Possible reasons why some countries are yet to adopt Crypto currency legally

[Royalty]

I feel reason one some countries aren't really into the cryptocurrencies is because of the volatility nature of it.
To date, countries that have issued their own cryptocurrencies include Ecuador, China, Senegal, Singapore, Tunisia, though these countries will not be standing alone for long with Estonia, Japan, Palestine, Russia and Sweden looking to launch their own national cryptocurrencies.

 

[Alexandoy]

I don't fully understand what you mean by the word adopt for a country to adopt crypto currency. Does that mean the legalization of the crypto currency as a form of money? Is there a country that is using the crypto currency as a legal currency? It makes me wonder why I have been reading that kind of topic from time to time in other forums. I admit that the crypto currency is getting worldwide recognition but that is not a reason to make it a legal currency. There are many factors that make a currency legal tender.

 

[Adebayonle7]

I think one of the reasons will be that such countries have not been able to really study out and understand crypto currencies in their full form. Another reason I suspect will be because maybe many of their citizens aren't well accustomed to things like this and haven't really shown much interest to move the government. This may be caused by fear instilled in people. And the government might possibly be trying to protect their people.

 

[Philip Omotayo]

Reason being that, some of these countries are not technology driven. Most developing and underdeveloping nations are yet to be technologically inclined. So that makes them not to involve in cryptocurrency. Secondly, fear of fraud as the money is not physical. Furthermore, lack of proper orientation makes some nations not to involve in cryptocurrency.

 

[mcjerry]

They can not juSt accept crypto currency like that. They need to study crypto currency first before accepting. Even if the president is in support, it will still need the office that is involve in that area to study the coins first before accepting it

 

[Adetayo100]

Ukraine, Russia, China, South Africa, Nigeria, Kenya, and the U.S. are among the top-ranking countries by crypto currency adoption, according to the 2020 Global Crypto Adoption Index compiled by blockchain data. Other Countries doesn't recognize crypto yet.

 

[Ridorz]

I think the reason that crypto currency has not accepted yet by some countries and seeing it as a illegal currency is that it can be easily trace by government and the crypto can easily use to be loundry money. But I believe that all the in the world will later accept it.

 

[Akinwale701]

Currently there are about 195 countries in the world, the percentage number of countries that has accepted the use of Crypto currencies legally is very small. Sometimes I wonder why most of these countries are yet to adopt Crypto currencies.
I thought of money laundering as a possible a reason since Crypto currency transactions are anonymous in nature which may make it difficult for government to trace people in money laundering. What do you think?.

The only plausible reason is to curb financial fraud. A lot of persons commit fraud and use the proceeds to buy bitcoin and save it, knowing fully well that the BlockChain network of Cryptocurrency cannot allow government to be able to trace them and fish them out. I think this is one great and important reasons why some countries have not adopted bitcoin legally and the reason is very plausible, to be honest.
[automerge]1612377159[/automerge]

Currently there are about 195 countries in the world, the percentage number of countries that has accepted the use of Crypto currencies legally is very small. Sometimes I wonder why most of these countries are yet to adopt Crypto currencies.
I thought of money laundering as a possible a reason since Crypto currency transactions are anonymous in nature which may make it difficult for government to trace people in money laundering. What do you think?.

The only plausible reason is to curb financial fraud. A lot of persons commit fraud and use the proceeds to buy bitcoin and save it, knowing fully well that the BlockChain network of Cryptocurrency cannot allow government to be able to trace them and fish them out. I think this is one great and important reasons why some countries have not adopted bitcoin legally and the reason is very plausible, to be honest.
[automerge]1612377159[/automerge]

Currently there are about 195 countries in the world, the percentage number of countries that has accepted the use of Crypto currencies legally is very small. Sometimes I wonder why most of these countries are yet to adopt Crypto currencies.
I thought of money laundering as a possible a reason since Crypto currency transactions are anonymous in nature which may make it difficult for government to trace people in money laundering. What do you think?.

The only plausible reason is to curb financial fraud. A lot of persons commit fraud and use the proceeds to buy bitcoin and save it, knowing fully well that the BlockChain network of Cryptocurrency cannot allow government to be able to trace them and fish them out. I think this is one great and important reasons why some countries have not adopted bitcoin legally and the reason is very plausible, to be honest.

 

[jimmann247]

Some countries have not started accepting cryptocurrency because they feel money laundering can be easily done through cryptocurrency, Other countries also feel that cryptocurrency is a scam program. Some other countries believe since they don't have control over the currency, they cannot have adopt it because they have no control over it.

