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Multiple governments, multiple bans but Bitcoin has risen above all

Jan 17, 2018 Posted /  3741 Views

Multiple governments, multiple bans but Bitcoin has risen above all

There has been constant rhetoric by multiple governments around the globe that Bitcoin will soon be banned and nearly every other nation has announced at some point in time that it will formulate a regulatory framework for it. However, many declarations and all seem to be vague by now as the populace have risen against these bans and expressed that they strongly are in favour of more democratized currencies rather than the ones issued by the authorities.

Strong Jilts to the Government Bans

If we talk about the recent statement issued by the Republic of Korea’s Ministry of Justice official remarking the government will soon ban Bitcoin completely, the Korean citizen gushed a rebellion roar. The populace presented huge number of petition signatures to the president of South Korea against the statement and demanded that the official should be fired from its position for making such an irrational remark. The pressure was so enormous that the government had to melt down and response that there was no consideration for the cryptocurrency ban in the near future. In fact, many politicians jumped to cash in the popularity and resounded that cryptocurrency is a legitimate affair.

We can also consider cryptocurrency status in South Korea in relation to its neighbour North Korea, which is an enclosed country with the Authoritarian regime. The Republic of Korea’s geographical juxtaposition also ripe it’s way not to default with cryptocurrencies. Though China has taken strong actions against the digital assets still a similar kind of official stance against it could harm South Korea’s regional situation. Many analysts will tell you that though North Korea also does not endure the Bitcoins existence, however, this new digital currency is the reality of the country as more and more people are embracing it as means of connecting with the world.

There had been multifold declarations, regulatory changes, exploitations, undue taxes, appeals to the international circles, liberalist and communist measures yet none could have stopped the emergence of Bitcoin in the Asian countries.  However, the news did drop the prices but the value could not be easily drawn to the zero figures and as enthusiasts would say that it is nearly impossible. Bitcoin is the new reality of the world and governments need to accept it soon.

Failed Experiments with Bans

Be it Communist governments, hermit kingdoms, liberalist nations, republicans or democracies every sort of regime has tried its way to experiment with some sort of regulatory framework or ban on the cryptocurrencies. Nonetheless, most of these have gone futile. In fact, the profit-making governments have understood that Bitcoin cannot be banned in the in the most pragmatic sense as it resembles the character of filling on a sturdy balloon. Push it down on one side, and it grows on the other.

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Of the 195 countries of the world, 12 have publicly proclaimed that it will ban bitcoin and crypto at multiple levels, be in Brazil, Indonesia, China, Vietnam, Israel, Morocco, Bolivia, Algeria, Ecuador, Kyrgyz Republic, Bangladesh, and Nepal. Nonetheless, we need to acknowledge the fact that not all the governments have pushed for bans in the same way as presented by the media or the crypto-critics. For instance, Israel restricted crypto-stocks from being listed on the exchanges and facilitated in the practice that banks should not permit bitcoin business accounts. However, the prime minister of Israel has made positive comments, and still another regulator has encouraged that Israel is organizing a welcoming ecosystem for bitcoin.

It can be pointed out that Israel is one of those countries, which belief in the potential of cryptocurrencies and will soon facilitate in the development of a favourable crypto- environment if the legislators may not influence. The same has happened in the case of South Korea as the electoral ability to impact the outcomes can be manipulated by the legislators.

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Tags: Bitcoin rise Bitcoin ban bitcoin

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