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

[Stnicholaz]

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 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.

 

[ahmedo24]

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.

They are Fiat currency cannot be over shadow the only thing that there will be a reduction in the pressure on the Fiat currency because people might be holding their phones more in cryptocurrency because of the volatility nature.

 

[greenie]

There are many reasons that could be the cause why many countries of the world are yet to accept cryptocurrency as a medium of payment and these are namely financial crime, no major regulatory body amongst others.

 

[Dagm1]

Many countries have their own reasons for believing cryptocurrencies to be an unlawful means of transaction; some argue that cryptocurrency is a digital money, and that a digital currency is a threat to their economy because everyone wants to transact.

 

[Chibson]

It will be very hard before some countries adopt cryptocurrency as a legal tender because it cannot be controlled centrally. every country like to be in charge of their finances and control their system but cryptocurrency does not guarantee that because it is decentralized.

 

[HayKay]

Asides the issue of money laundering which is very possible as rightly stated, the instability or volatility if put correctly makes the crypto space something of a risk especially without the presence of a governing organization.

 

[Shigobad2020]

Mostly all the countries that are yet to adopt crypto currency as a mean of payment and transaction have their reason and its because crypto currency is easier to do money laundry .

 

[Bigron]

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?.

Although I cannot confirm the authenticity of these reports, there have been allegations that crypto and NFTs have been used as fronts in money laundering. Moreover, the governments of this world like to implement things that they can control and with crypto this is not the case, hence the reluctance to adopt it

 

[Laurentta]

Well, i really don't know the reason why most countries are yet to accept crypto currency transactions. My countrh is among the list of other countries that haven't accepted crypto, they even place a ban on it which means that they are less likely to accept it even in the nearest future.

 

[Good-Person]

It will be very hard before some countries adopt cryptocurrency as a legal tender because it cannot be controlled centrally. every country like to be in charge of their finances and control their system but cryptocurrency does not guarantee that because it is decentralized.

Many countries believe that cryptocurrencies are only used for illegal things and this is a totally ridiculous assumption because there are so many people who are using cryptocurrencies for beneficial purpose as well.

 

[Chibson]

Many countries believe that cryptocurrencies are only used for illegal things and this is a totally ridiculous assumption because there are so many people who are using cryptocurrencies for beneficial purpose as well.

That is probably the truth. A lot of people have not been able to understand properly how cryptocurrency works and how it can be of a great use in the future. That is why so many people are afraid of it.