Topic: Boost of a countries economy (Read 474 times)

It all depends on the situation of the country and the available resources that they have. But I think that most counties are qualified to start dealing with cryptocurrencies and adopt them to have a boost their economy.

It won't be the biggest contribution but for those that don't really have a good economy. They'll have an additional source for the blood of their economy.

Each country has a different goal for the welfare of its people and country. of building the economy. military , infrastructure . education . health and others. cannot generalize the finances of one country to another. because they have their own problems and concern which are the priorities of their respective countries.

It differs, bitcoin is legalize partially to different countries but it became obvious that cryptocurrency especially bitcoin been legalize properly to a particular country when it's transaction is allowed to transact with the central bank of the country, so without bitcoin operation immensely with country currency exchange fully its not yet a legalize From my perspective.

Maybe not the biggest contribution, but it helps the community's economy a little during the covid pandemic. Why is that because crypto is very suitable to be done during a pandemic where people work from home, not face to face, at least this helps to earn additional income without meeting face to face.

It isn't as there's no record ti back that but the industry do have the potential to be of a great impact on any country hat adopts it and El Salvador has taken the faith steps. If they record impressive increase in their economy, it'll be due to their accepting;f Bitcoin assuming nothing significant was to happen in the country and other countries will what to follow their full step.

The industry currently has a developing markets round it, that exchanges and other services providers could used any country that support the industry as a based and they could contribute to the economy of the country. The impact mightn't be felt in the beginning but as the industry continue to expend those that adopted it earlier will be the biggest benefactors.

We here in crypto community do feel that diversifying of a financial aspect of one country to cryptocurrency can provide a big changes and development in the economy but at some reason for now still many countries are not open to legalize bitcoin in their economy. The government bodies could not settle on the thought of a crypto as a decentralized currency which makes it out of control of the government, which I think also as one of the reason why there are still many countries didn't allow crypto assets circulates inside of their respective country.

I don't agree with this view. Where can I see that cryptocurrency has made a great contribution to the national economy. At present, in addition to speculation in the market, we have not seen any real contribution.

To be honest, when it comes to national economic development, it is best to learn from China. China's development 100 years ago lags far behind the world, no matter what policy or political system it adopted, today it has become a force that can influence the world. China’s development relies on a centralized democracy. Thanks to the government’s powerful control, China has to survive in the face of major crises such as COIVD-19.

Well in your country they surely think that way, because it is probable that the government is studying the way to adopt BTC, they know that there they can obtain liquidity, and who refuses the money? In the world of 1000 people 1 and 100 none, then when you have Money Shelter options like BTC, because I consider it as a Money Shelter despite its high volatility, in this case there are also other ways to diversify such as investment in Gold, and shares in the Stock Market, also Real Estate investment, that is the best way to protect yourself in any type of economy, to have a diversified portfolio.

whether it is recognized or not, bitcoin or crypto has a major role in improving the economy of a country. many people who make this job as a side job, but not a few who make this job as their main job. because of that role the country should start looking at bitcoin as an alternative income, especially during difficult situations like the current pandemic. at least the government should issue regulations on bitcoin ownership and transactions so that bitcoins are increasingly popular and not used for things that are not true.

Looks like I am in the same country as you, I also feel with what you are feeling right now, Bitcoin does seem like the other side of all efforts/jobs that can be done. The government doesn't seem to pay much attention to this, they only allow investment in Bitcoin and give a little advice, which is actually until now the economic life of its citizens has been helped by the benefits of crypto/Bitcoin, and it can reduce poverty.

in my country having bitcoin as an investment is allowed but the government in my country gives a warning because investing in bitcoin or crypto has a high risk. I'm sure something like this also happens in most countries in this world. I agree with you that one really shouldn't depend on just one source of income, and bitcoin or crypto can be a very good option as a side job.

Bitcoin is much more about an individual choice of having a decentralised exchange system than about building a countries wealth, however, as a side effect, people from countries that have invested in bitcoin and have been successful may increase the local wealth. Also, new companies that are created in the crypto ecosystem may potentially increase the wealth of a country. Bitcoin, per se, does not.

To me since the existence of cryptocurrency it has really helped so many people financially. It's has generated funds for so many to start up businesses. It has made people to be self employed

For now the crypto world is not fully recognized by all countries, even though if we explore together the crypto world has now added to our income even if only limited to digital currencies but if we can use it well then the results we get are very satisfactory, and we can say it can help economic growth in a country especially during the current outbreak, Although there are still many other sources of income that are more real but digital currencies must also be considered because the development of technology is getting bigger.

