The threats from governments around the world to ban cryptocurrencies have led to an increase in the number of digital currency users. Even strict measures against citizens by authorities proved insufficient.
Banning Bitcoin Is Pointless
Recent bans on cryptocurrency by the South Korean government demonstrated to the world the authorities’ inability to control Bitcoin in their own currency market. In countries where democracy thrives, government leadership only negatively influenced the population, garnering support for the opposition, which immediately took advantage of the situation. As for South Korea, there is a presumption that the minister who attempted to ban cryptocurrency will be dismissed from his position.
In North Korea, Bitcoin is officially banned, but statistics tell a different story. The highly developed technologies of the DPRK allow users to mine cryptocurrencies and participate in the market trading digital coins. The government is not rushing to tighten control over its citizens, as the country’s banking system benefits from Bitcoin turnover.
In Brazil, Indonesia, Nepal, and Vietnam, the ban on cryptocurrency has resulted in mass protests, which radical parties have seized upon, attempting to seize power in the country. Heads of state hurried to loosen their grip, as no one wants to lose their seats over Bitcoin.
Israel remains under question, as it is interested in developing its own banking infrastructure and holds capital worldwide. Transitioning to digital currency entails a reduction in capitalist incomes, but instability in the country and constant threats from the Arab world deter authorities from pressuring their own people.
The methods of combating cryptocurrency so far are primitive – internet shutdowns, arrests of exchange equipment, and taxes on profits are not effective, as bans are easy to circumvent. However, Bitcoin users are confident that many governments are developing plans to tame digital currency, so one must always stay alert.
