Why would a country ban Cryptocurrency? Don't you think it is retarding technology transfer and acceptance? Or does it not useless the effort of research? Please I want to know the negative effects of cryptocurrency so that I orientate myself and others.
Is cryptocurrency having negative effect on the nation's economy
- Thread starter Khezo
- Start date
Well to some extents, cryptocurrency May result to the massive influx of foreign currencies which will certainly devalue the local currency. Also this may result to inflation cause the government won’t have control over the cash movement within the country
The government cannot control cryptocurrency like they do fiat currency. So in a situation where there is massive influx of crypto and too much people using crypto as a means of payment, it will affect the value of the fiat currency. This is why some countries are yet to legally recognize cryptocurrency as a means of payment. My country went as far as banning cryptocurrency.
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On the contrary it is actually having a positive effect on the economy. There have never been a time in history when making money was easier. This is the problem that governments are having they hate the fact that they are not the ones in charge of wealth distribution. Hence the hate against crypto assets and why some countries are setting up policies to control it usage.
Sorry to sound this way, the only country that cryptocurrency is affecting her economy is Nigeria in the whole wide world. This country does not mean well for her citizens i don't even know why i came to this country.
It's having a negative effect on the economy because many corporations don’t want to deal with a form of money that is going to go through huge swings in volatility and If you mistakenly pay someone by using cryptocurrency, then there is no way to get a refund of the amount paid. All you can do is to ask the person for a refund and if your request is turned down, then just forget about the money.
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I think it dosent have a negative to a nation economy , but have a positive effect on the national economy , because
many people trade crypto they could do so they could get employed i think , and also it helps to increase the foreign inflow to a nation economy i think and this is really cool i think
many people trade crypto they could do so they could get employed i think , and also it helps to increase the foreign inflow to a nation economy i think and this is really cool i think
Cryptocurrency wallets can easily be broken into, hacked, or even set up as long con scams. Because of how many people trusted the wrong wallet, it's scary to just put money into certain programs. Even when you have a really awesome wallet like Coinbase, there's another problem—hackers.
Cryptocurrencies have the potential to facilitate social and economic growth around the world, including in developing countries, by offering easy access to capital and financial services.
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One of the most significant disadvantages cryptocurrencies have is the constant fluctuation of the price. And this makes it quite difficult for the users (and merchants) to accept and use crypto. It's kind of a trust killer as you can never be 100% sure how much the crypto is going to be worth tomorrow
No I don't think so that the currency has bad effect on Nation because almost all the countries has accepted cryptocurrency and there are many more followers of cryptocurrency as well only few of them are left who has never accepted yet the cryptocurrency but soon they will also accept because they are attracting many more people towards itself.
Any country that is rejecting any country that is rejecting innovation and technology can never grow.Nigeria should just learn how to deal with cryptocurrency rather than banning cryptocurrency.so many countries are researching more on cryptocurrency and they are investing billions of dollars in cryptocurrency already.
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crypto and decentralised payment platforms are still very much a work a progress and as at now, some companies have regulated crypto operations within their space. This is because of reported low diaspora remittances and how it is sometimes used for fraudalent activities and it not being controlled by a central figure.
I think it has both positive and negative impact on the economy and I strongly feel that the positive side is much more than the negative side of it. We all know that cryptocurrency is doing more good than harm at the moment all over the world.
In Nigeria it is affecting the economy, because Government of this country called Nigeria know that it will affect labour market,and the country is highly populated,and when cypto currency comes in most people will not bother to work and they don't want it that way.
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You couldn't have stated it any better and I agree absolutely. Those governments on a banning spree where Cryptos are concerned are more fearful for themselves than concerned for the well being of their people.
Far from it cryptocurrency once increase the inflow of foreign currency because it is not being converted to foreign currency though reference to US dollars and I don't think it will cause inflation because there will be reduction in the pressure of the country trying to get foreign currency which is the major reason for inflation but the challenge with the economy is the volatility and the inability to control the currency which could lead to money laundry.
Cryptocurrency will rather increasing the world economy rather thinking of disrupting the world economy. Cryptocurrency is the fastest growing digital currency which have created more opportunities more than ever in the universe.
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kingbluewave
Familiar Face
Cryptocurrencies have become extremely popular due to potentially huge gains, but their volatility also involves the risk of dramatic losses. In 2017, Bitcoin prices rose from about $1,000 to a high of more than $19,000 before dropping to where it is now as of June 2020—about $9,700.1 Initial coin offerings (ICOs) raised more than $3.7 billion in 2017 with a series of new cryptocurrencies hitting the market.
There is no negative effects of cryptocurrency to the country at large,they are just doing it or banned it for their selfish interest,all because they know it is more useful for thee youth than they are. So for me and with all I see when it comes their is no negative effects or so ever at all. Most companies that sell product also accept that mode of payment,so if its bad they won't want to accept it in anyway.
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