Would a ban on Bitcoin be as pointless as the war on drugs?

  28 January 2019    Read: 2644
  Would a ban on Bitcoin be as pointless as the war on drugs?

One of the common criticisms thrown Bitcoin’s way over the years has been that the system cannot work because governments will eventually ban it if it interferes with their ability to do things like control monetary policy or collect taxes. This has been the main criticism offered by JPMorgan Chase CEO Jamie Dimon when asked to comment on the peer-to-peer digital cash system.

But would it be possible to implement such a ban? Has the proliferation of Bitcoin already reached the point of no return?

In a recent interview with Crypto Insider’s Vlad Costea, Riccardo Spagni and Cayle Sharrock, who both work on projects related to the privacy-focused Monero altcoin, made the case that banning cryptocurrencies like Bitcoin and Monero would be just as pointless as the War on Drugs.

Strong Financial Privacy is Almost Here

When Costea asked his two guests what the private cryptocurrency space will look like in five or six years, Spagni explained his hope that the technology will reach a point where it becomes the norm.

“I personally hope privacy coins are going to be dominant enough that it will force everyone else’s hand,” said Spagni. “Between Bitcoin having enhanced privacy through something like Lightning and TumbleBit, between Monero and the work being done on ZK-STARKs by Starkware, between Grin and Beam and Tari [working on MimbleWimble]. I mean all of these projects that are building various privacy-enhancing aspects — I’m hoping that it’s just going to force a reckoning where everyone will have to go: ‘Okay, privacy is here. It’s accessible. Strong privacy is here.’”

Of course, user activity on centralized crypto asset exchanges is still under heavy surveillance, as indicated by the recent "crypto needs rules" ad campaign from digital asset exchange Gemini, which was co-founded by the Winklevoss Twins.

 

Forbes


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