Opinion: Banning cryptocurrencies will have little impact on hackers and stopping people from using crypto assets is impossible
Cointelegraph posted that many governments have tried to ban cryptocurrencies because their decentralization poses a threat to the traditional financial system, and because crypto itself is still in its infancy, it seems to attract hackers. Even so, banning cryptocurrencies will not have much of an impact on hackers or scammers. If the goal is to prevent illicit activity, addressing the misuse of traditional finance is the top priority. This is because cryptocurrencies have much less of an impact on criminals than traditional finance, and while cryptocurrencies can provide anonymity, they are not the only payment method that provides anonymity; gift cards and prepaid cards can provide anonymity as well. The article argues that any government that wishes to ban cryptocurrencies will not succeed for a number of reasons. First, it is impossible to stop people from using crypto assets because governments cannot control these crypto networks. While regulators may create difficulties for crypto service providers, these companies are not necessarily essential to maintaining cryptocurrencies.