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19 September 2021

Can A Country Actually Ban Bitcoin? - Decrypt

Can A Country Actually Ban Bitcoin? - Decrypt


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Since the earliest days of Bitcoin, there have been concerns that it's only a matter of time until the cryptocurrency is banned by governments around the world.

So far, the vast majority of countries that have either restricted the use of Bitcoin, or banned it entirely, are relatively low down on The Economist's Democracy Index, and many are considered flawed democracies or worse.

Of all the countries that have taken a negative stance on Bitcoin, China has made some of the most aggressive moves against the cryptocurrency in 2021.

Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued guidelines stating that it’s legal to invest in Bitcoin and to use it as a form of payment, as long as the seller of the goods or services is willing to accept it.

With all that in mind, the risk of a blanket ban on Bitcoin in the U.S.

SEC chairman Gary Gensler has said in no uncertain terms that Bitcoin is a speculative asset, and that cryptocurrencies facilitate crime and do not qualify as money.

Although it is clear that it's quite possible for a government to issue an edict banning Bitcoin, actually enforcing such a ban would provide difficult—if not impossible—in many countries.

This is evidenced by the fact that there are still a significant number of Bitcoin users in most countries that have already banned it.

But with Bitcoin now legal tender in El Salvador, and Ukraine set to follow in its footsteps, Bitcoin appears to be gaining increasing acceptance among governments—and with each new country that adopts it, the likelihood of other countries imposing a ban on it diminishes.

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