Is cryptocurrency having negative effect on the nation's economy

[Setho]

I do not think that crypto in itself is making any negative cause it might just be the rising uncertainty behind the project that has made many countries ban it.

 

[gammarays]

Crypto has a positive influence in a country's economy. It facilitates easy transfer of funds and increase the spending power of citizens. It has reduced unemployment to a great extent. However, it fights against the traditional banking system and is not regulated.

 

[Thinker009]

It's never having a negative effect but a positive effect because the development of cryptocurrency have really made a lot of development and progress take place too,since it have provide revenue for the government most especially interms of mining

 

[Nurudeen]

The only negative effect of crypto currency exchange Business now is that it Is not regulated and as such it can be used to fund terrorism just like what some government are saying

 

[Alexandoy]

Crypto currency is a commodity and not a currency or money. A commodity like gold, silver, leather and other non-perishable items can be collected and saved. Now, what do you think is the effect of a commodity in the nation's economy? If there is no more leather then we cannot make shoes. If there is no more crypto coin then it is just fine because crypto is not an ingredient of a tangible item.

 

[Yusuf]

Different country are banning crypto currency exchange Business in their country due to different reasons. I think one of them is because of the fact that the business isn't registered and regulated

 

[Senator]

In a way the cryptocurrency can affect a countries fiat currencies in many ways actually. This can cause the country's currency to inflate at higher prices to the dollar sometimes

 

[jeff87]

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.

I really don't know the real reason why they are banning cryptocurrency.

It could be because they will no longer have profit. For example the bank that they used to deposit, they no longer have the control.

 

[Josemendez]

Unregulated cryptocurrency activities in any country will affect the country's financial system because it will give rooms to fraudulent activities and tax evasion

 

[Mayox25]

It affects the government because they cannot track the movement and flow of it. Which can lead to money laundering and other means of using it for various illegality.

 

[jeff87]

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.

It's so very sad that the government in your country is banning cryptocurrency.

El Salvador is one country who accepted Bitcoin or cryptocurrency.

 

[Justin]

I do not see crypto currency having a negative effect in the national economy, actually I see crypto currency giving a boost to the national economy because now everyone can build wealth.

 

[Shigobad2020]

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.

The real reason why some government's are putting a ban on the use of crypto currency coin I that they beleieve its affecting their normal country's currency and its affecting the economy in the process.

 

[Kelly5]

It might have some effect because people use the country's fiat currencies to make this trades go life. So long as the fiat currencies are involved in the trading prices at some point, it might

 

[Josemendez]

It might have some effect because people use the country's fiat currencies to make this trades go life. So long as the fiat currencies are involved in the trading prices at some point, it might

Well said. Using Fiat currency for cryptocurrency trading can affect the cryptocurrency world. This is the main issue with cryptocurrency and Fiat conversion

 

[delnovem]

The stock market has not changed much with cryptocurrency, as it is too small of a market to drastically change such a large system of the stock market. ... More generally speaking, it can be said that cryptocurrency has had a great impact on the economy, and it could continue to do so with continued growth.

 

[Jsoliu004]

Crypto currencies have widely been considered as an instrument to support the growth the economic conditions in these countries united Nations,

 

[Niftyyem]

Instead of negative effects, Cryptocurrencies could actually help the economy of a nation. Cryptos are getting widely adopted now and I think that beyond some governments' misgivings,many others are already keying into it.

 

[Rhapsody]

Crypto currency has no negative effect on a country economic. Because it is not used as a main currency to trade in the country. To buy and sell in any country, it is done in exchange to the country currency

 

[Ruth]

No it doesn't have negative effects. There just need to be a balance between cryptocurrencies and normal currencies when it comes to making payments. I see cryptocurrencies as an advancement and countries banning it are not yet ready to adapt.