Is it possible to ban Cryptocurrency completely

Is it possible to ban Cryptocurrency completely

Is it possible to ban Cryptocurrency completely

According to cryptocurrency specialists, it will not be able to entirely outlaw cryptocurrencies. Trading in cryptocurrency, as well as its usage as a method of exchange or payment, may, however, be prohibited or restricted by the government. Is it possible to ban Cryptocurrency completely

Cryptocurrency and Regulation of Official Digital Currency Bill 2021: The Central Government intends to propose the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 during the current Winter Session of Parliament, which is currently underway. There have been rumors in the past that the Indian government may decide to outright prohibit cryptocurrency trading in India. In recent weeks, however, various stories indicated that official sources have said that the government may authorize trading and investment in cryptocurrencies, subject to certain conditions being met.

Is it possible to ban Cryptocurrency completely

According to cryptocurrency specialists, it will not be able to entirely outlaw cryptocurrencies. Trading in cryptocurrency, as well as its usage as a method of exchange or payment, may, however, be prohibited or restricted by the government. “There are cryptocurrencies that exist on the blockchain that are not controlled by a single body. This distinguishes blockchain from other digital currencies, which may be controlled by a single entity because of their decentralized nature. Governments have the authority to prohibit the trading of cryptocurrencies, as well as the use of cryptocurrencies for payment reasons,” Edul Patel, CEO and Co-founder of Mudrex, a worldwide algorithm-based crypto investment platform, told FE Online. Is it possible to ban Cryptocurrency completely

Exchanges may be prohibited from functioning in certain nations. ” A comprehensive ban on cryptocurrency, on the other hand, would never be practicable. Decentralized exchanges are not controlled or regulated by any government or other organization. Developers and crypto aficionados form communities that drive these initiatives. In other words, although it would be conceivable to prohibit cryptocurrencies from being used for transactional reasons, it would not be viable to prohibit them entirely,” Patel said.

Is it possible to ban Cryptocurrency completely

Is it possible to ban Cryptocurrency completely

While the cryptocurrency sector awaits the contents of the Cryptocurrency Bill 2021 with bated breath, it is a good moment to consider how efforts to regulate or prohibit cryptocurrencies in other nations have fared so far in the past. Is it possible to ban Cryptocurrency completely

“Cryptocurrencies were not previously considered a threat to financial stability, but the increasing amount of transactions has prompted central banks throughout the world to express alarm. The International Monetary Fund (IMF) highlighted the emergence of crypto assets as one of the potential threats to global financial stability for the first time in October 2021. In a research published recently, the Emerging Technology Thinktank Policy 4.0 said that “there are few international examples for regulating such dangers.”

The paper outlined the successes and failures of efforts to prohibit or regulate cryptocurrency in several nations. Take a look at this:

Is it possible to ban Cryptocurrency completely

Turkey

Turkey sought to impose a ban on cryptocurrencies last year, but failed due to the country’s high inflation.

“Turkey’s inflation reached a high of over 17 percent in April 2020, at the same time that bitcoin was experiencing a bull run. As commodities ranging from kebabs to gold began to be offered for bitcoin payments, cryptocurrency exchanges in the nation saw a 600 percent rise in traffic, trading close to $1-$2 billion each day, or a 600 percent increase in traffic. The Turkish central bank prohibited the usage of cryptocurrency for payment purposes on April 30, 2020. However, no comprehensive regulation has been put in place as of yet, and there is disagreement about the efficacy of a prohibition. “The trading of cryptocurrencies continues in Turkey,” according to the article. Is it possible to ban Cryptocurrency completely

Nigeria

In February of this year, Nigeria’s central bank forbade banks from enabling any cryptocurrency transactions on the country’s financial system. It also ordered them to cancel the accounts of Nigerians who had used bitcoins to do business. People are avoiding centralized exchanges and turning to peer-to-peer trading channels instead, according to the study, which states that “crypto has grown in Nigeria despite the prohibition.” Is it possible to ban Cryptocurrency completely

According to Chain analysis, Nigerians transacted $2.4 billion in cryptocurrencies in May 2021, making it the world’s second biggest Bitcoin market behind the United States.

South Korea 

South Korea’s Financial Services Commission had imposed stringent regulations for linking bank accounts and trading accounts, and it had outlawed initial coin offerings (ICOs) by 2021 as well. According to the newspaper, “New regulation has proven tough for banks to comply with, and cryptocurrency exchanges in Korea that are facing the potential of closure are contemplating suing the government.” All cryptocurrency transactions are subject to capital controls, and individuals are only permitted to acquire a total of $50,000 in foreign currency every year. However, because to the lack of complying exchanges and the extensive availability of DeFi channels, it has proven impossible to implement the regulations.” Is it possible to ban Cryptocurrency completely

China

Since 2013, China has attempted to outlaw cryptocurrency. The company established a blanket bank encompassing all services linked to cryptocurrencies, including mining, earlier this year.

However, according to the Policy 4.0 study, unlawful crypto-related activities have increased throughout the nation. Is it possible to ban Cryptocurrency completely

China placed third in terms of the biggest amount of bitcoin sent to unlawful addresses in 2020, according to CoinMarketCap. Despite the fact that cryptocurrency trading will be prohibited in the nation starting in 2020, China had the biggest number of DeFI users in the world last year. According to the research, China joined in the 2020 DeFi boom by registering more than 33,000 blockchain accounts. In July 2020, the number of transactions on Uniswap exceeded 400,000, according to the company.

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