Can governments crack down on crypto?

[KryptoBull]

Cryptocurrency is still widely available that impose restrictions on the use of Cryptocurrency, especially payments using Bitcoin. If we look at what happened in El Salvador, we have to see what their economic conditions are and what countries support their economy. Developing countries will not make rash decisions, everything needs to be discussed properly and we have to see what negative impacts will occur if digital currencies such as Cryptocurrency become legal in a developing country.

I agree with you, El Salvador is just a small country. They don't even have their own fiat, so the change wasn't too difficult. Everything was decided quickly by the president. Although they've been successful with rapid economic growth thanks to BTC, it doesn't mean other countries can do the same, especially large countries with strong fiat.

I support crypto but also hope that governments will be cautious enough to build a suitable legal framework for this new market. The consequences of hasty adoption like Chai and Terra in Korea could create negative impacts on the future of crypto, and I don't want that to happen in large economies in the future.

[SamReomo]

I agree with you, El Salvador is just a small country. They don't even have their own fiat, so the change wasn't too difficult. Everything was decided quickly by the president. Although they've been successful with rapid economic growth thanks to BTC, it doesn't mean other countries can do the same, especially large countries with strong fiat.

Yes, as compare to bigger countries El Salvador is actually small and could easily decide to make Bitcoin a legal tender but for other countries it might not be that easy to make Bitcoin a legal tender.

When it comes to strong fiat and large countries then US is the one that fulfills that scenario and I'm pretty sure adaption of Bitcoin or making it a legal tender could be somewhat hard for an economy like US or any other top economy.

In fact such steps could be helpful for Bitcoin itself not for those economies. However, as a Bitcoin holder I always want top economies to accept it as a legal tender.

[Dr.Bitcoin_Strange]

I agree with you, El Salvador is just a small country. They don't even have their own fiat, so the change wasn't too difficult. Everything was decided quickly by the president. Although they've been successful with rapid economic growth thanks to BTC, it doesn't mean other countries can do the same, especially large countries with strong fiat.

Yes, as compare to bigger countries El Salvador is actually small and could easily decide to make Bitcoin a legal tender but for other countries it might not be that easy to make Bitcoin a legal tender.

When it comes to strong fiat and large countries then US is the one that fulfills that scenario and I'm pretty sure adaption of Bitcoin or making it a legal tender could be somewhat hard for an economy like US or any other top economy.

In fact such steps could be helpful for Bitcoin itself not for those economies. However, as a Bitcoin holder I always want top economies to accept it as a legal tender.

Bitcoin is one of the best investment in the world and the best crypto coin in the world, Bitcoin has helped to grow the world economy and has also helped in making some individuals millionaires, and Bitcoin is a peace of mind investment.
A lot of countries will not accept Bitcoin because they feel Bitcoin will destroy the economy, some countries has already made the use of cryptocurrency illegal and will be arrested and persecuted if Caught making transactions in cryptocurrency.
Some countries has accepted Bitcoin but has not made it a legal tender but it will happen soon.
If Bitcoin is made a legal tender in some big nations of the world Bitcoin will become more valuable and increase in price, that will be a big one for Bitcoin and it's investors.

I believe Bitcoin will soon become legal tender in countries and will increase in price, a lot of people believe Bitcoin will not grow more than it is now and that is why they are not investing in it but like those that had opportunity to invest in Bitcoin 10 years ago and refused are regretting now that is how people with this thought that Bitcoin won't grow more than this will regret.
Bitcoin has not reached half of it's growth so it will keep growing and Bitcoin will make history.
When nation's will see the way the world is going and the way Bitcoin is becoming recognized and used by many they won't have any choice but to start making it a legal tender.

[luckyledger]

I agree with you, El Salvador is just a small country. They don't even have their own fiat, so the change wasn't too difficult. Everything was decided quickly by the president. Although they've been successful with rapid economic growth thanks to BTC, it doesn't mean other countries can do the same, especially large countries with strong fiat.

