Topic: Why are the world’s governments not using cryptocurrencies? - page 6. (Read 1373 times)

2019 is the year and still early  ? i dont consider this early but crypto were already developed and improved alot .

they are now ready to be used by the public but they are already been used by some countries  but they cant also forget the fiat system too easily because fiat is where we started  . some countries now did also create thier own crypto based currencies and they want it to be used first before crypto next to fiats  .

It is still too early for governments to adopt cryptocurrencies i.e. the blockchain. Right now, almost all of them use fiat currency to issue currency to their citizens.

Maybe we will go back to a gold system soon and then maybe governments will issue their own blockchain-backed currencies.

Today, there is a situation where many governments express their dissatisfaction with the cryptocurrency or try to ban the activities of their citizens in the cryptocurrency market, but one way or another their actions will not succeed, because one way or another they will be forced to accept cryptocurrency and legalize it in their countries.  I believe that in a sense, control of the cryptocurrency is needed in order to stop criminal activity with the help of cryptocurrency, and many officials understand this.  If you want to avoid negative consequences, there is no other way than the legal circulation of cryptocurrency and sooner or later governments will agree to this.

Great question, thank you for asking why the governments are not adopting yet. It is because we are still having dollars from US. But when that house of cards crumbles, we will see a massive adoption of cryptocurrencies, and unknown altcoins like batcoin available at https://exchange.thecoin.pw will become very valuable and useful forms of money.

the main reason has already been mentioned on this. another reason is that crypto currencies are anonymous. the owner, from whom to whom, is unknown. besides, crypto is tax free and there is a lot of crypto fraud, and it cannot be monitored. while conventional currencies are all regulated by the state. transactions, and ownership can be seen.

If every country begin to use cryptocurrency every transaction will be visible in the blockchain. This means there will be complete transparency which gains the trust of people upon the government. But, governments dislike it, because they can't move funds unnecessary. This too is a major reason for governments to stay away from the cryptocurrency usage or development of their own cryptocurrency.

Not everything is ready yet, in my opinion it will happen soon, but you cannot easily control the use of bitcoin, especially for those who have a bad intention, I believe there will be a limit on how much anyone can own bitcoin, but all in all neither the world nor the cryptocurrencies are ready, it takes time to pass, it shows everything.

the reason why government don't want to use money is because they don't have control over it, they can't control how many we can use transfer, and share
as you can see every country watch each people how much they spend, people have limits when you are going to a certain country you should only bring
the amount they allowed or your be jailed, they are afraid that if crypto will be our currency they will become useless, they will not be able to control us
they need to stop crypto or they will be useless

Sooner there will be many government who will use cryptocurrency as their currency. Since cryptocurrency is not pure has decentralized system so everyone can create a cryptocurrency who has centralized system such as Ripple who still success because its rank stay on the top marketcap.

Currently, the reason why most government on this world haven't accepted cryptocurreny for a transaction tool because they don't have any right to manage it whilst the attitude of the government must really be able to regulate all forms that occur in the country, moreover if we talk about money, they must be able to arrange it.

This is just the matter of time, when their citizen is prefer to use digital money than they use money paper you will see government will choose cryptocurrency/blockchain as a system for digital money. Such as in chinese who try to make their own digital currency and I just thinking if they success to implement it then there will be msny countries who follow this way.

Nice topic by the way. But I think everything has both side.  If you compare with Arms, you will find it collaboration. By an Arms, you can do a lot of good things. Alternatively, you can kill someone by a single shoot out. So, In USA, government thinks a way but in another country, government thinks differently. As a result, some where it’s accepted wisely, somewhere it’s banned.

There's a lot of reason... Yes maybe they don't want to lose control and financial power. But you still have to look on other cases why the governments are not adopting cryptocurrencies aside being greedy. They cannot secure every users if they'll implement it. Adopting crypto as their main currency would produce more scammers and hackers that they can't handle because they don't have the control. So if ever people would lose money, to whom they will ask for help?

do you know how fast cryptocurrency exchanges grow? if they dont regulate them, they will overtake the gov in no time .

Cryptocurrencies don't have better security due to blockchain technology, in fact they have worse security from the point of view of government - if someone hacks their bank account, they will just rollback transactions because they are in a centralized database, but if the same happened with crypto, those money would be gone forever. Similarly, a rogue government official can't easily steal public funds by just sending them to his account - but with crypto it's very possible.

When it comes to security, crypto's benefit lies in the fact that you don't need to trust other people to store your money - and it can actually apply to governments too, as they not always trust other governments. So, there's a lot of pros and cons for using crypto by government in relation to security.

As for not being affected by global financial events - crypto is extremely volatile even without it, it can't be a good hedge just because it's not affected by fiat markets.

The main reason is as someone stated before: Governments can not control cryptocurrencies as regular fiat for their countries.

That's why they are "angry" to adopt it no matter what, unless there is regulation on legal activities between all participants (people and government).

Also it's hard to regulate it and make some legal laws as the government and president have to agree on it.

Por la misma razón que no esta regulado ni hay un mercado centralizado, lo mismo sucede con forex. Al hacer un mercado descentralizado no hay control total de estas inversiones.

