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Question

Can crypto be banned?


Answers (1)

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Niaz Amjad
Feb 02, 2022 22:25:34

Can crypto be banned? Yes—but no one really wants to do that. If a government wanted to ban cryptocurrency, it’s possible. All they’d have to do is block the websites that accept it for payment, ban crypto-using companies from operating within their borders, and prevent citizens from accessing exchanges that trade crypto. Phew! Easy peasy! But here’s the thing: while it would certainly be a lot of work, it’s not likely that governments will go through with this kind of thing. Why? Well, while they could technically ban cryptocurrency by blocking its use online and in businesses, they can’t actually stop you from buying or selling it at home. Crypto isn’t like a national currency where the federal reserve can stop you from using it in your own home—it’s a digital currency that exists in your computer (or phone or whatever). Governments can’t stop people from buying or owning cryptocurrency without going completely nuts on surveillance and privacy violations, which most countries are hesitant to do.

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