In “democratic” countries government can do the following:
Regulate bitcoin.
Require exchanges in the country to follow the Know Your Customer rules.
Legislate unfavorable taxations laws – taxing it like commodity instead of currency.
Require to follow expensive procedure to open exchange – like New York license.
Create massive propaganda in mainstream media by claiming that it is used for money laundering, black market and by ISIS.
In non democratic countries:
Make it illegal to open a bitcoin exchange.
Try to actively track bitcoin transactions and locate the state citizens involved in bitcoin transactions and prosecute them.
Off course all of these can backfire. In democratic countries – by switching bitcoin activity to more tolerant countries and thus letting them to enjoy the huge competitive advantage from allowing bitcoin related technology to develop freely.
In non democratic countries – by adding incentives for bitcoin to evolve and become even more oppression resistant. Also in those countries – whatever the government fights – immediately becomes something that everybody assume is good to have.
Those techniques cannot stop bitcoin and will fail miserably. Even if this was a global attempt to ban bitcoin – it would only slow down the adoption rate and force bitcoin to evolve even more rapidly.
bitcoin is information – it cannot be banned. Once people realize it is possible – it cannot be undone.
Published at Thu, 06 Apr 2017 15:06:04 +0000
[wpr5_ebay kw=”bitcoin” num=”1″ ebcat=”” cid=”5338043562″ lang=”en-US” country=”0″ sort=”bestmatch”]
By CashlessWay – Global Hub for ePayment Culture on 2014-06-28 09:38:54
