The simple logic behind the Government not involved in crypto because the country currency rate falls down when they encourage the cryptocurrency. that's the reason the govt try to bring regulations to regulate the flow of the currency. as it is not owned by any government, they can not consider the transactions as illegal but they can regulate it.
If in case, Govt and banks are involved in the Cryptocurrency and they monitor the transactions, In India, already many of the Banks are not allowing Buy and sell through Debit or credit cards. Coming to BFSI, if we want to do a cross-border transaction, the bank charges away high and if the same transaction does through blockchain, their profit reduces. But many countries Govt already started accepting Cryptocurrency as the regular currency. In few countries, it is completely regulated and they are banned to do Cryptocurrency transactions.
For now, we can not ignore banks for cryptocurrency related as we need to use any of the payment mode in order to purchase or sell cryptocurrency.
Topic: We do not need government and bank any more - page 8. (Read 2126 times)
You are right about that. Blockchain's popularity icreases via technological improvement. It is likely to be what you said in the near future. But, for now, we can not ignore governments and banks about monetary transactions.
I don't think so. If we don't need government and bank when we lose our crypto balance where we will complain we din't know. We still need government to make a rule about cryptocurrency.
It is not sad, but governments and banks will still control the blockchain and cryptocurrency. Look, it's happening now. Some countries have already successfully regulate the cryptocurrency.
Before the blockchain may not be dependent on government, the government will find ways to control electronic money first. E-money involved in payment activities must also be approved by the bank.
This may be a very far-sighted idea, but I think that the distance is very long, it may take 200-1000 years, and this is not too much relationship with you, so I think this is impossible.
With the fast developing blockchain technology, more and more people are getting involved in the blockchain world. The human being has been evolving so many years, we went through the period of the primitive society, the agricultural revolution, the industrial revolution, and the Internet revolution. It's time to change, we now need to enter a new era, a decentralized era, we got to trust each other with the technology, but not with the third parties. Government is third parties, the bank is third parties, all the giant company are third parties. Why they want to hinder the development of blockchain or ICO. Because they are afraid, there are no more people they can get benefit from.
I suppose that sooner or later, some crypto-currencies will become legal means of payment. They will exist along with the fiat currency. In this there is nothing dangerous for the world financial system. Time will tell...
Blockchain is the next big thing happening. A number of establishments are adopting the technology to increase transparency, trust and security. it will take sometime before Blockchain is implemented in all areas of human activity. A revolution is gradually emerging to take over the way we do things.
I suppose that sooner or later, some crypto-currencies will become legal means of payment. They will exist along with the fiat currency. In this there is nothing dangerous for the world financial system.
The fact that crypto is booming and blockchain is taking over doesnt mean that we no longer need a controlling institutions.,there are still lots of business thatneeds the government and the banks, things like national planning and budgets stll need expert planner in the banking system
It is still difficult to break away from the control of the government. After all, we are scattered everywhere. Just like a bad news now can cause great fluctuations in the password world.
At the moment we can not fully live without banks and governments. Most of our common payments are made through banks in a centralized currency. Unfortunately, we can not buy products and pay for many services using crypto currency, but I believe that we will have such an opportunity in 5+ years.
Crypto currency is not accepted in my country. That's why I can not refuse banks and government. But I believe that the crypto currency will become much stronger soon.
I don't agree that we do not need bank & government anymore, actually all aspect of our daily needs is yet to be covered by crypto usage.
I agree. The government and the bank are not necessary any more. However, the people still need to learn how to live in the world without government's existence. And when it happens, I believe that cryptocurrency will play an important role
We don't need them, but they do. That says a lot. No one will just make their economy decentralized. This is very unprofitable and stupid. We will have to achieve it and deserve it. Let's move on.
With the fast developing blockchain technology, more and more people are getting involved in the blockchain world. The human being has been evolving so many years, we went through the period of the primitive society, the agricultural revolution, the industrial revolution, and the Internet revolution. It's time to change, we now need to enter a new era, a decentralized era, we got to trust each other with the technology, but not with the third parties. Government is third parties, the bank is third parties, all the giant company are third parties. Why they want to hinder the development of blockchain or ICO. Because they are afraid, there are no more people they can get benefit from.
I think the way you see blockchain is completely wrong, Blockchain technology is really usefull and could be use in future and i think goverment do support it, the thing is goverment just afraid that cryptocurrency could be a bubble that will make many investors suffer, indeed seems like we dont need goverment cause they just make people afraid to invest in crypto but i do believe in long term crypto will be good place for investment. We do still need goverment in many aspect of our life you cant deny it, it would be chaos if there is no goverment.
States are always needed. If you want to live in a certain rules and order, your state should be. Without the banks, we can not buy crypto money and we can not withdraw it again.
Yes you are right but there is also a downside here in most markets especially when the price drops the value of your coin will also drop while in the bank all prices go up. The government will not allow such a thing to happen. Although decentralized, it can not be denied that there will be a person or organization that is centralized and can not refuse. The government wants to control us but now they can not do it anymore.
I just cannot think if there is no government and the bank in the country. The government has the big rule in our society and also to our economy. Either how the technology is great or the crypto currency was, there always be a government who looks and protect the welfare of their people.
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