Why are the world’s governments not using cryptocurrencies? - page 3.

xiboothrezi

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Quote from: KillerQueenz on December 04, 2019, 03:16:13 AM

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Why are the governments not adopting cryptocurrencies? Is it a world-wide conspiracy by the elite in order to keep in power? Or is it that the people in charge are rather ignorant of the advantages of cryptocurrencies in order to keep the current system of power?

Such a conclusion cannot be drawn. Cryptocurrency is decentralized, mostly so, especially the most dominant and comprehensive use is bitcoin. While the government has full authority in controlling the economy, including money circulating in his country as a form of economic independence. Bitcoin has an anonymous administration, so that is one of the reasons why bitcoin cannot be adopted completely by all countries in the world. At any time I think bitcoin will only be an alternative payment, while on the other hand, its function as an investment tool and commodity trading will be maximized.

dimox

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if they think fiat is more profitable than crypto, they will use fiat. profitable mean, government take profit, much profit than people, and i think they happy if government richer than people. the difference makes them happy, as long as they look so great

Xxmodded

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Bitcoin have pass ten years but still not allowed become legal currency payment around the world, many countries not use bitcoin become theri legal payment although bitcoin can get good service by sending payment with easy and instant for transfer to other wallet, just get problem when bitcoin have been banned in several country like Indian and not allowed although as investment assets.

Realroy

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The biggest issue with government is control. bitcoin was made only to avoid any kind of interference. and if cryptos were accepted by the government they have to be centralized which is exactly the opposite of why cryptos were created in the first place.

kro55

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*STOP NOWHERE*

I think it's about preferences. Although cryptocurrency has so many benefits to offer, governments realized that they will get nothing from cryptocurrency. This rivalry between government and cryptocurrency won't end very soon.

altcointalk14

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Government is willing to accept blockchain but not cryptocurrency. Since nobody can control the bitcoin blockchain, government can host their applications on private blockchain where they have complete control. There are very rear chances that most of governments will accept bitcoin or other cryptocurrency.

Xxmodded

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Quote from: gweedo on December 15, 2019, 02:15:27 PM

Because cryptocurrencies are not going to benefit the government, the government will not be able to collect taxes if their country accepts cryptocurrency and makes it a payment method. In addition, Fiat is a representative of a country, so cryptocurrency will never be able to replace Fiat

Not giving distributed for government take tax from bitcoin and not allowed using crypto as legal payment transaction, maybe although bitcoin have been legal always have way to to keep our self from paying tax to government, maybe make transaction to other account and sell bitcoin or altcoin to our friend from other country.

kanayaTabitha

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Quote from: Sahyadri on December 16, 2019, 12:16:29 AM

Who said governments are not using cryptos. In some countries government backed cryptos are already in existence and in some it is in the process of creation. Government might not support decentralized cryptocurrency like bitcoin but is not really against the blockchain technology or creating a cryptocurrency of their own. The advantages you listed is the sole reason these governments are venturing into cryptos. If it goes successful, they might altogether shift to cryptos in coming years from fiat.

Most of countries are want to make their own cryptocurrency which is centralized, i don't think the people on their country want to use it because people are using cryptocurrency because of the decentralizeness, the anonymousity of cryptocurrency made cryptocurrency is really hype and used by many people. So , i think if a government make a centralized cryptocurrency i don't think it will success.

clickerz

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Quote from: gweedo on December 15, 2019, 02:15:27 PM

Because cryptocurrencies are not going to benefit the government, the government will not be able to collect taxes if their country accepts cryptocurrency and makes it a payment method. In addition, Fiat is a representative of a country, so cryptocurrency will never be able to replace Fiat

Better for the government to issue its own cryptocurrency. Actually some government is starting to issue their own cryptocurrency and some are still developing it. Previous , month China announced that they are launching their own, I hope this is just the start of the brighter future of crpto.

danherbias07

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Quote from: gantez on December 04, 2019, 03:21:43 AM

The simple truth is that, they believe the jurisdiction of money should be what is under their control. Money is a huge manipulating factor and so, since cryptocurrency is not controllable, they might keep running away from it for a long time.

Wise answer. Merit.

Yeah, if they lose control then so does the rich people.
This world cannot be equal and it will never will or else there will be no one to work for food or serve them.
That is just the effect of using crypto currencies specially bitcoin.

Us, with transparency only in our transaction but never with how much do we really have. There is no information of who the owner here unless I tell it to you.
They don't like that kind of idea.

Sahyadri

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Who said governments are not using cryptos. In some countries government backed cryptos are already in existence and in some it is in the process of creation. Government might not support decentralized cryptocurrency like bitcoin but is not really against the blockchain technology or creating a cryptocurrency of their own. The advantages you listed is the sole reason these governments are venturing into cryptos. If it goes successful, they might altogether shift to cryptos in coming years from fiat.

sapnu

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Quote from: Pearls Before Swine on December 15, 2019, 03:14:35 PM

Quote from: KillerQueenz on December 04, 2019, 03:16:13 AM

I’ve recently learned the many advantages of cryptocurrencies and how they can revolutionize the way we use money around the world

You may have learned that, but perhaps you haven't learned how many cryptocurrencies there are on the market and how most of them are of such low quality that they're practically worthless. And there is also the issue of volatility, and it's a big one.