Yes, as compare to bigger countries El Salvador is actually small and could easily decide to make Bitcoin a legal tender but for other countries it might not be that easy to make Bitcoin a legal tender.

When it comes to strong fiat and large countries then US is the one that fulfills that scenario and I'm pretty sure adaption of Bitcoin or making it a legal tender could be somewhat hard for an economy like US or any other top economy.

In fact such steps could be helpful for Bitcoin itself not for those economies. However, as a Bitcoin holder I always want top economies to accept it as a legal tender.

I heard the news about BTC becoming a reserve of sorts (BTC as a Strategic Reserve), it's an idea worth considering, however, it would be hard for the reasons you described.

[yohananaomi]

Not all governments want to see it as you said, because there are still those who can accept it with some restrictions where it may only be used for trading and investment but cannot be used as legal tender, so it must be changed to the local currency first if you want to use it, so that the government can collect taxes from every transaction that occurs and this will increase state revenue.
I think in time those who prohibit it will be able to accept crypto because its development has been very rapid, and it is inevitable that technological advances require it to be able to accept it. It is just a matter of time.

Even if they can't accept it as a legal tender it's fine, but the restriction to make transactions with cryptocurrency is not worth it. The moment they remove cryptocurrency restriction, you'll be shocked how many transaction would be recorded in such country. Cryptocurrency is a growing project and I think the entire idea on decentralisation is relevant in the future to come. In where I'm from, the government are only restricting crypto exchanges is because they think it's the cause of inflation in the economy, but that is wrong. So the earlier they realise the opportunity in crypto the better for the economy. El Salvador is a great example.

Cryptocurrency is still widely available that impose restrictions on the use of Cryptocurrency, especially payments using Bitcoin. If we look at what happened in El Salvador, we have to see what their economic conditions are and what countries support their economy. Developing countries will not make rash decisions, everything needs to be discussed properly and we have to see what negative impacts will occur if digital currencies such as Cryptocurrency become legal in a developing country.

Maybe there are still many countries that provide the freedom to be able to transact and trade with bitcoin but prohibit it from being used as a legal tender the same as fiat currencies recognized by the state, Because regulations are needed to be able to guarantee that the movement does not affect anything that happens, because I agree that it should not be reckless to be able to accept bitcoin as a legal tender without disrupting their fiat circulation.
It is better not to prohibit, but only as a tool to be able to solve what fiat cannot do, such as sending between countries, which is easily done by bitcoin.

[KryptoBull]

Yes, as compare to bigger countries El Salvador is actually small and could easily decide to make Bitcoin a legal tender but for other countries it might not be that easy to make Bitcoin a legal tender.

When it comes to strong fiat and large countries then US is the one that fulfills that scenario and I'm pretty sure adaption of Bitcoin or making it a legal tender could be somewhat hard for an economy like US or any other top economy.

In fact such steps could be helpful for Bitcoin itself not for those economies. However, as a Bitcoin holder I always want top economies to accept it as a legal tender.

I'm a BTC fan but I'm not ready to use BTC in real life yet because I still only consider BTC as an investment asset, similar to stocks and real estate, rather than a daily transaction tool. Government officials in many countries probably share the same view, so although they support BTC, they cannot yet make BTC a widely accepted legal means of payment.

CBDC is their answer to combining fiat with crypto, but they also face many challenges with CBDC implementation as CBDC can negatively impact many components of the economy when people directly use the services of the central bank. It seems that the effort to develop CBDC should be devoted to building a BTC payment network using Lightning technology so that people can get familiar with and use BTC in microtransactions in the future.

[Dr.Bitcoin_Strange]

Not all governments want to see it as you said, because there are still those who can accept it with some restrictions where it may only be used for trading and investment but cannot be used as legal tender, so it must be changed to the local currency first if you want to use it, so that the government can collect taxes from every transaction that occurs and this will increase state revenue.
I think in time those who prohibit it will be able to accept crypto because its development has been very rapid, and it is inevitable that technological advances require it to be able to accept it. It is just a matter of time.

