Can governments crack down on crypto?

[Legion]

crypto can stand alone without being supported by the government, the development of crypto until now is mostly entrepreneurs or business people who are fighting for crypto to be famous until now so its value is very high.

Let's be fair, the price of crypto would not have reached this high if not for Government's acceptance. A lot of mainstream users (including institutional investors) started buying when crypto was classified as an investment asset.

After Bitcoin got created, the government did not accept it then and even until Bitcoin started to gaining alot of value, the government didn't contribute to its growth and I still don't see any very big thing that the government are doing  to promote BitcoinBitcoin,  because they are still the ones that called Bitcoin a scam from the start and yet in some countries, Bitcoin is still ban and people who are using Bitcoin in those countries are doing it secretly not to be caught.

This is actually quite true, as for many years now the existence of Bitcoin, has had many governments regarding it as more of a menace than anything else. They view it as a force of nature and that is why many countries have not adopted it to the maximum potential. At the same time, Bitcoin development has been organic supported by its community and users with little or no interventional support from governments. By this we mean that up to now, there is lack of any active involvement or supporting of Bitcoin by governments in a broader sense.
 
 Somewhere the use of Bitcoin is still restricted or prohibited completely and the individuals have to make their transactions in the surreptitious manner. As it is seen here the perception of government on Bitcoin greatly differs based on the regulation policies of its country. Oddly enough, despite being regarded as a scam by some government representatives, Bitcoin keeps on establishing itself as a digital asset which worth on the global level is acknowledged. With time the role of BTC in the growing digital economy may present challenges to government to continue to ignore the existence of bitcoins.

[Rubel007]

crypto can stand alone without being supported by the government, the development of crypto until now is mostly entrepreneurs or business people who are fighting for crypto to be famous until now so its value is very high.

Let's be fair, the price of crypto would not have reached this high if not for Government's acceptance. A lot of mainstream users (including institutional investors) started buying when crypto was classified as an investment asset.

After Bitcoin got created, the government did not accept it then and even until Bitcoin started to gaining alot of value, the government didn't contribute to its growth and I still don't see any very big thing that the government are doing  to promote BitcoinBitcoin,  because they are still the ones that called Bitcoin a scam from the start and yet in some countries, Bitcoin is still ban and people who are using Bitcoin in those countries are doing it secretly not to be caught.

When the governments are unable to control Bitcoin despite their best efforts, they are instead trying to keep the common people away by holding false negative information about Bitcoin. Common people are harassed by various legal complications so that common people do not use crypto. But such attempts by governments are never sustainable. As proof of which we see the number of users of Bitcoin is increasing gradually. Even though Bitcoin is still banned in most of the countries, people are slowly ignoring the restrictions imposed by the government and using Bitcoin. Common people are now able to understand that the government will not be able to take control of Bitcoin which is not even possible.

[rizqillah]

crypto can stand alone without being supported by the government, the development of crypto until now is mostly entrepreneurs or business people who are fighting for crypto to be famous until now so its value is very high.

Let's be fair, the price of crypto would not have reached this high if not for Government's acceptance. A lot of mainstream users (including institutional investors) started buying when crypto was classified as an investment asset.

After Bitcoin got created, the government did not accept it then and even until Bitcoin started to gaining alot of value, the government didn't contribute to its growth and I still don't see any very big thing that the government are doing  to promote BitcoinBitcoin,  because they are still the ones that called Bitcoin a scam from the start and yet in some countries, Bitcoin is still ban and people who are using Bitcoin in those countries are doing it secretly not to be caught.

When the governments are unable to control Bitcoin despite their best efforts, they are instead trying to keep the common people away by holding false negative information about Bitcoin. Common people are harassed by various legal complications so that common people do not use crypto. But such attempts by governments are never sustainable. As proof of which we see the number of users of Bitcoin is increasing gradually. Even though Bitcoin is still banned in most of the countries, people are slowly ignoring the restrictions imposed by the government and using Bitcoin. Common people are now able to understand that the government will not be able to take control of Bitcoin which is not even possible.

Yes, that's what's happening right now, bitcoin is getting more popular and is used by many people for investment, some also use it for payment methods even though it is prohibited by the state. because in my opinion no one can prohibit crypto, especially bitcoin, because bitcoin has become the most potential crypto asset to hold in the long term. .

[enoch_from_off]

crypto can stand alone without being supported by the government, the development of crypto until now is mostly entrepreneurs or business people who are fighting for crypto to be famous until now so its value is very high.

Let's be fair, the price of crypto would not have reached this high if not for Government's acceptance. A lot of mainstream users (including institutional investors) started buying when crypto was classified as an investment asset.

