Why are the world’s governments not using cryptocurrencies? - page 9.

Linkkoin

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Quote from: angrybirdy on December 04, 2019, 06:18:29 AM

Quote from: Linkkoin on December 04, 2019, 06:14:13 AM

Some of them might use some cryptos as one of the parts of their financial reserve (maybe with seized BTC and other cryptos?). But the point here is the volatility.
More likely is that some special services might be using them already for years as speaking of their grey/black budgets.

It is impossible, they won't and they don't even try using it as one of the parts of their financial reserve. You said it yourself, volatility is what makes them stop about the idea of using bitcoin. It is not just risky but they cannot afford to have losses just because of its price changes.

https://www.newsbtc.com/2019/07/22/bulgaria-big-on-bitcoin-as-reserves-could-exceed-its-gold-stash/ - seized BTC it is.

AbuBhakar

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Government says it's due to security purposes and some are afraid in the fact that it's transparent that all transactions will be known and might be a hindrance in their plans of corruption. But wise move is to implement a blockchain system even not totally in crypto, but the blockchain alone can help them in their services.

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Quote from: Linkkoin on December 04, 2019, 06:14:13 AM

Some of them might use some cryptos as one of the parts of their financial reserve (maybe with seized BTC and other cryptos?). But the point here is the volatility.
More likely is that some special services might be using them already for years as speaking of their grey/black budgets.

It is impossible, they won't and they don't even try using it as one of the parts of their financial reserve. You said it yourself, volatility is what makes them stop about the idea of using bitcoin. It is not just risky but they cannot afford to have losses just because of its price changes.

Linkkoin

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Some of them might use some cryptos as one of the parts of their financial reserve (maybe with seized BTC and other cryptos?). But the point here is the volatility.
More likely is that some special services might be using them already for years as speaking of their grey/black budgets.

Ailmand

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Cryptocurrency is decentralized and not under their control. If they will use it it will only mean that they acknolwdge crypto as legally accepted currency which they have bo jurisdiction. Who don't even know if the government is not really using crypto or if they have been using it secretly.

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Quote from: OnaThibault on December 04, 2019, 04:23:27 AM

I think they do not want the nation's finances to be dependent on market volatility. They have no control over cryptocurrencies, so they discourage use of it.

Not exactly about that. It is about having control of it, they do not have some sort of control and that is what they want to overcome. If they have control, then they have the power to expand their capability in any terms. Volatility is just a small factor for them since they can create centralized crypto where they can use stablecoin if they want to.

OnaThibault

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I think they do not want the nation's finances to be dependent on market volatility. They have no control over cryptocurrencies, so they discourage use of it.

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

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?

The answer was already given by some of my fellow forum members. So I will try to summarize the facts,

1. Governments know for a fact that, cryptos can't be controlled by them.
2. Cryptos are pseudo anonymous so it is very difficult to trace down an illegal activity involving cryptocurrency.
3. Crypto prices are very dynamic and fluctuative. Which makes it a bad choice to be used as a currency.
4. Banking lobby openly promoting cryptos as a scam to support their own survival. Banking lobby is probably the strongest one among other lobbies and they are effectively using their network against cryptos

I belive these are the major reasons why governments are not willing to adopt cryptos within their mainstream economy.

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

so why are the world’s governments not adopting them to be used as a form of currency?

Governments have their own history and sovereignty, and their governments' money also has its history. For example in the case of my country: the notes have photos of the heroes of the fight against colonialism.

Another point, bitcoin is something that has great volatility, yesterday the price was $7350 and today the price is $7150. Last week the price was $7600 and today is at $7150. you can already imagine that this is a big problem if we want to use bitcoin as currency

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

There are many advantages of cryptocurrencies that surpass fiat currencies that we used on a day to day basis such as better security due to blockchain technology, cryptocurrencies not really being affected by global financial events as it is a decentralized currency

You can list these advantages, but cryptos have a major disadvantage which is the high volatility, this is undoubtedly an argument that governments will always use. I don't currently see many cases of scam and money laundering, which means that there will be a time when governments will no longer use the old argument that cryptos can be used as money laundering, but will use the argument that cryptos are very volatile.

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

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?

My country is a poor country, imagine that a merchant of my country accepts bitcoin as a means of payment, with such volatility he will go bankrupt

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Quote from: Krislaw on December 04, 2019, 03:35:16 AM

We can't trust the government 100% on this and i am sure there are some people in the government that are already making use of a privacy coins to make anonymous transactions. Some bank workers are already transacting with bitcoin. Some in the government knows about crypto and shows interest but what is keeping them back is FUD and threats.

This is not entierly true. First of all you don't make difference between individuals and government as an institution. What private persons do, even if they are politicians, is one thing and official policy is another.
Governments are testing cryptocurrencies and they are not strictly against it but they need a legal and regulatory framework how to implement it into system. Would you like that economy of your country depends on something volatile like cryptocurrencies are and without any legal framework that would define what is legal or not and without any protection? I don't think so.
Using cryptocurrencies as an individual for private purpose is one thing and using it to run economy and society in some state is totaly another.

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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, so why are the world’s governments not adopting them to be used as a form of currency?

There are many advantages of cryptocurrencies that surpass fiat currencies that we used on a day to day basis such as better security due to blockchain technology, cryptocurrencies not really being affected by global financial events as it is a decentralized currency

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?

Well, usually goverments are run by old people (in spirit and/or body) that are just too lazy to do anything. All they care is about the next paycheck, which means chances of researching, let alone adopting a new technology is out of the book... However, with adoption increasing by the day you can rest assured they will adopt bitcoin one way one way or the other.. Not because they actually care about the technology but because they care about their next pay check. And to get their next paycheck they need to tax the shit out of everything. Wink

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of course due to the influence of the global elite, if from the point of view that I see all people and the public do not hate crypto currency even they want to learn this technology along with blockchain technology, for some reason I think the BANK owners will go bankrupt if everyone no longer uses money paper and switch to crypto, but again everything needs time for every change just like we used to transact using gold and until now paper currency, may later be replaced by digital currency, we don't know because there are no haters but people who want to learn this are worried about threats

Krislaw

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We can't trust the government 100% on this and i am sure there are some people in the government that are already making use of a privacy coins to make anonymous transactions. Some bank workers are already transacting with bitcoin. Some in the government knows about crypto and shows interest but what is keeping them back is FUD and threats.

gantez

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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.

KillerQueenz

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I’ve recently learned the many advantages of cryptocurrencies and how they can revolutionize the way we use money around the world, so why are the world’s governments not adopting them to be used as a form of currency?

There are many advantages of cryptocurrencies that surpass fiat currencies that we used on a day to day basis such as better security due to blockchain technology, cryptocurrencies not really being affected by global financial events as it is a decentralized currency

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?

Topic: Why are the world’s governments not using cryptocurrencies? - page 9. (Read 1447 times)