Banning a global technology and economic paradigm like BTC is not the best approach for governments to protect their citizens from the risks of this asset class. It is by hand holding them through the journey, educating and setting the right controls in place that safeguarding retail customers can be achieved.
There have been several bans on BTC, other cryptocurrencies and cryptocurrency mining across the world. China banned cryptocurrencies in 2021 in light of its central bank digital currency, and it also affected Bitcoin mining. As a result, the BTC hash rate fell in 2021. But, the industry was brought back to its feet by a rise in Bitcoin miners in the United States.
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