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Would it not be the case that declaring "cryptocurrencies to be similar to hard drugs or something and follow the same playbook" is a recipe for disaster? None of the drugs laws have really worked out all that well, as they've led to mass incarceration which has a high social cost.

Many people seem to want drugs. Banning them often increases the price, due to the supply going down or being more costly to obtain versus a constant demand. To follow the same playbook, there seems to be a non-zero chance that Bitcoin would become rarer, and therefore more valuable, and therefore more attractive than fiat, increasing demand even more. I think it's a crap-shoot what role cryptocurrencies would play after a large-scale ban.

But, yeah, _if_ I wanted to do that, and I was a government, that would probably be the way I'd do it.