Why are governments biased towards banning Cryptos? - page 3.

Pattart

hero member

Activity: 1190

Merit: 500

Quote from: btc-facebook on August 12, 2018, 11:39:59 AM

My government decide to against crypto because it can cause inflation because of it's high value and also it can be use for criminal attempt especially for corruptor.
I think every government have their own judgement toward crypto and those are mine

Some developed countries will not do the ban, because they do not see bitcoin from the negative side such as being used for money laundering, inflation, scams, etc. developed countries will certainly see the positive side and they can work together to get mutual benefits, like the US government that legalizes but gives taxes..

satana_igor666

newbie

Activity: 112

Merit: 0

The thing is that the government is for new technologies and they actively support them, but it is independent of crypto currency and does not require permission from the state.

jonhsongotti

jr. member

Activity: 252

Merit: 1

Not all governments are banning the crypto currencies,They just want to control the crypto to suit their country's situation. Each government has its own views on crypto, but I believe in the future blockchain technology will Widely used in life. Blockchain is a wonderful invention of the 21st century.

Yusuf_Jay

jr. member

Activity: 37

Merit: 10

I think it happened because the government has a wrong understanding of cryptocurrency, they think cryptocurrency is wild and cannot be regulated. whereas, the government should know that cryptocurrency is the same as other financial instruments and can follow the rules that apply in a country.

btc-facebook

legendary

Activity: 1862

Merit: 1015

My government decide to against crypto because it can cause inflation because of it's high value and also it can be use for criminal attempt especially for corruptor.
I think every government have their own judgement toward crypto and those are mine

cryptocity90

newbie

Activity: 126

Merit: 0

Some countries are being procative on the issue and actually trying to regulate some of the services surrounding it and encouraging use of decentralized currencies on the blockchain.Its not quite surprising for this thing and these had been discussed since the beginning of cryptocurrencies.

audaciousbeing

hero member

Activity: 1330

Merit: 569

Quote from: Nagesh021 on July 16, 2018, 11:46:43 AM

Why are all governments pro AI and are so against cryptocurrency? AI has been often conisdered as a threat to humanity but governments use it extensively but blockchain is the best thing that is ever happened to us humans and why do governments hate it so much? They are okay with driverless cars moving around streets but are not okay with currency that will make us more independent? Why this bias?

The distinguishing factor here is control. When you can still establish the control, over something, you practically own it and that is what AI is all about. Despite the continue development of AI, its still subject to human control and the moment the threat the human existence is being established as a result of that, government and the people I believe would not hesitate to shut it down. We have seen several medical research and development in the area of drugs, mutation, cloning etc including technical research turned down because it goes against human dignity.

The same thing cannot be said of bitcoin and why government is against it is so obvious to everyone as the reason why which is because of control that they are unable to establish. The moment there is a breakthrough in that area, all of the attack will stop and focus would be on how far they want to go in exercising their new found power. So, in essence, its not about biasness but about invested interest that needs to be protected.

Leyss

member

Activity: 574

Merit: 12

The government does not need crypto currency, it only brings them various big problems. Therefore, governments are mainly against the crypto currency. Crypto currency is good only for ordinary people, to whom it gives financial freedom and independence from state bodies and the banking system. This is exactly what governments do not like. They perform various actions with respect to the crypto currency, depending on the level of civilization and the participation of people in government. If people influence their power, then there is a government loyal to the crypto currency. If the government exists by itself and does not consider the opinion of the people, then the government takes steps to restrict or even ban the decentralized crypto currency.

tongkt1992

newbie

Activity: 55

Merit: 0

There are two big groups of reasons – one group of reasons is officially stated by almost every aforementioned country: cryptocurrencies are banned because of security issues. The other group of reasons are usually not stated officially but is largely implied. It is directly associated with cryptocurrencies being decentralized: cryptocurrencies allow people to trade directly with each other (peer to peer), cutting out the need for a middleman, which traditionally is a bank.
The anonymous nature of cryptocurrencies means that it can be used for illegal transactions - such as buying and selling drugs or weaponry. According to central bank officials, cryptocurrencies can also be used for money laundering or terrorism. The case of NHS shows that cryptocurrencies allow hackers to request ransom payments and stay anonymous.

