The ban is however in line with my earlier take on a Thread we did just few weeks ago. Though I don’t believe a “ban” is necessary nor is it sustainable, I am of the opinion, what we are seeing is as I stated in that Thread; a beginning of governmental interventions and regulation of Crypto currencies.
No matter what side of the fence you sit on, you will agree that some form of regulation is necessary and needed at this early stages.
The idea of anyone with the know-how and resources, being able to print their own “money”, is not a very good one. Such a scenario, will, if allowed to reign as is, destabilize global financial systems, leading to massive global instability.
I have long been of the opinion that, Bitcoin and other digital currencies that anyone can mint in their own closets and bedrooms, will never replace Fiat money issued by governments.
What I see eventually emerging is that, Bitcoin and other digital currencies will emerge as an Asset class, just as Gold and Silver did. The underlaying asset class can then be acquired with a regulated Fiat Money.
In this scenario, both Bitcoins and other digital currencies can exist in parallel with Fiat money.
The notion that these digital assets will eventually replace Fiat and regulated money has never been plausible to me. Then again, I am often reminded of the saying, “Never say Never”; but Time will tell.
Full disclosure – I own Digital assets in my portfolio.