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

[Eodine]

Yeah , it is more reason why I feel there should be a collective effort of the United Nations to discuss the way forward for Crypto currencies because they have come to stay, a sector with over $1 trillion is not a joke.

I don't think this same United Nations want to meet over making crypto currency a legal means of payment because they have their own shares in the world bank and the local banks which they are well aware of that Bitcoin would bring the banking system down if it were legalized

 

[Setfragil]

The reasons some countries are yet to adopt cryptocurrency maybe due to the high level of crimese going on in their countries such as kidnapping, drug peddling, terrorism, child trafficking cyber crimes and internet fraud. They fear cryptocurrencies might be used or has been used to fund these organised crimes since many people now adopt the use of cryptocurrencies as most preferred means of payments due to its annonimity the sender and the receiver of cryptocurrencies enjoyed.

 

[Profuk57]

I think most countries are frayed of the volatility of Bitcoin and other forms of cryptocurrency and because bitcoin and other forms of cryptocurrency are not regulated it can easily be used to launder money or buy weapons without any form of trace found.

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 most countries are frayed of the volatility of Bitcoin and other forms of cryptocurrency and because bitcoin and other forms of cryptocurrency are not regulated it can easily be used to launder money or buy weapons without any form of trace found.

 

[ahmedo24]

I think most countries are frayed of the volatility of Bitcoin and other forms of cryptocurrency and because bitcoin and other forms of cryptocurrency are not regulated it can easily be used to launder money or buy weapons without any form of trace found.

I think most countries are frayed of the volatility of Bitcoin and other forms of cryptocurrency and because bitcoin and other forms of cryptocurrency are not regulated it can easily be used to launder money or buy weapons without any form of trace found.

Is it not better that it should be regulated than be ban when there are alternatives that people can use to trade it and eventually convert it to their local currency. It is funndamentally correct that it is volatile but annoymity be crackable.

 

[Victor001]

If you check you will see its mostly underdeveloped countries or developed countries with backdated government. They fill the inability to control the flow of crypto will give citizens level of power to override their control.

 

[Youngdee]

Cryptocurrency has not been accepted nation wide because the government are scared the coins might crash any time since the increase and decrease is always influenced by backend engineers. Also most countries haven’t employed it into their system because there is no policy guiding the transactions done on the platform and this really can expose the platform to high risk of scam.

 

[Seun4luv]

The problem with crypto currency is that they do not have a regulation system. In fact, crypto tokens are not made to regulate. This is why it is usually difficult for the governments or country to legalize these currencies.

 

[Asad Ali]

I have always been curious about this issue as to why so many countries didn't legally accept bitcoin. But I think they had some faults illegally with the use of bitcoin as an exchange tool in a region. For example, if sent to the wrong wallet, you can't retrieve your bitcoin. This error may also be made by educated people to speak about the country where literary rates are poor. Think of the missing that will include most of the citizen. We have a long way to go before the developers get it right

 

[ahmedo24]

I have always been curious about this issue as to why so many countries didn't legally accept bitcoin. But I think they had some faults illegally with the use of bitcoin as an exchange tool in a region. For example, if sent to the wrong wallet, you can't retrieve your bitcoin. This error may also be made by educated people to speak about the country where literary rates are poor. Think of the missing that will include most of the citizen. We have a long way to go before the developers get it right

This is a valid point , the blockchain technology need to be improved on so that transactions can retrack or double check because this could cause a lot of people to loose their coins easily .

 

[Setho]

Since the creation of digital currencies, some countries like mine were quick to distant themselves away from them so here banks do not involve anything in crypto and this has even worsen with their mates restriction. Cryptos are things that are very hard to trace their transactions or even impossible. They are also decentralized so it means they can't be traced and controlled.

 

[Samuel77]

according to my own point of view, the possible reasons why some other country has not accept cryptocurrency legally it's because some other country believe crypto currency to be scam why other country scared of cryptocurrency they wants to be sure before accepting it legally

 

[Bookwormlux]

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?.

It would not be wise for countries to adopt crypto currencies as means of Payment. I would rather have them leave it for prospective traders to use it at their own risks. If they adopt it, it would be difficult to regulate and for there to be free flow of transactions.

 

[ahmedo24]

It would not be wise for countries to adopt crypto currencies as means of Payment. I would rather have them leave it for prospective traders to use it at their own risks. If they adopt it, it would be difficult to regulate and for there to be free flow of transactions.

That's a good thought, at least people that might be trading it will be fully aware that there is risk involved in trading the coin but the government should regulate it to avoid crime and also let Crypto-fiat Exchange be available.

 

[Bookwormlux]

In Nigeria, Firstly, in light of the fact that they are issued by unregulated and unlicensed entities, their use
in Nigeria goes against the key mandates of the CBN, as enshrined in the CBN Act (2007),
as the issuer of legal tender in Nigeria. In effect, the use of cryptocurrencies in Nigeria are a
direct contravention of existing law. It is also important to highlight that there is a critical
difference between a Central Bank issued Digital Currency and cryptocurrencies. As the
names imply, while Central Banks can issue Digital Currencies, cryptocurrencies are issued
by unknown and unregulated entities.
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In Nigeria, Firstly, in light of the fact that they are issued by unregulated and unlicensed entities, their use
in Nigeria goes against the key mandates of the CBN, as enshrined in the CBN Act (2007),
as the issuer of legal tender in Nigeria. In effect, the use of cryptocurrencies in Nigeria are a
direct contravention of existing law. It is also important to highlight that there is a critical
difference between a Central Bank issued Digital Currency and cryptocurrencies. As the
names imply, while Central Banks can issue Digital Currencies, cryptocurrencies are issued
by unknown and unregulated entities.

Their reasons are not good enough to have warrant then banning crypto currencies generally. They should just come up with measures that would help them trace criminals, what they did Is compounding an existing problem instead of bringing solutions.

 

[Chumzy]

What ever you can't control will often time go Againt you more than to you. That is the natural spheres of life and it is seen in betting and casino games. Government can't control cyrtpo currencies and it rubs them off charges and fees.

 

[Sunnytee]

The reason why that some country are yet to adopt crypto currency as there miss of exchange is that some of them don't notice that it can be of help to bust there economy and even be a kind of employment opportunity to the unemployment people so it's adviceable for them to adopt it

 

[sadia]

In this article, we’ll try to answer that question. We’ll also point you in the direction of several successful Bitcoin investors who can provide guidance on how to successfully navigate a bull market.

 

[Kelvin7656]

Even though many of im pipo dey trade in Cryptocurrency, African kontries never show di kain support wey many expect, although some don dey take small-small step to accept am.
Bitcoin, Dogecoin, Ethereum - dis na some of di popular cryptocurrency wey Africans don dey trade in and di fact say many kontries never recognize am as legal money no stop di growth.
One report by sabi company Baker Mckenzie say Nigeria na number three in di world for countries wey dey trade in Bitcoins (wey be di most popular type of cryptocurrency).

 

[Natedini]

Governments and the financial institutions are not able to control or regulate it. That's why Bitcoin and other Crypto-Currencies are considered outlaws in some of these countries. They believe Crypto-Currency Market attracts Criminals and people interested in tax evasion and money laundering.

 

[Sidradoll]

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?.

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