Can governments crack down on crypto?

[yohananaomi]

Agree, at first almost many governments could not accept the existence of crypto because it was very foreign to them, and it could be detrimental to their economy. But with the development of knowledge and the difficulty of banning it, they are gradually willing to accept and admit, even though there are restrictions that can be made, which in the end these restrictions are not useful because the nature of crypto is indeed free, and the government must be willing to accept it to be legalized and can get income from the transaction sector that is carried out.

Crypto goes against the economic theories that politicians have learned their entire lives, so they often find it difficult to accept crypto. However, they also need to have an open mind to manage the country because the world is changing and developing every day. Crypto is a financial development that they need to understand in order to apply.

Currently, we no longer have to worry about government suppression. We are heading towards widespread acceptance. What we don't know yet is the extent and manner in which each country will act to take advantage of the value of crypto. Perhaps this process will take 4-5 years, and we have enough time to wait.

Crypto offers financial freedom, which is what governments fear because they cannot control it. But now we don't need to worry because governments in many countries have started to accept crypto. The concern of economists and governments is the progress that crypto uses, but I feel that no one can deny that progress.

Actually, the government knew that before accepting crypto, but some countries apply many rules so that the government also benefits from the existence of crypto. For example, every transaction exchanged for fiat must use a local exchange, in addition to being able to control and be able to achieve from the profitable tax side and various ways of rules can be done to be able to accept crypto. Because the development of crypto cannot be avoided and must be accommodated properly.

[KryptoBull]

Crypto offers financial freedom, which is what governments fear because they cannot control it. But now we don't need to worry because governments in many countries have started to accept crypto. The concern of economists and governments is the progress that crypto uses, but I feel that no one can deny that progress.

We all want financial freedom, and governments don't want to prevent this. What governments fear is the idea of financial independence: when people use financial tools that are beyond the control of governments, such as BTC. This worries them because they don't understand and can't ban or shut down BTC.

Right now, the advantages of BTC are being mentioned, and major countries are also holding BTC, so we have a wave of BTC adoption at the government level. A new race is about to begin: which government will be more successful in applying BTC to escape from huge debt.

[emmybd]

Many governments all over the world are suspicious about crypto. They want to control the financial matter of their citizens. The EU have taken the right decision in this regard. The other countries should also follow the same instead of trying to ban the crypto.

[_act_]

Possibly they have attempted on several occasion and couldn't made it, because bitcoin is not what they can achieve centralization with in cryptocurrency, also, they have to know that the people have their own right in making their own choices for what they want, crypto is now what they can only watch to either support or leave as it is, because people have to live by the use of having an alternative currency.

[KryptoBull]

Possibly they have attempted on several occasion and couldn't made it, because bitcoin is not what they can achieve centralization with in cryptocurrency, also, they have to know that the people have their own right in making their own choices for what they want, crypto is now what they can only watch to either support or leave as it is, because people have to live by the use of having an alternative currency.

I've read somewhere that the US government once tried to destroy the BTC network but failed. Computational limitations in terms of hardware and bandwidth make it impossible to destroy BTC, even with Google's most advanced quantum computer.

Governments are now starting to accept and coexist with BTC and crypto, and they are also looking for ways to leverage it for their countries. Crypto is a new asset class and it has the potential to reshape the world in the same way that oil and the internet have done in the past. I hope the US will continue to lead the world in this new economic wave. I don't love the US but I can't trust any other government either.

[bitterguy28]

I've read somewhere that the US government once tried to destroy the BTC network but failed. Computational limitations in terms of hardware and bandwidth make it impossible to destroy BTC, even with Google's most advanced quantum computer.

of course they failed no matter what they do they will not be able to destroy bitcoin's network maybe they just tried to discourage and spread propaganda against bitcoin back then but there is literally nothing they could do to ruin bitcoin back then and until now

Governments are now starting to accept and coexist with BTC and crypto, and they are also looking for ways to leverage it for their countries.

if they can't beat them, join them! that is basically what they are doing they realized how beneficial bitcoin is so instead of trying to push it out since they can't anyway why not just make use of it right?

[KryptoBull]

of course they failed no matter what they do they will not be able to destroy bitcoin's network maybe they just tried to discourage and spread propaganda against bitcoin back then but there is literally nothing they could do to ruin bitcoin back then and until now

if they can't beat them, join them! that is basically what they are doing they realized how beneficial bitcoin is so instead of trying to push it out since they can't anyway why not just make use of it right?

The BTC blockchain is many times more powerful than supercomputers, so attacking BTC is impossible. And just as you said, governments can't eliminate BTC, so they will join and find ways to profit from BTC.

