Boise Highlights

The Tragic Decision to Outlaw Cryptocurrencies

The Case Against Hard Line Policies Against the Newest Currency Trend

Decentralized+digital+currencies+like+Bitcoin+have+been+making+debuts+across+the+globe
Decentralized digital currencies like Bitcoin have been making debuts across the globe

Decentralized digital currencies like Bitcoin have been making debuts across the globe

Photo Credit: Malwarebytes Labs

Photo Credit: Malwarebytes Labs

Decentralized digital currencies like Bitcoin have been making debuts across the globe

Solenne de Tassigny, Editor-in-Chief

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Recent technology and internet developments have spurred the rapid advancement of a currency that has central banks across the globe on high alert.

The emergence of cryptocurrency, most notably Bitcoin, has furthered the instability in international banking as a majority of these new-aged currencies are highly decentralized.

Bitcoin, at the forefront of the currency revolution, rose to economic power as the first decentralized digital currency and has only gained popularity within the past few years. The success of founder Satoshi Nakamoto is rooted in his ability to capitalize on the lack of regulation surrounding the issue of digitized currency.

The growing popularity of cryptocurrencies is undoubtedly revolutionary, but its success and widespread integration across the world has lead to countries scrambling to create policies that combat the legitimacy of cryptocurrencies like Bitcoin.

Countries like Vietnam have laid out hardline policies that ban the use of Bitcoin and other cryptocurrencies, which leaves limited room to utilize the digital age currency craze to forward economic development within the countries private market.

Hardline policies, such as the tactics being used in Vietnam, are preventing any form of market-based benefits from spilling over into the holistic market of the country. Policies of this sort work in the sense that the initial impact is effective, but overall lead to these countries losing the potential profit other states that chose to capitalize on this emerging currency revolution.

The United States took a more in-depth and methodical approach to addressing cryptocurrency that allows for the integration of decentralized currencies in a way that offers benefits to the American economy.

Still formalizing regulations, the United States has taken the route of tightening regulation without completely eliminating the use of currencies such as Bitcoin. This method acts to combat illegal actions such as money laundering and terrorist financing while embracing the benefits of this budding monetary form.

Many decentralized currencies have been heavily focused on lending, business investments, and developing an entirely new industry that ultimately creates new jobs. Companies such as Bitcoin are young and contain an unknown amount of potential that countries like Vietnam are denying themselves access to.

As decentralized and digital currencies gain a stronger hold in the market, states taking the upper hand and capitalizing on the untouched profits of cryptocurrencies is a notably more strategic and reward-yielding strategy than completely banning the young and thriving industry.

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The Tragic Decision to Outlaw Cryptocurrencies