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

[Jlife]

I think one of the reason this thing may not likely to be possible is that in cryptocurrency transaction there is no way you can identify someone that you have just done transaction with unlike bank account in which the bank name and account number can be used for investigation.

 

[Fizzy_boi]

They are definitely lots of more reasons the countries will want to give you like my country for example the leaders don't usually wants the youth or people to ever gain the money power.

 

[Kingsley]

There are quite a number of countries that has allowed or permitted the use of crypto although they haven't made it as a general acceptable means of exchange. But they have given some level of consensus. The major challenge with some countries is that the crypto is yet to be regulated and they use of for financial fraud so easily .

 

[Senator]

The cryptocurrencies market cannot be like gambling where you predict before investing, otherwise, you're saying the foreign exchange market in is gambling as well, which I obviously not true also

 

[Sotherefore]

because they do not believe that cryptocurrency is the future digital currency of this world and they believe that maybe there is a way it can negatively affect the economy of their country and they're trying to stop it, this is why they are banning it.

 

[Ayokex]

I guess some world leaders/governments are seeing Cryptocurrency as a fraud money of something or they just couldn't make any sense out of it. Like how does it have any value when it's made with nothing and it's not a physical thing. But hopefully they open their minds in the near future.

I guess this might be as result of individual differences among the government bodies. Sometimes as a governmental body running the affairs of a nation, they might not believe in the cryptocurrency evolution but as individual they already know the truth. It might even be due to the fact that the government has not control over its affairs.

 

[Richard92]

I guess this might be as result of individual differences among the government bodies. Sometimes as a governmental body running the affairs of a nation, they might not believe in the cryptocurrency evolution but as individual they already know the truth. It might even be due to the fact that the government has not control over its affairs.

one reason why some countries are here to accept cryptocurrency as they are legal tender or normal transaction is because this secret currency as an easy way for people to get scam and also see it as illegal.

 

[Justin]

Crypto currencies are not adopted by my government, however, when the government banned crypto currencies, no plausible reasons where given, in fact no reasons where given

 

[eLdavis]

Some see crypto currency as a threat to their economy,as it affects the value of their flat currency. Some rejected it mainly because of its nature, therefore it has helped so many individual move illegal money within and outside the country

 

[Cash%]

Many of them sees the use of crypto currency as something that will affect their institutions negatively so they don't want to adopt the use of it I think

 

[Jlife]

The reason most of the country here do not accept cryptocurrency is because cryptocurrency is not yet legalized as the normal mode for transaction in our daily life,in this situation most of the country here believe that this is not likely to happen.

 

[Sotherefore]

Some countries are trying to prevent a lot of fraudstars using cryptocurrency for their dubious activities and maybe that is also the reason the Nigerian government banned direct withdrawal and deposit of money into cryptocurrency exchanges.

 

[Justin]

One possible reason is the countries are ruled by old people. If you don't believe me check the age of president or priminister in most countries. They are old people.

 

[Richard92]

One possible reason is the countries are ruled by old people. If you don't believe me check the age of president or priminister in most countries. They are old people.

The main reason why some countries are not yet to accept cryptocurrency legally is because the cryptocurrency market is decentralized and most countries do not understand the operation of the market.

 

[Ralphjoe]

those countries have their reason, their pretty logical reason, but i think it's just a matter of time till they unban cryptocurrency once again, because once it becomes a global thing, those countries won't resist unbanning it and joining the trend

From what I have gathered so far about most countries reason for not accepting cryptocurrency is that they do not trust davido currency do to it I volatile nature which kind of reduces it's value most times and makes the idea of using cryptocurrency as an exchange platform difficult.

Post automatically merged: Jun 24, 2021

Bitcoin can be used anonymously to conduct transactions between any account holders, anywhere and anytime across the globe, which makes it attractive to criminals and terror organizations. They may use Bitcoin to buy or sell illegal goods like drugs or weapons. Most countries have not clearly determined the legality of Bitcoin, preferring instead to take a wait-and-see approach. Some countries have indirectly assented to the legal use of Bitcoin by enacting some regulatory oversight. However, Bitcoin is never legally acceptable as a substitute for a country's legal tender.

It is a known fact that cryptocurrency are being used to trade anonymously without anyone being able to trace the transactions but going by the recent crime bust that the FBI did where by they were able to retrieve some bitcoins that some hackers got as kidnap ransom, we can now say that cryptocurrency is not as anonymous as we used to think that it is.

 

[Sotherefore]

I think the reason why some countries are yet to adopt crypto currency legally is because of the fall and rise of the crypto currency, I believe if the prices are constant many countries would have adopted it
But I believe with time many countries will adopt it.

To me I think that is not the reason,I believe most of the countries who do not accept cryptocurrency thinks that the cryptocurrency will bring down the economy of their country, that is just the only reason why some countries don't adopt it.

 

[Setfragil]

Many countries refused to adopt or accept the use of cryptocurrencies in their day to day dealings as a legal means of payments due to the volatility nature of cryptocurrencies.

 

[Emmado]

Most of the countries that are not adopting into currency do not see the uses of cryptocurrency because cryptocurrency generally do not add anything to the economy of a country, that is why some do not even bother to accept it.

 

[Aaron625]

Cryptocurrencies in some countries are used for illegal purposes like drugs and similar things which makes the government to ban crypto completely.

 

[Nomad]

Some countries, China for instance, have banned crypto currencies becuse they have either launched their own CBDC or trying to launch CBDC (Central Bank Digital Currency). Some countries have banned crypto currencies because they suspect that crypto currencies re being used for illegal activities.