What Will Happen If Cryptocurrencies Get Banned In All Countries?

[Good-Guy]

Cryptocurrency is a digital asset that has gained much popularity in the last decade as it is seen as one of the most lucrative investment asset, despite being volatile and risky in nature. It is also one of the most popular ways to pay people and adopted itself as a most widely used asset that could be used to pay anyone in the world. However, since cryptocurrency facilitates people a lot, it has gained the attention of many governments of the world and this is why they have been banning cryptocurrency.

I believe that the government ban cryptocurrency not only because they believe that cryptocurrency is a "threat" rather I think that the governments ban cryptocurrencies because they do not gain any sort of benefits when they allow cryptocurrency trades. This is because they have failed to regulate and control cryptocurrencies and since they are not actually able to tax people, they tend to ban it. Since there are many countries that have been banning cryptocurrencies, what do you think will happen if all the countries ban it? Do you think that cryptocurrency market will crash in a really bad way? Do you think that cryptocurrencies will be traded despite the world banning it?

 

[Deleted member 28127]

People will continue to get paid with traditional payment forms and I think crypto providers will not issue deposit addresses and only allow pay by emails like coinbase or coinpayments one.

 

[Jasz]

It is almost impossible to imagine our today's world without cryptocurrency, but there are some factors which can lead to this scenario.

The first factor is the government influence. Governments of different countries can ban cryptocurrencies due to the lack of law regulations. The second factor is the lack of support from big financial institutions, such as banks and stock exchanges. The third factor is the legal side of cryptocurrency use: money laundering, crime financing and anonymity which can be used for illegal purposes.

What will happen if cryptocurrency gets banned in all countries?

-Financial system collapse. Cryptocurrencies can replace fiat money, so banning them would mean a complete collapse of the financial system

-No more crypto trading. Crypto wallets won't be accessible and crypto exchanges will be closed

-Censorship of blockchain technology. The technology behind cryptocurrencies will be censored as well because it is closely related to digital currencies

-Lack of privacy and anonymity. All details about your transactions will be visible to governments and other official organizations.

-No more hiding of huge amount of money through cryptocurrency. A lot of digital assets would be lost. These will also affect the citizens in one way or the other.
-I also feel the economy generally would be shaken to some extent.

 

[Mika]

What happens when cryptocurrencies are banned in all countries? I have seen a lot of people asking this question on many online discussion boards. However, I don't think cryptocurrencies will be banned in all countries, when I say all countries I actually mean all 195 countries in the world (the current number of countries in the world). Will all 195 countries ban cryptocurrency? Well, I don't see that happening because a lot of countries in the world are democratic countries, in democratic countries, the government cannot impose law because the people have the right to challenge the government's decision in court. A few years ago, the Indian government banned cryptocurrency in the country, however, a case was filed in the supreme court against the government's decision and the court overturned the government's decision and crypto was once again legal. Since the Indian government could not ban crypto, it decided to make laws to regulate crypto. Now, the Indian government is charging a 30 percent tax on crypto trading, which I think is better than banning it. China has also banned crypto, but China being a communist country, a civilian cannot challenge the government's decision. Therefore, whatever the government does, it will be final.

 

[Sikapa]

I wish this shouldn't happen because it will have so bad effect on the world economy too. The thing is cryptocurrency is something that many people are benefiting from it. Beside it being a trade, is is also a mode of payment, meaning people can also get pay from crytocurrency and just imagine we will wake up one morning and hear that the world has banned crytocurrency and you have your money in crytocurrency wallet what will happen?

This will affect many individuals both those who use crytocurrency and those who don't. One may ask how will that affect those who don't use crytocurrency? Let's all assume this, let's say Trendri only pay through crytocurrency and crytocurrency is been banned will we get paid? Will the site continue to work? Or let's say someone wants to send you money through crytocurrency and crytocurrency is been banned how you you get the money?

 

[wealthbear]

It is really impossible that all countries would ban all cryptocurrencies.

 

[Ithedicious]

If this will ever happened , it will definitely affect cryptocurrency as a whole and we could even say that the price of cryptocurrency will definitely goes down to a point that people who have invested heavily in The space will be losing their money . Before this arrangement is being debated to be passed into law a lot of people (investors) will be rushing and be withdrawing their cryptocurrency because they won'ts want to be left out in the cryptospace because of the law that will affect the whole cryptosystem.

What I am trying to say is that if there is any plan for such then we just have to know that this is the end of cryptocurrency because if every countries team up and banned cryptocurrency completely , There will be no way you can run to make a good usage of your cryptocurrency and even if you have millions of BTC today , There is no one that will likely buys it from you because there is no official store that will accept it from you or an online vendor that you can sell it to .

This is not likely to happen but we are just saying in case .

 

[blockrat]

Cryptocurrency is a digital asset that has gained much popularity in the last decade as it is seen as one of the most lucrative investment asset, despite being volatile and risky in nature. It is also one of the most popular ways to pay people and adopted itself as a most widely used asset that could be used to pay anyone in the world. However, since cryptocurrency facilitates people a lot, it has gained the attention of many governments of the world and this is why they have been banning cryptocurrency.

I believe that the government ban cryptocurrency not only because they believe that cryptocurrency is a "threat" rather I think that the governments ban cryptocurrencies because they do not gain any sort of benefits when they allow cryptocurrency trades. This is because they have failed to regulate and control cryptocurrencies and since they are not actually able to tax people, they tend to ban it. Since there are many countries that have been banning cryptocurrencies, what do you think will happen if all the countries ban it? Do you think that cryptocurrency market will crash in a really bad way? Do you think that cryptocurrencies will be traded despite the world banning it?

Thanks for this Good-Guy! One thing to also take note of is that analysts warn that the most key markets in the sector, gaming and cryptocurrency, may offer legal problems as cryptocurrency investors examine GameFi as the industry's latest vertical.

But I believe in spite of these, the industry, especially the GameFi sector, will still thrive in the next couple of years.

 

[maidnagi]

A lot of countries across the globe have already banned cryptocurrencies. But since they are decentralised, people have kept using them. As far as it is about getting them banned, I don’t think anything like that is going to happen. The crypto community will always find a way to keep using them.