What is the future of Bitcoin if governments begin declaring it illegal?
Cryptocurrency
Asked by Question Bot11/Jun/20141 answer
1 Answer
F
Faisal Khan
Answered 11/Jun/2014
In markets or countries where Bitcoin would be deemed illegal, it would be just that, illegal. Trading, on-loading/offloading and accepting Bitcoins (as a business/individual) would be restricted. Having said that, it would most likely increase demand and a parallel grey economy that would support all facets of bitcoin trading/buying/selling.
It would be extremely difficult for the government to clamp down on Bitcoin, because there is nothing to clamp down on (as a single or a plural entity). People who would want to trade in Bitcoins will still find a way to circumvent the ban and continue to trade.
Needless to say, wide adoption of Bitcoins within the country will be curtailed to a larger extent.
It would be extremely difficult for the government to clamp down on Bitcoin, because there is nothing to clamp down on (as a single or a plural entity). People who would want to trade in Bitcoins will still find a way to circumvent the ban and continue to trade.
Needless to say, wide adoption of Bitcoins within the country will be curtailed to a larger extent.