What makes some countries to doubt cryptocurrency?

Ceeny007

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It is very natural for people in power to be afraid if something they can't control,some of then don't approve out of ignorance
 

Good-Person

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World governments think that it is really difficult to monitor cryptocurrencies and this makes it hard to monitor all the trasnactions made by general public. I think this is also one of the biggest reasons why they think that crypto are a good tool for tax evaders in many countries.
 

Stylex

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I think lack of having the knowledge also contributes, many people in my country don't believe that you can earn money online , many people not even the government doubt cryptocurrency.
 

Laurentta

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Well, i don't know the particular reason why some Countries doubt crypto currencies up till now. But as for my Country Nigeria, i feel it's because the government feels its not legal since the youths are making alot of money from it.
 

Seno inyang

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Some countries doubts crypto currency due to certain factors which includes;
Bitcoin presents three challenges to government authority; it cannot be regulated, it is used by criminals, and it can help citizens circumvent capital controls. Until the time that Bitcoin's ecosystem matures, it will continue to be viewed with distrust by established authorities.
 

Adecyptii

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I don't know why some countries still don't accept crpto in there country,something that was introduce for long,but it seems they consider it as scam,that it will bring the down Fall of there economy.
 

Immilash

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Concerning why some countries doubt cryotocurrency I think most of this countries Lacks good knowledge that what I've noticed why people doubt it.
 

Sotherefore

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A lot of countries have their own different reason why they do not accept cryptocurrency ,some of them believe it is a threaT to their economy and some of them believe that since cryptocurrency is highly encrypted in transaction that it is mostly used for illegal activities..
 

HayKay

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I don't think any country doubts the power of cryptocurrency. What I feel is that they don't want to leave the decentralization of currency in the hands of people; they all know about the potential of crypto so I don't think there's any doubt.
They just wouldn't be in charge anymore.
 
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Thinker009

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I think the reason for the doubt is that they believe crypto currency is not really promising and investors won't make future returns if they should invest wisely into it ,never know that Bitcoin have so many potential attached to it
 

Immilash

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I think the reason for the doubt is that they believe crypto currency is not really promising and investors won't make future returns if they should invest wisely into it ,never know that Bitcoin have so many potential attached to it
That's true, I also doubt cryptocurrency at first but that doubt is no more, if you know how to trade the crypto market then you can earn a decent amount of money by doing that.
 
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Dannyjax

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1. Scam
2. Fear of losing their currency value

Those are the two things that I believe which makes most country's government fight against cryptocurrency. If they are going to allow cryptocurrency, they would like to regulate it .
 

Potuse

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Most of the country knew the potentials in the Bitcoin adoption. The major thing is that they do not want a money that could not be controlled, that is why they cannot accept Bitcoin because it is decentralized. it lacks central authority.
 

Sotherefore

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So many internet fraudster are making use of cryptocurrency to carry out their dubious activities making it very difficult for government to trace and arrest these people. That is the reason most countries are thinking of banning cryptocurrency and they also believe that citizens are withdrawing money from economy and invest in cryptocurrency.
 

CryptoEarner999

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I really don't understand why some countries still doubt Cryptocurrency even when its been 12 years since it came into existence. My country Nigeria, doubt its long time future and benefits it can bring to their economy and the individuals. And other countries too around the world still have same doubt around the merits of Cryptocurrency.

Is your country among those countries doubting Cryptocurrency merits? What is the reason behind the doubt? Explain!!
My opinion is that most governments that are hesitate to allow Crypto currencies are just afraid of losing their power over the economy and not much concerned about the reasons I'll be listing below. Anyway, some reasons are as follows :

1) It's new - Yes, it's been more than a decade since the birth of Bitcoin but it's still very very new. Just look at how long it took for paper currencies to become the norm, then you would realize how new Bitcoin and Crypto currencies in general are.

2) High volatility - This is obvious for anybody who has atleast checked the value history of cryptos

3) 'Anonymity' - This is one of the major reasons. According to some people who opposes Crypto currency, Crypo is the best currency for criminals and so we shouldn't allow it. The reason I put a quote on that Anonymity word is because it's not really Anonymous. This is one of the most popular misconceptions about Crypto - they are Anonymous. But no, as I mentioned in one of my previous posts, Crypto Currency and block chain in general, only gives you Pseudo anonymity. In other words, it's still quite possible and even practical to track Crypto transactions if you know the wallet address of person 'x'.


Like I mentioned before, I don't personally believe that these are the ACTUAL reason some governments are hesitate to make Crypto legal. But that's just my opinion and I've listed out the reasons said by THEM.
Thanks for reading
 

Bigron

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I really don't understand why some countries still doubt Cryptocurrency even when its been 12 years since it came into existence. My country Nigeria, doubt its long time future and benefits it can bring to their economy and the individuals. And other countries too around the world still have same doubt around the merits of Cryptocurrency.

Is your country among those countries doubting Cryptocurrency merits? What is the reason behind the doubt? Explain!!
Cryptos are the future of legal tenders but I believe the skepticism shown by governments torwards it is because top government officials are confused as to how it would be used to pay for goods and services. Humans are very obstinate to change, and this is no exception. Also, the negative perception surrounding online transactions account for the government and people’s reluctance to use crypto
 

Sincerem

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Cryptos are the future of legal tenders but I believe the skepticism shown by governments torwards it is because top government officials are confused as to how it would be used to pay for goods and services. Humans are very obstinate to change, and this is no exception. Also, the negative perception surrounding online transactions account for the government and people’s reluctance to use crypto
The government shouldn't be trouble, it may not be possible for cryptocurrency to be fully adopted as a mod for payment of goods and services. Its Volatile nature won't be suitable for such
 

Treborika

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I think is due to the uncertainty of the crypto currency in the Blockchain itself. Crypto keeps on fluctuating too often which can be considered unreliable to the developing countries or third world.
 
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