Is it Possible to Ban Crypto? (Spoiler: Not Really)

Changing Regulations

As a result, some started working on regulations, as the demand for “digital gold” from private and institutional investors rose higher than ever. Some threw all their efforts into the development of CBDCs. And lastly, some – like Algeria, Egypt, and Bolivia – stuck to their decision to blanket-ban cryptocurrencies altogether.

In this regard, a question arises once again: is it actually possible to ban crypto?

Can Crypto be Banned?

The answer lies in the self-sovereignty of blockchain networks: as there is no intermediary, no one can affect the cryptocurrency tied to it. Of course, a government may impose regulations, forbid its citizens to own or trade crypto, or complicate the withdrawal process – but the truth is that P2P transactions between wallets are almost impossible to put a hold on.

Could it ban downloading or accessing crypto wallets? Well, there are backdoor solutions like VPN – or even Blockstream satellite network that allows syncing Bitcoin nodes without an active internet connection. Besides, the forbidden fruit is so much sweeter: for many, banning crypto is as good as advertising. So, roughly quoting SEC’s commissioner Hester Pierce, it’s like trying to shut down the internet.

Many Are Also Adopting Crypto

There’s another side to the issue. You see, given the current economic value of Bitcoin, most developed countries would consider it insane to ban it. To risk the outflow of top developers? To fall behind other countries technology-wise? To neglect the trillion-dollar industry? No, thanks. They’ll pass.

According to billionaire investor Ray Dalio and Saifedean Ammons, author of “Bitcoin Standard”, there is only one way to win the game against Bitcoin: to offer a better alternative to it.

What do you think, can there be one?

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