E-Cigarette Ban in US Fuels the Fear of Ban on Bitcoin
After the imposition of restriction on the sale of flavored e-cigarette, bitcoin proponents fear that Trump may now ban cryptocurrency. White House and the Food and Drug Administration issued the notice for the ban on September 12, which will now lead to the disappearance of e-cigarette from the market.
“The Trump Administration is making it clear that we intend to clear the market of flavored e-cigarettes to reverse the deeply concerning epidemic of youth e-cigarette use that is impacting children, families, schools, and communities,” Health and Human Services Secretary Alex Azar said in a statement.
Although, it is being made clear that e-cigarette could be allowed in the future if they could prove that the recent surge in lung diseases is not due to this. Also, manufacturers need to prove that their products are safe.
This sudden ban has led to fears in the crypto business that the Trump government could very soon extend such a ban on Bitcoin too, as the President is not such a fan of digital currencies. Back in July, he had tweeted how he was not in favor of Bitcoin and other cryptocurrencies. He had further stated as to how these could aid in unlawful activities such as money laundering and drug trafficking. There are reports that the first lady was a strong proponent against e-cigarettes.
“This is un-related but shows White House can issue an ‘executive order’ banning anything. And could even ban bitcoin,” Fundstrat Global Advisors co-founder, Tom Lee, aired his fear.
Such a ban could be a big setback for the Crypto-market as the US is a major market for these digital currencies. Consumers and Businesses, both are apprehensive about the way that Trump government is imposing sudden restrictions.