What these Bitcoin bans mean

Latest BITCOIN BANS!! Potential Price Impact??

By Guy

🇮🇳 The India Ban 🇮🇳

The main purpose of the bill would be to prohibit anyone from holding their “private” cryptocurrencies. The main goal of this bill was to pave the way for the creation of an official digital currency that is issued by the Reserve Bank of India. The Indian Government wants to outlaw its citizens from holding their own cryptocurrency so that the RBI can issue their own Central Bank Digital Currency. This ban is not happening overnight. The government has given cryptocurrency investors a “transition period” of 3 to 6 months where they can liquidate their current cryptocurrency holdings. Perhaps the most likely route will be for them to completely restrict the exchange of fiat to crypto and vice versa. They could prohibit the cryptocurrency exchanges from offering their services.

🇳🇬 Nigeria Ban 🇳🇬

Nigeria has faced a great deal of bitcoin adoption over the past few years. This was the main rationale behind the move by the Central Bank of Nigeria to prohibit banks from dealing with cryptocurrency exchanges. Unlike the Indian ban, this one was more immediate. The Central Bank issued a straightforward directive that banks had to close any accounts of those individuals who were interacting with cryptocurrency Despite how abrupt the ban was, it appears to be less severe as that of the Indian ban.

🇨🇳 The Chinese Experience 🇨🇳

Despite this “ban”, China is one of the most crypto crazy countries out there. It’s also the epicenter of some of the most well known crypto exchanges, VC firms and Miners. It is also quite surprising that this is happening in China, which has some of the strongest internet security protocols out there. China was able to continue despite the ban thanks to users moving to OTC trading. I should point out that the ban was similar to the one that was implemented in Nigeria. Namely, the PBoC prohibited banks from dealing with exchanges and other businesses that provide a bridge between fiat and crypto. Chinese crypto dealing just moved away from the centralised crypto exchanges to these Peer to Peer dealers. Chinese citizens can just as easily buy crypto through these local dealers or if they want.

📈 Impact on Price 📈

There will be very little impact on the price of Bitcoin. When it comes to use in the country, it is only likely to increase adoption. Hence, those who hold Bitcoin in these countries are going to treasure it more. They are holding a rare international asset that they can store on a piece of paper – very hard for the governments to seize. The main negative price impact that this has on the Bitcoin markets is the FUD that surrounds it. Right after the RBI announced the ban, the Mainstream media pumped out articles Further evidence that you need to see that this is all FUD is the long history of the Bitcoin price with the China “bans”. You have a period of price volatility where the market digests the FUD. That initial Chinese Ban came in September of 2017 when Bitcoin was worth about $4,000.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

📜 Disclaimer 📜

The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.

Latest videos

BlackRock Predicted It 3 YEARS AGO!! Here's What They Said
BlackRock Predicted It 3 YEARS AGO!! Here’s What They Said…
BlackRock Predicted It 3 YEARS AGO!! Here's What They Said

BlackRock Predicted It 3 YEARS AGO!! Here’s What They Said…

September 28, 2022 2 min read
Dollar Strength Why it Could WRECK The Global Economy
Dollar Strength: Why it Could WRECK The Global Economy!
Dollar Strength Why it Could WRECK The Global Economy

Dollar Strength: Why it Could WRECK The Global Economy!

September 27, 2022 2 min read
Crypto News Cardano, ALGO, Big Banks, Ripple vs. SEC and More
Crypto News: Cardano, ALGO, Big Banks, Ripple vs. SEC & MORE!!
Crypto News Cardano, ALGO, Big Banks, Ripple vs. SEC and More

Crypto News: Cardano, ALGO, Big Banks, Ripple vs. SEC & MORE!!

September 26, 2022 2 min read
what gary gensler wants
SEC Hearing: Here’s What Gary Gensler Said About Crypto!
what gary gensler wants

SEC Hearing: Here’s What Gary Gensler Said About Crypto!

September 25, 2022 2 min read
Something is going on at the FED Implications for Crypto
Something is Going On at The FED! Implications for CRYPTO?!
Something is going on at the FED Implications for Crypto

Something is Going On at The FED! Implications for CRYPTO?!

September 21, 2022 2 min read
Ethereum Merge Done Now WHAT Will ETH Recover
Ethereum Merge Done: Now WHAT? Will ETH Recover?!
Ethereum Merge Done Now WHAT Will ETH Recover

Ethereum Merge Done: Now WHAT? Will ETH Recover?!

September 20, 2022 2 min read
Crypto News ETH Crash, SEC, Do Kwon, Terra, CPI and More
Crypto News: ETH Crash, SEC, Do Kwon, Terra, CPI & MORE!
Crypto News ETH Crash, SEC, Do Kwon, Terra, CPI and More

Crypto News: ETH Crash, SEC, Do Kwon, Terra, CPI & MORE!

September 19, 2022 2 min read

Related videos

BlackRock Predicted It 3 YEARS AGO!! Here's What They Said
BlackRock Predicted It 3 YEARS AGO!! Here’s What They Said…
BlackRock Predicted It 3 YEARS AGO!! Here's What They Said

BlackRock Predicted It 3 YEARS AGO!! Here’s What They Said…

September 28, 2022 2 min read
Dollar Strength Why it Could WRECK The Global Economy
Dollar Strength: Why it Could WRECK The Global Economy!
Dollar Strength Why it Could WRECK The Global Economy

Dollar Strength: Why it Could WRECK The Global Economy!

September 27, 2022 2 min read
Crypto News Cardano, ALGO, Big Banks, Ripple vs. SEC and More
Crypto News: Cardano, ALGO, Big Banks, Ripple vs. SEC & MORE!!
Crypto News Cardano, ALGO, Big Banks, Ripple vs. SEC and More

Crypto News: Cardano, ALGO, Big Banks, Ripple vs. SEC & MORE!!

September 26, 2022 2 min read
what gary gensler wants
SEC Hearing: Here’s What Gary Gensler Said About Crypto!
what gary gensler wants

SEC Hearing: Here’s What Gary Gensler Said About Crypto!

September 25, 2022 2 min read
Something is going on at the FED Implications for Crypto
Something is Going On at The FED! Implications for CRYPTO?!
Something is going on at the FED Implications for Crypto

Something is Going On at The FED! Implications for CRYPTO?!

September 21, 2022 2 min read
Ethereum Merge Done Now WHAT Will ETH Recover
Ethereum Merge Done: Now WHAT? Will ETH Recover?!
Ethereum Merge Done Now WHAT Will ETH Recover

Ethereum Merge Done: Now WHAT? Will ETH Recover?!

September 20, 2022 2 min read
White House Crypto FUD is Coming!! What They Said!!

White House Crypto FUD is Coming!! What They Said!!

September 18, 2022 2 min read