What makes some countries to doubt cryptocurrency?

[Nomad]

There are two reasons given, one is the volatility of the market (price fluctuations), two, because it can be used for illegal activities as the transaction are anonymous.

 

[Haveit]

One is bound to doubt what one doesn't know or doesn't understand. Take Nigeria for example, the government isn't sure on how crypto circulates money all they know is that it pays in USD and USD is much in her circulation leading to low external reserves so next like of action is place a restriction on it.

 

[Sincerem]

This is because the coin has a interest and I've been existing for more than 12 years so with this it has good real and people can be able to rely on it.

But still political leaders still doubt the long time vision and transition of the coin in the digital space. They doubt it right from origin, still the digital coin gave proved to be legit and mainstay in the digital ecosystem.

 

[Alexandoy]

There are two reasons given, one is the volatility of the market (price fluctuations), two, because it can be used for illegal activities as the transaction are anonymous.

I think the volatility has nothing to do with the country's hesitation on crypto. In stock trading when the stocks are stagnating it means not earning. They are happy when the stocks are volatile in prices. Using the crypto for illegal ways is now happening as in the case of the Colonial Pipeline.

 

[Niftyyem]

Virtual currency that they believe may probably pose threats to the fiat may be one of their many reason for wanting to do away with Cryptocurrencies.

 

[Justin]

My home country has not given any specific reasons for crypto ban. It was banned by issuing a statement form central bank. No one has disputed the ban in the court.

 

[Sincerem]

Virtual currency that they believe may probably pose threats to the fiat may be one of their many reason for wanting to do away with Cryptocurrencies.

Hmm, but did you know, only the underdeveloped countries are the ones making this harsh decisions around crypto?? The top ones like, U.S, CAN, U.K and others are simply with crypto. Does it mean it doesn't affect their economy??

 

[Nomad]

My home country has not given any specific reasons for crypto ban. It was banned by issuing a statement form central bank. No one has disputed the ban in the court.

They probably supposed that when they allowed crypto currency black market will profit and a lot of illegal activities will be carried out. This is the general theory in all countries

 

[Justin]

That's correct. Most of the countries where crypto currencies are not legal, it is a generally accepted theory that crypto currencies are used for funding illegal activities.

 

[Sincerem]

My own country is not in doubt of the benefits around crypto according to what the politicians say. They said they're oy afraid of their Fiat currency losing value cos of constant trade with it.

 

[Alexandoy]

My own country is not in doubt of the benefits around crypto according to what the politicians say. They said they're oy afraid of their Fiat currency losing value cos of constant trade with it.

The crypto is a commodity so why can it affect the currency of the country? Maybe the trading can indirectly affect the economy because the crypto industry has created employment. If the crypto prospers then the economy prospers and the government can gain from it. Why think of the imaginary threat to the country's currency?

 

[Richard92]

The crypto is a commodity so why can it affect the currency of the country? Maybe the trading can indirectly affect the economy because the crypto industry has created employment. If the crypto prospers then the economy prospers and the government can gain from it. Why think of the imaginary threat to the country's currency?

Many country does cryptocurrency because they cannot regulate the activities of the currency and also because it is a decentralized market and most of them see it as a way of carrying out frud activities

 

[Sincerem]

The crypto is a commodity so why can it affect the currency of the country? Maybe the trading can indirectly affect the economy because the crypto industry has created employment. If the crypto prospers then the economy prospers and the government can gain from it. Why think of the imaginary threat to the country's currency?

You're right dear. I'm not thinking about the imaginary threat I'm only trying to bring on what's trending. Lots of countries doesn't want crypto growth, some even calling a scam project. But the fact is, if given time, it will become more successful and bolster the economy of each country that accepts it wholeheartedly.

 

[Snazzy001]

Some countries doubt crypto currency because it serves as umbrella shielding corrupt and fraudulent activities.those who embezzle could actually use these crypto wallet to save there

 

[Ralphjoe]

Some countries are doubting crypto currency because they lack knowledge about crypto currency and they didn't see the future in it for instance in my country Nigeria we are being governed by people who don't understand anything about crypto that's why they still doubt it

The reason why most countries do that cryptocurrency are not far from the ones that you have outlined above and what I can add to this is that most government of the world and not able to manipulate cryptocurrency or control it as it has a decentralized system of transaction processing.

 

[Josemendez]

I believe it is because they are scared that the citizens will save their money in cryptocurrency thereby reducing money in circulation in the country. They also want something they can control

 

[Ralphjoe]

I believe it is because they are scared that the citizens will save their money in cryptocurrency thereby reducing money in circulation in the country. They also want something they can control

I think you are hit the hammer on the nails head as far as this question is concerned as the main reasons why government are so against this cryptocurrency of a thing is because they want to control it I've been manipulating its price.

 

[Josemendez]

I think you are hit the hammer on the nails head as far as this question is concerned as the main reasons why government are so against this cryptocurrency of a thing is because they want to control it I've been manipulating its price.

I guess China crack down on bitcoin Mining was not only because of the effect it has on the environment , it is also because of their inability to control it thus the former was a perfect reason to stop it without the citizens protesting

 

[Ralphjoe]

I guess China crack down on bitcoin Mining was not only because of the effect it has on the environment , it is also because of their inability to control it thus the former was a perfect reason to stop it without the citizens protesting

You are so spot on this issue because the Chinese government has always been saying that they were shutting down all this Bitcoin mining rigs due to the impact on the environment and the huge electricity that they consume but the truth is that China has so many electricity close to pay so that is just an excuse. The main reason why they are shutting down all these Bitcoin mining rigs it because they do not understand Bitcoin and they can't control or manipulate it

 

[Good-Person]

Many governments are not able to charge tax when it comes to cryptocurrencies and this is why cryptocurrencies cannot be regulated in a proper way because cryptocurrencies are anonymous asset that is difficult to trace. On the other hand, the governments do not really want people to earn profits without paying taxes, so the governments ban it.