Crypto markets can exist without government permission

[MrSpasybo]

Recently, Nigerian government lifted the ban on banks involved in crypto-enabled services. Of course, this is beneficial for the crypto market in this country, but even before this authorization, the crypto market in Nigeria was already very developed through P2P.

“The ban by CBN on Nigerian banks from aiding crypto transactions made P2P merchants dominant in the first place. The ban was supposed to stamp out Bitcoin and crypto use in Nigeria. Instead, the crypto community turned to peer-to-peer trades or sending payments directly to each other.”
Source: Nigerian crypto exchanges and P2P merchants brace for battle post ban lift.

This once again shows the independence of transactions on blockchain from the management or permission of countries. China has banned crypto, but people can still buy, sell and store crypto assets without too much difficulty. It is this intense existence that has forced governments to be more serious when considering and accepting the existence and operation of crypto. Taxes, job opportunities, foreign investment are the things that every government wants to develop the country.

I believe that the wave of crypto adoption will soon spread globally, not only in El Salvador or Argentina, many other countries will soon have a clear legal framework to manage and collect taxes from this market. Large institutions have participated such as BlackRock, Vanguard, Fidelity, now it is the turn of governments.

Does your country have a plan to accept crypto? Are you willing to use crypto as a legal payment method alongside fiat currency?

[hugeblack]

Legal legislation changes over time, and therefore banning Bitcoin or allowing trading will not benefit investors unless there is a clear law explaining how to deal with cryptocurrencies, the exchanges that are allowed, the registration conditions, and the accompanying tax data. If there is no clear legal legislation in your country, it is better to buy Bitcoin not trading, but rather a long-term investment.

The only difference is that after the ban is lifted, there will be a greater possibility of the existence of exchanges, and therefore the commission fees are lower (in P2P it is high), in addition to the possibility of trading and other options.

[James Anderson]

True. Cryptocurrency markets can function without direct government authorization due to their decentralized nature, facilitated by blockchain technology.

[gunhell16]

Here in our country, we have local crypto exchanges, and our government accepts applications that will follow their rules. In short, the government of our country is open about the cryptocurrency business.

But there are still other exchanges that, even without any approval from our government, can still exist and operate here in our country, like Binance. Only this time, there is an issue that must be fixed because if Binance does not fix it, the IP will be blocked by Binance here in the country, and it has been given 90 days to fix this problem.

[hugeblack]

But there are still other exchanges that, even without any approval from our government, can still exist and operate here in our country, like Binance. Only this time, there is an issue that must be fixed because if Binance does not fix it, the IP will be blocked by Binance here in the country, and it has been given 90 days to fix this problem.

Yes, Binance and global platforms can work anywhere, but they will be limited to exchanging cryptocurrencies and you still need P2P if you want to withdraw local currency. Local platforms allow you to easily link your bank account or bank card and withdraw or deposit your money and convert it into cryptocurrencies.

[Freemind]

In my country the use of cryptocurrencies is legal. You can pay with cryptocurrency at merchants that accept it, and there are even dedicated physical stores (and many ATMs) where you can buy and sell cryptocurrency. There is no problem in using them as long as the tax agency is aware that you have them, although that is something that almost no one does. As time goes on, countries will see greater adoption of cryptocurrencies, but in some of those countries the restrictions will likely be greater for users.

[Alcor]

True. Cryptocurrency markets can function without direct government authorization due to their decentralized nature, facilitated by blockchain technology.

I live in Ukraine and its government has always been favorable towards cryptocurrency. At first, several bills even appeared that provided for a zero tax rate. But now Ukraine is going through difficult times, repelling the invasion of the racist army. Therefore, a tax on profits from cryptocurrency will most likely be introduced. In the meantime, cryptocurrency circulates absolutely freely in Ukraine.

If desired, the state and its government can greatly influence the circulation of cryptocurrency if it strictly controls exchanges and exchangers. You can send cryptocurrency to each other without government permission, but then you still have to go to exchanges and exchangers.

[sampoerna]

It is true that crypto markets or exchanges can still exist and operate without permission from the government. But unfortunately, not everything can run smoothly. maybe there will still be problems in cashing out into fiat in our bank account. However, actually this can all be overcome with P2P, we just have to be smart and be careful when choosing P2P. It would be better if the government legalized exchange to make all transactions easier.

[Senin]

It is true that crypto markets or exchanges can still exist and operate without permission from the government. But unfortunately, not everything can run smoothly. maybe there will still be problems in cashing out into fiat in our bank account. However, actually this can all be overcome with P2P, we just have to be smart and be careful when choosing P2P. It would be better if the government legalized exchange to make all transactions easier.

We can already be convinced that the government’s attitude towards cryptocurrency is crucial for its circulation within the country. No matter what we say, the government has the ability to control the work of crypto exchanges and exchangers that are registered on its territory. And if states and their governments unite, they will be able to dictate the conditions for the circulation of cryptocurrency almost throughout the entire planet. People can freely make cryptocurrency transactions among themselves and do not need government permission for this. However, cryptocurrency will simply survive and its price will be extremely low if there is no free exchange of it for fiat. And governments will always be able to control such exchanges.

