Can governments crack down on crypto?

[ABCbits]

• 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.

[gunhell16]

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.

[0t3p0t]

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.

[Cryptsafe]

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.

[KryptoBull]

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.

[MUGNIA]

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

[Gideon99]

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
[2] China Never Completely Banned Crypto
[3] An overview of cryptocurrency regulations in Nigeria
[4] Nigeria targets cryptocurrency in bid to end naira freefall
[5] Binance Executives’ Detention Could Spark Diplomatic Crisis in Nigeria
[6] Binance says it trained investigators in Nigeria under government cooperation
Note:

• My opinion was posted first in that topic, on Bitcointalk
• 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.

[therozaq]

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.

[KryptoBull]

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...

[Jating]

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.

[CryptoTalisman]

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
[2] China Never Completely Banned Crypto
[3] An overview of cryptocurrency regulations in Nigeria
[4] Nigeria targets cryptocurrency in bid to end naira freefall
[5] Binance Executives’ Detention Could Spark Diplomatic Crisis in Nigeria
[6] Binance says it trained investigators in Nigeria under government cooperation
Note:

• My opinion was posted first in that topic, on Bitcointalk
• 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.

[Vx1]

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.

[Cryptsafe]

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.

[vegasus]

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.

[Altcoin1998$]

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.