After Bitcoin got created, the government did not accept it then and even until Bitcoin started to gaining alot of value, the government didn't contribute to its growth and I still don't see any very big thing that the government are doing  to promote BitcoinBitcoin,  because they are still the ones that called Bitcoin a scam from the start and yet in some countries, Bitcoin is still ban and people who are using Bitcoin in those countries are doing it secretly not to be caught.

Govs are all in for full control, otherwise, they may think of anything as bad or uncontrollable, really, that's the way they operate.
If it's not bound to a central authority, it's not that good in terms of control.
And that's what BTC is.

[yohananaomi]

There is no possibility of banning cryptocurrency or declaring it illegal. Because it is now spread all over the world. Many people in many countries are involved in it.  Crypto currency is now a global currency. BTC currency is used for online shopping in many countries. But in some countries it is still not legalized. But even then many of those countries are secretly involved in crypto currency.  But it is unlikely to be banned in countries where crypto currencies are already in use.

Agree, it will be difficult to ban the use of cryptocurrency, but for some countries, of course, there are still obstacles because the government clearly prohibits the use of anything in the form of crypto, although it is possible that if someone wants to play illegally, they will be able to do it, because the nature of crypto has no restrictions so that everyone can do it, but it is not recommended to violate these rules. Believe that one day everyone will have to accept it because the development of the times is heading in that direction, whoever does not follow will be left behind.

I also agree that one day everything will be crypto in real time, but does a country as big as China not think about it and will be left behind by other countries. This is a question that until now I have not received an answer to why China is still strongly against crypto entering its country. Although its citizens can of course still invest in crypto even though the government does not allow it.

Indeed, in the end, everyone will not be able to avoid the fact that there will be crypto in time, It is difficult to avoid the presence of crypto.
As a large country and not dependent on any country in its industry, it is certain that China will also try to make its own crypto, but will it be accepted by other countries? Of course, it is a follow-up problem that needs to be considered, but I am very sure that in time China will accept crypto again and cannot avoid that reality.

[enoch_from_off]

There is no possibility of banning cryptocurrency or declaring it illegal. Because it is now spread all over the world. Many people in many countries are involved in it.  Crypto currency is now a global currency. BTC currency is used for online shopping in many countries. But in some countries it is still not legalized. But even then many of those countries are secretly involved in crypto currency.  But it is unlikely to be banned in countries where crypto currencies are already in use.

Agree, it will be difficult to ban the use of cryptocurrency, but for some countries, of course, there are still obstacles because the government clearly prohibits the use of anything in the form of crypto, although it is possible that if someone wants to play illegally, they will be able to do it, because the nature of crypto has no restrictions so that everyone can do it, but it is not recommended to violate these rules. Believe that one day everyone will have to accept it because the development of the times is heading in that direction, whoever does not follow will be left behind.

I also agree that one day everything will be crypto in real time, but does a country as big as China not think about it and will be left behind by other countries. This is a question that until now I have not received an answer to why China is still strongly against crypto entering its country. Although its citizens can of course still invest in crypto even though the government does not allow it.

Indeed, in the end, everyone will not be able to avoid the fact that there will be crypto in time, It is difficult to avoid the presence of crypto.
As a large country and not dependent on any country in its industry, it is certain that China will also try to make its own crypto, but will it be accepted by other countries? Of course, it is a follow-up problem that needs to be considered, but I am very sure that in time China will accept crypto again and cannot avoid that reality.

..But it will be on some sorts of government leash, in my opinion
Otherwise, I don't think China would go to such an extent regarding crypto.
They want all under control when it comes to the country stuff, just like governments all around, really.

[KryptoBull]

Indeed, in the end, everyone will not be able to avoid the fact that there will be crypto in time, It is difficult to avoid the presence of crypto.
As a large country and not dependent on any country in its industry, it is certain that China will also try to make its own crypto, but will it be accepted by other countries? Of course, it is a follow-up problem that needs to be considered, but I am very sure that in time China will accept crypto again and cannot avoid that reality.

I'm not quite sure when China will return to crypto. Currently, they still view crypto as a dangerous object for the economy and investors, even though Hong Kong is widely adopting crypto in the financial market.

China is a prime example of a nationwide crypto crackdown, where people are restricted from information about the potential of new assets and are introduced to less promising CBDCs. But this is also a good thing because we are still early participants in the crypto market. When China accepts crypto, our opportunities for large profits will diminish.

[royalRitta]

Indeed, in the end, everyone will not be able to avoid the fact that there will be crypto in time, It is difficult to avoid the presence of crypto.
As a large country and not dependent on any country in its industry, it is certain that China will also try to make its own crypto, but will it be accepted by other countries? Of course, it is a follow-up problem that needs to be considered, but I am very sure that in time China will accept crypto again and cannot avoid that reality.

