Bitcoin Standard Author Saifedean Ammous Talks About Government’s Crypto Regulation Options
The recognized economist and author of the Bitcoin Standard, Saifedean Ammous, talked with Stephen Livera’s podcast about different subjects that included government regulation, the expansion of virtual currencies and hyperbitcoinization. He has also talked about how governments try to ban Bitcoin (BTC) but their attempts are not always effective.
Can Bitcoin Be Completely Banned By Governments?
Livera has been talking about how governments would deal with their populations knowing that they have little control over their funds and how they manage their money. He explained that people believe that if the governments pass a law to buy Bitcoin, the digital currency will keep operating.
As he explained, if governments become more restrictive against the most popular digital asset, that means that they generally are more restrictive in a financial way, thus their monetary policies are also not effective. In this case, people will want to purchase Bitcoin even more than before, but governments can also send individuals to jail, which would really affect users’ intentions to purchase Bitcoin. Nonetheless, there is another issue.
About it he commented:
“Bitcoin’s use case os moving money around the world without having to report to your government. And so the more governments create restrictions like this, the more problems they create, the worse their monetary policy is, and that’s not just, the governments of the west, it applies to governments all over the world.”
As governments ban Bitcoin, this would have a positive impact on it and the expansion of the virtual currency market around the world. It is worth mentioning that laws are just one of the ways that governments have to kill and control virtual currencies.
Ammous mentioned that if governments want to go against Bitcoin and virtual currencies, they should do the contrary to criminalize its use. Indeed, governments should do everything as possible to make using Bitcoin irrelevant, this would reduce Bitcoin’s demand and could eventually create a better technology than Bitcoin.
At the moment, Switzerland and Malta are two of the countries with the most friendly regulations for virtual currencies around the world. Meanwhile, China and India are taking hard measures against Bitcoin and virtual currencies in general. This has already had an impact on the price of Bitcoin and in the whole crypto market.