Outlawing Crypto Ownership Would be “Worst Case Scenario”

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Crypto ownership banned

Although most of the crypto arena has long figured out that the US is substantially behind other countries in terms of implementing “do no harm” regulations on incipient markets, recent comments from President Donald Trump and Treasury Secretary Steve Mnuchin have signaled that rather than creating a “sand-box” regulatory environment for Bitcoin and cryptocurrencies, they will start policing them with tough regulations.

Now, the CEO and Founder of one of the world’s biggest cryptocurrency exchanges is noting that a “worst case” scenario is that the US bans crypto ownership, which he strongly believes wouldn’t do too much to block the meteoric rise of the nascent technologies.

Changpeng Zhao: Trump Comments on Bitcoin are Neither Negative Nor Positive

Jitters having to do with the US banning cryptocurrencies was initially sparked earlier on this month when President Trump criticized the technology in a twitter thread, where he noted that he is “not a fan” of Bitcoin.

Right after these comments were made, Treasury Secretary Mnuchin held a press conference wherein he mentioned that the shortfall of regulations surrounding the nascent crypto markets constitutes what he calls a “national emergency.”

During the course of a recent interview with CNBC, the CEO and Founder of cryptocurrency exchange Binance, Changpeng Zhao (CZ), explained that the simple fact that the sitting US president is envisioning cryptocurrency is a “good thing.”

“Trump so far has not done anything positive or negative, he’s just said he’s not a fan… The fact that he tweeted about it, and the president of the United States is talking about cryptocurrency, it’s a good thing,” he explained.

Despite this view, Trump’s posts did tend to be emblematic of the fact that many figures inside the US government have been thinking a lot about cryptocurrencies, and it looks that their primary reaction is that they will need to be policed by heavy regulations.

A Full US Crypto Ban Could Happen, But It’s Long-Term Effects on The Technology Would be Minimal

Before the posts made by the previously mentioned authorities in the US government, nobody was even taking into account that a full ban of cryptocurrencies may be possible in the US, yet it now seems as if this is a growing concern amongst a number of investors.

CZ discussed this possibility in the same interview, explaining that a ban would be the “worst case” scenario, and in addition adding that no single country can stop the crypto markets from continuing to thrive.

CZ Crypto

“Cryptocurrency will survive regardless of any one country. Most countries that try to ban bitcoin cause their citizens to want cryptocurrency more,” he explained.

Importantly, the outright amount of courts and lawsuits that any sort of cryptocurrency ban suggested by government officials would need to go through would be enough to block the ban from actually being established.

Featured image from Shutterstock.

The post Industry Leader Claims U.S. Outlawing Crypto Ownership Would be “Worst Case Scenario” appeared first on NewsBTC.

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