How would they have withdrawn the crypto if they had in their wallets, especially since all the financial system is gone in the country. I understand the point you are trying to make, but when there isn't tools to work with the raw material is useless.
The power to have control over cryptocurrency is forfeited due to the decentralized nature of cryptocurrencies. It would very difficult for the government to have a full-fledged control over it.
That's not the reason why the government are afraid of accepting cryptocurrency. They knew that it would be very difficult for them to control it. You and I know that the government always want to be in control of everything.
That is basically the main reason why most government want to place a ban on the use of cryptocurency,because to a very large extent it will take away the control of their regulatory powers when it comes to monetry issues.
You have a point there and I agree with it. Which means if the government is able to have some if not all regulatory power over crypto currency, they would be willing to accept it?
One thing the cryptocurency trading and e-commerce payment platform has brough,is that control for a lot of persons in terms of e-trnsaction,the ease and flexibility is next to non.
This is absolutely true, but even with this a lot of people still do not see it this way because they just consider it as a dubious activities, they are not hundred percent sure all the potential of cryptocurrency. It is beneficial to people that understands the benefits but not to all.
Bitcoin is a tool to instigate power, to curb inflation and more. Just as you have suad, bitcoin will rise to be the biggest threat to the financial markets the government wishes to always have control over
I don't think it's a threat to the financial sector of the economy in reality. The government polished it to make it look like a threat. The major reason is that it allow self executed transactions and that's the supposed threat.
If it wasn't regarded as a threat then China wouldn't ban it, India wouldn't ban it just to start theirs, USA wouldn't want to start taxing crypto funds etc, they don't control the cash flow, that's why they are threatened.
The government are fund of taking control of whatever becomes operational in their country. Let's look at the positive impact cryptocurrency had on the economy. It's an instrument deployed to combat inflation.
You're correct and. I am sure that the government is well aware of the positive impact of the cryptocurrency on the economy but they choose to turn a blind eye for selfish reasons.
They would support projects that will create an avenue for making their pockets fatter. The rate at which inflation is ravaging the economy of the country is very high and needed a serious attention which could be solved by cryptocurrency.
Yes, cryptocurrency would have been the better option to cure inflation caused by persistent rise with too much money in circulation but the government doesn't want that. They are richer in inflation.