Statistics show that the countries with the greatest ownership of bitcoin and cryptocurrencies are economies where a significant sector of the population has a poor quality of life.

It is very likely that the reason they have turned to digital assets is in search of a way out to improve their economies and have a decent income. Among those countries are: Nigeria (42%), Thailand (31%), Philippines (28%), Vietnam (27%), Turkey (25%) etc.

https://es.statista.com/grafico/18425/adopcion-de-las-criptomonedas-en-el-mundo/

Either diversify or have the patience to simply invest in Bitcoins and wait for the right time. On the funny side, I think investing in Bitcoins is just like farming, you invest all the money into the crops and just wait for the right time to harvest.

When more number of people are getting some opportunity to earn then that will lead to have positive impact on their economy. This way I believe bitcoin will definitely have positive support for the growth of any country's economy. When governments start realizing this then they will start following El Salvador.

from here we have understood that risk is still one of the reasons for the government and in fact it is true if you say crypto is very good and it is true but come back because here we are not only discussing the benefits but also the risks and the most impact The negative is of course the government will think about it.
maybe for individuals and individuals it will be proportional to the results we receive because of the big risk of course the results will be great. but other governments they need to really review from all sides because this kind of thing concerns the country and all the assets in it.

Even though for now some countries didn't regulate bitcoin yet but still it somehow affect the countries economy since their citizen still earning bitcoin and exchange it to fiat and by exchanging it to that  they will use their earned fiat from bitcoins to buy goods nor other services and that can help the circulation also their bought goods or anything have tax so somehow this things could help to boost some countries economy, how much more if the government decide to implement the taxation of crypto earnings for sure the money accumulated from crypto taxes will surely help the government to boost their economy.

Yes it has something to do, anything that has financial in their name is going to affect a countries economy and bitcoin is a financial tool so I don't think that it wouldn't affect the economy of a country, I mean the people who use bitcoin are still buying stuff in their country and those stuff are taxed so it does have some effect to the economy of a country.

I think when countries talk of diversification of their economy the best possible option is to diversify the currency and cryptocurrency is the way to go, as it will help boost the economy in a faster way that is if a thing goes well, but again, why most countries are afraid of crypto as an option to boost the economy is because of its nature which is decentralization and unpredictability of its price.

Democratic country shouldn't be harsh on people with Independence on their finances, because their asset would literally go towards spending on local commodities. If they're going to use their money on local products the entire country will benefit. The circulation will still continue, as individuals have to convert their cryptocurrency to fiat cash. Economy still continue to grow even though government will not implement a strict regulations towards individuals who used cryptocurrency as their life sustaining income.

I might have to agree on this since what the country really need is a good trade of every products they have to another country which will going to boost the country's economy such as rice, corn, oil and other products that they can export to another country. Bitcoin alone is not going to help it but it might be helpful to those people who haven't had a job to make some money in order to live.

And Bitcoin has other use than using it as a means of boosting the country's economy. El Salvador for example is just started to use Bitcoin as their own currency and we never knew what will going to happen to them once there's a bear market so it's still in a development or adjustment how their country would react to that.

Crypto has nothing to do with a country economy which is the reason why the Chinese government decided to attract bitcoin seller and miner away because the citizens had started patronizing Bitcoin rather than there own current which can affect the current to fall if there is excess in the market making it surplus. Bitcoin has no affiliate with any currencies but stand for quick mean of running transactions.

It is that the diversification of the economy will be a fact in a few years, since El Salvador has already begun, but some countries or the rulers of many countries must accept that they will no longer be able to steal and commit acts of corruption as before, but rather have to accept that the Progress will come at any moment, it is a current, if they do not accept the crypto world they would be becoming very outdated, what OP describes is the ideal, but to reach something similar it takes a lot of effort on the part of politicians, banks, among others .

What you describe, I put a period of no more than 10 years and that we are at least living in two types of economies about to merge, which is the traditional one and the one offered by Btc and cryptocurrencies.

I beg to disagree. Cryptocurrency isn't really one of the major contributors to economic growth. Most countries aren't even open with the idea of welcoming crypto in their place, hence, invalidating your assumption right away. It can be one of the contributing factors, but I doubt it will be on the top spot because most countries do not really rely on volatile and speculative assets. Right now, the majority of the countries all over the world are relying on different aspects and field of industry to make their economy grow. For instance, the countries in Southeast Asia rely on their agriculture, fishery, tourism, big business, and macro, small, medium enterprises.

