world. Until now, there are still many people who believe that permits and decisions from the government always have an impact on the existence of cryptocurrency... but believe me that cryptocurrency is unstoppable.. even the government should not make the existence of cryptocurrency worse or weaken, because Bitcoin and others is decentralized and accepted by many people.[/list]
Government allow crypto to exist because they feel people have freedom of choice to investment but the existence of fraud, money laundering and ponzi schemes is the reason why government is trying to regulate tye crypto space sometimes but ofcourse, the government isn't reasonable when it comes to regulation, it doesn't favour people but just them alone.
The crypto industry is too big for the government to Crack down because billions of dollars are in there that belong to people, we also have many venture capitals and also institutional investors who have money here and will fight th government if they cross the line.
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Government allow crypto to exist because they feel people have freedom of choice to investment but the existence of fraud, money laundering and ponzi schemes is the reason why government is trying to regulate tye crypto space sometimes but ofcourse, the government isn't reasonable when it comes to regulation, it doesn't favour people but just them alone.
The crypto industry is too big for the government to Crack down because billions of dollars are in there that belong to people, we also have many venture capitals and also institutional investors who have money here and will fight th government if they cross the line.
Currently, if the US government wants to ban crypto, it means they are going against the world's largest investment funds, BTC mining companies and tens of millions of voters. No one wants to risk their political career to fight against a new industry that can bring revenue to the country and jobs to the people. A clear legal framework for crypto is what we are waiting for, which will help crypto be better managed, while supporting the police against criminals in the market.
On the other hand, authoritarian governments may not care about the people's wishes or the development opportunities for the country, they only want to protect their own power and interests. The fear of the new financial instrument, crypto, has led them to take extreme actions such as banning crypto or attacking exchanges. I think they are only making things worse over time because people will choose crypto over government.
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The government can do many things if it wants but the government can't harm bitcoin or crypto currency if it wants. Because millions of people in a country invest in virtual currency. Therefore, if some actions of the government cause financial loss to those investors, then the government will have to take responsibility for that loss. That's why the government doesn't crack down on Bitcoin at all despite doing a lot of things.
That's right, the government has full power in everything, but it can't do with Bitcoin, it's too risky if the government interferes in controlling Bitcoin, there will definitely be lots of problems that are always faced every day.
However, in a country, the government has full authority to do whatever it wants to do, but usually the government will accommodate if there is something that the community really needs.
But with bitcoin it can also be done, but usually you will also see the impact of the ban because bitcoin can be done without anyone's interference. So you will always look at the pros and cons of implementing enforcement against Bitcoin.
Because several large countries can also implement bans, but in broad practice whether this can work well is, of course, difficult to prove.