Will Crypto Be Banned?

Amidst the peculiar situation of the crypto industry right now, people are asking a very simple question; is crypto about to be banned? Is the case against crypto strong enough? It seems that lately, the situations that have been occurring in the industry might’ve led some people to be confused about the future of crypto. And they’re not wrong in second-guessing things because more than a few people have described the current situation of crypto as being stuck between a proverbial rock and a hard place. So, who’s to blame?

There’s no hiding the fact that 2022 was a particularly bad year for crypto; frauds, collapses, and hacks were among the most common headlines in the crypto industry. Safe to say that 2022 was riddled with bad news on the crypto front. If we start playing the blame game, one could easily and logically blame the crypto villains of 2022. Sam Bank-Friedman, the founder of the collapsed cryptocurrency exchange FTX, was unfortunately not the only villain the crypto industry faced. The FTX collapse was one of many in the series of frauds in the crypto industry, but it was certainly the most spectacular one. That may purely be because of the involvement of world-renowned brands and your favourite celebrities becoming the victims of the FTX fraud. The founder Sam Bank-Friedman was eventually charged with 13 counts of a variety of criminal activities. The series continued with more hacks, frauds, and crypto villains putting a bad name on the industry, the arrest of Do Kwon being among the recent ones as well. You might be thinking that every industry has a few villains, whether it’s the stock exchange market or even real estate, people like these are always going to exist. What else is weighing down this revolutionary technology from its glory?

Governments. The US government, in particular. The Biden administration wrote a 30-page ‘Economic Report of the President’ that bashed the crypto industry, making the public and the government lose confidence in crypto. On top of that, the US Congress seems to be unable to pass any law that bears significance to crypto. But that’s not all; the SEC is on a rampage regarding the crypto industry, and some people are just wondering if SEC stands for sue everyone in crypto. If the US Congress is able to pass any significant laws regarding crypto, the SEC’s onslaught on the crypto industry might finally be over. But until then, the SEC is playing open season in the crypto world. One might blame the inability of the US Congress to pass any laws on the fact that 95% of the US Congress is challenged by blockchain technology, and there’s still a steep learning curve ahead of them. So, the frauds, the government, what else?

The industry itself. The crypto industry needs to learn from its mistakes and be better than before; in simpler words, we need to stop giving policymakers and law enforcement free ammunition. Transparency and compliance with standards have to be worked on right away. The industry also needs to realign its focus. What that means is that the crypto industry took off because of how exciting the technology was and how rapidly evolving its applications are. But now, it may seem like everyone is just focused on the finance side of the crypto world. Bringing the focus of the industry back to technology is something that needs to be done right away. Not just to ward off these unnecessary attacks on crypto but to keep evolving and coming up with exciting new technologies for crypto!

People seem to forget the fact that crypto is nothing but a piece of technology. It is up to the people how they use that technology and whether they want to put a bad name on the industry or work on progressing it for the future. Because there’s no doubt about the fact that crypto is the future of our financial system, and it’s something that can never be shut down. The immense benefits blockchain provides far outweigh the mishaps the industry has seen over the past year. Thus, to answer the question of whether or not crypto will be banned? There’s really no reason to believe that that could ever happen. So, what should you do? Well, despite the bad year crypto’s had, 2023 is looking very promising for cryptocurrencies. Bitcoin and Ethereum are on the rise, and there’s little reason to believe that they’ll stop climbing anytime soon. Look for a safe and secure crypto-buying platform that you can trust, like Voltcoins, and buy your desired crypto hassle-free and without any risks! Voltcoins is a reputable crypto-buying platform that offers a fast KYC process and a secure platform to perform your transactions. You can head over to the Voltcoins right now and pick between Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Tether (USD)! You get to pay for your crypto using a credit card, bank wire transfers, or even Interac! Always go for a premium crypto-buying service to protect your investment.