Why restrict Bitcoin (why not worry about Bitcoin bans)

Why restrict Bitcoin In the past decade, Bitcoin has been in a huge period of development. However, as more and more people pay attention to and participate in the field of Cryptocurrency, this digital asset has begun to become more valuable. It is used as a medium of exchange, as a value storage tool and payment method, as well as an important supplement to the financial system, and has become one of the main pillars of the global economy. However, due to the lack of a regulatory framework, it has also become a safe haven for illegal activities. Why restrict Bitcoin Many governments now want to ban Bitcoin. These governments are working hard to establish a set of rules to limit the use of BTCs. They are trying to exclude Bitcoin and other Cryptocurrency from public services. However, in reality, this does not mean that it should not be subject to any scrutiny or obstruction. On the contrary, they are technologies created to cope with constantly changing economic conditions Without appropriate support, it is impossible to prevent others from entering this field. Although we cannot prevent the development of Bitcoin, if we want its users to continue to exist, we must consider many factors, such as price volatility and scalability

For those who believe that Bitcoin is a “foam”, Bitcoin is still a very powerful investment option. Therefore, whoever can control the price of Bitcoin or the operation of its ecosystem will benefit from it. Bitcoin is a highly secure investment that can store a large amount of transaction costs and generate returns at a lower rate – and even worse, although most people hope to hold Bitcoin, Bitcoin does not. In addition, in order to prevent criminals from attacking through online ransomware, more restrictive measures need to be implemented, including granting licenses to centralized entities such as exchanges and allowing individuals to access Bitcoin In addition to some countries and institutions, governments around the world are also studying how to link their monetary policies with Bitcoin, especially in the United States, Japan, South Korea, and Russia

The Federal Trade Commission (FTC) recently released a new draft of the Bank Secrecy Act, which proposes to restrict customers from buying, selling and holding Bitcoin. According to the plan, when investors are willing to provide funds for their accounts, they will receive cash refunds to fund units; Then convert this into Bitcoin and exchange it back into US dollars and redistribute it to existing wallets

The Commodity Futures Trading Commission (CFTC), the Federal Reserve and the Gold Council are working closely together to take action against Bitcoin. FTX CEO SamBankman Fried said, “What we are doing is telling you that your Bitcoin address will never have more than one BTC. If you believe this, you can see it on our website, He pointed out: “To some extent, Bitcoin has a high market appeal – because it is the first publicly available legal Cryptocurrency in the world.” The supply of Bitcoin is limited. The total amount of Bitcoin is fixed, with approximately 2100 new Bitcoins generated per block, approximately half of which come from miners

Why not worry about the Bitcoin ban

Original author: Michael del Castillo

Compilation: 0x214, BlockBeats

How shocking the US government’s ban on Bitcoin is.

. According to a recent article published by Fortune magazine, it is estimated that 10 million people have owned or at least held Bitcoin, and have already occupied 50% of the global market share. But in fact, not so many people know that even though they believe that Cryptocurrency and Bitcoin will exist forever (although this is not an official statement), this statement is still understandable – as most people say: “When you start to see people trying to evade sanctions, it will happen.” If regulators really believe that Bitcoin will disappear and ban them, So they must ‘block’ all companies related to this field from conducting transactions. However, these exchanges have not taken action to limit their scope of use. On the contrary, with the COVID-19 pandemic, many victims have been affected. Due to a lack of transparency and accountability, many clients even refuse to accept any part of their investment portfolio In order to prevent the US federal authorities from suddenly shutting down their banking system, companies such as Coinbase and Gemini have announced a suspension of providing US dollar certificates of deposit and other asset services, without complying with regulations prohibiting US citizens from using their funds. However, for those who are not familiar with encryption technology, this seems to be bad news Although some industry participants claim that they are seeking legitimacy and hoping to establish a new payment infrastructure to support the growth of encrypted ecosystems. However, ‘regulatory agencies cannot stop’ these efforts are not entirely in line with their views. We cannot allow Americans to enter this emerging economy because they do not want to become the world’s reserve currency or may be seen as a substitute. Therefore, if the United States decides to stop providing Bitcoin products to retail investors, it may put Bitcoin at risk

But Gary Gensler, the chairman of the U.S. Securities and Exchange Commission, warned many times: “If you don’t like Bitcoin or other crypto assets as an asset class, don’t do this!” He continued, “I think this is correct in the long run, but I won’t be surprised if the country wants to pass a bill,” he explained. In addition, Finance Minister Janet Yellen is also calling for a new law on digital assets, including how to regulate digital assets. She also emphasized that the concerns of US lawmakers also need to be addressed, otherwise the US will have to postpone encryption related policies As previously reported by CoinDesk: “The Federal Reserve has been studying CBDC. Now, they are wondering why they are doing this?