Governments would be ill-advised to hold even bitcoin in reserve. What would happen if a gov't bought it at $13,000 this year and held it? They obviously would have lost a lot of money on paper, and I can guarantee you that the people of that govt's country would be very upset. That's probably the main reason why they don't, and another reason is that bitcoin is just too new and isn't well understood by politicians.

Maybe not all governments are not using it, maybe some of them are also using it. I know some people with a position in the senate really come using cryptocurrency and even create their own token with his own money because he is rich, he is a billionaire. I can say that a different person has a different perspective on cryptocurrency. We all know that cryptocurrency is better to use than fiat, it has advantages in different terms such as payment method wherein you can make a transaction when you are buying making transactions faster than paying with fiat.

Pearls Before Swine

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Quote from: KillerQueenz on December 04, 2019, 03:16:13 AM

I’ve recently learned the many advantages of cryptocurrencies and how they can revolutionize the way we use money around the world

You may have learned that, but perhaps you haven't learned how many cryptocurrencies there are on the market and how most of them are of such low quality that they're practically worthless. And there is also the issue of volatility, and it's a big one.

Governments would be ill advised to hold even bitcoin in reserve. What would happen if a gov't bought it at $13,000 this year and held it? They obviously would have lost a lot of money on paper, and I can guarantee you that the people of that govt's country would be very upset. That's probably the main reason why they don't, and another reason is that bitcoin is just too new and isn't well understood by politicians.

suvo05

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The simple cause when you are the owner of a cryptocurrency then only you have the access to it. In case of fiat when you save your money in a bank, then both you and bank have the access to it. They are giving you some interest to you because they are making a higher profit using your money and interest is a small part of that profit. So a bank is accumulating huge money from all the people and investing it or giving loans to others. So there is a recycling of money by the bank controlled by the government. Now in the case of cryptocurrencies, you are the only owner of your money so there is a possibility of less recycling of money or independent recycling by individuals. So there might be a huge difference in the economy that Gov would have very little control over.

gweedo

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Because cryptocurrencies are not going to benefit the government, the government will not be able to collect taxes if their country accepts cryptocurrency and makes it a payment method. In addition, Fiat is a representative of a country, so cryptocurrency will never be able to replace Fiat

amyshek1979

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With a modern fiat financial system, the state can charge taxes automatically. It’s hard for me to imagine such a system based on Bitcoin that will allow to do this. In addition, it needs to be built, and it will take more than 5 years.

JeffBrad12

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Quote from: Aying on December 15, 2019, 08:47:19 AM

Absolutely! and in addition government also dislike of cryptocurrency uses, such as other illegal transaction that still widely spread and many huge investors will interfere of what governments movement. that's what I think why government still not using crypto. but for sure they thinking of it and have their own movement to take control crypto. let's be prepared.

It's not because the criminality or illegal transaction because if using that as parameter then traditional paper money will not be used because it has too much illegal untraceable transaction for example criminal who use it for dealing drugs. the government just worry that the crypto if implemented to their governance will threaten the economy because it's too fluctuative.

longyenthanh

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Quote from: BitcoinsGreat on December 15, 2019, 10:30:41 AM

Quote from: MuffinMaster on December 14, 2019, 03:05:15 AM

A very simple answer to this questions, why governments not using cc? Is that cryptocurrency is not in favor of governments. Majority of advantages offered by crypto are for general public not for governments.
A peer to peer transaction may benefit two ordinary person but it surely hurting middleman like banks that are backed by governments.

But there are some countries which have legalized bitcoins. How their government survive by this act ? I think this is lack of knowledge that if bitcoin is made mainstream currencies, it will hurt the government. We should see the case study on how the crypto friendly governments are operating. This way we can easily get information and adopt to crypto currencies.

Do you think those are really cryptocurrencies, that are legalized by different governments? Think again. My friend to take there share or remain in competition governments are legitimating only those currencies that are regulated and can be monitored and controlled by the government bodies (AML and FATF compliance cryptocurrencies).

BitcoinsGreat

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Quote from: MuffinMaster on December 14, 2019, 03:05:15 AM

A very simple answer to this questions, why governments not using cc? Is that cryptocurrency is not in favor of governments. Majority of advantages offered by crypto are for general public not for governments.
A peer to peer transaction may benefit two ordinary person but it surely hurting middleman like banks that are backed by governments.

But there are some countries which have legalized bitcoins. How their government survive by this act ? I think this is lack of knowledge that if bitcoin is made mainstream currencies, it will hurt the government. We should see the case study on how the crypto friendly governments are operating. This way we can easily get information and adopt to crypto currencies.

ubercool

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Because they can't manipulate it. Period.
They give allot of reasons but most of it are just cover ups for real reason.

Topic: Why are the world’s governments not using cryptocurrencies? - page 3. (Read 1447 times)