Banning Bitcoin is Economically Stupid
Throughout the decade in which cryptocurrency has been in existence, countries and entities have been trying to ban it. China, India, Russia and even the US have cast shade upon the cryptocurrency market, and have reacted with scrutiny to cryptocurrency developments. The loss of jobs, income and business development that would result from banning cryptocurrency in a country would be a direct result of banning Bitcoin.
India has expressed interest in banning cryptocurrency, and Sidharth Sogani of Crebco Global In., has estimated that the country will lose out on $13 billion if they do so. The country will lose out in technological and business revenue from coding and programming, business development and ventures and transaction processing fees. In essence, a growing industry would be stifled, and income the government and people could use to improve their lives will be lost.
Cryptocurrency is a growing industry that provides jobs and money transfer services to many. This industry is growing nicely. The total marketcap of the cryptocurrency marketcap is $302 billion, with a Bitcoin dominance of approximately 67%. This industry is supported by developers, coders, business developers, payment and remittance specialists, and a network of more than 5,000 Bitcoin ATMs worldwide. To simply ban this industry now is to close the door on a source of jobs, income and business for years to come.
Regulation of the cryptocurrency market is more likely than banning it. The US SEC is building Bitcoin, Litecoin and Ethereum nodes to ensure network safety, security and compliance. Many countries and territories are creating laws and statutes to ensure compliance with tax codes and KYC mandates. It is likely that more cryptocurrency exchanges and services will require KYC verification, and this will likely be the concession made to government to allow cryptocurrency mass-adoption.
Originally published in my Publish0x account I own at:
Also published in my Minds, Hyperspace, Golos, Bearshares, Weku, Whaleshares and Serey accounts I own.
Picture from Pixabay.