What makes some countries to doubt cryptocurrency?

[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.

 

[Folaham]

The partial ban in nigeria in term of funding various cryptocurrency through our local banks recently is a major setback but they acknowledge that crypto trading is not illegal but that the step taken by them was to protect our common interest as there are untraceable funds leaving the shore of the country.
They (the government) are coming up with above measures because the crypto currencies are premised against government regulations. the government can regulate it through their various central banks. they can't control what they can't regulate. the investors are anonymous to the government and they felt that is circumventing the conventional economy

 

[Prettybabe]

Well, it's not like most countries to not understand cryptocurrency or know that it's here to stay, they just are not ready to accept it yet. They are probably threatened by the one everyone has embrased cryptocurrency and they feel it might over power their fiat Currency.

 

[tuna89]

There is no much need to discuss the situation of Nigeria as regards cryptocurrencies, we also know that our Government basis their decisions on politics, major reason why nothing good is coming out of the Country, i later sat down to go through some of their reasons and noticed that solutions can be provided without banning any crypto activities. The major reasons i later read through from a media expert were more of political and tribal.

 

[eenya00]

This is what you basically get when old and stagnant brains get to rule your country, not being old by age actually but by your lack of mental capabilities to be able to know when a thing is futuristic and mostly for the benefit of the world at large. Crypto currency is here to stay for a very long period of time.

Post automatically merged: Feb 8, 2021

This is what you basically get when old and stagnant brains get to rule your country, not being old by age actually but by your lack of mental capabilities to be able to know when a thing is futuristic and mostly for the benefit of the world at large. Crypto currency is here to stay for a very long period of time.

 

[Olubayo12]

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!!

The reason the Nigerian governments ban the dealing in and trading of cryptocurrency is because of the negative effect the mavrodi mondial money known as MMM had on people those day. Well, this reason is good but cryptocurrency is not a get rich quick scheme.

 

[Veetos12]

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? ExplaExp

I think the reason behind why Nigeria is doubting crytocurrency is politically inclined because the present government think crytocurrency is serving as a means of embezzling money from governments purse since it cannot be traced to any source. Also, they think since it is not regulated, people can easily defraud with it.

 

[Dubai]

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!!

Well, I do not think most countries are doubting crypto currency. For instance, Nigeria is trying to protect the value of its naira. They feel the presence of crypto in circulation might further cause the naira which it the legal fiat money weaker. Secondly, the government might be feeling threatened by crypto currency because fraudsters and online scammers popularly known as yahoo yahoo have being using it to siphon money. Wireless and internet scammers uses it for their means of exchange.

 

[Victor001]

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!!

I don't really think they doubt crypto currency existence,I feel they lack means to control the movement of crypto.most government feels crypto ease operation of fraudsters and their activities cannot be checked.

 

[Nurudeen]

most of the time a lot of them do argue that crypto currency exchange Business can be used for money laundering without any form traces. Despite the fact that Fiat currency is also used for money laundering have they ever banned Fiat currency in any economy. The thing is just that the government lack knowledge on the business

 

[jimmann247]

The number of years cryptocurrency has stayed can't stop countries from doubting, Cryptocurrency came as a surprise to so many countries, and they thought is a scam currency and that is why most of the country relax, and still yet many are still thinking it is a scam.

 

[Joseph555]

They have refused to take to the fact that crypto currency has come to alleviate the level of poverty that is ravaging the country
But as time goes on I believe the whole world will have no option than to accept crypto currency with full hand

 

[Royalty]

I feel the main reason people fear cryptocurrencies platforms is because they don't really understand how it works because is something very different from the physical monetary system they know.
And the fact that it isn't a Legal Tender cryptocurrencies and the fact that it may lose its value anytime.

 

[Sincerem]

Well, I do not think most countries are doubting crypto currency. For instance, Nigeria is trying to protect the value of its naira. They feel the presence of crypto in circulation might further cause the naira which it the legal fiat money weaker. Secondly, the government might be feeling threatened by crypto currency because fraudsters and online scammers popularly known as yahoo yahoo have being using it to siphon money. Wireless and internet scammers uses it for their means of exchange.

Then they should regulate it the best possible way, by instruct those exchange platforms to induce the operation KYC verification. Inorder to curtail such money laundering and not just closing down naira to Cryptocurrency exchange just like that.

 

[Erik4150]

The reason some countries doubt cryptocurrency is because it is feared that money launderers will use cryptocurrency as a means to launder money and commit other money related frauds. Cryptocurrency is decentralized and is not controlled by a financial institution so controlling the rate of crime committed through cryptocurrency will be very difficult.

 

[zenith]

Our own analog cbn are just obsessed with control.they just see anything they can't control as illegal.honestly they very backward.how can educated people behaving like illiterate.if they don't understand it they should not feel too pompous to ask how it works.

 

[Mika]

I don't see any reasons except stupidity and ignorance. When a country does not allow cryptocurrency trading and investment, it is stopping its own people to gain financial freedom. This is happening because the people in the government and policy-making levels are old people, they don't have visions because they have lost eyesight.

 

[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

 

[Tariq Nazir]

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 crypto currency.

 

[Segat]

There are a lot of reasons but for the developing world, its lack of adequate information of what cryotocurrency is and fear of the fact it will bridge the great difference between the poor and the rich soonest and there will be equality in wealth sharing.