It Is Impossible to Enforce a Bitcoin and Crypto Ban, China Tried
If the Netherlands heeds the proposals of Hasekamp’s Bitcoin ban essay, it will not be the first country to impose a crypto ban. China banned cryptocurrencies back in September 2017, starting with disallowed ICOs and major crypto exchanges.
However, despite the ban, China is the producer of the biggest part of the Bitcoin hash rate. The observation adds to the fact that it will be challenging to police a ban on cryptocurrencies.
The Netherlands’ finance minister Wopke Hoekstra rejected a similar proposal for banning Bitcoin back in 2018. He cited how challenging it will be for the country to enforce the ban considering that financial institutions do not issue Bitcoin. Moreover, cryptocurrencies are traded internationally. Executing a local ban with this age of the internet is close to impossible.
Topic: Enforce a Bitcoin and Crypto Ban, China Tried (Read 157 times)