Hello Guys. These days bitcoin has reached a new high like never before and for sure many governments are are taking notice on it.
I'm from algeria and in the new 2018 county finance rule they labeled cryptocurrency transactions as illegal and that happen also in morocco and other countries i believe . the reasonby was that crypto could be a way of moneylaundring for criminals .therefore my question is ,if most of the countries made dealing with cryptocurrencies illegal, would that mean the end of it ?
Morocco and Algeria both are Muslim countries. Few days back I noticed some debate where bitcoin was said to violate the rules of Islam. I don't want to comment on that whether it has really violated or not, but some people were considering the price increase of bitcoin similar to interest on bitcoin. So there was a silver lining in that debate.
Government can definitely tag bitcoin as illegal because they believe it can be very easily used for money laundering and terrorism financing. Probably that was the reason that played in background for these two governments. But if you ask if they can track each and every bitcoin or crypto transactions, then my answer would be NO. Bitcoin will still continue to grow in the black market. But the government can definitely restrict a majority of transactions by making it illegal and finally killing its own people by poverty.