Cryptocurrency Supporters Argue That Governments Are Prohibiting Its Developments Due to Its Decentralization Nature

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Meltem Demirors, a chief strategy officer from a reputable cryptocurrency management institution, announced that several countries are slowly developing methods to prohibit the trading of cryptocurrencies. Demirors further stated that the countries plan to implement these legislations by challenging the proof of work theory that cryptocurrencies have developed since their inception.

Demirors says that governments are looking for excuses to ban cryptocurrency

The Chief strategy officer disclosed these revelations during the Bahamas Crypto workshop and further disclosed that the countries are searching for reasons to prohibit the mining and trading of cryptocurrencies, including the energy-draining assets. Demirors further believe that the countries are only planning to prohibit the trading because of the decentralised currencies. The officer also declares that threatening the mining process is a concrete method of halting the progress of cryptocurrency development across the globe.

Following the announcement, Bitcoin and the crypto industry experienced a huge price correction as the asset began trading below $ 35,000. Various publications revealed that the asset recently traded at $ 34,600, which was an almost 10-month reduction price amount. Following the recent events, Demirors’ issued a statement confidently declaring that the prohibition on the asset will not advance further as the asset gathers support from an effective community.

The strategist further stated that the effective community is entitled to a decentralised form of currency; thus, the country does not possess the power to change crypto assets. Another concerned party, Elizabeth Stark, one of the owners of Lightning labs, supported Demirors’ sentiments and recounted that the prohibition of Bitcoin trading is due to its decentralised form.

The legislation enacted to prohibit the trading of cryptocurrencies in various jurisdictions

The warning follows the legislations created by various countries to prohibit the trading of crypto assets across the globe. The majority of the countries prohibit trading due to its impact on several natural resources, including the energy forms utilised during mining. A recent publication includes the introduction of a bill that intends to inflict a two-year detain on specific regions, thus affecting the production of various crypto assets.

Other areas that recently introduced legislation include the European Securities and Markets Authority advocating for prohibiting crypto assets in European countries. This legislation divides the jurisdiction as the European Union’s parliament voted against prohibiting PoW methods.

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