Why don’t governments around the world ban Bitcoin

Why governments around the world do not ban Bitcoin editors? This article is from the vernacular blockchain (ID: hellobtc), authored by the Five Fireballs Cult and reprinted by the Daily Planet with authorization

Bitcoin is one of the oldest Cryptocurrency in the world, with thousands of addresses worldwide. With the increasing popularity of Bitcoin, it has become a payment method, a value storage method, and a value storage method for people’s daily transactions, but why not prohibit it by governments around the world? The following will analyze the attitudes of governments in various countries towards the special currency and make some personal reflections. Why can’t US regulatory agencies ban Bitcoin? Why do European countries not allow BTC to use legal currency to purchase goods and services? Will central banks around the world accept Bitcoin payments to evade sanctions? Can central banks of various countries accept Bitcoin as a cash equivalent? When can the World Bank issue digital dollars through Libra? If there were no legal framework or policies, China would not adopt such measures, “said Yi Gang, the governor of the People’s Bank of China. 7. Governments around the world hold an open attitude towards “mining”. 8. What is the size of the Bitcoin market? 9. The volatility of Bitcoin prices is too high. 8. Today, 10 years later, the price of Bitcoin is about $10000. Compared to other assets, the increase is much lower because investors need to spend more money to maintain the value-added ability of their investment portfolio. 10. Central banks around the world do not support the use of special currency, but consider it to be a speculative tool rather than a medium of exchange. 11. The Bank for International Settlements said that Bitcoin is not Fiat money. According to the Financial Times, in recent months, many large companies have been considering offering alternatives to digital assets to the public. These companies are all seeking to compete with traditional financial systems. In November, the Swiss Federal Council approved a new anti money laundering legislation aimed at restricting all forms of encrypted transactions. In mid December, the Department of Finance Canada announced that it planned to introduce a new technology called the “Stablecoin” to deal with possible economic challenges and risks. According to Reuters on Tuesday, banks around the world are paying attention to the Bitcoin market due to the surge in demand for Bitcoin and the increasing impact on gold demand. However, although these two situations have not changed so far, most banks have decided to no longer hold such assets. Therefore, even with certain types of market shocks, Bitcoin may still be seen as a safe haven. 12. What are the reasons for the US SEC’s rejection of Bitcoin ETF applications? After being listed on the Japanese Stock Exchange, it was subjected to strict scrutiny. Earlier this year, Mike Novogratz, CEO of the New York Stock Exchange, tweeted that, We are waiting for the CFTC to investigate it, “he further explained The use of Bitcoin for payment and settlement has been prohibited, and banks are also prohibited from providing Cryptocurrency services, but no other legal terms about digital wallets or related financial services have been mentioned, including “virtual assets”. This news has attracted wide attention around the world – especially with the support of the US government, more and more central institutions are interested in blockchain technology and Cryptocurrency

Who on earth allows Cryptocurrency

1. The state supported national code of conduct

United States Secretary of the Treasury Steven Mnuchin said on Tuesday: “I hope to regulate the Cryptocurrency market through legislation and lay the foundation for investor protection.” He also said, “If someone believes that Cryptocurrency is an ‘illegal’ investment product, it is securities”

2. “Bitcoin is a highly speculative investment”

Gensler, chairman of the Commodity Futures Trading Commission, also made it clear on Friday that he would not recognize digital assets as a payment method. He explained: “Since digital assets are not Fiat money, they cannot be used for international payments because they are not governed by the laws of various countries. But for some people, they do belong to specific categories, such as gold, stocks or foreign exchange, and they are legal investment tools.” According to the previous report of the Wall Street Journal, Gensler called on the Congress to pass a bill on social media as early as March this year, Incorporate non cash payments such as Bitcoin into its economic scope 3. “Russian citizens can purchase, sell, hold, and dispose of Bitcoin” is currently the official position of most countries in the world. However, since early January this year, these measures seem to have not been truly implemented. Although several large state-owned enterprises have officially announced that they will not accept BTC as a means of payment in French currency, there are also signs that they are considering whether to use Cryptocurrency for remittance.