• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Home Cryptocurrency

The US Government Intensifies Crackdown On Cryptocurrencies To Minimise Crime

Uloma Mary Omolaiye by Uloma Mary Omolaiye
January 26, 2018
in Cryptocurrency
Share on FacebookShare on Twitter

After the South Korean government announced that it would ban cryptocurrency trading, the top players in the crypto world, bitcoin, etherium, and ripple experienced a plunge in price. However, bitcoin appears to be recovering slowly from the fall; yet, stakeholders of digital currencies have been warned that they should prepare for a greater fall. According to Bill Browder, a financier, the global governments will invent regulatory measures on all cryptocurrencies because crypto-trading provides a safe means for criminal activities to persist without investigation or tracking.

The central banks regulate currencies based on factors that affect the economic situation and political structures at the time. Even so, it is easy to track any illegal inflow of funds because there is a rigid system that monitors cash movement. In a similar fashion, an individual is unlikely to withdraw a sum as huge as $10,000 from a bank without a proper documentation and if possible without a notice from the US government. These are just procedures to ensure sanity and minimize money laundry and other forms of crime. With digital currencies, however, there is no limit to the worth of bitcoin or any other currency.  The financier said:

“Bitcoin and other cryptocurrencies are a way for bad dictators or criminals to bypass sanctions and so from my perspective, and I think from the perspective of other politicians around the world, governments are not going to allow that to happen.”

Moreover, the Hermitage CEO, Mr. Browder believes that regulating cryptocurrencies as the financier suggested will bring to the ultimate end of bitcoin and the others. The increased amount of transparency and loss of freedom and autonomy in trading will be a turn off for the stakeholders. These are the major factors that characterize the trading and are the contributing factors of its popularity. “Eventually it’s going to be regulated and as it gets regulated, one of the prime aspects of bitcoin will disappear, which is the libertarian freedom”, he said further.

While it’s arguably to some extent that some people keep bitcoin and other crypto for the sake of secrecy and as means to bypass regulatory measures and sanctions, a host of many others trade in digital currencies because of the value attached to them. Contrary to fiat currencies that lose value over time, it’s not the same with digital currencies. For some illegal reasons, they tend to soar in value over time, which is why some stakeholder preserve them as a means to secure their future.  In fact, Stripe has ditched bitcoin support payment because many users now see them as an asset rather than a means of payment.

The long-held ideas that digital currencies will be a means to help people do transactions online and bypass outrageous charges have been defeated as the virtual currency is better suited to be an asset other than a means of payment.

Related Posts:

  • Morocco Wants To Regulate Cryptocurrencies,…
  • Are Central Bank Digital Currencies A Threat To Cryptocurrencies?
    Are Central Bank Digital Currencies A Threat To…
  • Central African Republic, The First To Legally Adopt…
  • Screenshot_2024-12-05-16-34-34-42_c0d35d5c8ea536686f7fb1c9f2f8f274
    Bitcoin (BTC) Rallies to Hit An All Time High of $100,000
  • Chromebook
    June Was Bitcoin's Worst Month On Record After The…
  • deepmind-illustration
    Five Reasons The Central African Republic Shouldn't…
  • bitcoin-digital-economy
    June Was Bitcoin's Worst Month Ever, It Was Really Bad
  • java
    India's Apex Bank Wants To Ban Cryptocurrency Again

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Tags: bitcoincryptocurrencydigital currencygovernmentregulatoryunited states
Uloma Mary Omolaiye

Uloma Mary Omolaiye

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 1 May 9, 2025
    • Top 10 Fee-Free Fintech Apps Nigerians Are Turning To After CBN’s New Charges May 8, 2025
    • Airtel Launches Mobile Money in 2026 to Rival M-Pesa & MoMo May 8, 2025
    • Nigeria Hits 172M Mobile Subscriptions; MTN Tops 90M Barrier May 8, 2025
    • WhatsApp Developing AI Chat Wallpapers & Message Summaries May 8, 2025
    • Bill Gates to Wind Down Foundation by 2045, Slams Elon Musk Over USAID Cuts May 8, 2025

    Browse Archives

    May 2025
    MTWTFSS
     1234
    567891011
    12131415161718
    19202122232425
    262728293031 
    « Apr    

    Popular Tags

    africa (135) AI (497) android (367) app (717) Apple (576) artificial intelligence (419) business (482) china (132) cryptocurrency (209) ecommerce (122) enterprise (287) facebook (507) fintech (244) funding (121) gadget (558) gaming (201) google (709) government (469) instagram (173) internet (466) ios (291) iphone (246) meta (116) microsoft (369) mobile (352) new feature (384) nigeria (440) privacy (158) research (140) samsung (185) security (421) smartphone (277) social media (835) software (509) startup (419) streaming (174) telecom (242) tips (372) twitter (289) united states (216) users (158) videos (127) website (173) whatsapp (201) youtube (138)

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy

    About Us

    TechBooky

    TechBooky is a social Tech blog with a special focus on the budding African Technology sector. TechBooky is currently based in Abuja, Nigeria.

    Recent News

    Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 1

    Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 1

    May 9, 2025
    Top 10 Fee-Free Fintech Apps Nigerians Are Turning To After CBN’s New Charges

    Top 10 Fee-Free Fintech Apps Nigerians Are Turning To After CBN’s New Charges

    May 8, 2025
    Airtel Launches Mobile Money in 2026 to Rival M-Pesa & MoMo

    Airtel Launches Mobile Money in 2026 to Rival M-Pesa & MoMo

    May 8, 2025
    MTN Recovers ₦32 Billion in USSD Fees

    Nigeria Hits 172M Mobile Subscriptions; MTN Tops 90M Barrier

    May 8, 2025
    WhatsApp Developing AI Chat Wallpapers & Message Summaries

    WhatsApp Developing AI Chat Wallpapers & Message Summaries

    May 8, 2025
    Bill Gates to Wind Down Foundation by 2045, Slams Elon Musk Over USAID Cuts

    Bill Gates to Wind Down Foundation by 2045, Slams Elon Musk Over USAID Cuts

    May 8, 2025
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok