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.
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.
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.
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?