The administrator of Bitcoin.org has revealed that American regulators are planning to implement a complete ban on self-storage of cryptocurrency, meaning that US citizens will need to rely on intermediaries to store their digital assets. Cobra, however, questions the practicality of imposing such restrictions and enforcing them.
“If you believe that governments will not target your bitcoins, then you simply haven’t been paying attention,” warns Cobra on their social network page.
The administrator of Bitcoin.org refers back to the confiscation of gold from Americans in the 1930s as an example. During that time, Executive Order No. 6102 prohibited the hoarding of gold coins, bars, and certificates in the United States to combat the aftermath of the Great Depression. As a result, individuals and organizations were required to exchange their gold for paper money. Cobra fears that the US government may follow a similar approach with cryptocurrencies, introducing restrictions on mining and personal storage of bitcoins.
Recently, Cobra notified subscribers that there could be a division within the Bitcoin community. Some members want the network to remain unchanged, while others would like to incorporate additional features into Bitcoin, thereby expanding its capabilities. Cobra is concerned that these differences of opinion could negatively impact the ecosystem of the pioneering cryptocurrency.