I'm not quite sure when China will return to crypto. Currently, they still view crypto as a dangerous object for the economy and investors, even though Hong Kong is widely adopting crypto in the financial market.

China is a prime example of a nationwide crypto crackdown, where people are restricted from information about the potential of new assets and are introduced to less promising CBDCs. But this is also a good thing because we are still early participants in the crypto market. When China accepts crypto, our opportunities for large profits will diminish.

Yep, China is a strict guy when it comes to government affairs.
Maybe they will see the boons from crypto in the future and adapt to the situation, but only time will tell.
It's an interesting case, and as a whole, they are not like that only with Crypto.

[Dr.Bitcoin_Strange]

crypto can stand alone without being supported by the government, the development of crypto until now is mostly entrepreneurs or business people who are fighting for crypto to be famous until now so its value is very high.

Let's be fair, the price of crypto would not have reached this high if not for Government's acceptance. A lot of mainstream users (including institutional investors) started buying when crypto was classified as an investment asset.

After Bitcoin got created, the government did not accept it then and even until Bitcoin started to gaining alot of value, the government didn't contribute to its growth and I still don't see any very big thing that the government are doing  to promote BitcoinBitcoin,  because they are still the ones that called Bitcoin a scam from the start and yet in some countries, Bitcoin is still ban and people who are using Bitcoin in those countries are doing it secretly not to be caught.

Govs are all in for full control, otherwise, they may think of anything as bad or uncontrollable, really, that's the way they operate.
If it's not bound to a central authority, it's not that good in terms of control.
And that's what BTC is.

You’re right and this is the exact reason most government authorities frowns against Bitcoin, due to its decentralized nature, individuals are now in full control and custody of their funds and get to make decisions concerning their funds without the interference of any third party. And since the government are already used to making most financial decisions concerning their citizens via the central banks and the fact that they also get to benefit from those decisions in one way my or the other, Bitcoin denies them this right and by granting full custody to individuals. So they overlook its advantages and focus more on the potential disadvantages.

[KryptoBull]

You’re right and this is the exact reason most government authorities frowns against Bitcoin, due to its decentralized nature, individuals are now in full control and custody of their funds and get to make decisions concerning their funds without the interference of any third party. And since the government are already used to making most financial decisions concerning their citizens via the central banks and the fact that they also get to benefit from those decisions in one way my or the other, Bitcoin denies them this right and by granting full custody to individuals. So they overlook its advantages and focus more on the potential disadvantages.

BTC was created to bring financial freedom to everyone, meaning it undermines the direct power of governments. Governments don't like this, which is why they once had a very extreme attitude towards crypto.

Currently, crypto is no longer expected by many people to replace fiat. It is seen as an asset for investment like gold or stocks, so the views of governments have become more relaxed. Taxes from crypto are actually attractive and the first reason why governments want to regulate this market rather than ban it. I think we will soon have a clear legal framework for crypto in developed countries, and then in smaller countries on a global scale.

[Dr.Bitcoin_Strange]

BTC was created to bring financial freedom to everyone, meaning it undermines the direct power of governments. Governments don't like this, which is why they once had a very extreme attitude towards crypto.

Currently, crypto is no longer expected by many people to replace fiat. It is seen as an asset for investment like gold or stocks, so the views of governments have become more relaxed. Taxes from crypto are actually attractive and the first reason why governments want to regulate this market rather than ban it. I think we will soon have a clear legal framework for crypto in developed countries, and then in smaller countries on a global scale.

Yeah, inasmuch as a lot of government still frown on the idea of crypto gaining mass adoption within their jurisdiction and are pressing really hard to make sure they stop Bitcoin from gaining mass adoption, a few other countries are beginning to subscribe to the idea of Bitcoin. El Salvador for instance, Bitcoin has already gained adoption there and the country currently has a Bitcoin reserve too, they have understood the true importance of Bitcoin and has accepted it to liberate their economy. Although Donald Trump is also canvassing for Bitcoin as we speak but many are skeptical about his intentions towards Bitcoin as they believe it could be nothing more but a mere political strategy to capture the attention of the crypto community. But if his intentions are actually true, then many other countries and governments will follow in that step.

[KryptoBull]

Yeah, inasmuch as a lot of government still frown on the idea of crypto gaining mass adoption within their jurisdiction and are pressing really hard to make sure they stop Bitcoin from gaining mass adoption, a few other countries are beginning to subscribe to the idea of Bitcoin. El Salvador for instance, Bitcoin has already gained adoption there and the country currently has a Bitcoin reserve too, they have understood the true importance of Bitcoin and has accepted it to liberate their economy. Although Donald Trump is also canvassing for Bitcoin as we speak but many are skeptical about his intentions towards Bitcoin as they believe it could be nothing more but a mere political strategy to capture the attention of the crypto community. But if his intentions are actually true, then many other countries and governments will follow in that step.

