Since the drop of the first token in 2009, there has been a battle for control going on within the digital world. This war is generally financially based, as countries try to secure greater control and grip on decentralized exchanges and cryptocurrency.
Here is a brief look into a few different perspectives from countries that have tried to close the door on cryptocurrencies.
A Brief Look Into The Hate
We’ll take a fundamental look at crypto’s history for those who are less familiar on details that can impact geographical and geopolitical perspectives. For those who are less familiar around cryptocurrency and it’s history we will take a quick dive in: the first crypto coin to bless us was Bitcoin in 2009. Starting as an idea on paper, it grew into a $50K+ top dog coin and blockchain that is finding it’s way into New York’s stock market via ETFs.
With its 9,000,000% rise in the last decade, it’s safe to say Bitcoin is the founder and start of where this war begins.
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As time progressed and Bitcoin grew, more coins started to arise and make a mark in the world of digital currency. In 2013, China attempted to ban the coin, and label it an insufficient and illegal currency.
At a high level, what makes these coins a hot commodity to control is the ability to use these coins across the web to buy and purchase many things both online and off. On top of that, it has formed into the new “gold rush,” as young and old investors took a liking to the profit and growth of these coins – especially Bitcoin.
Bitcoin has long positioned itself as the top dog and face of crypto.: BTC on TradingView.com
The first to enact an official ban was Bolivia’s central bank, as they banned all forms of currency that were not regulated by the government, including Bitcoin and other cryptocurrency across the world in June 2014. Many other countries have since created loopholes and laws to regulate and/or ban these coins.
Egypt has not yet made the ban official, but according to Sharia law all crypto currency is prohibited, according to the Islamic legislation. Many countries fear that these coins could become more damaging then helping for their economy, and the “war” around crypto has led to some countries enacting laws accordingly.
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The Latest “War”: China’s Ban
This year, China made headlines again by indefinitely banning all cryptocurrency and crypto-mining. The Chinese government proceeded to have banks and exchanges shut down crypto-related activity. This really is no surprise after their attempts stemming back to 2013; meanwhile, their approach (or one similar) has also been adopt from countries like Turkey, Algeria, Bangladesh, Egypt, and Bolivia. Additionally, the UK dropped the hammer on Binance for not meeting money laundering requirements.
It is especially difficult for countries, states, and cities across the globe to regulate and monitor the activity on the blockchain, and how we use this new form of currency – emphasized by it’s mystique and ability to stay below the radar when it comes to making transactions.
What countries will do battle in this new era of financial war?
Because the drop of the primary token in 2009, there has been a battle for management occurring throughout the digital world. This struggle is mostly financially based mostly, as international locations attempt to safe larger management and grip on decentralized exchanges and cryptocurrency.
Here’s a temporary look into just a few totally different views from international locations which have tried to shut the door on cryptocurrencies.
A Transient Look Into The Hate
We’ll take a elementary have a look at crypto’s historical past for many who are much less acquainted on particulars that may impression geographical and geopolitical views. For many who are much less acquainted round cryptocurrency and it’s historical past we’ll take a fast dive in: the primary crypto coin to bless us was Bitcoin in 2009. Beginning as an concept on paper, it grew right into a $50K+ high canine coin and blockchain that’s discovering it’s method into New York’s inventory market by way of ETFs.
With its 9,000,000% rise within the final decade, it’s protected to say Bitcoin is the founder and begin of the place this struggle begins.
Associated Studying | Bitcoin Again to $64K?, Why This Time The Bulls Have The Profitable Edge
As time progressed and Bitcoin grew, extra cash began to come up and make a mark on this planet of digital forex. In 2013, China tried to ban the coin, and label it an inadequate and unlawful forex.
At a excessive degree, what makes these cash a sizzling commodity to regulate is the power to make use of these cash throughout the online to purchase and buy many issues each on-line and off. On high of that, it has fashioned into the brand new “gold rush,” as younger and outdated buyers took a liking to the revenue and development of those cash – particularly Bitcoin.
Bitcoin has lengthy positioned itself as the highest canine and face of crypto.: BTC on TradingView.com
The primary to enact an official ban was Bolivia’s central financial institution, as they banned all types of forex that weren’t regulated by the federal government, together with Bitcoin and different cryptocurrency the world over in June 2014. Many different international locations have since created loopholes and legal guidelines to control and/or ban these cash.
Egypt has not but made the ban official, however in line with Sharia regulation all crypto forex is prohibited, in line with the Islamic laws. Many international locations concern that these cash may grow to be extra damaging then serving to for his or her financial system, and the “struggle” round crypto has led to some international locations enacting legal guidelines accordingly.
Associated Studying | Worth Of Ethereum Held By Miners Reaches 5-12 months File Degree
The Newest “Warfare”: China’s Ban
This 12 months, China made headlines once more by indefinitely banning all cryptocurrency and crypto-mining. The Chinese language authorities proceeded to have banks and exchanges shut down crypto-related exercise. This actually isn’t any shock after their makes an attempt stemming again to 2013; in the meantime, their strategy (or one related) has additionally been undertake from international locations like Turkey, Algeria, Bangladesh, Egypt, and Bolivia. Moreover, the UK dropped the hammer on Binance for not assembly cash laundering necessities.
It’s particularly troublesome for international locations, states, and cities throughout the globe to control and monitor the exercise on the blockchain, and the way we use this new type of forex – emphasised by it’s mystique and talent to remain beneath the radar in terms of making transactions.
What international locations will do battle on this new period of economic struggle?