In its history, cryptocurrencies are not just faced with threats from governments. Although in most cases the regulators rarely move from words to deeds, there are those who have decided to take drastic measures. However, the effectiveness of the bans has always been questionable, and recent events in South Korea showed that the indignation of the population making planned attempts to regulate absolutely useless. Apparently, in most countries, regardless of their political system, to stop bitcoin is impossible.
Resistance to the threats of the government
In response to the recent statement of the authorities of South Korea banning trade in cryptocurrencies, the citizens of the country sent the President a petition that quickly gained necessary for consideration of 100,000 signatures. Social networks were filled with outraged comments demanding the firing of the offender-Minister. The pressure was so strong that government agencies began to contradict each other, and eventually were forced to declare that the ban will not happen. In anticipation of the opening of political bargaining, usually indecisive policy of South Korea hastened to join the camp of the defenders of the cryptocurrency.
With regard to the Northern neighbor country, North Korea, most likely, the policy for the cryptocurrency came here through more of the rich southern counterparts, and perhaps even from China. It is quite obvious that bitcoin is de facto banned in North Korea. However, the cryptocurrency is the country problem. Apparently, even the most closed country in the world has had to deal with endurance of bitcoin in the most extreme situations.
Numerous statements, rule changes, penalties, requirements of banks, calls for internal communications, taxes, extraordinary measures – the liberal democracy of South Korea in recent times is extremely busy. We have to admit that the latest round of news from the South Korean regulators led to the fall of bitcoin prices, both domestically and internationally. However, even this phenomenon was temporary, as overall the market is a recovery of bitcoin prices in fiatnym currencies.
A number of countries are experimenting with bans
Eventually the government will realize that to ban bitcoin is impossible, since the ban will remind, the pressure on inflated ball hit him on one side and it will inflate the other, and Vice versa.
To ban cryptocurrencies at different levels openly trying 12 of the 195 countries of the world: Brazil, Indonesia, China, Vietnam, Israel, Morocco, Bolivia, Algeria, Ecuador, Kyrgyzstan, Bangladesh and Nepal.
The list can be supplemented, because not all governments fit to ban cryptocurrency in the same way. Israel, for example, does not allow cryptocurrency companies to present in the list of stock indices and encourages the actions of banks, not allowing to open cryptohalite account. At the same time, the Prime Minister made some positive comments about bitcoin, and another regulator is to make Israel bitcoin friendly country.
It is worth noting that Israel is the only representatives of a democratic regime in South-West Asia. The population is positively disposed towards bitcoin and its possibilities, and, as well as in South Korea, he has the ability to affect results in the case of a too rigid policy regulators.
Bans are useless
American commentator Charles Hugh Smith (Charles Hugh Smith) said that the ban of cryptocurrency is impossible due to the influence of wealthy investors that use it as a means of storing value. According to Smith, bitcoin is under the protection of the powerful. Wealthy owners of bitcoin has gone far enough in the quest to keep their money away from the reach of governments.
For South American countries such as Brazil, Bolivia and Ecuador, problems of inhibitions are both political and economic motives. Each of these States has its own version of the command economies, and the nationalist fervor it is easy to wash the face of threats to the official currency, which, of course, carries with bitcoin. On the other hand, even where economic value is limited and policy is a mad mix of different departments and committees, the cryptocurrency found their way – everyone knows the popularity of bitcoin in Latin America.
The remaining parts of countries, from China to Nepal, there is almost no so-called democracy, although in some cases the government deviate from the rules, allowing their populations to participate in economic issues. In Asia faster than worldwide continues to grow the use of smart phones as well as Internet access. Add to this the younger generation, 40% of which are younger than 20 years, which is actively interested in technical innovations, including cryptocurrencies.
The ban almost always affects only those who do not know ways to break the law. However, this does not work against crypto-currencies — to prevent them, the government needs to strictly control all means of communication. Another positive aspect of bitcoin is that to participate in the massive transfer of funds will suit even the cheapest smartphone cost of $ 20.
The government can close down websites and arrest the owners of the exchanges, to convert the check into a living hell, to tax the profit. But they cannot stop the idea whose time has come, and more and more people are beginning to use cryptocurrency, despite the possibility of bans.