Spaffin

full member

Activity: 1316

Merit: 108

Quote from: Nagesh021 on July 16, 2018, 11:46:43 AM

Why are all governments pro AI and are so against cryptocurrency? AI has been often conisdered as a threat to humanity but governments use it extensively but blockchain is the best thing that is ever happened to us humans and why do governments hate it so much? They are okay with driverless cars moving around streets but are not okay with currency that will make us more independent? Why this bias?

Governments are not interested in recognizing the Crypto-currency. For them, decentralized crypto currency is a very big problem because it does not belong to a specific state, it is not provided with anything, it is not supported by anyone, it has very high volatility that prevents its normal use as money and, moreover, has a value of hundreds or even thousands of times higher than their national money. In addition, the crypto currency can not actually be controlled. Money flows in the crypto currency can freely go beyond the state and the state can not do anything about it. Are these factors not enough that the state generally prohibits decentralized crypto currency? So it is very good that the state, though slowly, but recognize it as an asset, property, goods or something else.

Gozie51

hero member

Activity: 2520

Merit: 624

I'm just thinking that it is now late for the government to ban cryptos. This is why they would just be looking at how to go on regulations. Blockchain has really been helpful even to the government in data analysis, elections, mobile cards transactions etc.

Oliveir

newbie

Activity: 140

Merit: 0

Some are just afraid that their people might use it to do crime on the digital world so hey blindly ban it, unlike other country that they put on study first before making a move.

iconternal

jr. member

Activity: 118

Merit: 1

it is true that many governments have hated bitcoin currencies and that's all because the government is afraid of money laundering as well as terrorist financing through bitcoin, and I think that is the reason.

sheenshane

legendary

Activity: 2366

Merit: 1206

Quote from: Dreamchaser21 on July 20, 2018, 09:24:50 PM

Quote from: target on July 20, 2018, 12:39:22 AM

Its also true that with the use of cryptocurrencies the government will have no control over it. The government will always want to keep their citizen by the neck or they will fight back.

But since crypto has changed so much that they may never control it in any way. If you look at how it is since time, its gradually changing the world the few people who knew bitcoin are now much larger and use of btc are almost common. They will be force to consider the approving the use of crypto and perhaps countries will have their own blockchain as well or they'd be left behind.

Governments are making their move now to make a legal actions with cryptocurrency because they cannot control it but they can make a regulations about it. Some government are still thinking about the negative side of this market without realizing that their people starting to love this technology. In the future they will have no options anymore but to adopt a blockchain technology.

In this case, maybe we accept the reality that time to time all countries having regulation on the users of in this technology.
Governments always afraid of this technology for possible of making illegal activities or fraudulent activities which is strictly prohibited in every country.
We can't blame them because we all know scammers are everywhere and they targeted now those weak people who using bitcoin and that's scenario governments afraid of that and they protect people from these massive negative sides.

Theb

hero member

Activity: 1680

Merit: 655

I don't see what you are currently experiencing and perhaps it is maybe because you are living in a country where the government is strict and is against cryptocurrencies. For example if you read news about Japan and Korea you will only see news related to their law enforcement when it comes to their regulated exchanges, you won't see news saying that they are against cryptocurrencies. Their only concern is people who are trying to take advantage of this cryptocurrencies such as money launderers and terrorist or any kind of criminal, their very nature of being an anonymous cryptocurrecy makes authorities approach the matter more seriously.

Just take a look at this news in Australia where they have a company who newly launch a cryptocurrency vault acting as a cold storage, obviously this won't even be possible without the Australian Government permitting them to do so. This in itself is evidence that not all governments are against cryptocurrency. You might be misunderstanding some information you are reading.