[MrSpasybo]

In my country the use of cryptocurrencies is legal. You can pay with cryptocurrency at merchants that accept it, and there are even dedicated physical stores (and many ATMs) where you can buy and sell cryptocurrency. There is no problem in using them as long as the tax agency is aware that you have them, although that is something that almost no one does. As time goes on, countries will see greater adoption of cryptocurrencies, but in some of those countries the restrictions will likely be greater for users.

In Vietnam, we have crypto in a gray zone, meaning government does not prohibit nor encourage people to hold or buy and sell crypto, it just cannot be used for payment on behalf of fiat. This is quite dangerous because investors are not protected against fraud in this very new market, but other investors like it because they do not have to pay taxes on profits from crypto investment.

Vietnamese government does not like this and they are preparing a legal framework to manage the market. I think their purpose is to tax crypto to supplement the budget, which is always in deficit. I believe that blockchain technology will always develop, but too high a tax rate can stifle the development of crypto market.

[Ambatman]

Vietnamese government does not like this and they are preparing a legal framework to manage the market. I think their purpose is to tax crypto to supplement the budget,

This was my first thought when my country Nigeria released their ban in cryotocurrency. I felt they just found another method to gain more revenues.if you cant beat them join them is the approach they using. They well aware that her citizens are still dealing with cryptos so why the formalities when they can approve of it and gain returns.

Back to the topic cryotocurrency can exist without government permission as could be seen by china but the growth of adoption would be limited and individual could be easily exploited and cheated.

[Tribalchief]

Recently, Nigerian government lifted the ban on banks involved in crypto-enabled services. Of course, this is beneficial for the crypto market in this country, but even before this authorization, the crypto market in Nigeria was already very developed through P2P.

This once again shows the independence of transactions on blockchain from the management or permission of countries. China has banned crypto, but people can still buy, sell and store crypto assets without too much difficulty. It is this intense existence that has forced governments to be more serious when considering and accepting the existence and operation of crypto. Taxes, job opportunities, foreign investment are the things that every government wants to develop the country.

It's a great news indeed, but that doesn't mean that we should underestimate the power of the government. Sorry to say, the development in Nigeria is not that massive and the government are not living up to expectation, so it was easy for the citizens to find other means without the government knowing. For a well develop country like North Korea where they happen to operate under strict rules, you dare not disobey the order of the government.

I think the Nigeria government have caused enough suffering, so it was best to let the crypto community in Nigeria strive and operate freely, but I think heavy tasks might be coming in frequently.

In conclusion, though the government can not stop the use of crypto currency, but they can make things tough for the crypto community in a particular country, so let's not underestimate their power.

[sampoerna]

No matter what we say, the government has the ability to control the work of crypto exchanges and exchangers that are registered on its territory. And if states and their governments unite, they will be able to dictate the conditions for the circulation of cryptocurrency almost throughout the entire planet.

Sure, the government will control the activities of crypto exchanges in their territory because it is their right. I think it is no problem as long as it makes sense. The government must ask the taxes and they probably make the rules to make it secure for any one to use the exchanges.

No, it is impossible that all the government in the world to unite to control exchanges in the world. 

People can freely make cryptocurrency transactions among themselves and do not need government permission for this. However, cryptocurrency will simply survive and its price will be extremely low if there is no free exchange of it for fiat. And governments will always be able to control such exchanges.

If they sell crypto from their own wallets to other wallets, it is no need CEX. But if people want to trade their coins and want to convert it to fiats, they need CEX. All the CEXs should be controlled by the government. So, it is almost impossible to avoid the government if we use local exchanges.

[Bobcrypto]

Since cryptocurrency integrated the P2P trading opinions, I new that any government of the world will find it very difficult to stop crypto business. I think the options left with the various governments is to try to regulate the sector. obviously crypto has come stay and there no stoping it because it has gone main stream adoptions. I think nations will be coming board in few years to come

[MrSpasybo]

It's a great news indeed, but that doesn't mean that we should underestimate the power of the government. Sorry to say, the development in Nigeria is not that massive and the government are not living up to expectation, so it was easy for the citizens to find other means without the government knowing. For a well develop country like North Korea where they happen to operate under strict rules, you dare not disobey the order of the government.

I think the Nigeria government have caused enough suffering, so it was best to let the crypto community in Nigeria strive and operate freely, but I think heavy tasks might be coming in frequently.

In conclusion, though the government can not stop the use of crypto currency, but they can make things tough for the crypto community in a particular country, so let's not underestimate their power.

I agree with you, government always has enough tools to suppress this market and development of crypto market is directly affected by legal regulations. Crypto bans in China and Russia have made that clear.

North Korea is a special country, where government controls everything and people cannot freely access and use the Internet. Blockchain depends on the Internet so there is no blockchain-style freedom in North Korea.

What I want to say is: governments can do a lot of things, but users can still have access to Internet, to DeFi, to P2P transactions. Even if governments suppress the market in an extreme way, crypto markets will still exist in other countries around the world.

When crypto exists and crypto companies earn billions of dollars in profits every year, governments no longer have a reason to deny this market opportunity