I believe that those countries are banning cryptocurrencies because they will soon initiate and launch their own digital currencies and they don't want Bitcoin or the other Alt coins to halt or thwart their initiation. This is why I fear for cryptocurrencies's durability. Because if countries begin to ban it, the price may become so low.
I think they would try but it's really hard to regulate crypto currency, moreover they really can't know how much you have in your wallet. there are various app that doesn't really need KYC......so I think it would be successful
Until this happens then bitcoin will still thrive. Now , consider this . There are some countries that have made indian hemp illegal but it doesn't made them to stop trading with countries that allow indian hemp to be used in the country.
Okay bro...But I just believe if most countries cut their ties with you as a country then you are on your own! Almost all the countries are part of the IMF group, imagine being removed from the organization, which country will support you. The same thing goes for Bitcoin, most powerful countries have enough resources to disrupt the functionality of Bitcoin, which may affect so many investors.
In this aspect , I think counties can only be enemies to any cryptocurrency within their own country , they cannot come to another people's country to criticize it. It is similar to what is happening in El Salvador. Even the international monetary fund cannot stop them , they may only ban them from their association.
Well that's really the fact! I don't think it's going to have so much effect as we thought but we should look at it other way around too. What if, it does influence the price and the rate at which people adopts it. If Russia team up with some of the other mighty countries of the world. Then, Bitcoin might be gathering too many enemies. Which is not bright for Bitcoin ecosystem.
If that's the case, then we're given them thumps up for trying to give Cryptocurrency security and reduce the high level of money laundering scandals. That is the few out of the objectives they crave on the mind to establish. But it seems they'll be hitting around the bush cos others have tried to handle such and they failed halfway through. Crypto is anonymous, and that's one of the reason too why it is created.
That's just it dear. The government controlling Cryptocurrency can't work cos externals control it and not meant for them to control that's why they're banning it, for those countries who have grown too frustrated about such fact. Since it is anonymous, it means they can't track anyone in the house checking the phone if you use it or not, if not that will be tagged ridiculous indeed.
Hmm, don't even think Russian plans to regulate Cryptocurrency will come to fruition since they never received the backing from other successful Bitcoin countries. BTC and other Cryptocurrencies are simply anonymous with unknown creators who anonymously regulate the price, and gives direction how the coin should operate on.
