A cryptocurrency ban revolution is coming. Countries like China and South Korea have been doing everything they can to dissuade citizens from investing in cryptocurrencies, but it’s clear that the strategy is not working. The UK has made a first step towards legalizing Bitcoin, which may be a sign of things to come in many other countries. Cryptocurrencies like 1854 california gold 1/2 coin value are here to stay; times have changed and the way we view digital assets has too.
1. Banning Cryptocurrencies is Futile
The ban on cryptocurrencies by some countries has not been very effective so far. With many people still able to invest in cryptocurrencies and exchanges still operating, an outright ban on cryptocurrency investment will be even harder to enforce. Governments and economic teams need to realize that banning cryptos will not solve the problem completely. With interest in cryptocurrencies still booming, it’s only a matter of time before more revolutionary technologies like blockchain are adopted by mainstream financial institutions too. We’re now living in the age of technological advancement, where access to information is easier than ever before. Keeping people away from a new technology simply won’t work anymore.
2. History Doesn’t Repeat Itself
A cryptocurrency ban in one country might be a good example for others to follow, but history has taught us that it will not serve as the norm. Countries like the US have set a precedent that they would rather let cryptocurrencies operate without regulation than outlaw it. While countries like China and South Korea have always wanted strict control over everything their citizens do, the US has been fairly open about its stance on cryptocurrencies. In fact, it is rumored that Coinbase may soon be approved by the SEC and become the first cryptocurrency exchange to receive regulatory approval from an American regulator.
3. Bitcoin is Growing
The price of Bitcoin has always been volatile, but it’s undeniable that it has been growing. The cryptocurrency recently hit a new all-time high, making it the highest valued cryptocurrency ever by market cap. Meanwhile, Bitcoin Cash and Ripple have overtaken Ethereum to become the second and third most valuable cryptocurrencies in the world respectively.
4. Banks Are on Board
This last point bears mentioning too. Many major banks are starting to take notice of cryptocurrencies and blockchain technology and are looking at ways to incorporate them into their business models. JP Morgan Chase announced that it was going to hire 200 blockchain technology specialists just yesterday and Barclays Bank is going for a similar approach with its new FinTech unit. Banks across China, Japan, the UK and many other countries are also dipping their toes in the water.
5. New Regulations Are Coming Soon
It’s clear that the mood for regulation is changing and that more countries are starting to realize that cryptocurrencies aren’t going anywhere any time soon. The European Parliament has already drafted a plan to approve regulations to trade digital currencies by July of this year. Countries in Latin America like Chile and Ecuador have recently banned cryptocurrency mining completely, while China has also banned ICOs and Ethereum trading as well as shutting down all local cryptocurrency exchanges. South Korea too has prohibited all kinds of token sales while Russia is outright banning ICOs.
That’s not to say countries are adopting regulations for the wrong reasons. Cryptocurrencies definitely need some sort of regulation to make sure that it is not used for illegal activities, but it’s clear that some governments are just using the excuse to take cryptocurrencies out of the picture entirely. Countries like Russia and China are notorious for wanting total control over their citizen’s lives and banning cryptocurrencies only goes to show how much they fear this new decentralized form of finance.
6. Cryptocurrencies Are Here To Stay
Countries that have already banned cryptocurrencies entirely may have nipped the problem in the bud, but they will also be left behind as more countries start recognizing cryptocurrencies as a legitimate form of currency. The next wave of financial acceptance will bring blockchain technology to the masses and cryptocurrencies like Bitcoin will be a part of that new economy. We’re in the early stages where everything is still up for debate. If anyone is still skeptical about the future of cryptocurrencies, they will have to take a look at some numbers. The market cap of all cryptocurrencies has increased almost 10 times in the last 12 months, making it harder for governments to ignore this new way of doing business altogether.
7. An Active Community
Cryptocurrency communities are active around the world today and it’s getting increasingly difficult for governments to ignore them entirely given how many people are investing in new coins and other digital assets. The current cryptocurrency market is valued at over $600,000,000,000 and it’s growing every day. With one Bitcoin sitting at roughly $4,000 today, this new technology has really taken everyone by surprise. Cryptocurrencies are here to stay and people need to adapt their thinking and come up with policies that work better than a ban.
Summary:
If you’re still skeptical about cryptocurrencies, it’s a good idea to read up on some of the points made in the article. Cryptocurrencies are here to stay and even governments know that they won’t stop happening anytime soon. Bitcoin has already broken it’s all-time high this year while other cryptocurrencies like Ripple and Ethereum have also surpassed their all-time highs as well. Governments will have to look at new ways of regulating cryptocurrencies if they want to completely ban them from either becoming mainstream or competing with traditional currency altogether. The next few years are going to be interesting for sure.
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