Although despite this, crypto really paved way for giving the citizens opportunities to generate income amidst the pandemic, which is a good thing because people aren't only relying on the government alone, but also have a source of income on their own. Crypto can be of great help, some countries have seen that already and I hope more countries would see it too.

Yes, that is true. I also know some people who worked hard their whole life, always saving maximum money as possible on those standard bank saving accounts which in some years generate less interest percentage than the inflation of the country. Even worse are those who were used to store their money under the mattress.
After decades of hard work all these people can purchase is a television, secondhand car or a cheap motorcycle with a lot of effort and in large time intervals yet.

I imagine if these people had proper guidance regards finances since they started working for the first time how their life would be right now. I believe the fulfillment feeling would be much stronger on them this way.

this is the most obvious nonsense from the government, sometimes I feel sad about the condition of people's financial literacy in my country which is still very low. They worked day and night and made money only to deposit in their bank accounts. Though, it was of no use. Indeed they have worked hard for a good life but were betrayed by this very bad monetary system. Fiat being saved day by day is decreasing, even economists have understood this and clearly studied "the concept of time value of money" but they seem to be pretending to be blind to this rotten concept.

a country's income is indeed better at diversification which means it must have several ways and not focus on only 1, such as el savador which states their country's currency is bitcoin, in my opinion it is bad because the influence of bitcoin prices can have an impact on the country itself. so the idea of ​​accepting and legalizing transactions using crypto is good but making crypto into a country's currency is still too risky in my opinion.

I don't think that bitcoin can highly influence the economy of a country, because it is not itself a resource but rather a tool, with accepting bitcoin government could open up a lot of many opportunities for companies and people to make faster transactions and without the need to relay on the banks, and that could lay the ground for the economy to actually diversify and grow on it is own.

I do not agree with that at all. First of all you are probably talking about big nations, because "bitcoin and governments do not have a good relation" is destroyed by the fact that El Salvador literally made it a legal tender. Secondly in USA we have coinbase both being super legal and nobody says anything about it AND it got to be in the stock market as well, nobody will let an illegal company be there so it is totally legit.

In many other nations' exchanges are there and nobody says anything about it. Do you really think that exchanges are alright but coin itself is not? What is the point of the exchange if the coins are not alright? So, it is obvious that there is a good chance we are talking about something that is fine by governments. I think there are few, North Korea, china and the likes may not like it that is understandable but that's about it.

Governments will say they don't support crypto currency because its volatility, which may cause their citizens to lose their investments' value after a crash in the market, what will prejudice the country's economy in this case. However, what govenments don't mention is that their own fiat currencies are causing exactly what they most fear about crypto currencies, in lower doses.
I mean, people are losing their money's value year after year by holding it in fiat currencies which are considered "safe" by governments and there isn't any self-criticism regards this matter from their side.

Crypto currencies might fail at some point, but they are better than fiat currencies that are already known for being a complete failure on long run.

I know Bitcoin keeping a role in the economy. But it can't rule the economy right now. We don't what will happen after hundreds of years and we don't need to know as well since we will not alive till then. If a country fully legalizes Bitcoin then it would help to boost the economy. Otherwise, we can't see much effect of Bitcoin on the overall economic system. To boost the economy we have to maintain so many things, if it was soo easy then the poor country could boost their economy just by allowing or legalizing Bitcoin. As I said, Bitcoin would only help, can't rule in this current scenario.

Actually everyone can accept BTC and Crypto well if everyone has a good level of financial literacy, regarding the government not supporting it is a natural thing because with the existence of crypto with a decentralized system, their authority is reduced. Without absolute power from the government or they lack power, the people will not be subject to their rules. The disruption that exists in the development of Crypto is very large, but it is actually a solution to our broken monetary system.

Crypto is a tool that can boost individual's economy and when progress is already taking place to its individuals, then it will lead to boosting of country's economy. Cryptocurrency then can be a good source of income for people especially those who have lost their jobs in this crazy time.

However, not all people agreed to this because even the government considers crypto a threat to all people particularly with bitcoin which is always involved in different ponzi scheme.

