Topic: The government of my country always blame Bitcoin for their failure. - page 2. (Read 575 times)

actually this is the reason that is often published by the government about their negative value with bitcoin.and in fact they are happy with the high tax revenue from bitcoin and crypto transactions imposed by the government, and assumptions like that are just an opinion to increase the popularity of a company.

institutions for political purposes in my personal opinion, while the points above are corrupt and naughty rich people, will look for loopholes for it not only in bitcoin in general in any valuable asset

Blaming is not a new issue especially if they don't really know about Bitcoin and much more about its nature. Perhaps, they are wrong because it was not the fault of Bitcoin as it does nothing with your country but this blame must send to your government which is undoubtedly accountable for this. They are the ones who manage this investment and if they fail to negotiate the price and become panic, losses will be their ends.
They can't just simply throw their blames on crypto, they need to question themselves first.

Did bitcoin come first or did these social evils come first? Before bitcoin didn't exist, criminals used fiat so was the government blame with fiat before? We have never heard of that.

It is probably the most brazen thing I have ever heard, how bitcoin could devalue the currency of a nation. They are exaggerating bitcoin or they have no one left to blame their mismanagement for inflation and now they are looking for someone to take responsibility for their stupid mistakes. Ridiculous.

1.   Fraud and money laundering
2.   terrorism financing/ ransom collection by kidnappers
3.   tax evasion and
4.   depreciation of national currency value.

That makes most of the government these days blame their failures onto bitcoin because they see it as a threat to their own currency, when in fact bitcoin is here to serve more convenience to the people, and not literally to compete with fiat. And when we say government failure, its because they always look into their personal greed and find satisfaction, while leaving the citizens suffer from the consequences of their actions. 

The recent report by Bloomberg that Nigerians accumulating cryptocurrencies to shield assets against a weakening naira have contributed to a slump in the fiat currency to a record low in the unauthorized market got my attention. The news reminded me of the blame game of the government of my country. My government is always quick to blame cryptocurrencies for the fall of our currency. But they fail to understand that people prefer Bitcoin because they have lost confidence in the stability of our currency. Converting our currency to Bitcoin is the effect of the fall in the value of our currency and not the cause of it. There are many factors that have led to the fall of our currency and cryptocurrency is not at the top of the list.

In February 23, 2021, my country’s Central Bank Chief appeared before the parliament to defend the bank’s directive to all commercial banks which forbids them to use, hold, trade or transact in Bitcoin and other cryptocurrencies. The apex bank claimed that these currencies are used for many illegal activities including fraud/ money laundering, ransom collection by kidnappers, terrorism financing and purchase of small arms and light weapons, and tax evasion. He also went further to state that dealings using cryptocurrencies threaten the soundness of our countries’ financial institutions which might lead to the depreciation in value of our national currency. From the above, the Central Bank Chief informed the Parliament that banning Bitcoin and other crypto currencies would lead to the decrease of
1.   Fraud and money laundering
2.   terrorism financing/ ransom collection by kidnappers
3.   tax evasion and
4.   depreciation of national currency value.
I might not be able to defend or talk much about the third point because he might be correct but the other three challenges he outlined that the restrictions of Bitcoin operations would reduce are far from the truth.

Well, that's pretty typical. Certain governments make a disastrous management and to blame for their ills they always look for an external enemy.

In this case, blaming Bitcoin for things like inflation, which has been historically high in the country, is laughable.

The bad thing is that this type of attitude on the part of governments does not solve anything, but tends to make things worse, as in Argentina.

Good luck to those of you who live there.

Did bitcoin come first or did these social evils come first? Before bitcoin didn't exist, criminals used fiat so was the government blame with fiat before? We have never heard of that.

It might be true that Bitcoin can be misused or abused by some individuals or organization which might affect the economy, but portraying Bitcoin  as one of the major cause of the country’s economic woes is untrue.

the Central Bank Chief informed the Parliament that banning Bitcoin and other crypto currencies would lead to the decrease of
1.   Fraud and money laundering
2.   terrorism financing/ ransom collection by kidnappers
3.   tax evasion and
4.   depreciation of national currency value.

It might be true that Bitcoin can be misused or abused by some individuals or organization which might affect the economy, but portraying Bitcoin  as one of the major cause of the country’s economic woes is untrue.

Governments & Central Banks are never going to willingly allow bitcoin to thrive & become a worldwide medium of exchange. They’ll fight until they’re blue in the face but sadly for them, their resistance is futile & bitcoin is going to the moon. Nobody or nothing can stop honeybadger.

It is probably the most brazen thing I have ever heard, how bitcoin could devalue the currency of a nation. Ridiculous.

My government is always quick to blame cryptocurrencies for the fall of our currency. But they fail to understand that people prefer Bitcoin because they have lost confidence in the stability of our currency. Converting our currency to Bitcoin is the effect of the fall in the value of our currency and not the cause of it. There are many factors that have led to the fall of our currency and cryptocurrency is not at the top of the list.

1.   Fraud and money laundering
2.   terrorism financing/ ransom collection by kidnappers

4.   depreciation of national currency value.