The cryptocurrencies have been gaining ground in acceptability throughout the world, especially in more liberal economies. However, in some countries they are facing strong resistance. This is due mainly to the decrease in the State’s control mechanisms over its citizens. Russia, China and India are some examples of them. That is to say, countries with strong authoritarian bias. Get to know some of these countries that intend to ban the cryptocurrencies:
China plans to ban the cryptocurrencies mining
In April, made news around the world that China intends to prohibit bitcoins mining in the country. If that really happens, the network security may be endangered. Although it has never been hacked, the bitcoin depends on a large number of connected machines to maintain its decentralization feature. However, large opportunities can arise from that Chinese ban. The National Development and Reform Commission (NDRC) awaits reviews from a list of industries that it would like to encourage, restrict or eliminate. The list was first published in 2011 and revised this year.
Cryptocurrencies take power from authoritarian States
Russia is one of the countries that want to ban the cryptocurrencies. The Member of the Communist Party of the Russian Federation, Nikolai Arefiev, stated that the cryptocurrencies have the potential to undermine governments. He pointed out that the cryptoassets were created to hide from the Governments large quantities of assets in offshores. Arefiev, who is an executive at the Committee of Duma (Russian Federal Assembly), had also warned the public against the speculative asset, saying that it represents more than 90% of the global economy. According to him, the bitcoin is part of speculative schemes that create “money for money” and does not produce any product. The view from an official of the Russian Parliament is not surprising, since the country has an authoritarian orientation.
France can ban cryptocurrencies based on privacy
Recently, in France, the Finance Committee of the National Assembly suggested that they may be thinking in banning the cryptocurrencies based on privacy issues. That is, the crypto as monero, dash, bitcoin private and the recent grin may be left out of the French regulations.
Politician wants to ban cryptocurrencies in the USA
In a recent session in the House of Representatives of the United States, the democrat Brad Sherman urged other members to adopt a new law that seeks to ban the purchase, possession and the use of cryptocurrencies by Americans. According to Sherman, the measure is necessary as supposedly, the goal of the cryptocurrencies users is to remove the power that the country carries on through the dollar. As the American currency is a standard one used worldwide, it grants a lot of international influence to the United States. In fact, the cryptocurrencies aim to take power from the States and banks and give them to the citizens, that today play the role of hostages of the central banks and private financial institutions.
India’s Government wants to ban the cryptocurrencies
In India, the cryptocurrencies can become a case of imprisonment. According to news released in June, the country could be the first in the world to criminalize all activities of the cryptoeconomy. The Indian Government has proposed a penalty of one to 10 years in prison for those who practice any operation with cryptocurrencies. According to the news story, the bill was proposed by a panel headed by India’s Economic Affairs Secretary, Subhash Chandra Garg. So, in India, there may be a decree in place banning the issuing, mining, holding, buying, selling or transferring cryptocurrencies and any direct and indirect trading activity in the market.