Will more countries ban crypto currency transactions?

[Bookwormlux]

A lot of countries have already banned crypto currency transactions, with the latest being Nigeria whose central bank released a circular last Saturday telling all banks to block any account that is traced to carry out crypto currency transactions. Following this directive, all the exchange platforms have disabled the deposit option and Nigerians are still waiting to see what more developments would come up in the coming weeks about this ban.
This action has shown that so many countries are already seeing crypto currencies as a threat to their development since it is something they cannot regulate. Do you think more countries would ban crypto currency transactions?

 

[Mishi]

While the United States of America, Australia, Canada, and the European Union (27 countries) have accepted its usage by working to prevent or reduce the use of digital currencies for illegal transactions, cryptocurrencies remain banned in China, Russia, Vietnam, Bolivia, Columbia, and Ecuador.

 

[Yugocean]

While the United States of America, Australia, Canada, and the European Union (27 countries) have accepted its usage by working to prevent or reduce the use of digital currencies for illegal transactions, cryptocurrencies remain banned in China, Russia, Vietnam, Bolivia, Columbia, and Ecuador.

Crypto banned in Vietnam and Ecuodor? That is new update then, but I did not get any news related to ban in those countries. But not all countries are going to ban it, Japan, Venezuela etc many countries are officially accepting it. Russia has banned govt officials from holding crypto, but they cannot ban public.

 

[Hena101]

The latex country to ban trading crypto currency is Nigeria after a number of countries have do do long time ago. But to say countries will continue to ban crypto currency is something we are not certain about because some countries are benefit from because of how it keep money coming into the country.

 

[Deleted member 28873]

This are the major reason why cryptocurrency is banned:#Bitcoin and other Crypto-Currencies are considered outlaws in some of the countries as the Government and the financial institutions are not able to control or regulate it. So, it scares them.
# Crypto-Currency Market attracts Criminals and people interested in tax evasion and money laundering. It had become a latest trend in Dark Web Market ,Silk Road when they were online. But if a person wants to cheat then they will find different means as tax evasion has always been a problem with or without Crypto-Currency.
# Easy mode of transfer in Cyber- terrorism, most famous case was of WannaCry and Petya viruses in which $300 were payed in Bitcoin to decrypt files.
#Big risks are there in Investing as huge investments are involved.
#Crypto-Currency market stands as a threat to our traditional banking institutions which is a fact being recognised by most of the governments. As there is no single authority regulating the value of Crypto-Currency unlike our ages old system of Banks. Crypto-Currency works on the system of decentralisation. It is a big change for Banks as in some places ATMs are also there for exchange of their regular currency to Bitcoins. So transactions are being performed outside our regular structure of banking and can be done by anybody who earlier did not have an access to bank.

 

[Georgeadawara]

Alot of countries have ban trading crypto currency do to one reason or the other. The recent country to do that again is Nigeria. But looking at how people are into trading crypto currency world wide is not easy to stop them from trading crypto currency even though their country may ban it but that won't stop because of how they saw how Bitcoin make people millionaires recently they may ban it but not stop them from trading it

 

[IamDozzy]

I believe more countries would tow the path of Nigeria Albeit in a guarded way because from what has been explained on the news, cryptocurrencies threatens financial institutions and weakens the Fiat currency of a country. Also, cryptocurrency leaves no paper trail, therefore, it cannot be traced. Unscrupulous elements would use this to their advantage. Bandits in Nigeria are already using it to receive ransom payments.

 

[Ahmedo24]

I believe more countries would tow the path of Nigeria Albeit in a guarded way because from what has been explained on the news, cryptocurrencies threatens financial institutions and weakens the Fiat currency of a country. Also, cryptocurrency leaves no paper trail, therefore, it cannot be traced. Unscrupulous elements would use this to their advantage. Bandits in Nigeria are already using it to receive ransom payments.

It doesn't have the power to weaken the country's national Currency, it is the dollar that does that , Crypto currencies are traded against fiat but US dollars. I agree with on the issue of illegally use of cryptocurrency to fund terrorism and other crime activities in the country. Some countries face with insecurity may also ban it.