Modern democracies like the United States are built upon the ideas that governments exist to serve their people and they should represent the interests of a nation’s citizens. Whenever a government has attempted to enforce laws or regulations upon its people that represent the antithesis of the general public’s interests, ultimately those laws and regulations were overturned.
We see this trend occur throughout history, with the failures of Prohibition, the War on Drugs, mandatory sentencing, etc. When the rules evolved to incorporate empathy and understanding of the Human condition, instead of trying to forcefully change the nature of people, benefits were sustainably experienced across society.
The same is true regarding free market capitalism. This economic system is not perfect and certainly has its flaws. However, it represents the path of greatest opportunity for growth and individual liberty as compared to other attempted systems which ultimately failed to thrive.
Humanity may be separated by national borders, different languages, and cultures, but the essential desire of people remains the same. The will to determine one’s destiny and achieve a prosperous life is universal. The path toward this goal involves diligent work, protection of property, and the freedom to conduct one’s business in such a way that others are not harmed in the process.
When governments have attempted to intervene in these principles of free markets, the results have been fairly consistent. Stagnant growth and unregulated black markets become common. This dynamic is already being seen in the world of cryptocurrencies. As values of digital coins skyrocket, there has been growing interest and fear from nations about what the future holds for this unpredictable asset class.
While Humans may share similar feelings about this exciting space, the actions taken differ based on their past experiences, fears and personal interests. In the case of some governments, there is a disturbing trend towards extreme regulations and banning crypto altogether.
These actions can have reverberating effects throughout the world. Recent news about a proposed law to ban crypto in India led to a sudden drop recently in the value of Bitcoin, as this populous nation is very active in the crypto community. In other cases, we can see the power of free markets prevail even amid the most challenging circumstances.
The North African nation of Morocco banned cryptocurrencies in 2017, as its Foreign Exchange Office determined that digital coin transactions infringed on its foreign exchange regulations. And yet, the peer-to-peer trading platform LocalBitcoins reported that February 2021 was its best month ever in Morocco with respect to trading volumes, as roughly $900,000 of Bitcoin was traded in that month.
This shows how the perseverance of the free market and Humanity’s natural desire to control one’s own destiny will always prevail regardless of government regulations. Likewise, META 1 Coin operates beyond the jurisdiction of any Federal or State agencies and continues to vigorously defend civil liberties whenever attempts are made to encroach on freedom.
History has demonstrated time and time again that whenever governments are permitted to rule with absolute power, that power can and usually will lead to absolutely corrupt uses of that power. It is up to Humans to stand up for freedom and not be intimidated by these attempts at regulatory overreach.