I think it was some countries are afraid cryptocurrency will overshadow or make their fiat currencies less relevant. Also the sole reason that they cannot regulate or trace the transaction another major reason.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?.