At first please can you clarify how bitcoin can revolutionize the way we use money around the world? Imagine I am just foreign person and don't know what it is so enlighten me.
Personally I think the way cryptocurrencies surpass fiat currencies is that they can be limited and no one can fake that. Cryptos as a payment method is another huge thing where I see the light.
Do you really think governments will use cryptocurrencies if they aren't sure that they have huge control on it? Government won't let you to print money and spend your printed money, they print as much money as they want and it's legal for them while illegal for you. Also they find it legal to create debt that you have to pay but find illegal from you to not pay taxes and etc.
It's still good they don't touch crypto that much but also I want to mention that in Ohio you are able to pay taxes via cryptocurrencies that's a good thing.
Currently as I see governments are hugely interested in blockchain technologies because of it's benefits.

We don't even know if they don't really use it we couldn't be sure about it.
Who know's maybe they are the true whale's in the market they are the one's who are manipulating it.
Everything that we know is base on their statement but what if they are using the crypto's anonymity to hide and manipulate the market?

You have read the advantages of cryptocurrency but you didn't read the disadvantages, did you? Nope. Cryptocurrencies are very good, yes we all know that but there are still disadvantages. But, that doesn't mean the government is not going to adopt cryptocurrency, they will, but not these particular ones we have now.

As a matter of fact they are already looking into cryptocurrency - PBOC already announced that they are releasing their cryptocurrency any time from now. And I also saw another news that South Africa is looking into cryptocurrency. A bank in the United States is doing the same and UK has been studying it for a long time now, since 2014. So it's just a matter of time and they will start rolling out. But they are not going to replace the current monetary system.

Because politicians and bankers would lose control. You like most people think the money used in the economy actually exists "somewhere" as a whole, but it doesn't. With fiat money, this is easy to disguise and you appear to live in that illusion. With Bitcoin this is not possible, every single satoshi is accounted for in the blockchain.

Did you know banks only keep 10% (or less) of your money at any given time? I bet you didn't. You should investigate fractional reserve banking.

Truth is, Bitcoin makes things clear and transparent, unlike the way things are right now. It is in fact a cause to make the economy collapse, because the current economy is based in non-existent money. It is a gigantic ponzi scheme, banks and governments make the MLM people look like saints.

With fiat money you can't tell how much money is out there, especially in electronic fashion. You see digits and zeroes in your bank account, i think that money exists somewhere in a vault. It doesn't.

This is a shocking reality most people ignore, as long as they can go on with their lives...

Since Bitcoin removes the veil, those that scam the most have the most to lose. When this reality becomes apparent on a worldwide scale, the economy will have to change probably with the last of the crashes.

If you learn truth today, you have the chance to flee into Bitcoin (or gold whatever). Like any MLM scheme, there is not enough for everyone to withdraw (which is what causes the collapse or "pop" of the bubble), most people would not be able to cash, unless it is done slow enough to give time to banks to shrink. Usually that is not how it happens, people enter in panic and the bankrun occurs.

Now think of a worldwide bankrun. Less than 10% of the money in banks exists at any given time...

The irony is that some people say Bitcoin is the bubble "because is backed in nothing"... But Bitcoin is valuable for other reasons, while fiat money isn't. A "promise" that your fiat "could" be exchanged by "something" at the bank. In reality it is impossible, since even when "backed" nominally, they practice fractional reserve as well and in most legislation you can't actually exchange the thing, ie. USD for gold when it was "backed" in it. It was all a mountain of lies, a bubble waiting to pop. When the USD was no longer "backed" by gold in 73, they lowered the pressure a little, it was the honest thing. People should get in their heads that fiat currency is only valid as long as their governments continue to "keep the promise". But don't you ever try to make them fulfill it...

You know that politicians are liars, they say one thing and do the opposite. Honest money like Bitcoin is too dangerous for them, as their secrets would come to light. And yes, some would like to FUD people into thinking Bitcoin is "criminal's" money, when the main criminals are them. Bitcoin has its rules exposed and accepted by the community that uses it, fiat isn't. The rules for fiat cam be changed by decree, ie. when a gov decides to print "some more" to make their budget fit in, and at that moment everyone becomes poor. Do it slowly enough like the USA and most people would even think that coin is great.

But they can't control Bitcoin. Its 21 million. If the community wanted 42, the whole would need to accept this change, not a few guys in power. Everyone would need to be willing to accept a "half value" from such devaluation, something that is never consulted to people under fiat currency rule. I imagine if something like this would ever occur, it would be with a hard fork probably with some rule that everyone owning 1 would now own 2 after it takes effect (so that in theory everyone would keep the same). This is too convoluted and unnecessary anyway and will probably never be done, but its an extreme example.

Of course the true base unit is the satoshi, which every bitcoin contains 100 million of... If you express things in satoshis rather than bitcoins, it has ample space left for low value expressions, far more than the useless cents of USD and EUR.

And of course those aren't the simplest reasons why they don't accept bitcoin. There are also serious reasons such as the volitle price that could be offset by the value of money that government has used for it.

It is also not possible to implement this because many people are not aware of bitcoin and especially using computers and mobile phones.

And because the blockchain is transparent where all transactions are recorded it may also be because corrupt government officials can no longer secure their corrupted project.