"Regulators can bar banks and investment funds from touching BTC" this is what they are doing for ages now.
1. India crypto ban is going on for years now
2. China crypto ban has become a joke now, they banned / un banned crypto like 50 times already.
I think what she meant is the very nature of BTC or crypto that even if Govt bans, its just unstoppable. You can still hold it in your wallet and do transactions.
Yes, till you buy your crypto with fiat currency, govt. can trace you, what if you mine / stake or get it by p2p somehow, can govt stop? No they just can't.
At the end, govt should put effort to understand it and regulated instead going completely against it. Its a new tech giving rise to new financial authority that is decentralised and may look scary in the beginning like any other tech for that matter.
And we have seen this happening again and again, Machines will take jobs, AI will take jobs and what not. Let's accept it and build a better future.
> I think what she meant is the very nature of BTC or crypto that even if Govt bans, its just unstoppable. You can still hold it in your wallet and do transactions.
If it's illegal then no legitimate financial institution or business will touch it, which will make it an underground niche for criminals only, and will allow police to arrest people just on that basis (a bit like bringing criminals down on tax evasion when proving their other crimes is tricky)
Then in places like China if they decide to really kill it then they absolutely can do it very quickly (don't confuse official bans and actual will to ban in a country like China, the former is lip service, the latter is brutal).
Sounds very stoppable to me if governments decide to.
I still don't think it can be stopped even if Govt wants to. Not denying your points but If it can be stopped it would have stopped by now. I will save this thread, we will came back a decade later to check :)
Governments do not stop or ban something just because they can. They need a good reason to prompt them to act.
So far crypto is mostly irrelevant so there is no reason to bother. A country that actually has a practical reason to perhaps put a stop to it is China because they have currency and capital controls and crypto allows to bypass that.
yeah, right its a mess. RBI bans it, Supreme court un bans it. RBI warns banks to not engage with crypto people, supreme court says bank do what you feel right.
Then comes Indian Govt. saying - we are still thinking.
Binance listed it very early, Coinbase did not and might not even list. Coinbase announced to list DOGE after 6-8 weeks. I don't think there will list SHIB anytime sooner. Maybe a year later if it becomes something.
Doge also started as meme coin, no utility but now slowly becoming a coin of choice for at-least transaction between two parties. who know how DOGE and SHIB turn out in near future.
It's a curious case in India. RBI sending side warnings to banks to cut ties with crypto exchanges but Supreme court has not passed any order as such. Supreme court even left the decision to Banks to decide at the moment what they want to do till there is a proper bill which is not yet out because of countries Covid situation.