Like in Africa majority of citizens are into
Cryptocurrency investment. And most of this citizens are self employed , they generate money from cryptocurrency . In this case this have contributed to the countries economy

Cryptocurrency can indeed be a source of income, therefore it makes sense that countries that legalize cryptocurrencies will increase their
economy. But to improve the economy of a country with cryptocurrencies it can be done but it does take time and patience. Because cryptocurrency
does not provide instant profit, but must go through various kinds of processes that are quite long. El Salvador is an example of a country that
strongly supports cryptocurrencies, El Salvador does not mind that Bitcoin cannot be controlled. El Salvador still makes Bitcoin a legal tender,
even though many big countries don't have the courage to legalize Bitcoin. Hopefully El Salvador can prove to other countries the economy has
improved since legalizing Bitcoin, so it can be followed by other countries.

Bitcoin alone won't help, it's just too low in price for a country to be able to help with the problems in economy, remember that it's not just the money that's a problem in a country and not all of those can be covered by bitcoin.

You shouldn't be too worried about that as long as you use crypto the way it's supposed to be use. If you use a well decentralized and safe cryptocurrency, you can still exist within the system, contribute to the economy and the government won't have any legitimate reason to stop you as long as you are not causing problems. Remember, one of the purposes of crypto is to help people survive in very uncertain times not to compete with the system. I prefer that they do not see anyone as threat.

One reason why some countries still didn't make a decision whether to make bitcoin or cryptocurrency a legal tender is because they don't have any control about this decentralized platform however it is amazing to know that El Salvador adopted this digital platform legally in their country. I believe that cryptocurrency is one of the way to boost of a countries economy but this would also take time to implement in an economy because the government bodies will surely take time to review and study the pros and cons on the said platform.

You are totally right about that, a country shouldn’t just focus in one particular area to generate income. A country should focus on diverse areas for them to be able to generate income and grow their economy.

I have seen countries where they just focused on their mineral resources or things like that to be generating income for the country but that is totally wrong, because one day something might happen that might affect that country in that particular area and that means there will be no other means for them to generate income and the economy is going to suffer. The government should focus in a lot of things like agriculture , sports , tourism,cryptocurrency and so many more, and they will see their economy growing.

The thing is, there will most prolly not be a good relationship between Bitcoin and governments, and that's basically just cause Bitcoin is decentralized and governments like to work with only centralized services that they can control either completely or to a certain extent, it's quite clear to governments of today that it's impossible for them to get a foothold on Bitcoin, thus they will rather sanction/ban/regulate it than adopt it.

Having said that, as far as a country's economy is concerned, I think there are very few ways Bitcoin can be of help, Bitcoin is money and you'll most likely need to have money in fiat to get Bitcoin or offer one service or the other to get it, it is not distributed for free, and even if many citizens of a country hold Bitcoin, I don't see how it can positively affect the economy. It's the duty of the government to provide what is necessary in order to improve their economic situation, if the government does such, then Bitcoin can only be an addition.

Of course it needs effort to make it work. Nothing is free of charge. This is still a better choice than staying unemployed. But look on the bright side, the bitcoins they'll mine will become so valuable in the future, it will make up for their huge efforts.

As I said above, It would work best on a country like Venezuela especially because they can't sell their oil right away but maybe they can import the mining equipment and start from there and they basically have free electricity.

It is always good to consider that each country has its strength, some are excellent for tourism, others for generating income through industrialization and others because they have a great variety of renewable and non-renewable resources.

Production depends a lot on the economic conditions that the country has at that time, some think that governments have a great role there, investors, and everything that has to do with production, however there is an alternative economy such as that of BTC and cryptocurrencies where many countries want to be protagonists, some like El Salvador adopted BTC despite all the threats from the World Bank, and from many organizations, the curious thing about all this is that having an alternative economy and with more freedoms like the one that offers BTC, the control of Banks and Government decreases, I think that is the main fact why the BTC economy is not accepted by many governments. Production will always depend on the businessman and entrepreneur who trusts in their tools, this is how more economic development can emerge.

Hmm good idea but it was also an expensive one. If these would be implemented by the government i think they should have a huge budget in buying things and equipment so that it could able to mine then after that we all knew that not all the electricity in the countries are cheap so we are also paying huge amount of bills after the end of month unless they will try to make a natural electricity or more Eco friendly like geothermal energy or solar but still it will be needing a lot of effort and also budget.

The strength of an economy depends on how effectively it harnesses the creativity and inventiveness of its population.

