The Crypto Takedown: How Countries are Becoming Scared of Bitcoin

2019-7-15 21:59

Now it may sound like a myth or something coming out of a conspiracy theory of sorts, but Governments over the World are actually becoming scared of Bitcoin, cryptocurrencies and blockchain technology in general.

Anyone worth their salt can gauge this by the kinds of responses from Nation-states in the past two years.

For example, the Islamic Republic of Iran recently seized over 1,000 Bitcoin mining machines after a power spike which made them do so.

We all know of Bitcoin’s global energy consumption and its Carbon Emissions footprint.

The Bitcoin blockchain as a whole doesn’t use that much power anyway.

This points to the power spike as a reason to counter the cryptocurrency’s popularity in the Country and also tallies with the recent statement by the Iranian Central Bank banning trading in ALL cryptocurrencies.

Although the Central Bank is considering allowing mining; probably due to the recent introduction of sanctions by the Donald Trump administration.

This is coming on the heels of U.S President Trump’s anti-Bitcoin statements.

The mining, of course, may be heavily regulated and used to skirt sanctions due to the pseudonymous nature of Bitcoin as a cryptocurrency.

If two Countries who aren’t particularly fond of each other have a similar stance on a common issue, it then means that something is definitely afoot.

Let us consider another example on the issue.

Iceland which is in the heart of the European Union (though not yet an official member) is yet to take a pro-crypto stance which other E.U member states have taken (Germany and Estonia for instance).

One law particularly giving strength to this stance is the Foreign Exchange act which clearly prohibits the use of foreign currency on Icelandic soil.

This, of course, may be due to its previous stance on electronic money.

The pattern forming, clearly indicates that most nation states don’t even know what to do with crypto-currencies.

From the above, it can be seen clearly that the lack of a coordinated response means something really deep: Bitcoin is definitely a phenomenon no one prepared for.

As such, one is certain: Bitcoin is here to stay!

What do you think? Are Countries or nation States afraid of Bitcoin? Please let us know in the comments below!

The post The Crypto Takedown: How Countries are Becoming Scared of Bitcoin appeared first on ZyCrypto.

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