What makes some countries to doubt cryptocurrency?

[Ehizzy1]

I don't think they doubt crypto currency , its just that they see it as a threat to their financial institution , they know that crypto currency is not controlled by anyone and iys well trusted and known around the globe ,so its not like they don't trust it , they are not just interested in it sonce they can't gain or take control over it as well

 

[Diddi01]

I guess it has more to do with the fact that crypto currencies are digital. And to someone it actually seems very stupid and shallow to use your money and buy something you have never seen physically. And if you lose your address or password then it's gone.

 

[Artukbey]

To assess whether or not cryptocurrencies can have an impact on national currencies, it could help to figure out if the former are currencies (or money) in the first place. The least we can say is that opinions diverge on this.

 

[Mixhi]

Some say that cryptocurrencies are going to end up disappearing. Others, however, agree this payment system as the money of the future. They highlight its ability to make instant payments at a low costand place them at the center of financial opportunities. However, those who still have not taken conscience of this point, as is the case of some central banks, are reluctant to its inclusion.

 

[Thosynho]

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!!

In the case of Nigeria, I do not think Nigeria is doubting the potential in crypto currencies but I think they are afraid of the effect it would have on naira with the rate at which people are becoming interested in crypto trading. Also the country is not gaining anything directly from the transaction of crypto currencies so far.

 

[Adeyoola7]

The price is fixed by the law of supply and demand, what stops many to invest and doubt in cryptocurrencies. They are aware of the strong rises in price, but also great falls may occur. However, over the years, some countries manage to maintain foreign exchange reserves to control this fact.
Perhaps, we should stop thinking about what we could lose to see everything that we could win, and don't talk about simply value or money, but comfort and safety

 

[Abisola]

The price is fixed by the law of supply and demand, what stops many to invest in cryptocurrencies. They are aware of the strong rises in price, but also great falls may occur. However, over the years, some countries manage to maintain foreign exchange reserves to control this fact.

 

[Sincerem]

In the case of Nigeria, I do not think Nigeria is doubting the potential in crypto currencies but I think they are afraid of the effect it would have on naira with the rate at which people are becoming interested in crypto trading. Also the country is not gaining anything directly from the transaction of crypto currencies so far.

So how did that affect the youth and well thought individuals gaining through such avenue. Must they gain something all the time before they give full license to it. I just don't like the notion of banning Cryptocurrency trading with naira, and funding.

 

[summan]

Some say that cryptocurrencies are going to end up disappearing. Others, however, agree this payment system as the money of the future. They highlight its ability to make instant payments at a low costand place them at the center of financial opportunities. However, those who still have not taken conscience of this point, as is the case of some central banks, are reluctant to its inclusion.

 

[Sincerem]

Some say that cryptocurrencies are going to end up disappearing. Others, however, agree this payment system as the money of the future. They highlight its ability to make instant payments at a low costand place them at the center of financial opportunities. However, those who still have not taken conscience of this point, as is the case of some central banks, are reluctant to its inclusion.

Hmm, any way they want to do it let it circulate everywhere in the country, all over the world they should do. It seems that our own country is self centered when it comes to dealing on things that matters most and benefits the country.

 

[Onachukwu]

Some say that cryptocurrencies are going to end up disappearing. Others, however, agree this payment system as the money of the future. They highlight its ability to make instant payments at a low costand place them at the center of financial opportunities. However, those who still have not taken conscience of this point, as is the case of some central banks, are reluctant to its inclusion.

 

[iamgroot]

Maybe your government is worried that your country's economy may collapse once most of you use cryptocurrencies. Because the tax they will collect in their constituency will be reduced which is very important in the construction of projects and infrastructure so that the country can develop.

 

[Alexandoy]

My aunt used to work in the central bank and her colleagues there said that our government will never recognize crypto currency because it is not a currency at all. They called crypto as pseudo currency which is like an impostor. When I said that crypto currency is a commodity they instantly agreed. As a commodity it can be sold and it can be bought. But paying with crypto for your purchase of an item in the store is like a barter which means you buy a product and you pay with a product.

 

[Eodine]

One major reason why a country would doubt crypto currency is the fear of making it legal tender. Our country for example, knows that dollars is used to buy crypto currency and that dollars is been deducted from their external reserves which to them is a threat to our already crashing currency that is legal tender.

 

[Ralphjoe]

Government will tell you that it's because they can't trace cryptocurrencies transactions when they are used for criminal transactions by criminals, this is right to some extent but they are exaggerating this because even their Fiat currency, they can't also trace all of it, criminals still uses it even more than cryptocurrencies. I feel that government are just scared that the usage of cryptocurrencies for most citizens to hold their money will lead to banks going extinct soon.

 

[Abigael]

My country Kenya is among those doubting Cryptocurrencies. I guess it is due to their instability. They know that if they allow them, the economy will be flactuating since the cryptocurrencies are unstable. These countries should really consider accepting cryptocurrencies since they have been here a long time and have proven that they can last long. They also have great financial benefits to individuals.

 

[Setho]

Cryptocurrency in itself is very confusing project because as a country it is hard to track its value and the depth of its operations. A lot of countries are concerned that when its citizens loose money to Cryptos, they might not be able to help them.
Some countries believe that a lot of corrupt people and scammers use Cryptos to save their illicit gotten funds to avoid being caught.
Some countries like Nigeria are woried about revenue generation from diaspora remittances because it has reduced as people now use bit coin.

 

[Princeeffiong]

There are so many reasons why government doesn't seem to trust crypto currency. Firstly, it's because of selfish attitude that their subjects will have more money than them which they don't have control over the market. Secondly, the market can't be controlled and manipulated.

 

[Youngdee]

In the part of the world where I come from. Most of the leaders doubt cryptocurrency and the rich folks don’t really have anything to do with the online coin. They fear it might crash anytime and the fact that it doesn’t have a solid root where the money can be traced. The government have doubts because they feel it should be connected to financial operations or to FINTECH sector.

 

[Alee]

This can impact prices in two ways. First, it provides bitcoin access to investors who cannot afford to purchase an actual bitcoin, thus increasing demand. Second, it can reduce price volatility by allowing institutional investors who believe bitcoin futures are overvalued or undervalued, to use their substantial resources to make bets that bitcoin’s price will move in the opposite direction.