Bitcoin unstoppable? – Why central banks cannot ban BTC

How secure is Bitcoin? – This question is asked again and again. Couldn’t governments and countries simply remove Bitcoin from the range and banish BTC? The director of the legal department of the Russian central bank said that in reality this is not so easy or even practically impossible. So let’s take a look at what Alexei Guznov said. Furthermore, we want to see why it just doesn’t work to ban Bitcoin.

 

Bitcoin unstoppable? – BTC ban practically impossible

In Russia, the relationship with cryptocurrencies is very ambivalent. Because while public institutions including the government (at least externally) have a negative attitude towards Bitcoin and Co., it is primarily the population who appreciates the value of cryptocurrencies. Here is a brief explanation:

Just a few months ago, the Russian central bank was open about banning cryptocurrencies. Among other things, bank accounts with which Bitcoin was bought were frozen. The reason for this corresponds to a frequently quoted picture: cryptocurrencies like Bitcoin would be used for illegal purposes and money laundering. Furthermore, the use of alternative currencies such as BTC and Co. also weakened the Russian ruble, which of course is absolutely undesirable from the government’s perspective.