At least we have a statement to believe in Trump's plan, and I support Trump in this election even though I can't vote. Trump's win will be a great opportunity for BTC and crypto to gain a mainstream position in the US economy, then the global economy.

If the US accepts crypto on a deep level such as BTC reserves for the national budget and has a clear legal framework, I believe other countries will not be left out of this wave. The US allies will immediately join, followed by most countries in the world. That will be the crypto era we have been waiting for, although this needs to be implemented in the long term, maybe the next 10 - 20 years.

[royalRitta]

Yeah, inasmuch as a lot of government still frown on the idea of crypto gaining mass adoption within their jurisdiction and are pressing really hard to make sure they stop Bitcoin from gaining mass adoption, a few other countries are beginning to subscribe to the idea of Bitcoin. El Salvador for instance, Bitcoin has already gained adoption there and the country currently has a Bitcoin reserve too, they have understood the true importance of Bitcoin and has accepted it to liberate their economy. Although Donald Trump is also canvassing for Bitcoin as we speak but many are skeptical about his intentions towards Bitcoin as they believe it could be nothing more but a mere political strategy to capture the attention of the crypto community. But if his intentions are actually true, then many other countries and governments will follow in that step.

At least we have a statement to believe in Trump's plan, and I support Trump in this election even though I can't vote. Trump's win will be a great opportunity for BTC and crypto to gain a mainstream position in the US economy, then the global economy.

If the US accepts crypto on a deep level such as BTC reserves for the national budget and has a clear legal framework, I believe other countries will not be left out of this wave. The US allies will immediately join, followed by most countries in the world. That will be the crypto era we have been waiting for, although this needs to be implemented in the long term, maybe the next 10 - 20 years.

I don't see Trump as a crypto savior of sorts, he is just a politician after all. And a businessman - a combo that makes him a charismatic character, but people like that can change their plans and opinion of the crowd on a whim.
But I would be happy if what you said would be true, of course.

[yohananaomi]

Yeah, inasmuch as a lot of government still frown on the idea of crypto gaining mass adoption within their jurisdiction and are pressing really hard to make sure they stop Bitcoin from gaining mass adoption, a few other countries are beginning to subscribe to the idea of Bitcoin. El Salvador for instance, Bitcoin has already gained adoption there and the country currently has a Bitcoin reserve too, they have understood the true importance of Bitcoin and has accepted it to liberate their economy. Although Donald Trump is also canvassing for Bitcoin as we speak but many are skeptical about his intentions towards Bitcoin as they believe it could be nothing more but a mere political strategy to capture the attention of the crypto community. But if his intentions are actually true, then many other countries and governments will follow in that step.

At least we have a statement to believe in Trump's plan, and I support Trump in this election even though I can't vote. Trump's win will be a great opportunity for BTC and crypto to gain a mainstream position in the US economy, then the global economy.

If the US accepts crypto on a deep level such as BTC reserves for the national budget and has a clear legal framework, I believe other countries will not be left out of this wave. The US allies will immediately join, followed by most countries in the world. That will be the crypto era we have been waiting for, although this needs to be implemented in the long term, maybe the next 10 - 20 years.

I don't see Trump as a crypto savior of sorts, he is just a politician after all. And a businessman - a combo that makes him a charismatic character, but people like that can change their plans and opinion of the crowd on a whim.
But I would be happy if what you said would be true, of course.

Indeed, he is not a crypto savior but the reputation he has as a business executive and former president who is also a presidential candidate again. Of course, whatever he says will make a reliable contribution to crypto, especially if he himself fully supports the policy on crypto itself in the future.
Of course, everyone will wait for the latest policies that they might make if elected and, of course, all policies will have an impact on the development of crypto in general in the future, and we will wait for that policy.

[KryptoBull]

Indeed, he is not a crypto savior but the reputation he has as a business executive and former president who is also a presidential candidate again. Of course, whatever he says will make a reliable contribution to crypto, especially if he himself fully supports the policy on crypto itself in the future.
Of course, everyone will wait for the latest policies that they might make if elected and, of course, all policies will have an impact on the development of crypto in general in the future, and we will wait for that policy.

Trump has NFT, Trump used BTC to buy food to show his support for crypto. If Trump becomes the next president, I think he will fulfill his promises to maintain the support of voters.

This is the biggest opportunity for us to see a crypto boom in the US and then globally because other countries also dare not miss this financial wave. I am no longer concerned about China banning crypto or Nigeria taking extreme actions to suppress this market, we should be optimistic about the legal status of crypto in the economy.