Banning cryptocurrencies is a foolish idea; all we need to do is regulate the exchanges.
If people insist their play money is real, then make them do time in the real-world pokey for breaking any of the rules that govern doing stuff with money. It's a similar strategy to making your kid pay rent and utilities if they insist they be treated like an adult.
Banning cryptocurrency would only reinforce the cult's belief system. We should take advantage of the fact that the technology is completely unworkable, and let it die a natural death. Regulating the exchanges will protect civilians while the fanatics get their wiggles out.
Meme stocks like GME are a great example of where we should take cryptocurrency. Make them strongly regulated, legal gambling tokens where the SEC will come tow away your Lambo if you attempt to do shady shit on the public markets.
The place where someone accepts play money and puts spendable money in your hand, or accepts real money from you and tries to move it, is the correct locus for cryptocurrency regulation and enforcement.
The Cuban Convertible Peso is also a stablecoin, but one reason it hasn't taken over the economy is because it's very annoying to try to trade it for the thing it's pegged to. Let us all study and learn from the Cuban Convertible Peso.
You can turn a wallet full of cash into a bank balance, but trying to do that with a suitcase or boxcar full of USD brings many new and very inquisitive people into your life. Do the same for crypto.
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