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The first and foremost step would be to ban Bitcoin, the original cryptocurrency. All governments across the world would have to enforce the steps mentioned below for a ban to be effective. If even one or a few countries stay indifferent, those countries will become crypto havens — akin to the current tax havens — and the ban won’t work.
This will discourage all formal financial support, such as banks, exchanges, companies, institutional investors and large buyers. As a result, Bitcoin’s value will get pushed into a downward spiral, making it hard to recover. <I’m not able to think of any example of a banned financial asset that never recovered>
The structuring of policies may drop Bitcoin mining power by 55% as it did in China, or even lead to steamrolling over cryptocurrency generating machines, like Malaysia did in July 2021.