Bankrate reported that the total value of all cryptocurrencies reached $3 trillion in 2021, and I predict it will approach $4 trillion. In the USA, over 27% of the population has invested in cryptocurrencies, indicating a significant number of people and a huge massive amount of money 💰involved.
But what if the government tries to…..
What is the purpose of buying Cryptocurrency?
Cryptocurrencies get their name from the cryptographic techniques that enable people to buy, sell or trade them securely without the need for a third-party, such as a government🏦 or financial institution, to validate a transaction
Simply what I understand was that we can buy or sell or trade them without involving the government.
So here is the question that I got while making a study of Cryptocurrency and Government.
Can the government track my spending on cryptocurrency?
Can the government legally or illegally seize public cryptocurrency?
What happens if the government bans cryptocurrency in the country? Can I still send cryptocurrency to other countries even if my country has banned it?
In detail about each question so that you can answer if you know or can ask yourself about it.
Can the government track my spending on cryptocurrency?
To my knowledge, we need to buy crypto with our local currency like USD if you are in the USA, Rupees if in India, and others according to their countries.
Then the government can track how much money you have transferred from your bank account to your cryptocurrency wallet. They can request transaction statements from your bank and also collect transaction statements from the cryptocurrency exchange apps.
Even they can directly check through your SSN or PAN and others of their countries.
What is the purpose of those SSNs or PAN? (at bottom of the post)
So where is our privacy to securely trade, buy or sell cryptocurrency?
Can the government legally or illegally seize public cryptocurrency?
With reference to my previous question, if the government can track then can they seize public cryptocurrency?
In recent news, Andrew Tate said that the Romanian Govt has seized over $111,300 of his crypto.
IF IF cryptocurrency is a decentralized currency with no government or bank having power or dominance, how can they seize it?
As everyone said that crypto transaction was made by independent miners and stored in their hardware wallets. How can the government seize it?
What happens if the government bans cryptocurrency in the country? Can I still send cryptocurrency to other countries even if my country has banned it?
This was not actually linked with the above two.
If I live in the USA and the government here one bad has banned Cryptocurrency without intimating to the public and I have some X bitcoin and Y of other cryptocurrencies. Can I send it to other countries?
If you know the answers to any of these questions, please send me the source or DM ✉️me on Twitter. I will follow up with you.
If you would like to know the answers, please share them with others and inform me of any updates you may have.
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