18.10.2021

Financial regulators have no plans to ban Bitcoin

The head of the US federal department called the Office of the Comptroller of the Currency, Brian Brooks, said that financial regulators did not intend to “kill” Bitcoin. Instead, they are trying to integrate cryptocurrency into the traditional financial system as smoothly as possible. He spoke about the government’s plans for blockchain assets in an interview.

Note that blockchain fans talked about the impossibility of banning Bitcoin and other cryptocurrencies earlier. In November of this year, renowned billionaire Ray Dalio suggested that many governments might outlaw coins. In addition, he recommended contacting gold, which in his view is a more reliable asset.

In response, representatives of the crypto community stressed that in order to fully ban Bitcoin, the authorities will need not only to personally find each user of the network, but also to destroy his computers with the BTC client, which acts as a node and ensures the operation of the cryptocurrency. In this regard, any statements about possible problems of cryptocurrencies overestimate the capabilities of governments and at the same time hint at the limited knowledge of the author of the words regarding decentralized technologies.

Today Bitcoin is trading at $ 19,214. Over the course of the day, the BTC rate practically did not change, but over the week it increased by 5.6 percent. Trading volumes for the last day amounted to the equivalent of $ 21.66 billion.

Bitcoin price chart for a month

Bright future for Bitcoin

Brooks spoke about the peculiarities of the work of financial regulators in modern realities in an interview on the Squawk Box TV program. Here is a line from Cointelegraph.

We are very focused on getting things right. We are very focused on not killing this cryptocurrencies, and it is equally important that we develop the networks behind Bitcoin and other cryptocurrencies as we prevent money laundering and terrorist financing.

This tactic is quite reasonable, especially against the background of the increased interest in Bitcoin among large companies on Wall Street. In addition, regulators understand that giving innovation development under strict control is much better than cutting everything off in the bud with a complete ban on Bitcoin.

Brooks’ comment was in response to the question of whether the Donald Trump administration planned to impose tight regulation of the crypto market at least before the end of the current president’s term. Brian Armstrong, CEO of Coinbase, highlighted the issue last month in a series of tweets explaining why tight regulation against crypto would be a bad idea.

When asked if we can expect new rules by the end of President Trump’s term, Brooks said the following.

I think by the end of Donald Trump’s term, you will see a lot of good news for cryptocurrencies. Some of them will be related to connecting banks to blockchains, and some will be more clear about the nature of these assets.

In addition, he gave a clear answer regarding the prospects for the authorities’ actions.

Nobody is going to ban Bitcoin. Nobody will prohibit these transmission technologies values.

Note that not everyone appreciated the statements of Brian Brooks. First of all, the US government will definitely not be able to prohibit a decentralized network, the nodes of which are located all over the world, therefore it is rather strange to talk about such prospects, even from the point of view of approval. Here is one of the comments from viewers of the plot.

Your need for a better way to “fight terrorism” has ushered in an era of monopoly control and monitoring of all remittances.

  1. This is very ineffective and bad for the US innovation industry.
  2. Contradicts our rights.
  3. Not possible and very hypocritical.

Bitcoin billionaire and investor Tyler Winklevoss noted that fans of blockchain assets knew about the inability to ban BTC from the US government even earlier.

We already knew this, but you can always listen to it again.

Will Donaldo Trump and his administration finally leave a good impression on the cryptocurrency community? But not so long ago, the president himself on Twitter openly declared his dislike of digital assets. So it will be interesting to watch the cryptocurrency market develop in the coming months. Recall that Joe Biden’s inauguration will take place on January 20, 2021.

We believe that the authorities were really quick to speculate about the possibilities of blocking Bitcoin. As already noted, the operation of the cryptocurrency network is provided by thousands of nodes around the world. Accordingly, to create real problems for BTC, you will need to visit each of them. And this is clearly an impossible task.

So let these comments from a representative of the Office of the Comptroller of the Currency be another reminder of the power of Bitcoin and its incredible prospects. And this is in addition to the fact that the asset has already become the most profitable over the past ten years.

We checked the actual data: today there are 11,090 Bitcoin nodes in the world, each of which confirms the validity of transactions and stores data about transactions on the network. And that’s really a lot.

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