Cryptocurrency

It’s Impossible to Ban Bitcoin- SEC Commissioner

It's Impossible to Ban Bitcoin- SEC Commissioner

It’s Impossible to Ban Bitcoin- SEC Commissioner

  • A SEC commissioner of the United States, Hester Peirce has revealed that banning Bitcoin will be difficult

  • According to Peirce, the government will find it difficult to ban something that uses peer-to-peer technology

  • Many investors expect the government to ban cryptocurrencies if they become a risk to the financial system

A commissioner at the United States Securities and Exchange Commission (SEC), Hester Peirce has weighed in on the possibility of the government banning cryptocurrencies.

With new regulations on the way, investors are worried that bitcoin and other cryptocurrencies may be outlawed in the future.

Pierce however believes that the government will be foolish to try and ban Bitcoin.

Hester Peirce

The commissioner likened an attack on BTC to shutting down the internet.

According to Peirce, Bitcoin’s peer-to-peer nature makes it hard to target.

Kraken CEO on Bitcoin

 

I think it’s very difficult to ban something that’s essentially a peer-to-peer technology. I think the goal, as with any technology, is to prevent people from using it for illicit purposes and only allow them to use it for legal purposes. That’s what I expect to happen.

Read also: George Residence Becomes the First Hotel to Accept Bitcoin in Nigeria

The US government is worried about cryptocurrencies being used for illicit activities but plans are reportedly in place for regulators to come up with regulation.

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