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

[Lyrrex]

I also can't help but wonder about the reluctance of various countries to legally adopting the use of cryptocurrencies even if they have to bring in some regulations and policies that would put the activities of those frauds in check. Nevertheless, I would like to see which directions will be taken with the pandemic in the picture.

 

[Eodine]

Government feel that crypto currency is a threat to their Fiat money because of the smart contracts that is built on the currency now and because the government cannot control the rise and fall

 

[Chumzy]

Fiat money is owned and printed by the government of a country. That means they have total and absolute control of what happens to it. Crypto poses a threat to that power and control which they have and so it is only normal they resist it.

 

[Tinaconcept]

Every country has their own method of controlling their economy and if banning cryptocurrency is one of the way of controlling their economy then that's their own reason for doing so but I still think its a matter of time when cryptocurrency will be generally accepted.

 

[Nathaniel]

When Bitcoin launched in 2009, it did so as an alternative to traditional, government-backed currencies. For many, Bitcoin and the promise of blockchain came to represent the overthrow of traditional institutions. In the early days, this anti-establishment ethos drove much of Bitcoin’s adoption. So, it’s ironic now that national governments are using the same technology to issue their own cryptocurrencies.

 

[ahmedo24]

Every country has their own method of controlling their economy and if banning cryptocurrency is one of the way of controlling their economy then that's their own reason for doing so but I still think its a matter of time when cryptocurrency will be generally accepted.

You have a point but the fact is that most of the banning doesn't work because Crypto currencies are done online and they find it difficult to monitor such acitivites ,the only thing that Crypto currency exchange platforms won't operate in that country.

 

[Josemendez]

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 think I quite agree with you on this . Cryptocurrency can offer an avenue for money laundering . Also tax invasion is possible through cryptocurrency usage . These are basically the major reason why cryptocurrency won't be easily accepted in some countries

 

[joy101]

So many countries are over protective, they know how online businesses are especially crypto. They wouldn't want to expose her citizens to prey. So many people has lost their money via cryptocurrency and some countries wouldn't want that to happen to her citizens.

 

[unhappy triad]

Cryptocurrencies are troublesome because they do not have a control structure. In truth, it is not possible to monitor crypto tokens. That is why governments (or countries) generally find it difficult to legalize these currencies
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Cryptocurrencies are troublesome because they do not have a control structure. In truth, it is not possible to monitor crypto tokens. That is why governments (or countries) generally find it difficult to legalize these currencies

 

[Sunnytee]

Cryptocurrencies are not legal tender in some country, and while exchanges are legal, the government has made it very difficult for them to operate. For too long, concerns with respect to money laundering and terror financing have dominated the discussions surrounding cryptocurrency transactions.

 

[Nurudeen]

Yes the major reason why some countries among the world at yet to adopt crypto currency exchange Business is that most of the times government officials use this means of exchange to launder money out of the government purse and they know that this kind of transaction isn't traceable

 

[ahmedo24]

I think I quite agree with you on this . Cryptocurrency can offer an avenue for money laundering . Also tax invasion is possible through cryptocurrency usage . These are basically the major reason why cryptocurrency won't be easily accepted in some countries

The way US and few other countries are regulating their Crypto Currency acitivites I am very optimistic that they will.also be taxing the exchange platforms and they are not loosing out . The government need to find ways to safely adopt it .

 

[Rainlover207]

Cryptocurrencies are troublesome because they do not have a control structure. In truth, it is not possible to monitor crypto tokens. That is why governments (or countries) generally find it difficult to legalize these currencies

 

[ahmedo24]

Cryptocurrencies are troublesome because they do not have a control structure. In truth, it is not possible to monitor crypto tokens. That is why governments (or countries) generally find it difficult to legalize these currencies

They are not troublesome they are only volatile and require some one who is capable of taking the risk to invest in them. The government can easily regulate them but can't control them but by regulations they can also tax the exchangers.

 

[Denuola]

I think the reason some countries are yet to adopt crypto currency legally is because of the rise and fall of the crypto currency, I believe if the prices are constant a lot of countries will adopt it .

 

[Chris]

Bitcoin and other 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.

 

[Samuel77]

According to my own point of view,I believe some possible reason why some countries have not yet adopt crypt currency legally is because they don't really trust crypt currency, they believe it scam because. And they are scared

 

[Dowenship]

I believe they have no or limited knowledge on crypto currency. And dome countries reason is probably because of tribalism or religion. Either of the two stops some countries to accept crypto currency which at the long run they will accept

 

[Christopher]

Every country has there own rules and regulations guiding them. So county think is a part of curopting the state. An them thinks that it is a form of fraud stuff. That is why there are not I tended to improve them in there country so as to help them secure there self from anything

 

[GIFTMICHAEL]

You are very right it may be because of the nature of the digital currency. Some country are under developed and has no much understanding regarding cryptocurrency investment or the changing nature of this currency.