Cryptocurrency

Bitcoin unstoppable? – Why Central banks BTC can’t ban

How safe is Bitcoin actually? — This question is often asked. Could Bitcoin governments and countries is simply ‘out of range’ remove and BTC thus banish? This is not, in reality, not so easy to virtually impossible, said the Director of the legal Department of the Russian Central Bank. So let’s take a look at the statements of Alexei Guznov. Furthermore, we want to look to capture why it is practically just doesn’t work in Bitcoin.

Bitcoin unstoppable? — BTC ban is virtually impossible

In Russia, the ratio to crypto-currencies in a very ambivalent way. Because while public institutions including the government are (at least outwardly) compared to Bitcoin and co. negative, it is primarily the population that appreciates the value of Kryptwährungen. For this purpose, a short explanation:a few months ago, the Russian Central Bank was still open for a ban on crypto-currencies. Among other things, the Bank accounts were frozen, with which Bitcoin was purchased. The reason for this corresponds to a frequently-cited image: crypto-currencies such as Bitcoin would be used for illegal purposes, and money laundering. Furthermore, the use of alternative currencies such as BTC and co. also led to a weakening of the Russian ruble, which from the point of view of the government, of course, is absolutely undesirable.This perspective is represented is now Alexei Guznov, the Director of the legal Department of the Russian Central Bank. This said in a recent Interview with Interfax, that it is impossible to crypto-currencies was to ban completely. In Parallel, he noted in the history that Bitcoin and co. would mainly be used for criminal purposes and money laundering used.Further interesting statements from him are:

Crypto is no money are currencies. They are used for illegal purposes, and money laundering. However, it is unlikely that we can limit this.

Now, one would think that Russia is absolutely negative towards crypto-currencies. However, this is not so. How is Russia’s relationship to crypto currencies, as ambivalent, we consider in the following section.

Russia’s ambivalence to crypto-currencies

As I have already mentioned, Bitcoin and co. in the Russian population itself, it is very popular. Bitcoin offers an attractive and largely inflation-proof Alternative to the national currency. Furthermore, BTC is not affected by sanctions, and thus can be globally transferred. This is a clear plus points for and Bitcoin, should be obvious.Interestingly, the Russian government is pursuing its own approach. Because it seems as if Russia crypto wool currencies only claim. To explain:In the past year, the revelation came that one of the largest Bitcoin Mining companies of Russia was operated by a former companion of Vladimir Putin. Such a project is not exactly inconspicuous, and the approval for this will probably have taken place without the Knowledge of the Russian government. In Parallel, Russia would like to establish itself more strongly as a financial centre for the Trading of crypto currencies. In addition, the Russian announced that the Central Bank itself plans to work on it’s own crypto currency.You want to buy Bitcoin and you are looking for maximum security “Made in Germany”?Then, the regulated Digital Exchange, the Stuttgart stock exchange is the right choice for you. In addition to low, transparent fees, free deposits and withdrawals, and EUR & BTC, you can find an intuitive operation. Join today for free and see for yourself! Sign up now!

Why States Bitcoin is not easy to prohibit

First of all: the fear that crypto-currencies could be soon banned in Russia’,’ is off the table. We see that Alexei has detected Guznov, what is known to many within the Crypto Community already. States can’t ban crypto-currencies such as Bitcoin easy. Of course, you can explain — from a legal point of view — the possession of crypto-currencies as illegal. That is correct. However, the question is, how do you check this practically and want to implement?Even a restriction of the Fiat Gateways, which would have been the highest restriction and circumcision, could be circumvented by the use of OTC-trading or vending machines. The fact that ‘the construct’ Bitcoin, with all its Nodes could be banned from a Central entity, is equally clear. In this sense, once again, we see that BTC is here to stay.You look better Videos to read the article? Then look at our Youtube Channel over.(Image Source: Shutterstock)

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.