April 7th, 2018
Cryptocurrencies have been threatened at almost every point by nearly every country on this planet. The ones which are resorting to crackdowns met great public pushback for decentralized Bitcoins, making all the initial fuss useless. No matter the circumstance, Bitcoin cannot be stopped-it’s spreading like wildfire all over the world
Recently the Republic of Korea came up with a statement that they are planning to ban the use of virtual currency, which in turn, is tempting other countries to come up with their own regulations against this popular cryptocurrency. Citizens from South Korea are flooding in with petitions to the President. The pressure has grown so intense in this short span of time that agencies within the same government started contradicting one another. This led to the presidential announcement that there was no Bitcoin “ban”. Sensing long-term gains, many politicians jumped on the bandwagon to defend the legitimacy of Bitcoins.
This is a unique case in history with regard to just why cryptocurrencies can’t be banned. Initially many digital currency enthusiasts were concerned about such claims, it’s suggested not to pay attention to all of these rumors. Bitcoin is a new currency system which is here to stay, and start using it for easy online transactions.
Bitcoin is successful in creating an interesting financial effect around the globe, in these last few months it has made news almost everywhere. The recent rise in price has grabbed the attention of investors from many places around the world and this is where governments have started intervening. Authorities are citing anonymity and decentralization as two of the main problems and working on regulations to make Bitcoin illegal. Bitcoin can’t be banned in the ultimate sense because it would take a regulation of global proportions to do so. Out of 195 countries of the world, 12 countries have openly tried to ban cryptocurrencies and Bitcoin at various levels. These countries include China, Vietnam, Brazil, Indonesia, Israel, Algeria, Ecuador, Morocco, Bolivia, Kyrgyz Republic, Nepal, and Bangladesh.
However, the above-mentioned list of 12 countries is misleading. Not all these governments have regulated Bitcoins in the same way. Israel, for instance, has prevented cryptocurrency stocks from being listed on indices. Yet the Prime Minister, has been seen making positive comments, and their regulators are advocating that Israel is a welcoming environment for Bitcoins. Millions of Bitcoin enthusiasts from these countries are excited about cryptocurrencies and understand its potential. Experts believe it’s not too far off for when these countries decide to legalize the use of Bitcoins.
Some market experts are claiming that Bitcoin banning is next to impossible. They believe cryptocurrency prohibition can’t happen because of the influence of wealthy investors as it as a store of value. The main point is that at the end of the day it all comes down to the levels of power, Bitcoin will be protected. Wealthy Bitcoin investors have gone to extreme lengths already to keep this digital currency safe and away from governments.
For some South American countries such as, Ecuador, Bolivia, and Brazil, challenges are both economic and political when it comes to prohibition. Smartphone adoption, growing popularity of internet access, and technological advancements are making Bitcoins more popular and easy for the young population to get their hands on.