Giving people more tools and greater options to start businesses, pay bills, buy equipment and achieve other necessary financial and business oriented goals. It reduces the barrier to entry for markets. Inventions like bitcoin make it easier for people to start and operate businesses out of their garage. Which could someday go on to become a corporate giant like google, apple or microsoft.

The statistic has often been quoted that small businesses and start ups account for upwards of 60% of new job creation. Giving small businesses and startups more financial tools which make it easier for them to start businesses are exactly what economies need to achieve growth which can be sustained.

Well, We're certainly considering the US dollar in the majority of the market but that doesn't make it acceptable everywhere even after being that long.

Certainly, we're heading into a digital future and everything is going to be digital at least in the developed countries. So payment wise there has to be a way people can transfer money to each other without going to a physical bank...and online banking solved it but didn't solve everything. That's the sole reason many started using bitcoin but even bitcoin has its limit for the economy until it's not regulated...because no one would want to pay their taxes if their earnings are in bitcoin and they're using bitcoin to buy stuff that isn't taxed It will definitely ruin a good chunk of tax income that can be used to promote the future of an economy.

Yes of course, bitcoin will as well boost economy of a country due to it's adoption to the country, i have read almost comments of everyone and i found out  that some elements of people is refuting the fact that bitcoin can't help boost of country economy, if i may ask can bitcoin damage a country economy? The answer is No, so from my own perspective any nation that embrace's the adoption of bitcoin definitely it will give rise to acceleration of the country.

Well, this is what every country should really adopt, without the need for them to make it the main payment, at least open some rules that make room for Bitcoin in it. No need to put fiat money aside, they can use fiat money as their main money and Bitcoin as an alternative. But it's all about paying taxes they can't get. So in the end Bitcoin is only generalized as an alternative investment. The rest cannot be categorized for other payments in certain countries. Maybe for the same reasons, namely the absence of full control or some kind of physical office and concrete evidence of value.

That's so true, really. During the pandemic when many people unfortunately lost their jobs and businesses were slowed down, a lot of them resorted to finding new ways of earning money. Crypto was at a high and that's the reason why so many new traders entered the market but the problem is that these new traders don't understand the difference between a legit and a scam project. Only a handful of these new traders and investors actually realize what they are doing, others are just flowing with the trend.

I believe it is a very good solution for Venezuela. They have all those oil which they can't sell. Why don't they import mining equipment from China and start a mining business there? People would live like kings. The unemployment would disappear almost overnight. Maybe they can't sell their oil because of the embargo but I am pretty sure they can sell their bitcoins.

Like I said before, they do not have to do something to control bitcoin, they could let it be and they could still make a lot of money from it. People think that bitcoin is either the main thing or hated thing and there is no grey area. That is wrong, look at El Salvador, you could spend bitcoin but they also have the option of fiat if you want to as well.

So, that means people could basically end up spending anything they want. Other nations do not even have to make it legal tender, just lax the regulations and put a tax on it and you will get yourself a lot of money. My nation did exactly that and it literally helped our fiat to be more valuable in the past year, considering there is also pandemic that was a great thing (albeit pandemic was for everyone). So, I believe it is obvious that crypto could be in the middle, not hated but not the main currency.

Crypto currencies made some millionaires which is comparatively less with gold and real estate as of now and bitcoin may help the economy when they regulate and make tax revenue from it but most of the countries are yet to regulate cryptos even now.

A country's economy can be boosted in many ways but the long lasting one is by creating more manufacturing industries and export the products to other countries.

There are several fiat problems that Bitcoin and other cryptos have solved.  Such as limitations between countries, being centralized until controlled by a few people, expensive fees, prone to being faked, depreciating values, long transaction times so that the government has full power over fiat in banking.  Actually, the state is very aware that Bitcoin is the solution to all the problems caused by Fiat, but they ignore or even prohibit the existence of BTC in their country because they are aware that it will be difficult to collect taxes because government control over banks cannot be compared to government control over blockchain.  This latest technology is indeed the answer to the anxiety of the marginalized.

The governments of this world will welcome any technology that can boost the economy, if they can control it. They know they can control Fiat currencies and they can monitor all transactions to determine where money is coming and going and where they can get tax income.

A technology like Bitcoin is not under their control, because it is a lot like cash. (pseudo anonymous) ...so governments will be hesitant to allow it to replace Fiat currencies. Most governments are controlled by Banks and large financial companies and they hate Bitcoin too, because it gives people freedom to transfer wealth, without these companies taking a share of that wealth ..in the form of fees. (MoneyGram & Western Digital etc..)

