Is cryptocurrency having negative effect on the nation's economy

[Nomad]

If planned well, and if you have patient, you can earn really well from crypto currency. If you earn well, you are also contributing to your country's national economy because you promote economic activities.

 

[eLdavis]

One major negative effect or should I say disadvantage of crypto currency that has made most countries place a ban on it is the fact that it is being used in most cases for illegal activities mainly because of it's nature that it cannot be traced.

 

[tyrim88]

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.

One of the things that any government is afraid of doing is to relinguish its control and regulating functions,and that is what cryptocurency acceptance would do to any country,though decentralise,money would be moving directly without govt having anything to regulate and control and that would be bad for the economy.

 

[Kubiat-Abasi]

Cryptocurrencies is not having any negative impact on the economy. The fact is that, the government want it to be centralised so they could get the access to do and undo.

 

[Dagm1]

Cryptocurrencies have the potential to help people all across the world, notably in poor nations, thrive socially and economically by providing easy access to capital and financial services.

 

[Lens]

The negative effect of cryptocurrency to the economy is it's decentralisation. It cannot be traced and that's I'd why it is a means to fund insurgency, terrorism and it could be use for money laundering. These are few of the negative effects cryptocurrency has on the economy.

 

[HayKay]

I wouldn't conclude that it's having negative effects on any nation's economy especially that of developing countries. I'll say that it has helped a greater majority in ensuring that everyone is able to make or build wealth.
So, the advantages and benefits far outweigh the disadvantages of any nation's economy

 

[Trexxxy]

I think crypto has its positives and negatives, to be honest. Instead of an outright ban, I think the best is to regulate and tap into the market. All the countries that had crypto banned haven't seen much difference in their currency value.

 

[Good-Person]

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.

I do not know why people believe that cryptocurrencies can have a negative effect on a country's economy. I believe that it has actually improved economy a lot because many unemployed people have made a lots of money through cryptocurrencies.

 

[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.

I dont believe theres any negative influence and effect that the use of crypto currency is having in the country , infact crypto currency has been the source of having positive effect.

 

[Keibah]

I think the reason a country bans cryptocurrency is that they feel it is here to take over fiat. When people prefer to transact and save their money and assets in crypto, it takes away some power from fiat. However, the lack of understanding is that crypto and fiat can exist together and enable the economy if world governments can incorporate it into the system.

 

[Sotherefore]

That is what's an economist and some countries are trying to say that cryptocurrency is the reason why the economy of their country is not improving because more people are saving their money in cryptocurrency.. I don't really know if saving of money in cryptocurrency can have effects on the economy of a country.

 

[Kaffyfolla]

I don't think Cryptocurrency bring any form of negativity to the economy of a nation rather it contributed to the development of a nation because it reduces the rate of an unemployed people and the crime rate in the country

 

[Blessedsam60]

Well maybe true. Most nations complain that crytocurrency is really devaluating their local currency. For example here in Nigeria, the central bank cried out that all crytocurrency trading and market should be close either offline or online.

 

[Skysaint]

I too don't seem to understand how it do have a bad and negative effect on a nation's economy. But most countries do claim that it devaluates their local currency and some others claiming it's used or enhances illegal transaction

 

[Syldan]

Well, cryptocurrency may have a negative impact on the nations economy either to low the rate of income based on tax for international transactions or the value of its currency falls. depending on how the nation administration has perceived it.

 

[Nomad]

If the country, impose taxes on crypto exchanges than crypto will certainly have a positive effect in the national economy because a lot of people are investing and trading crypto.

 

[Adecyptii]

Considering the fact that cryptocurrency has been ban here in my country,but I sint think it has any negative effect on the economy of country.

 

[greenie]

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.

 

[Good-Person]

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.

I must say that cryptocurrencies are having a great positive impact on the world economy because it could help bring foreign exchange, as I have been mentioning to people. Any kind of country that bans cryptocurrency harms no one, but its own people and economy.