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And so pours Bitcoin, the fight with crypto is on. Will the regulatory bodies manage to ban digital currencies? And do they even need to be banned at all? Read a thorough review in a new crypto news article.
Despite the world being tired of USD as the world's main cryptocurrency and many people have big hopes for all of us to switch from fiat currencies to crypto, no one can say when it is going to happen and if it is going to happen at all. The problem is that most countries' governments want to regulate the crypto industry, the worst-case scenario is that they are strictly against crypto and are trying to ban it from circulation.
Even though the very existance of the cryptocurrency in the world's community regarding its legitimate status looks like the famous Schroedinger cat. It kinda exists and doesn't exist at the same time. Only in very few countries it is officially permitted to use crypto to pay for goods and services (Germany, Switzerland, Japan, Salvador, etc.), in other countries crypto is totally banned (China), and most of the countries are still indecisive about how to view crypto; and since there is no definition of crypto, there is no legislation concerning crypto.
However, crypto is practically everywhere. Everywhere with an Internet connection, the flow of transactions grow, and they are made in Bitcoins, Ethereums, and other currencies. Cryptocurrencies are very often used even in China, where the authorities are extremely strict about the very existence of cryptocurrencies for a very long time - back in 2013, the Middle Kingdom made a law about banning banks and other financial institutions from making any operations with Bitcoin until they fully banned any use of cryptocurrencies in 2021.
In fact, the very idea of a total ban and strict monitoring of crypto is pretty absurd. Any control over crypto is impossible due to its decentralisation. It is impossible to control, so the only way out is to totally ban it. This is probably what thought the authorities in China and some other countries where they are trying to stop their people from using crypto.
Among the arguments against crypto is that the unregulated crypto currents fuel terrorists and also are used to buy and sell drugs. This was an excuse that the main bank of Russia used to vote against crypto as well. But is it even possible?
Yes, cryptocurrencies are a tool. As any tool, they can be used for the good and for the bad. Cryptocurrencies may very well be used for fuelling terrorist organisations, the only problem is that crypto has been around for only 12 years, while terrorism is a much older thing, and so are drugs. So is it sensible to ban something that in fact can't be banned?