Most governments around the world are facing debt problems. They've spent too much compared to tax revenue, they want to collect more taxes from crypto and they will do it! The good news is they will have to accept crypto, the bad news is that investors will have to pay quite high taxes to greedy governments

[Bobcrypto]

If the government wanted to ban cryptocurrency, it would have done it a long time ago, when this field of activity was just in its infancy. Then it would be much easier and faster to do this. But now, when it has already fully formed and become a part of people’s lives, no one will be able to completely ban crypto. Also, even the Governments of many countries keep a large part of their money in cryptocurrency. And they will not saw the branch they are sitting on.

Yes, you have well spoken, if actually the government wanted to ban Bitcoin, they should have done that at the beginning of the inventions, that is, its early days, probably before it was five years old.
Obviously, Bitcoin has gone meanstream, many high profile individuals, organizations, companies, country etc, has entered the Bitcoin community with huge funds. I think we have gone past the level where governments should be thinking of crypto ban, it is landing in the moon very soon.

[nakmantu99]

If the government wanted to ban cryptocurrency, it would have done it a long time ago, when this field of activity was just in its infancy. Then it would be much easier and faster to do this. But now, when it has already fully formed and become a part of people’s lives, no one will be able to completely ban crypto. Also, even the Governments of many countries keep a large part of their money in cryptocurrency. And they will not saw the branch they are sitting on.

Yes, you have well spoken, if actually the government wanted to ban Bitcoin, they should have done that at the beginning of the inventions, that is, its early days, probably before it was five years old.
Obviously, Bitcoin has gone meanstream, many high profile individuals, organizations, companies, country etc, has entered the Bitcoin community with huge funds. I think we have gone past the level where governments should be thinking of crypto ban, it is landing in the moon very soon.

The government has banned bitcoin since the beginning of bitcoin's launch, but bitcoin has survived and is getting more expensive every day and more and more people are interested in bitcoin, which makes the price of bitcoin higher and more popular. So finally the government made a rule to accept bitcoin, especially since many developed countries have allowed their citizens to invest in bitcoin. Even US presidential candidate Donald Trump supported bitcoin in his campaign, which made the price of bitcoin exceed more than $100K

[Stuart]

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?

Yes.
Before the crypto community became popular and well known as a means of financial freedom, it has ever existed without the interference of the government, be it support or not. When the crypto community was still at it's very tender age, where it was mainly for fun without fund, it was gaining strength from every users of the industry. Now, it has gained full strength that people around the world, big investors and companies are now in the community. As at now, the dominance is more powerful, as the newly elected president has a full support on the community, while top countries like El Salvador, USA, Germany already have crypto currency legalized.

• Do you think governments can suppress and restrain the crypto market with their power?

Yes they can, but doesn't mean they can win. The P2P system of purchasing/exchanging crypto currency has made a gap that can't be bridged. This is a means that almost all crypto exchanges use and any crypto exchange that doesn't use this, it might find some difficulty in popularity and mass adoption. Where the power of the government will want to have a strong stand is in terms of the particular country's native currency. P2P will break the wings of that power, otherwise, internet banking is another powerful tool, that has come to stay and that is government friendly.

• If you were the head of government, would you accept or reject the crypto opportunity for your country?

I will accept the adoption of cryptocurrency. It has been a thing that the rich wants to keep their riches while the less privileged are oppressed. With crypto currency, everyone has the right to accumulate riches as possible. The one thing is to regulate it and put taxes.

[KryptoBull]

Before the crypto community became popular and well known as a means of financial freedom, it has ever existed without the interference of the government, be it support or not. When the crypto community was still at it's very tender age, where it was mainly for fun without fund, it was gaining strength from every users of the industry. Now, it has gained full strength that people around the world, big investors and companies are now in the community. As at now, the dominance is more powerful, as the newly elected president has a full support on the community, while top countries like El Salvador, USA, Germany already have crypto currency legalized.

Yes they can, but doesn't mean they can win. The P2P system of purchasing/exchanging crypto currency has made a gap that can't be bridged. This is a means that almost all crypto exchanges use and any crypto exchange that doesn't use this, it might find some difficulty in popularity and mass adoption. Where the power of the government will want to have a strong stand is in terms of the particular country's native currency. P2P will break the wings of that power, otherwise, internet banking is another powerful tool, that has come to stay and that is government friendly.

I will accept the adoption of cryptocurrency. It has been a thing that the rich wants to keep their riches while the less privileged are oppressed. With crypto currency, everyone has the right to accumulate riches as possible. The one thing is to regulate it and put taxes.

+
Thank you for your very detailed response, allowing everyone to refer to this interesting viewpoint, which is perhaps something we accept and take for granted.

Governments are large enough to suppress crypto, however, their efforts may not produce commensurate results while they may face criticism and condemnation from the people. A safer approach is to approach crypto cautiously, monitor the crypto policies of major countries and then learn and apply them flexibly.