Dreamchaser21

full member

Activity: 686

Merit: 108

Quote from: target on July 20, 2018, 12:39:22 AM

Its also true that with the use of cryptocurrencies the government will have no control over it. The government will always want to keep their citizen by the neck or they will fight back.

But since crypto has changed so much that they may never control it in any way. If you look at how it is since time, its gradually changing the world the few people who knew bitcoin are now much larger and use of btc are almost common. They will be force to consider the approving the use of crypto and perhaps countries will have their own blockchain as well or they'd be left behind.

Governments are making their move now to make a legal actions with cryptocurrency because they cannot control it but they can make a regulations about it. Some government are still thinking about the negative side of this market without realizing that their people starting to love this technology. In the future they will have no options anymore but to adopt a blockchain technology.

Oceat

sr. member

Activity: 2506

Merit: 368

Quote from: sunsilk on July 16, 2018, 04:28:08 PM

Crypto's and blockchain technology are two separated things.

Government aren't willing to adopt it but we saw recently some countries are using it to boost their economy by adopting it and supporting their citizens to use it.

To those that aren't willing, they only see the dark side of crypto's by being used for illegal trades but they never looked at the side that fiat money is also being used that way.

While blockchain, this is a great piece of technology, most of them lack of understanding about it so that will take time for them to adopt it and that's why they are still in doubt with it.

The little knowledge they have the more they won't allow cryptocurrencies to be legalize, otherwise they will just banned it from all of the people but to those who understand it, they should act safely or else their government will try to stop them. I don't know what's wrong with the other government but i guess this is what were the politicians really do. When there's money involve they act too fast but when there's no money involve they acted too slow that almost a turtle can catch what they were doing.

target

legendary

Activity: 2282

Merit: 1041

Its also true that with the use of cryptocurrencies the government will have no control over it. The government will always want to keep their citizen by the neck or they will fight back.

But since crypto has changed so much that they may never control it in any way. If you look at how it is since time, its gradually changing the world the few people who knew bitcoin are now much larger and use of btc are almost common. They will be force to consider the approving the use of crypto and perhaps countries will have their own blockchain as well or they'd be left behind.

richminded

sr. member

Activity: 798

Merit: 268

Quote from: hacekd on July 17, 2018, 10:44:24 AM

we all know that Bitcoin is a virtual currency that is stored in digital form inside a wallet. Bitcoin storage. Bitcoin Wallets can be tablets, smartphones, computers and laptops that are all very vulnerable to viruses. And it will fall prey to theft by hackers, and this is the main reason the government has banned bitcoin.

Some government are really biased, they are banning it without legal study about it or any research on the technology of cryptocurrency. You are lucky enough if your government really support this thing, but if you are in a place that cryptoccurency is being pressured better not to panic and wait for the final decision of your government, maybe they are just not so sure about the risk if you invest in this market.

yndye

sr. member

Activity: 616

Merit: 262

Quote from: Nagesh021 on July 16, 2018, 11:46:43 AM

Why are all governments pro AI and are so against cryptocurrency? AI has been often conisdered as a threat to humanity but governments use it extensively but blockchain is the best thing that is ever happened to us humans and why do governments hate it so much? They are okay with driverless cars moving around streets but are not okay with currency that will make us more independent? Why this bias?

Blockchain technology and cryptocurrency are two different things you know. Blockchain technology is the backbone of cryptocurrency and it can exist without cryptocurrency while cryptocurrency cannot exist without blockchain technology.

Government may welcome blockchain technology with open arms but due to the issues with cryptocurrency being anonymous and involved in illicit activities, some are just taking precaution and ban it in their country. It may be change sooner or later as we can see more countries accepting it.

Topic: Why are governments biased towards banning Cryptos? - page 3. (Read 2021 times)