Imposing crypto ban not a solution to controlling criminal activities

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TL;DR Breakdown

  • The stance of many governments regarding cryptocurrencies remains unclear.
  • Countries like China are starting to impose a crypto ban and cease mining farms.
  • According to successful entrepreneurs, banning crypto to stop crime doesn’t make sense.

Cryptocurrencies are being used in many countries for illicit activities. But, this doesn’t mean that every government should impose crypto bans. This is because the crypto world holds far fewer criminal mindsets than the traditional financial system. Monetary scams, pyramid schemes are all common in the world of banking.

There is a common misunderstanding that the crypto world offers anonymity and thus increases the chances of crimes. Although the payments in the crypto industry offer privacy at some point, the user will have to change their currency into fiat. This is where anonymity turns into pseudonymity. It is also claimed that cryptocurrencies attract hackers who are capable enough to extract personal information.

So, in order to defend against such criminal hackers, governments are seeking to impose umbrella crypto bans. Considering the existence of ransomware, viruses, and other malicious codes, it wouldn’t be much of a bother for a hacker to continue with his notorious activities. This means that the crypto ban doesn’t solve the problem entirely, and hackers might still eventually find a way to penetrate just like the dark web.

Crypto ban is not the solution

Countries like China have made their stance clear against cryptocurrencies. Nigeria and Turkey also fall into the same category. If you compare cryptocurrencies to gift cards that are available throughout the world, these are capable of offering more anonymity than even cryptocurrencies. There is a point when every user will have to identify his or herself with the help of documents.

crypto ban
Total crypto market cap
Source: Coinmarketcap

The idea of imposing a crypto ban is irrelevant and obsolete. The crypto market is new, and if the goal is to save the market from crypto scams and frauds, there are several other methods that can be explored. The traditional banking system has existed for centuries, and there are plenty of errors that fraudsters use till today. Hence, in order to create a safe crypto marketplace, new methods can be identified.

The main issue here is cybercrime, and it should be the top priority of all governments to deal with such crimes and educate people. It is a fact that the traditional monetary system is more faulty than the crypto market. Hence, a crypto ban is deemed highly illogical.

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