The efforts of certain governments to ban cryptocurrency are arguably the biggest hurdles to worldwide adoption of cryptocurrency, but there are signs that several authorities are having change of heart.
China, India, and South Korea are among the major global nations to have banned cryptocurrency, or have made plans to ban it. When these nations announced plans to ban or limit cryptocurrency transactions, the cryptocurrency market plummeted significantly as a result of these nations’ impact on the global economy.
However, there are many countries, such as Russia and Japan, who were previously skeptical of cryptocurrency that have changed their tune, and more signs are emerging that other major nations may do the same.
China to re-think cryptocurrency?
It has been reported that China is reconsidering its stance on cryptocurrencies. The nation has placed several barriers on CNY-based cryptocurrency trading, although no outright bans. However, in recent weeks, government officials have called for many barriers to be removed.
It could be weeks or months before any decisive action is taken, but reports suggest that the Chinese government is beginning to see a cryptocurrency ban as a missed financial opportunity.
Taiwan looking to become next major hub for cryptocurrency
Taiwan is a smaller nation that was very much embedded in the skeptical camp for many months.
However, numerous reports are now suggesting that the government is ready to approach cryptocurrency with open arms. These reports suggest that work is being done behind the scenes to create regulations that will allow inhabitants to trade cryptocurrency safely.
The nation already has a strong community of Bitcoin miners and traders, and the economic prosperity could be too much for the government to resist.
The benefits of becoming a cryptocurrency haven
Malta is a leading example of what can happen if your government embraces cryptocurrency.
The Maltese government has introduced regulations that heavily favor cryptocurrency companies. As such, exchanges such as Binance and BitBay have relocated to the nation, creating jobs and stirring economic activity.
What does the future hold?
It has been suggested that certain governments are looking to ban cryptocurrency because they want to retain their stranglehold on their own nation’s economy, but these central authorities also harbor legitimate concerns about the security of blockchain, and the potential for it to be used for crime.
If these issues can be solved (or at least improved) we could continue to see even more governments welcoming cryptocurrency in the future. After all, there are more signs that it would be in their economic interest to do so.