We expect government to pay developers to create "GovCoins" that are regulated and controlled by Reserve Banks and Private companies in the future.  

If a country welcomes bitcoin and its other crypto. But not a few of them even come to crypto and are considered a threat of money theft.
As for the large contribution per individual, it may be more appropriate, because it is based on a decentralized basis without any government interference regarding our Bitcoin ownership or crypto financial assets.

Because to harmonize with success in improving a country economy, the country needs to adopt, not even be hostile to crypto.

Crypto has been around barely 10 years and has barely scratched the surface of the wider economy. While it is slowly opening up as a new asset class, it is a drop in the bucket of the amount of money invested elsewhere and the real useful technology is the blockchain that drives it. Maybe it would help if you share the actual country you are in, because the only place it has made a difference to the average person on the street is maybe El Salvador where it has become one of two official currencies lately. Even then, that country is rather a mess in terms of jobs that they cannot even have their own functioning currency that is accepted by other countries in the form of trade. There seems like little thought or effort has gone into your post, as you don't explain very much at all.

But you must understand that the "income of successful investors" is essentially the loss of 90% of unsuccessful investors! You are talking about a successful top, but this process also has an unpleasant side - those who paid for it all out of their own pockets, and there are clearly more of them ...
Therefore, the cryptocurrency, I am talking about today's crypto market, which is far from technological innovative, but still more speculative, cannot be the basis of the economy.

That's a solution but not every country has the resources required to be burnt for the mining process, especially the struggling countries where employment is already a problem.

In some cases, it can help though like in el Salvador bitcoin has given a really good boost to the economy, or at least is expected to do that.

The governments are reluctant against the legalization of bitcoins because of the large number of criminal activities it can be used for and they aren't wrong but these activities are still happening and making crypto legal will actually educate more people against such scams.

There is a saying that says "there are no stupid soldiers, except stupid leaders" in other words that the progress of a country and society in increasing its economic strength is with a leader who really has a goal to manage natural resources in his country. become the most reckoned resource in the eyes of the world.

Look at the middle east, they are said to be prosperous and have above average wealth because they manage the oil that is the focus of all countries and even used as a tool of war so that third parties can step in and take advantage of the oil extraction of natural resources.

To form an ideal country and also to grow a prosperous economy, the key is the welfare of the people who are already productive and no longer begging in their own country. Brand as many jobs as possible, prospering clothing, food and shelter. So if we look at the condition of society like that, there are no crimes of theft, murder and also things that are considered vile for the sake of a bite of rice.

Diversification of the economy is required, but rather very necessary for the growth of the economy of any country. Countries whose economy depends on one product or one resource will collapse in the event of disruption or exhaustion of this resource. Therefore, it is very necessary to find diverse resources for the continuation and prosperity of the economy.
Of course, cryptocurrencies can provide a lot of additional resources for governments through taxes that are imposed on income from cryptocurrencies or other components that cryptocurrencies need such as mining hardware and components, as well as can provide a lot of job opportunities, especially for young people in these countries, but unfortunately the governments of countries It is depriving its people of these resources as well as depriving them of enormous resources through taxation by banning cryptocurrencies, banning mining or not regulating cryptocurrency.

Crypto is one of the best performing investment during the pandemic but it also creates a mindset for some desperate people especially those who got terminated to their job that putting all money here will be their source of income. They thought crypto can give them a regular source of income without realizing its not how profits works on crypto.

People have to think that learn to diversify investment. Crypto is not meant for short-term profits especially for newcomers who are not aware how to make profits out of trading or holding crypto.

It depends on what you see cryptocurrencies as. I will disagree by these;

No country will confidently invest in what she does not understand or control. The best the country can do for her citizens is to allow them participate in cryptocurrencies and not the country investing in it.

Also, how do we and the government see cryptocurrencies? As a currency? If yes, will a country invest in another currency that is not hers? Will China sell Yuan and buy Euro in the name of investment? Again, no country will base her economy in what she does not understand.

When you talk of diversification, there are tangible investment opportunities for countries which they have been utilising. So, we do not beg the government to join us here, rather they should stop fighting us.