We no longer hear about the extreme anti-crypto stance of governments, they are currently staying silent or studying the legal framework for crypto. Crypto taxes are something we don't want to pay, but we will be forced to accept them to get legal protection in the future.

[nakmantu99]

+
Thank you for your very detailed response, allowing everyone to refer to this interesting viewpoint, which is perhaps something we accept and take for granted.

Governments are large enough to suppress crypto, however, their efforts may not produce commensurate results while they may face criticism and condemnation from the people. A safer approach is to approach crypto cautiously, monitor the crypto policies of major countries and then learn and apply them flexibly.

We no longer hear about the extreme anti-crypto stance of governments, they are currently staying silent or studying the legal framework for crypto. Crypto taxes are something we don't want to pay, but we will be forced to accept them to get legal protection in the future.

We as citizens are required to pay taxes, although we are a little annoyed but it is part of the compensation from the government that legalized crypto. so we are safer and more comfortable to invest in crypto.
I also see governments in many countries have started to accept crypto and they are certainly discussing policies to support crypto and at least there is a legal framework to regulate crypto in their country so that it is not misused of course the government can only intervene in local exchanges.

[enwi]

+
Thank you for your very detailed response, allowing everyone to refer to this interesting viewpoint, which is perhaps something we accept and take for granted.

Governments are large enough to suppress crypto, however, their efforts may not produce commensurate results while they may face criticism and condemnation from the people. A safer approach is to approach crypto cautiously, monitor the crypto policies of major countries and then learn and apply them flexibly.

We no longer hear about the extreme anti-crypto stance of governments, they are currently staying silent or studying the legal framework for crypto. Crypto taxes are something we don't want to pay, but we will be forced to accept them to get legal protection in the future.

We as citizens are required to pay taxes, although we are a little annoyed but it is part of the compensation from the government that legalized crypto. so we are safer and more comfortable to invest in crypto.
I also see governments in many countries have started to accept crypto and they are certainly discussing policies to support crypto and at least there is a legal framework to regulate crypto in their country so that it is not misused of course the government can only intervene in local exchanges.

Taxes are actually one of our duties as citizens no matter how we sometimes resent the amount we have to pay. But if it is going to lead to a situation where the government offers a definite legal status to crypto assets, it is becoming apparent to make the ecosystem much more secure and liberal. To use digital assets, some kind of regulations often help to reduce the possibility of these assets being misused while at the same time its citizens develop confident in dealing with this kind of industry. Even if it is local policy it may make some effect to give better surety on transaction and investments. It has been hoped that with government support, the growth of crypto can go hand in hand with liberalising policies rather than restrictive.

[KryptoBull]

We as citizens are required to pay taxes, although we are a little annoyed but it is part of the compensation from the government that legalized crypto. so we are safer and more comfortable to invest in crypto.
I also see governments in many countries have started to accept crypto and they are certainly discussing policies to support crypto and at least there is a legal framework to regulate crypto in their country so that it is not misused of course the government can only intervene in local exchanges.

+
I agree, the government's imposition of taxes on crypto income signifies their acceptance of crypto's existence within the economy. Crypto investors will be better protected, and the market will be regulated and developed more sustainably. These are the advancements we anticipate in our legislators' financial thinking.

However, I do not deny the risk of excessive government intervention in this market to gain dominance and exploit it through government-controlled CEXs. I am not surprised by their greed, as they may even utilize insider information about trading activity on CEXs to proactively manipulate the domestic crypto market and reap enormous profits.

[yohananaomi]

+
Thank you for your very detailed response, allowing everyone to refer to this interesting viewpoint, which is perhaps something we accept and take for granted.

Governments are large enough to suppress crypto, however, their efforts may not produce commensurate results while they may face criticism and condemnation from the people. A safer approach is to approach crypto cautiously, monitor the crypto policies of major countries and then learn and apply them flexibly.

We no longer hear about the extreme anti-crypto stance of governments, they are currently staying silent or studying the legal framework for crypto. Crypto taxes are something we don't want to pay, but we will be forced to accept them to get legal protection in the future.

We as citizens are required to pay taxes, although we are a little annoyed but it is part of the compensation from the government that legalized crypto. so we are safer and more comfortable to invest in crypto.
I also see governments in many countries have started to accept crypto and they are certainly discussing policies to support crypto and at least there is a legal framework to regulate crypto in their country so that it is not misused of course the government can only intervene in local exchanges.

There is always misuse that can occur by legalizing crypto, but the government can regulate according to the interests of each country, because they can determine, Because without regulation, at any time, you can still at least control it even though it is limited. But it is true, as you said, that the government can profit from transactions that occur by collecting taxes per transaction and that will be able to provide economic income for the country.