What makes some countries to doubt cryptocurrency?

[Dora Wi]

lot of reasons, one of them is the huge power consumption that the mining machines consume when mining, another one, is that some people might start using it and give up on real money which might harm the economy

Yes, I think this is the biggest reason that governments and regulatory bodies are worried. And even if people don't stop using fiat money, we still don't know a lot about how the cryptocurrency market could affect the economy on the long run.

 

[BrolySSJ]

The anonymity and lack of revenue generation, makes the government to doubt Cryptocurrency transition in this present time. But it is their duty to regulate it, fish out those using crypto for malicious things, charge tax at a stable rate.

It is their duty and i could not agree with that more, considering that is a payment system that can help the government greatly as well and improve the financial position of many countries in this process as well.

 

[Kelly5]

The government officials Running the government are part of the government themselves who might have a very deep hold on this cryptocurrencies because of the access to cash at their disposal, but don't want the masses involved in the benefits

 

[Sincerem]

It is their duty and i could not agree with that more, considering that is a payment system that can help the government greatly as well and improve the financial position of many countries in this process as well.

You're right, if they allow it to settle down, it will really grow country's economy through taxation of those exchange sites and traders that is operating within the country. Some countries are just too ignorant of this.

 

[Richard92]

Many world governments ban cryptocurrencies because they believe that cryptocurrencies are a kind of threat to their economy and governments. Despite all this, many countries still want to create their own digital currencies or crypto coins. It is weird and quite strange.

One reasonswhy countries or most countries that critter currency is because it is a decentralized market and it also all about predicting most countries see it as gambling.

 

[Good-Person]

One reasonswhy countries or most countries that critter currency is because it is a decentralized market and it also all about predicting most countries see it as gambling.

I am sure gambling is a legal thing in many countries, and I really do not believe that cryptocurrency investements are gambling. Cryptocurrency investments are not gambling because in the end, it is profitable because almost every year the value of cryptocurrencies are increasing. There are some other reasons why governments ban cryptocurrencies, as I mentioned before.

 

[tyrim88]

The reasom some countries do not want to adopt the cryptocurency as part of ther legal payment is because of the decentralise nature of the coin.And they would like to have a total control of the dynamics and movement of the currency.And then how the value fluctuate is also another issue of concern.

 

[Kunkun]

Well I'm the case of Nigeria, I think it all comes down to incompetence on the part of the leaders, I doubt they actually know the benefits associated with it before the ban, all they were concerned about was the already battered naira

 

[Eodine]

The issue is not even about doubting, how can you doubt something that is real without asking for evidences.

Countries are just scared of the power of cryptocurrencies, they feel it will take the place of their fait and of course they wont have such control over money again.

You fear and doubt what you don't know much about, the Nigerian government are looking for means to increase external revenue but feel threatened with the profit from crypto because they don't understand it.

 

[Sincerem]

Well I'm the case of Nigeria, I think it all comes down to incompetence on the part of the leaders, I doubt they actually know the benefits associated with it before the ban, all they were concerned about was the already battered naira

Those leaders doesn't know anything when it comes to the benefits around crypto to their dying economy and dying state of things in the country. With crypto, they can take tax from the exchange platforms running in the country, and also take some percentage from traders, and other options still unknown to me, that will bring them big ROI.

 

[BrolySSJ]

You're right, if they allow it to settle down, it will really grow country's economy through taxation of those exchange sites and traders that is operating within the country. Some countries are just too ignorant of this.

The best way to implement tax is to have wallets and exchanges charge a tax on trades withdrawals and expenditure. Therefore, this tax is coming straight from them and will not seemingly affect teh customer directly.

 

[Mostee501]

Some countries doubt cryptocurrency because its powerful and fast growing and also its circulating and enlarging the world economy.

 

[Senator]

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

That is very correct. Some governments are merely seeing it as a thing for youths to indulge in because they obviously lack the understanding of how the cryptocurrency market works

 

[Sotherefore]

I think the reason for this is because they consider cryptocurrency as a threat to the economy and they are actually looking for a way to eradicate it and beside they just believe that anything that has to do with digital transaction is not accepted in the modern society.

 

[Sincerem]

The best way to implement tax is to have wallets and exchanges charge a tax on trades withdrawals and expenditure. Therefore, this tax is coming straight from them and will not seemingly affect teh customer directly.

You're right, cos if you decide charging customers regularly every time they make successful trade, they'll just grow frustrated and never to trade again. That will make both the govt and the exchanger be at loss.

 

[tyrim88]

So many countries are still doupting cryptocurrency because they see no central government controlling cryptocurrency, they want to here that cryptocurrency is been controlled by the world Bank or by a particular prominent country Bank etc... But that's not the case.

One of the reason most countries don't want to have the cryptocurency fully integrated into their financial system,apart from how susceptable the currencncy is to carring out fraud and terrorist activities,every government wants to have a full and central control of their means of exchange.

 

[Dowenship]

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!!

Is not the country is the government. If they propose crypto currency yo the citizens, they will surely accept it buy government with empty knowledge love to subdue its people into slavery will never accept.

 

[Jlife]

The government of my country has banned and stop direct deposit of money into cryptocurrency,i think it is because they don't see the need for the digital currency to overtake the physical currency and that is what they are afraid of.

 

[Sincerem]

Is not the country is the government. If they propose crypto currency yo the citizens, they will surely accept it buy government with empty knowledge love to subdue its people into slavery will never accept.

Hmm, that marvels me cos this coins have been in existence for more than 12 years now and they already of its long time existence, so why doubting it?? its simply not good enough.

 

[Richard92]

Hmm, that marvels me cos this coins have been in existence for more than 12 years now and they already of its long time existence, so why doubting it?? its simply not good enough.

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.