Is cryptocurrency having negative effect on the nation's economy

[Yaqoob Habib]

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.

The world economy Will change,And currencies will go into electronic savings.The number of investor Is growing every day,as a result ,electronic assets will be valued much more then they are now.so the cryptocurrency market is actively growing ,new companies and infrastructure projects appear.

 

[ahmedo24]

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.

Money laundry is the major concern of the government and the fact that they can't control the Currencies remains the biggest challenge to them otherwise there is more of liberation and financial freedom.

 

[Mostee501]

Probably the main issue with cryptocurrencies on nations economy is scaling that are posed and another issue is that due to the use of paypal and other related platforms,banking sectors revenues has been reduced.

 

[Shigobad2020]

I dont think Crypto currency is having any negative effect on the economy of the country instead it is boosting the economy of a country, the government is just banning it because they don't know how to collect tax from what you earn online.

 

[H2wo]

Goverment is worrying that their economy to drop because crypto is non taxable thats why.

 

[Suba]

Of course, cryptocurrency has a negative effect on a country, especially if that country is not ready to accept the presence of crypto in its territory, especially if their local money (their fiat money) is increasingly excluded, so that it will disrupt the smooth running of the economy. so that foreign investor confidence decreases, Direct ownership of large amounts of cryptocurrency and derivative contracts can expose financial institutions and banks. The greater the circulation of crypto money in a country, the greater the disruption to the stability of the financial system.

 

[Eodine]

For the past few years that crypto currency has been in existence we have seen how globally accepted it has become because of its benefits but all that has advantage has a disadvantage. Crypto has exposed a lot to online scam

 

[Good-Person]

The problem is that giovernments are not able to earn foreign exchanges and taxes from cryptocurrencies and that's why they ban cryptocurrencies. They also think we must keep an ey on all the money and transactions of people, so they ban cryptocurrencies because cryptocurrencies are untraceable to some extent. There are also some of the reasons why governsments might ban cryptocurrencies and the list of those reasons are pretty long

 

[Oloritoks]

Not really sure if it does because many people especially in Nigeria are really benefitting from it due to the limited number of jobs out there that seems to be encouraging many to venture into it.

 

[Shivay]

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.

well , the problem is that the government thinks it will decrease the use of their national currency and its value can go down if it depends on the demand and supply of their currency.

 

[Dowenship]

Hmm... guy dey vex.... The negative effect of crypto currency is the upper hand to carry out dupios transaction i.e money that cannot be traced in my opinion though....

 

[Jumoke12]

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.

yes, it's making the country's currency to be devalued and the amount of cash in the vaults of banks are gradually decreasing as people don't save money anymore.

 

[Kelly5]

Cryptocurrency will never have a negative effect on a nation's economy but will rather boost and add up to the growth and development of a nation's economy

 

[Setho]

For an economy to have stability, it has to be centralised and authorities control a large potion of it. In my country where a lot of the budget comes from diaspora remittances, crypto has made the figures reduce because people now prefer to send in money to their loves ones through it.

 

[Adebola]

I dont really know how crypto tends to affect the economy of a nation but according to our government they said that are trying to prevent devaluation in our fiat currency

 

[Ehizzy1]

Crypto currency is not really having a negative effect , because the existence have always helped to reduce inflation and many others

Post automatically merged: Apr 30, 2021

Crypto currency is not really having a negative effect , because the existence have always helped to reduce inflation and many others

 

[Ralphjoe]

Cryptocurrency doesn't affect the economy negatively in fact it affect the economy positively as most people get a lot of returns on your investment which tends to increase the purchasing power of the people in the economy.

 

[Chibson]

This is the primary reason countries like Nigeria banned the transaction of cryptocurrencies in the country because it really affects the economy in one way or the other.

 

[Setfragil]

Most countries sees cryptocurrency as an easy means to carryout fraudulent activities. Some banned it to protects the money deposited in banks and other financial institutions for been used to invest in cryptocurrency as some had already used it to invest hugely in bitcoin.

 

[Chibson]

The primary reason cryptocurrency was banned in my country is because the government said that it was affecting the economy and the country's currency.