If there's no bear market season in crypto then price will always goes up then I will agree with you that crypto will be a great boost to the economy but this is not quite possible for now since we have huge drop which is also happening and that is currently what we are experiencing now, so Imagine on what will happen to the country which is building up when they buy at wrong time so for sure they will struggle and might suffer from heavy lose right?. Provably crypto is not included in the option of government to recover back from the current crisis since for now they are taking it as risky investment hopefully by the demand and adoption we can change the perspective of all towards crypto.

Crypto indeed would boost a country's economie. If a country has a high unemployment rate, all it has to do is to adopt bitcoin, open new bitcoin mining farms and employ the unemployed people there. If they work hard enough, they can even export the unused bitcoins to the rest of the world and make a killing. It is almost a no-brainer solution.

but in the context of a country that can be said to be advanced in the economy is a country in which there is no crisis from the start of employment, providing facilities that are in accordance with the expertise of its citizens and the lives of the majority of its citizens are decent. that's just a country that can be said to be successful.
besides that crypto also cannot be used as the first economic source in a country because judging from the volatility and large market capitalization it will not be suitable if it is the main source. there are many sectors that can be featured apart from crypto such as agriculture, marine, tourism and human resources itself and crypto might actually be very suitable to be used as an alternative.

I think it works in multiple approaches as well. Think about how much a nation can profit in so many different ways. A nation could tax the crypto incomes, tax the crypto companies (exchanges and miners etc) and they could also get a lot of people hired, helps unemployment numbers too, many exchanges in a nation requires maybe thousands of workers if it is allowed a lot. So, it is creating a whole new sector that will be taxed and help the citizens of that nation.

Secondly they could earn from people working in their own nation but earning from other nations, which means it brings in foreign currency to their country, new money in a nation that was in another nation, helps grow the economy that way as well. Lastly but not least it helps the nation to invest into something that is leveraged against fiat, which means while fiat drops, the reserves with bitcoin will get richer as well. So it is a great benefit to any nation overall, it really helps out a lot.

First of all, I think it may be incorrect to say some points too early, but it may be correct to say these points later or at a certain stage. I think that the prosperity of a country needs to start with the basic education and basic education of the people.
Only when the education and ideological education of the people of a country are raised, the economy of the whole country will prosper，The economy of the entire country will prosper, because at present it is still up to "people" to realize the development, production and consumption of many products.But if it reaches a certain stage, for example, Bitcoin has been accepted by many countries and there is a strong consensus, then I think that, let alone, it will already be recognized by people.

El Salvador is one of the greatest Bitcoin experiments, I heard  Max Keiser also said this. It did invite people and probably companies that are going to participate in the economy of Bitcoin in the country but this country also has some resources to share with its investors. It may not work for some countries.


Having a big gathering through a football event may cause the virus to spread. This is not ideal for a government that wants to thrive thru cryptocurrency. The big events like boxing and MMA match today, only have few attendees, mostly are just watching online. With so many deaths thru this new variant, the economy will not survive.

Football will boost the economy?Are you kidding me?Is this a joke?
In my country,the economy is going really well,despite the pandemic.
The COVID pandemic had an impact over the global economy in 2020,mostly due to the lockdowns and closed borders.Now,the borders aren't closed and the lockdowns aren't so severe.
Cryptocurrencies cannot boost an economy,because cryptocurrencies are just tool used for economic activity.
Saying that crypto will boost the economy is like saying that the US dollar or Stocks can boost the US economy.
An economy can be boosted by increased government spending,or lowering the taxes,not by cryptocurrency adoption.

They're simply selfish towards the growth of Crypto Currency, Do you think it's a must for government to gain from everything in there country ??
They keep making safe decisions rather than right once,as you've said, they'll lag behind in the future.

I ain't hundred percent, this is educative, I'll learn from it henceforth.
Yeah I agree with you, crypto currency has contributed more to individuals with a self less government.
This is to say the government gains nothing right ?

There really are those countries that relies mainly on what's with their country to generate income not just for the government but as well as for their citizens. Countries that are like that mostly are the small countries.

But the majority of the countries have different source of income and they're now exploring new things. Like in the Middle East, they're known to be the center of oil refinery but as soon as they've assessed that the oil's not going to have unlimited supply, they're now also expanding with tourism and other stuff.

This is too much, because if it is said that one that contributes greatly to the scope of a country's economy means that country adopts Bitcoin as its official currency?
This is not in terms of overall, because to improve the economy of a country is from natural resources or wealth that is owned is used as a means for people to earn income.
As the previous comment said that opening job access is very important thing. Because the economy after Covid 19 is really unstable and of course to recover we can't let people enjoy the layoffs. There must be a real job they should get.

