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

[Cash%]

What is the fear of many countries especially those ones with fragile economy so is there any slight drop in the price of cryptocurrencies may crash the system or economy.

But they should think of the positive fact because crypto currency have proven to have more advantage than disadvantage for me , i still believe that crypto currency would continue to soar higher

 

[Grant]

Main reason why is because the governments can't control cryptocurrency. That's why some countries are blocking cryptocurrency. If anything, countries should try to start their own cryptocurrency, as they would then have control. But of course, no one wants to see that happen. I surly don't.

 

[Ayokex]

All currencies are used for any illegal deals so not only cryptocurrencies this was just initial ways to discourage people from using cryptocurrency the coin has come to stay and it is better countries begins to accept it and regulate it.

Some of the reasons is that, since cryptocurrency is an independent technology that cannot be control by any government, they see it as a threat to national security.

 

[Cash%]

Some of the reasons is that, since cryptocurrency is an independent technology that cannot be control by any government, they see it as a threat to national security.

Not a threat to the national security but they see it as a threat to the national revenue ,because the effect of it would be shownas people would no longer want to save in the bank and it will affect bank revenue

 

[BrolySSJ]

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 main concern in the fact that it cannot be tracked and i think that many governments are weary about this fact. Also the fact that it may take away from their fiat currency and cause a reduction in their economy may be on their mind as well.

 

[ahmedo24]

Not a threat to the national security but they see it as a threat to the national revenue ,because the effect of it would be shownas people would no longer want to save in the bank and it will affect bank revenue

I quite agree with you though regardless people will still save in the banks but not for long time and in countries where Inflation is very high their banks will liquated.

 

[Senator]

There is power in determining the financial direction of a countries financial system. Some countries feel if they allow the cryptocurrency to become legal, they might not be able to balance the countries economic scale properly

 

[BTCBEE]

There is power in determining the financial direction of a countries financial system. Some countries feel if they allow the cryptocurrency to become legal, they might not be able to balance the countries economic scale properly

well said and another reason is if a country allows these cryptocurrencies as legal currency then there will be a lot of illegal or black money would be exchange with these crypto currencies so they are not allowing.

 

[Shigobad2020]

Some countries are yet to adopt the use of crypto currency because of embezzlement , if crypto currency were to be legalized , some people wont be able to loot money anymore.

 

[Bigabigs]

Some countries are manned by some actually I'll willed type of leaders that so not want their citizens to be actually financially empowered. Because that is what cryptocurrencies will enable the citizens to get, empowerment. And this will pose a challenge to the powers that be

 

[nimzy]

To me the adoption of any means of money exchange depends on the rationale understanding of the 90% of it populace to be able to go with the new development but for those that have less knowledge about it most wait for a while before engaging.

 

[Sariana23]

Main reason why is because the governments can't control cryptocurrency. That's why some countries are blocking cryptocurrency. If anything, countries should try to start their own cryptocurrency, as they would then have control. But of course, no one wants to see that happen. I surly don't.

As you well describe, governments cannot control the cryptocurrency, in my country they created a crypto "Petro" which until today has not given any major results. Since the government owes a large amount of money to companies that agreed to trade with the Petro.

 

[Cash%]

I quite agree with you though regardless people will still save in the banks but not for long time and in countries where Inflation is very high their banks will liquated.

People are getting wise now to avoid super high inflation they prefer to keep their money in their crypto wallet and also to gain a lot of money in that situation

 

[Heatman]

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?.

Personally, I don't really think that they have any good reason why they do not accept the use of cryptocurrencies. It's just the government not being open to change.

 

[ahmedo24]

Personally, I don't really think that they have any good reason why they do not accept the use of cryptocurrencies. It's just the government not being open to change.

No doubt less developed countries we take the time to formally legalize the use of cryptocurrencies because of the volatile nature and the decentralized nature of the coins.

 

[Nomad]

Recently, China banned crypto currencies. China said the crypto is volatile therefore needs to be banned. But the truth is it was banned because China has its own crypto

 

[BTCBEE]

Recently, China banned crypto currencies. China said the crypto is volatile therefore needs to be banned. But the truth is it was banned because China has its own crypto

yes, its true i read this news in a crypto site. china always does that against the interest of the world because China wants only its won profit. nowadays every country is with covid problem.

 

[Senator]

Some countries are yet to adopt the use of crypto currency because of embezzlement , if crypto currency were to be legalized , some people wont be able to loot money anymore.

I think that is another good point. Because if it is now legalized, all it will take to trace proof of funds moving around is the transaction harsh code which cannot lie.

 

[ahmedo24]

The possession of Crypto currencies or certain coins like bitcoin are being held by few individuals is another factor because if countries had hold bitcoin the Current surge would have crash the economy of many countries.

 

[Richard92]

Most of the reasons why some countries see cryptocurrency as illegal and I get to accept it in your country is because the cryptocurrency market is sometimes liking to gambling because it's all about predicting before investing.