Why Outlawing Cryptocurrency Purchases is a Terrible Idea

Posted on May 14, 2019 11:18 am

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URL https://www.activistpost.com/2019/05/why-outlawing-cryptocurrency-purchases-is-a-terrible-idea.html 

By Rainey Reitman

A member of the U.S. House of Representatives last week called for a bill outlawing Americans from making cryptocurrency purchases, aligning with anti-cryptocurrency policies in countries such as Iran and Egypt. There is no language for this potential bill or any explanation of whether such a bill would ban Americans from buying cryptocurrencies, using cryptocurrencies to make other purchases, or both. Nonetheless, it’s a good moment to remind everyone why a bill outlawing cryptocurrencies is a terrible idea.

Attempts to ban cryptocurrencies are often rooted in fundamental misunderstandings. One common refrain is that criminals use cryptocurrencies to