No, I do not agree, and I strongly disagree
A crypto is not an economy ... I’ll even tell you more than that - your local currency is also not an economy. These are all instruments ... But the monetary or financial system is already one of the elements of the economy. The economy is a set of measures that form the competitive advantages of the state system in the internal and, of course, external (regional, union, world) market. Therefore, cryptocurrency is not an economy, but an entity that can be one of the components of the country's economy, which will be aimed at making a profit, generating a profit, filling the treasury with taxes.

Cryptocurrency is not a commodity that countries can tap into to achieve financial growth, sure cryptocurrencies make people rich, but beyond all this you have to understand that at the end of the day, they are named currencies for a reason. Cryptocurrencies wouldn't have any intrinsic value unlike regular resources that are necessary for survival, this alone already crosses it out as a potential avenue for countries to use in order to improve their economy, but you also have to remember that we are on the way to a digital future, and cryptocurrencies show promise in becoming the future's method of payment and transaction. With this in mind, cryptocurrencies will act more like a currency that would rely on some factors for price.I would 100% agree on this. Countries that couldn't flourish even with enough resources wouldn't work well with cryptocurrency as well because it takes literacy and comprehension, something that may not be rampant within the confines of their territory. Improved state of education, jobs opportunities, clean and safe drinking water, lower crime rate, if at least a number of these are fulfilled a country is sure to develop and improve without the need for cryptocurrency's intervention, and if all of those are still an ongoing problem within a country, then we can safely assume crypto wouldn't do them any help at all.

I do think that the government has to understand the fact that there are things that cannot be controlled. Things like bitcoins and cryptocurrencies. There are many reasons so as why the government thinks they are a threat and decides to ban them.

1. They cannot control them and they want absolute control over everything.
( For countries like China)

2. They think this might take over their own economy, like fiat and other tradio investments instead of supporting it, which I do think is stupid since it's something that will help them grow if done Right.

3. They think this might increase the instances of drug dealing etc.. anything pertaining to the black market, I do think fiat is an easier tool for sure.

4. They think it's absolutely unnecessary when we do see things like *El Salvador* I do think they should realize that it's going to be a necessity in the near future and they might now wanna lag behind for sure.

The aspect I can agree to the idea in the post (which is the help part) but not to the country or to the economy but to the general citizen of the country because of the job that citizen do from it. Cryptocurrency give help to the youth. The government is not able to provide jobs to everyone and the people are taking care of themselves through the means of trading. Another point I can consider is the comfort as payment options that it is providing now because you can choose to make your transaction with cryptocurrency like bitcoin. So the government is not getting any economic boost from cryptocurrency because they are fighting against it.

Improve the economy of a country? A successful country is one that can prosper its people first. Opening wide job opportunities, providing access according to the skills possessed, not limiting work to just a diploma because out there many people without a school diploma have skills according to what they are interested in.

Apart from all that, there is no country that is really ideal and can be said to be a country that has really succeeded in increasing overall economic growth.
most of us are still vying to grow the economic well-being of individuals and groups. So as long as the stigma persists and the achievement of a successful country in developing its economy, it will have obstacles. Meanwhile, the key is in a productive society.

I do not agree with this post, crypto-currency is not a major source of. Contributions to a country economy, developed or under-developed countries, resources like agriculture, petroleum, tourism, human resources, nature has been contributing to nations economy, I believe in crypto-currency but I don't think it's has contributed to any  country majorly than the countries other economy,
Infact one source of contributions that the government's get from crypto-currency is taxation and this has become a rip-off to crypto-currency enthusiast especially long term holders, I think crypto-currency has contributed to individuals and countries with self less government.

With what you think currently, Crypto currency is one of the major things I think, that has contributed greatly to the growth of a country economy.
It will be totally improper for a country to channel all of its or their sources of income in one direction,the government kicking against crypto currencyus not right and fair from my own perception.

Diversification of economy by not focusing mainly on one major source of income boost and increase the economy to a large extent, as well limiting the losses....in a country tourism, technology, Agriculture and Sports mainly football will grow and boost an economy vastly.....why some Countries suffered during the Covid 19 pandemic is all because they focused and operated in one section to generate income, so boosting of an economy can also be achieved in different ways including crypto currency.

It wouldn't be bad idea if Y'all can share your thoughts and ideas about this from your own point of view.