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What a perfect example of a straw man argument you made! I just love when people tell me what they think I think! No, hypothetical Ukraine will not issue fifty billion ICOs and its GDP will not exceed the rest of the world (btw it is rather ignorant to tie ICOs to bitcoin, they are completely different things). What I think will happen in this hypothetical scenario, is that bitcoin will have a safe place in Ukraine where it can be legally turned in a very real cash USD, totally by an off-banking method. Then these USDs will be shipped to banks in Poland or Germany or Switzerland, which will accept it rather happily (as they usually do). Meanwhile, the rest of the world would continue using bitcoin for their day to day purposes, ignoring a worldwide ban. Some purposes will probably criminal [1], but many will have legal ones, especially in countries with failed fiat currency, like Venezuela or Zimbabwe. Because, you know, you can't really control a person who sells a pig to his neighbour and wants to have something REAL in return. Should be mentioned, that if we pretend that just one country will legalize bitcoin, then it is more likely that this country will be the one least vulnerable to bank sanctions. Iran or North Korea are much more likely candidates than Ukraine. Anyway, in reality, a worldwide ban is unlikely at this point, given the acceptance of bitcoin by too many jurisdictions already [2]. It's just a matter of time when it'll go to the moon and establish itself as the main world currency. [1] In Russia all drug trade has moved online, facilitating sales with cryptocurrencies, check this investigation https://darknark.lenta.ru/ - and no Russian bank exchanges BTC for local currency.
[2] https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country... |