As of late, we’ve heard that countries are banning cryptocurrencies. This is not true. Although some countries may have the right to pass laws to stop the use of cryptocurrencies, they will just not do so and especially if the countries in question are a democratic republic. In a democracy, the people have a voice, even though a small voice, still counts for something. Take South Korea for example; some news organizations reported that the country was going to ban cryptocurrency trading. That was proven to be untrue. The reality was South Korea announced that they would introduce regulation against cryptocurrency exchanges. A similar story with India, the media said they would ban cryptocurrencies, but in truth, no such thing was said by the Hindu Prime Minister. Any other democratic republic country will not ban cryptocurrencies at all. However, they can introduce stricter laws more or less so than other countries.
Why would countries not ban cryptocurrencies?
Simple answer, taxes!
By letting cryptocurrencies thrive in the exchanges after implementing regulations, it will provide countries another stream of income. And that my friend is called “money talks.” So I would not worry about democratic nations banning crypto. In my opinion, this will never happen. If you live in a truly democratic republic, I would suggest you keep an eye on the regulations introduce instead.
As cryptocurrencies become more mainstream and accepted, the grip of the governments will get a little tighter and tighter, but crypto is here to stay.