Even if they can't accept it as a legal tender it's fine, but the restriction to make transactions with cryptocurrency is not worth it. The moment they remove cryptocurrency restriction, you'll be shocked how many transaction would be recorded in such country. Cryptocurrency is a growing project and I think the entire idea on decentralisation is relevant in the future to come. In where I'm from, the government are only restricting crypto exchanges is because they think it's the cause of inflation in the economy, but that is wrong. So the earlier they realise the opportunity in crypto the better for the economy. El Salvador is a great example.

Cryptocurrency is still widely available that impose restrictions on the use of Cryptocurrency, especially payments using Bitcoin. If we look at what happened in El Salvador, we have to see what their economic conditions are and what countries support their economy. Developing countries will not make rash decisions, everything needs to be discussed properly and we have to see what negative impacts will occur if digital currencies such as Cryptocurrency become legal in a developing country.

Maybe there are still many countries that provide the freedom to be able to transact and trade with bitcoin but prohibit it from being used as a legal tender the same as fiat currencies recognized by the state, Because regulations are needed to be able to guarantee that the movement does not affect anything that happens, because I agree that it should not be reckless to be able to accept bitcoin as a legal tender without disrupting their fiat circulation.
It is better not to prohibit, but only as a tool to be able to solve what fiat cannot do, such as sending between countries, which is easily done by bitcoin.

Some countries are using Bitcoin as a means of payment why some countries has already made the use of Bitcoin an illegal act and will be arrested and prosecuted when Caught, some countries feels the use of cryptocurrency is bringing more cyber crime to the countries and is also bringing there economy down.
Some countries don't care about people using cryptocurrency and they don't care if some people accept it as a means of payment, the use of cryptocurrency has helped to grow the economy of many countries and has helped to make a lot of people rich, so I don't any good reason why some countries will fight against cryptocurrency, all they need to do is make rules and regulations that investors will follow to ensure full security and the growth of the nations economy.

Yeah Bitcoin has made it very easy for people in different countries to make transactions very freely without spending much, and this alone is a big win for cryptocurrency and has brought investment in some countries, however banks now has started up grading and making it easy for people to send money to other countries freely but still not the way Bitcoin made it easy and fast.
Cryptocurrency can't be crack down by government so is advised for every government to support it.

[Makus]

Some countries are using Bitcoin as a means of payment why some countries has already made the use of Bitcoin an illegal act and will be arrested and prosecuted when Caught, some countries feels the use of cryptocurrency is bringing more cyber crime to the countries and is also bringing there economy down.
Some countries don't care about people using cryptocurrency and they don't care if some people accept it as a means of payment, the use of cryptocurrency has helped to grow the economy of many countries and has helped to make a lot of people rich, so I don't any good reason why some countries will fight against cryptocurrency, all they need to do is make rules and regulations that investors will follow to ensure full security and the growth of the nations economy.

Yeah Bitcoin has made it very easy for people in different countries to make transactions very freely without spending much, and this alone is a big win for cryptocurrency and has brought investment in some countries, however banks now has started up grading and making it easy for people to send money to other countries freely but still not the way Bitcoin made it easy and fast.
Cryptocurrency can't be crack down by government so is advised for every government to support it.

I totally  agree with you, the use of bitcoin has helped several  persons in making long  distance business transactions with ease  and also a good project for investment that will eventually give a profiting return. With the time and effort  I have spent in cryptocurrency i must confess that it has been a wonderful  experience.  I don't know why the government  still feel threatened  by bitcoin or cryptocurrency when its a good investment opportunity for both beginners and advanced investors. If the governments were to allow the citizens  make their choice, many will go for bitcoin and cryptocurrency  because  its actually it good innovative project.

