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

  • Thread starter Thread starter ahmedo24
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When it initially came out people laughed at the idea of crypto currencies. It didn't make sense how something brought by an unknown man can be revolutionary. The government failed to look closely and today it is above their control.
 
Most countries that are yet to recognise cryptocurrency are mostly developing and poor nations that see it as a threat. This is because of their lean governing structures and lean inefficient financial institutions.
 
Possible reason why some countries are yet to adopt crypto currency legally. That's a very interesting question. Well for me I think why some countries haven't legalize crypto currency is because some countries thinks that it is a scam and don't want there citizens to be scammed. But in the next few years it will be legalize.
 
The reason for them to adopt because crypto currencies combine important properties to foster trust, such as accountability and transparency, which allows trust free interactions between counterparties and Bitcoin can be used to provide low-cost money transfers, particularly for those seeking to transfer small amounts of money internationally, such as remittance payments.
 
ahmedo24 said:
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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As for my coutry, the reason given is due to the untraceable nature of cryptocurrency transactions which could lead to possible loss of funds and encouragement of scam and fraud.
 
Akinwale701 said:
As for my coutry, the reason given is due to the untraceable nature of cryptocurrency transactions which could lead to possible loss of funds and encouragement of scam and fraud.
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To an extent technology has made it possible for funds to be traceable when there is need for it , I am very sure soonest the Crypto currency transactions will even be reversible in certain conditions.
 
ahmedo24 said:
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?.
Click to expand...
I think the reason why some countries are yet to accept cryptocurrency as a means of exchange is, due to the devaluation of their local currency, it will affect the nation.
 
Abbeyola said:
I think the reason why some countries are yet to accept cryptocurrency as a means of exchange is, due to the devaluation of their local currency, it will affect the nation.
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I am of the opinion that in countries where there Currency is devalued as a result.of dependency on forex and importation the use of cryptocurrencies will safe them more.
 
That's because bitcoin for them is something like an elephant for 6 blind men from a fable. IN the fable, the blind men touch different parts of the elephant and try to explain what elephant it.
 
One of the major reasons why some countries refuse to accept crypto currency in the world today is because they don't understand how the system works and they think the crypto currency I used only for fraudulent or sharp practices. So with time they will accept it.
 
There are many reasons why some governments of the world are or might be refusing to adopt the use of cryptocurrency in it mainstream economy. They are afraid of what they cannot controll
 
I think many countries are shying away from adopting cryptocurrency because of the fear of not being able to have control over it. Cryptocurrency is independent on it's own and no government would want to allow that.
 
The reasons why most countries has refused to accept cryptocurrencies as legal means of payments is because of it volatility in nature of cryptocurrency. Some countries claimed the anonymity of holders of cryptocurrencies increases crime rate in their countries.
 
Concerning possible reasons why some countries are yet to adopt crypto currency legally. Well, I believe some developed countries are finding it hard to accept crypto currency legally because they do not have the power to regulate the currency since it is a digital currency, though some might have other reasons like money laundering that was mentioned initially
 
Damscooguns73 said:
Concerning possible reasons why some countries are yet to adopt crypto currency legally. Well, I believe some developed countries are finding it hard to accept crypto currency legally because they do not have the power to regulate the currency since it is a digital currency, though some might have other reasons like money laundering that was mentioned initially
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There are two valid reasons that you state in your publication, the government does not have the power to regulate it and money laundering can occur. These are the cases that my country explains for it. They have created a cryptocurrency called Petro, but so far it has not had positive results.
 
ahmedo24 said:
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?.
Click to expand...
Yes I have also believed money laundering is a big reason some countries have not accepted crypto currency legally. Also I think the fact that they cannot control the flow of the coins I think is another reason.
 
I think the reason might be that some countries are thinking that crypto currency would affect their economy and they keep stopping the operation
 
Cash% said:
I think the reason might be that some countries are thinking that crypto currency would affect their economy and they keep stopping the operation
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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.
 
ahmedo24 said:
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?.
Click to expand...
To me I think most countries that did not accept crypto currency were afraid of the name been tag on this currency I guess. Because some people says is used for crime payment which is not true if they ask me tho.
 
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.
 
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