Can governments crack down on crypto?

[bayu7adi]

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]

[bitterguy28]

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 .

[KryptoBull]

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

[Tribalchief]

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.

[Celsius]

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.

[Mr. Allcrypto]

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.

[Celsius]

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.

[KryptoBull]

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.

[Stompix]

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.

[Crypto Library]

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

[MUGNIA]

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.

[Z-tight]

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.

[Aanuoluwatofunmi]

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.

[Gyrgen]

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.

[Gurujebs]

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.