[Wiwo]

Some countries are using Bitcoin as a means of payment why some countries has already made the use of Bitcoin an illegal act and will be arrested and prosecuted when Caught, some countries feels the use of cryptocurrency is bringing more cyber crime to the countries and is also bringing there economy down.
Some countries don't care about people using cryptocurrency and they don't care if some people accept it as a means of payment, the use of cryptocurrency has helped to grow the economy of many countries and has helped to make a lot of people rich, so I don't any good reason why some countries will fight against cryptocurrency, all they need to do is make rules and regulations that investors will follow to ensure full security and the growth of the nations economy.

Yeah Bitcoin has made it very easy for people in different countries to make transactions very freely without spending much, and this alone is a big win for cryptocurrency and has brought investment in some countries, however banks now has started up grading and making it easy for people to send money to other countries freely but still not the way Bitcoin made it easy and fast.
Cryptocurrency can't be crack down by government so is advised for every government to support it.

I totally  agree with you, the use of bitcoin has helped several  persons in making long  distance business transactions with ease  and also a good project for investment that will eventually give a profiting return. With the time and effort  I have spent in cryptocurrency i must confess that it has been a wonderful  experience.  I don't know why the government  still feel threatened  by bitcoin or cryptocurrency when its a good investment opportunity for both beginners and advanced investors. If the governments were to allow the citizens  make their choice, many will go for bitcoin and cryptocurrency  because  its actually it good innovative project.

The fact that bitcoin is a long distance transaction enabling because bitcoin provides borderless financial service delivery, this give bitcoin a double advantage to business owners who decides to transact their business in bitcoin, because at the end that is what have attracted most of the institutional investor because when a business accept bitcoin, once they accumulate bitcoin for long is will become a great store of value for the campany.

But importantly if the  business have a long term bitcoin goal as I using bitcoin to build the company reserves, it may be risky but then it is worth trying if you are a business owner, because from the list of the exiting installational bitcoin holder's recorded success.

[bitterguy28]

I totally  agree with you, the use of bitcoin has helped several  persons in making long  distance business transactions with ease

traditional methods of sending and receiving money from country to country takes way too long and are too expensive compared to in cryptocurrency

not just for investment but crypto is also used in a lot of our daily transactions no one wants to bring cash anymore and digital is the way to go but you don’t want to be leaving your information just about anywhere which is why crypto is so important

I don't know why the government  still feel threatened  by bitcoin or cryptocurrency when its a good investment opportunity for both beginners and advanced investors. If the governments were to allow the citizens  make their choice, many will go for bitcoin and cryptocurrency  because  its actually it good innovative project.

obviously because crypto do not rely on the government to operate which means crypto and everything associated to it is out of the government’s hands and they do not like that the amount of privacy and decentralization that crypto offers is something not preferable to the government

[KryptoBull]

The fact that bitcoin is a long distance transaction enabling because bitcoin provides borderless financial service delivery, this give bitcoin a double advantage to business owners who decides to transact their business in bitcoin, because at the end that is what have attracted most of the institutional investor because when a business accept bitcoin, once they accumulate bitcoin for long is will become a great store of value for the campany.

But importantly if the  business have a long term bitcoin goal as I using bitcoin to build the company reserves, it may be risky but then it is worth trying if you are a business owner, because from the list of the exiting installational bitcoin holder's recorded success.

This is similar to Satoshi vision when creating BTC to facilitate faster and smoother payment processes. The decentralized network and 10-minute block time provide security and speed for important transactions, something traditional payment systems cannot achieve. Low transaction fees are also a major advantage, as they depend only on network conditions rather than being calculated as a percentage of the transferred amount.

I hope that in the future, large orders will be paid for with BTC to give businesses a greater advantage in the market. This can only be achieved when governments collectively accept BTC for payments, and clearly, this would threaten the value of fiat currency, so I think we need to wait many more years before businesses can freely use BTC.

