History tells us that authorities respond mainly to concerns with respect to financial risks, control issues, and regulatory hurdles. While governments have imposed strict crypto policies, yet Bitcoin has survived. Therefore, past decisions provide an insight into what may happen in the future.
Spotting Danger: Early Warnings and Bans
When Bitcoin emerged in 2009, regulators paid little attention. That changed as adoption grew. By 2013, some governments started issuing warnings. China imposed its first restrictions in 2013, banning financial institutions from handling Bitcoin transactions. India's central bank also expressed concerns, discouraging banks from supporting crypto-related businesses.
With the decentralized nature of Bitcoin being a question mark for traditional monetary control, governments started viewing it with fear: tax evasion, illegal activities, and capital flight. Countries like Bolivia and Morocco, with very strict laws against anything financially progressive, simply opted for an outright ban. Others, like the United States and Japan, adopted full-fledged regulations to ensure some degree of activity could be monitored so that the governments would not fully shut down Bitcoin.
Financial Stability and Government Control
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