Back in 2009, when cryptocurrencies first slipped through the cracks in the world's financial rails, governments weren't quite sure how to respond or deal with the new spawn of the money tree. In 2011, when Bitcoin came shoulder to shoulder with the US dollar [1 BTC = $1]it was apparent that virtual currencies were in fact a potential replacement for government-controlled, centralized fiat.
After countless jumps, jumps and bounces in the cryptosphereโfrom the altcoin race to the delightful era of ICOsโgovernment reservations toward cryptocurrencies began to crystallize. Coming out of the fence and smashing the eggshells they seemed to be walking on, national authorities began enacting a variety of sanctions, heralding the fairly early arrival of cryptocurrency bans.
In September 2021, the People's Bank of China (PBOC) openly declared illegal cryptocurrency-based transactionsciting the role these highly speculative assets play in enabling high-profile financial misdeeds and [possibly] facilitating an estimated capital outflow of USD 50 Czech crowns. Two months later, Russia, the third largest Bitcoin mining capital in the world,proposed a ban not only from mining activities but also from the general use of cryptography.
