Cryptocurrency is not only money but also a symbol of freedom and independence of finance. Banning cryptocurrency is only lead to illegal activities in the world of decentralization. Technically, banning cryptocurrency is not possible. The current cryptocurrencies are still not too anonymous and can be tracked. Governments around the world can not control the miners and masternode servers. Everyone can run at home without being detected by governments.
Banning cryptocurrency will lead the use massive privacy coins
“Legislate to prohibit the payment by or acceptance of cryptocurrencies by UK resident businesses or individuals, and require UK regulators (the FCA and PRA) to prohibit transactions by UK financial institutions in cryptocurrencies such as Bitcoin.”
Liversidge cited a common anti-crypto narrative, arguing that cryptos like Bitcoin have no intrinsic value and “can be a destabilising influence on society, and often used for criminal activity.” The advisor also thinks that cryptocurrency mining is “harmful to the environment.”
Liversidge is a kind of orthodox man that do not understand the intrinsic value of bitcoin and cryptocurrency. Fiat has no intrinsic value. The value of fiat is from the governments suppression. Bitcoin and cryptocurrency is immutable, open for public, fast, and decentralized and private. Those intrinsic values are not suitable to corrupt banking and old financial system. He cited that bitcoin will destabilize society. I said destabilizing capitalists and old rich greedy communities.
Governments can ban cryptocurrency transaction as illegal activities in the law but there will be more practice of using privacy coins that is undetected at all. Not traceable and not seen by public , the case will only lead to criminal activities and people will ignore more about KYC and AML. Some cryptocurrency developers have tried to comply their projects with KYC and AML. The good initiative of crypto developers show that cryptocurrency is compliant to any rules in the world. Banning cryptocurrency show fear of governments because the drop of value of fiat. Central banks print more money so the fiat loose its value. Many big companies pour their cash on bitcoin and other cryptocurrency assets as the response of devaluation of fiat.