 

[Ebensco]

There are many reasons that could be the cause why many countries of the worldare yet to accept cryptocurrency as a medium of payment and these are namely financial crime, no major regulatory body amongst others.

 

[Greatguy1]

Currently there are about 195 countries in the world, the percentage number of countries that has accepted the use of Crypto currencies legally is very small. Sometimes I wonder why most of these countries are yet to adopt Crypto currencies.
I thought of money laundering as a possible a reason since Crypto currency transactions are anonymous in nature which may make it difficult for government to trace people in money laundering. What do you think?.

I'll only touch on insecurity. When you cannot trace the source of funds that comes into the country it is easier to plan against any sitting government and nobody will accept that. One of the chief reasons, cryptocurrencies is not accepted especially in Africa is because it can easily topple any sitting government.

 

[Xerryl]

A lot of countries has their own reason for considering cryptocurrency as an illegal mode of transaction,some of them do believe that cryptocurrency is a digital currency and a digital currency is a threat to their economy since everyone will always like to do the transaction

 

[springtech]

Currently there are about 195 countries in the world, the percentage number of countries that has accepted the use of Crypto currencies legally is very small. Sometimes I wonder why most of these countries are yet to adopt Crypto currencies.
I thought of money laundering as a possible a reason since Crypto currency transactions are anonymous in nature which may make it difficult for government to trace people in money laundering. What do you think?.

With regards to money laundering issue, yes you are absolutely right no doubt but i tell you there is more to it. Making a case against the adoption of bitcoin and other crypto using money laundering as an excuse is just on the surface There is more to it.

The government is out to fight a war. They want the status quo to remain the same. They do not want the gap between the rich and the poor to be bridged. They know too well the revolution that bitcoin and cryptocurrency generally can cause.

The government does not want you to break out from the shackles of poverty. Since they use the central bank, security exchange commission and other givers tools to fight the battle to their teeth.

 

[LaylaG]

Me I do not actually see the need for a country not to adopt cryptocurrency as a legal month of transaction.a lot of people have adapted to cryptocurrency in some online sites that pays members to perform task and this is moving everyone forward, I didn't just sit in it why they don't accept cryptocurrency

 

[Oyeleye42]

Crypto-Currencies are considered outlaws in some of the countries as the Government and the financial institutions are not able to control or regulate it. So, it scares them. # Crypto-Currency Market attracts Criminals and people interested in tax evasion and money laundering. Ukraine, Russia, China, South Africa, Nigeria, Kenya, and the U.S. are among the top-ranking countries by cryptocurrency adoption, according to the 2020 Global Crypto Adoption Index compiled by blockchain data analytics firm Chainalysis.

 

[Michaellee]

Most country have failed to evolve. This era is a digital era so should try and leave the old ways of currency and capitalise on the new ways. With no dought cryptocurrency is the future. So it better we invest now.
[automerge]1612378750[/automerge]
Most country have failed to evolve. This era is a digital era so should try and leave the old ways of currency and capitalise on the new ways. With no dought cryptocurrency is the future. So it better we invest now.

 

[Thosynho]

Currently there are about 195 countries in the world, the percentage number of countries that has accepted the use of Crypto currencies legally is very small. Sometimes I wonder why most of these countries are yet to adopt Crypto currencies.
I thought of money laundering as a possible a reason since Crypto currency transactions are anonymous in nature which may make it difficult for government to trace people in money laundering. What do you think?.

Money laundering could possibly be one of the reasons for some of the countries not accepting the legalization of crypto currencies. Even without legalizing the use crypto currencies in those countries the smart ones still launder money across country or continent.

 

[btaliat]

There may be many reasons why many countries have not adopted cryptocurrencies. Among are secrecy involve in its transaction. It may be difficult to trace any error on transactions. Also, government won't legalize it because it doesn't benefit them. They can tax the users

 

[Hasan Raza]

The reasons that these nations are giving for not tolerating digital currencies are simply unstable reasons. It is safe to say that they are saying that their fiat cash are not being utilized for cash clothing or would they say they are saying that the Fiat money are not being utilized for criminal exchanges? These are all trump up charges against digital currency due to it decentralization

 

[Tariq Shehzad]

There are many reasons that could be the cause why many countries of the world are yet to accept cryptocurrency as a medium of payment and these are namely financial crime, no major regulatory body amongst others.