[Dr.Bitcoin_Strange]

The fact that bitcoin is a long distance transaction enabling because bitcoin provides borderless financial service delivery, this give bitcoin a double advantage to business owners who decides to transact their business in bitcoin, because at the end that is what have attracted most of the institutional investor because when a business accept bitcoin, once they accumulate bitcoin for long is will become a great store of value for the campany.

But importantly if the  business have a long term bitcoin goal as I using bitcoin to build the company reserves, it may be risky but then it is worth trying if you are a business owner, because from the list of the exiting installational bitcoin holder's recorded success.

This is similar to Satoshi vision when creating BTC to facilitate faster and smoother payment processes. The decentralized network and 10-minute block time provide security and speed for important transactions, something traditional payment systems cannot achieve. Low transaction fees are also a major advantage, as they depend only on network conditions rather than being calculated as a percentage of the transferred amount.

I hope that in the future, large orders will be paid for with BTC to give businesses a greater advantage in the market. This can only be achieved when governments collectively accept BTC for payments, and clearly, this would threaten the value of fiat currency, so I think we need to wait many more years before businesses can freely use BTC.

Bitcoin has risen the world economy and this alone is one big achievement that cryptocurrency has gotten since it's Creation, a lot of businesses are now growing more bigger through the help of cryptocurrency, before doing business with anyone who's business is far from your country was so difficult because after the business making payment was a big problem and this has affected businesses or companies, right now a lot of people are now doing transaction and doing business very easy, people now send money through cryptocurrency.
A friend of mine is working for someone who's far away in another country, his work is to reply his boss email's and also make a constructive writing for his boss, there work has been going softly his boss pay him through Bitcoin and is very easy and he receives it very fast.
Cryptocurrency has really helped business to work with people all over the world, it has brought out skill.

Some countries has already started using Bitcoin as a means of payment and it has been going well with them and it has also helped also to rise there economy.
Some countries has refused to accept Bitcoin infact some of those countries has already made Bitcoin illegal and if they see anyone using it that person will be arrested and persecuted, however I believe a time will come when those government will have no choice than to accept Bitcoin because Bitcoin will help your countries economy to grow.

[Jamal Aezaz]

I totally  agree with you, the use of bitcoin has helped several  persons in making long  distance business transactions with ease  and also a good project for investment that will eventually give a profiting return. With the time and effort  I have spent in cryptocurrency i must confess that it has been a wonderful  experience.  I don't know why the government  still feel threatened  by bitcoin or cryptocurrency when its a good investment opportunity for both beginners and advanced investors. If the governments were to allow the citizens  make their choice, many will go for bitcoin and cryptocurrency  because  its actually it good innovative project.

Bitcoin is providing a good chance for many individuals to make their financial status better but I think Bitcoin is like a side job with which a person will do some other job and there is no way to make money through Bitcoin investment when you have no job and no other source through which you are earning.
 
If the government allows Bitcoin investment then everyone will move towards Bitcoin investment but no one will be ready to leave his job because Bitcoin fluctuations does not allow it's holders to earn on a daily or monthly basis like that of a permanent job but many will prefer to invest in Bitcoin for longer time and in same duration they will carry out their duties in their respective jobs.

[Agbe]

Government can only crack down those centralised projects and the exchanges and can't do anything to those decentralised crypto projects. And because they can't do anything to the decentralised crypto projects, they have channelled their attention to the centralised crypto exchanges and cracking them down anyone which refused to obey the regulations. And like this many exchanges have left my country.

[yohananaomi]

Government can only crack down those centralised projects and the exchanges and can't do anything to those decentralised crypto projects. And because they can't do anything to the decentralised crypto projects, they have channelled their attention to the centralised crypto exchanges and cracking them down anyone which refused to obey the regulations. And like this many exchanges have left my country.

Of course, what you said is realistic. It will not be easy to intervene as they wish, because it will not be possible for anyone.
It is very unfortunate that the intervention made many exchanges leave your country. Actually, it could be tricked by taking advantage of the fees that can be generated. Of course, it will contribute to the country and many crypto users are also helped by having many exchanges as options to use.