Can Governments Stop Bitcoin?

It would criminalize the possession, mining, trading or transferring of cryptocurrency assets.

Ray Dalio: The government 'outlawing bitcoin is a good probability'

Offenders could face up to ten years in jail as well as fines. Such a blanket prohibition would be foolish on multiple levels. For one thing, enforcing the law would be even more difficult than under the License Raj. Raids once aimed at seizing dollars and gold bars would face the challenge of locating a password or seed phrase holding millions in Bitcoin.

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Nor can the government seize or even access the network of computers scattered across the world mining cryptocurrency and maintaining blockchain ledgers. To enforce a ban, authorities would have to develop an intrusive surveillance system that could track all digital and internet activity in the country. Thankfully, India does not have the state capacity to pull that off. More likely, its efforts will only drive the cryptocurrency market underground.

That would almost certainly give rise — again — to an ever-evolving set of arbitrary rules imposed by the central bank and tax department, optimized mostly to extort bribes. Young coders and start-up founders would face harsh and arbitrary raids. Ordinary Indians would be deprived of the very real benefits of cryptocurrency.

Meanwhile, elite Indians with options will flee the country, taking their wealth and innovations with them.

Granted, unlike gold bars and dollars under the mattress, cryptocurrency is hard if not impossible to track. Some users will no doubt exploit that fact to hide earnings from the tax authorities. Cryptocurrency would allow Indians to bypass the current restrictions on capital account convertibility and invest abroad more easily. But again, protecting Indians from global volatility by banning cryptocurrency would be like making roads safer by eliminating cars.

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The real long-term solution is for the government to gradually reduce controls over capital mobility and make India a more desirable investment destination. Liberalization in made India a world leader in IT. Opening up even further could place Indians where they belong — at the frontier of fintech innovation, not under suspicion. Also read : Can Modi govt please make up its mind on Bitcoin and cryptocurrencies.

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Can Government Regulation Affect Bitcoin Prices?

Whether you live in India or overseas, you can do it here. Support Our Journalism. The Government should ban cryptocurrencies as the whole thing is played by Elon Musk like syndicate run for their own benefit. The earlier investors from Africa and South America do not seem to be beneficiaries.

So to save the Indian public from being cheated by smart scamsters the cryptocurrencies should be banned. I have invested about one lakh in cryptocurrencies in and I have all the passwords etc written in my diary. But today when I login to various exchanges half of them folded up and rest shows balance as zero. Even the original Bitcoin wallet I had shows Xero balance.

Can Governments Ban Bitcoin? | Jean Galea

Since the earliest days of Bitcoin , there have been concerns that it's only a matter of time until the cryptocurrency is banned by governments around the world. For one thing, Bitcoin is often cited as being a threat to traditional monetary systems, with the potential to undermine the control of central banks over the money supply.

There are also mostly unfounded concerns that Bitcoin facilitates drug trafficking and money laundering, due to its pseudo-anonymous nature. But whether or not it's actually possible for governments to ban Bitcoin can vary from region to region. The question of whether Bitcoin can be banned has been answered to an extent, since the cryptocurrency has already been officially banned in several countries.

Currently, just a handful of countries place an outright blanket ban on Bitcoin—and prohibit interacting with, owning, or using the cryptocurrency in any shape or form. Several others, including Saudi Arabia and Taiwan , have also introduced a partial ban on the cryptocurrency, typically blocking financial institutions from dealing in the cryptocurrency or facilitating Bitcoin transactions. So far, the vast majority of countries that have either restricted the use of Bitcoin, or banned it entirely, are relatively low down on The Economist's Democracy Index , and many are considered flawed democracies or worse.

I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity Trump realDonaldTrump July 12, US President Donald Trump has taken a negative stance on cryptocurrencies, last year stating that he is "not a fan" of them, and describing their value as "based on thin air. However, the risk of a blanket ban on Bitcoin in the US is highly unlikely, given the efforts of various cryptocurrency lobbying groups and a recent positive shift in sentiment among policymakers.

Nevertheless, by imposing harsh regulatory requirements on the on-ramps and off-ramps to the Bitcoin ecosystem, a country could make it very difficult to obtain and use the cryptocurrency, without officially banning it. As such, there remains a risk that the US could clamp down on cryptocurrencies like Bitcoin, by forcing firms to run a regulatory gauntlet that could render all but a few essentially nonviable.

Doing so could come at a serious economic cost, however. Although it is clear that it's quite possible for a government to ban Bitcoin, actually enforcing a ban would provide difficult—if not impossible—in many countries.