Re: [2019-09-07] Bitcoin Trading is now Banned in Burundi
It's almost a pattern already that poor and underdeveloped countries are the quickest to ban crypto - I wonder why? Do they feel threatened the most, or is it just lack of competences from the government?
These type of events are great for the local peer to peer market because what else will incentivize people to follow that route? If people are being treated nicely by centralized exchanges and governments don't really make a point out of it, then what incentive is there for them to go peer to peer? In these cases governments are helping the crypto ecosystem in general to become more distributed. Not bad.
If cryptocurrencies are fully outlawed, there's nothing great for any market, because why would people risk going to jail or paying a huge fine over simply trading? They would just go back to trading stocks and other instruments, and those who want just a store of value will buy gold or the US dollar.
These type of events are great for the local peer to peer market because what else will incentivize people to follow that route? If people are being treated nicely by centralized exchanges and governments don't really make a point out of it, then what incentive is there for them to go peer to peer? In these cases governments are helping the crypto ecosystem in general to become more distributed. Not bad.
If cryptocurrencies are fully outlawed, there's nothing great for any market, because why would people risk going to jail or paying a huge fine over simply trading? They would just go back to trading stocks and other instruments, and those who want just a store of value will buy gold or the US dollar.