Topic: Why Cryptocurrency is not Legalized Despite the Many Benefits - page 2. (Read 1117 times)
September 23, 2021, 05:05:01 AM
This cryptocurrency has been given legitimacy in different countries. However, there are some countries where cryptocurrency has not been legalized. And in those countries where no legitimacy has been given, there are many problemsSo there is no legitimacy in all those countries.
September 23, 2021, 04:28:08 AM
Cryptocurrency brings us many benefits and values, changes our thinking and helps realize wealth freedom, and can be quickly traded all over the world. However, its price fluctuations are unstable and difficult to use in daily life. Its decentralization makes it difficult for the government to supervise it, and it is likely to be used in criminal activities. It is easy to adversely affect the stability of the national economic system.
September 22, 2021, 01:49:17 PM
To my knowledge the first cryptocurrency was Bitcoin. Do you agree?
Since 2009 Bitcoin was launched by a person on behalf of Satoshi Nakamoto (aka) there have been very many positive things that have been obtained by people in the cryptocurrency space. Because Bitcoin has a limited stock, thus making the price of BTC expensive and then in anticipation of people being able to invest in crypto, Altcoins were born as an alternative.
Please give suggestions if my post is not correct.
Since 2009 Bitcoin was launched by a person on behalf of Satoshi Nakamoto (aka) there have been very many positive things that have been obtained by people in the cryptocurrency space. Because Bitcoin has a limited stock, thus making the price of BTC expensive and then in anticipation of people being able to invest in crypto, Altcoins were born as an alternative.
Please give suggestions if my post is not correct.
Their are lot of politics in it. Because if the cryptocurrency legalized all over the world, it will conquered the world economy. Then,no use of bank in the world.Some developed country hold the developing country by the mean banks and loan. So the cryptocurrency will spedaway the control of the developed country on developing. This made huge difference in the legalizing and non legalizing economy.
September 22, 2021, 01:33:43 PM
What advantages are you talking about and for whom?
You understand that for the ordinary population, cryptocurrency is essentially an opportunity to break out of fiat slavery, but what does it give states?
No good, because the main element of control over the population is money.
You understand that for the ordinary population, cryptocurrency is essentially an opportunity to break out of fiat slavery, but what does it give states?
No good, because the main element of control over the population is money.
September 22, 2021, 05:49:26 AM
There were more other digital currencies even before the existence of bitcoin. Those didn't gain the attention of people. Those were also developed over some algorithmic platform, but bitcoin is the one that is much known to the people and has grown gradually through its phenomenal blockchain technology.
The major reason for the lack of legalizing cryptocurrencies is the fear of control. Even before legalizing the usage is big, if the same is being legalized automatically the adoption will increase drastically. Governments fear, this might make the economy go out of their control.
The major reason for the lack of legalizing cryptocurrencies is the fear of control. Even before legalizing the usage is big, if the same is being legalized automatically the adoption will increase drastically. Governments fear, this might make the economy go out of their control.
September 22, 2021, 04:37:30 AM
there are still many governments in a country that prohibit the circulation of digital currency or bitcoin and ethereum in their country to be used as a medium of exchange in conducting transactions. and there are also countries that have allowed their people to use bitcoin as a medium of exchange. meaning that not all countries prohibit cryptocurrencies from circulating. The government's reasons for prohibiting the circulation of digital currencies in their countries are, among others, that Bitcoin has the potential to disrupt the country's financial stability due to high inflation and
Bitcoin is also vulnerable to being used for various other crimes, including money laundering and the circulation of money is also not tracked by the OJK system. this is the reason the government does not legalize digital currency
Bitcoin is also vulnerable to being used for various other crimes, including money laundering and the circulation of money is also not tracked by the OJK system. this is the reason the government does not legalize digital currency
September 21, 2021, 10:36:07 PM
@op you are a bit confusing with your question and the answer, why is btc not legalise despite the many benefits remains a mystery which only thr government of a country can solve, they are the power to accept btc or deny it, btc has great benefits and not so great benefits as well, maybe the government don't see this great benefits as good enough for their countries economy or some other reasons,
There is still a probability btc will be legalise in the future.
There is still a probability btc will be legalise in the future.
September 21, 2021, 09:51:18 PM
The decentralization of cryptocurrency is an important reason why it is difficult to legalize.
The banking system is managed by the government and can control funds, and the government can also profit from it. The cryptocurrency is not subject to government supervision, and the funds are completely controlled by the user. It is difficult for the government to manage fund data and information, so cryptocurrency is easy to be used for some illegal and criminal activities. The government will also worry that using cryptocurrency to launder a large amount of money is not conducive to the national economic interests.
The banking system is managed by the government and can control funds, and the government can also profit from it. The cryptocurrency is not subject to government supervision, and the funds are completely controlled by the user. It is difficult for the government to manage fund data and information, so cryptocurrency is easy to be used for some illegal and criminal activities. The government will also worry that using cryptocurrency to launder a large amount of money is not conducive to the national economic interests.
September 21, 2021, 05:14:46 PM
The major reason why cryptocurrency is not legalised in most countries is because of its decentralized nature that is the Government have zero control over it. They cannot freeze it, tax it or since it. And it and it is obvious that the government will never legalize anything they can't control so it is hard for crypto to get legalized.
September 21, 2021, 04:27:34 PM
The main feature of cryptocurrencies is decentralization and anonymity. But governments want to know everything about their citizens, manage everything from a single state center and control all financial flows of people in order to collect taxes and prevent the financing of illegal actions. When the authorities find a way to fully control cryptocurrencies, then it will be legalized.
Decentralization is not only advantages but also disadvantages
Theft, mistakes, failures - these are all incorrigible problems caused by decentralization. Anonymity is highly questionable. You make withdrawals to fiat through exchanges, exchanges will tell you a lot of information about you. Tracking transactions is not a problem ... September 19, 2021, 08:15:57 AM
The main feature of cryptocurrencies is decentralization and anonymity. But governments want to know everything about their citizens, manage everything from a single state center and control all financial flows of people in order to collect taxes and prevent the financing of illegal actions. When the authorities find a way to fully control cryptocurrencies, then it will be legalized.
Decentralization is not only advantages but also disadvantages
Theft, mistakes, failures - these are all incorrigible problems caused by decentralization. Anonymity is highly questionable. You make withdrawals to fiat through exchanges, exchanges will tell you a lot of information about you. Tracking transactions is not a problem ... September 18, 2021, 03:24:23 PM
The thing that makes cryptocurrencies difficult to get legalized is a decentralized system, when the government cannot control cryptocurrencies there will be many problems such as manipulation and of course hacking cases, this does not make us pessimistic about the future of cryptocurrencies as long as the global community is strong and continues to grow.
Cryptocurrencies also used widely that government can’t control it. Unlike in banks that they need regiatration to comply and to submit all the forms and details of each client, this thing is not applicable for crypto users who tend to apply only via email without the need to do KYC unless there is big money involve. Though this change when crypto becomes more popular and use by many. Little by little government putting rules to do KYC a lot and who knows in the future they might find a way wherein all countries will agree to do something about legalizing it but with many points to tackle first or for the new coins to appear in the future, there should be a system for them to be able to track it one by one. 
September 18, 2021, 12:23:18 PM
Benefit to the general population doesn't necessarily mean that the government is profiting out of it. If people use cryptocurrency as a mode of payment, then obviously the purchasing power of the national currency will go down. And this will make it harder for the governments to take loans, and to repay the existing loans. Less than 10% of the world nations are operating on surplus budgets. The remainder need to take loans to cover the fiscal deficit. Under such a scenario, weakening of the national currency is the last thing that they want.
The most important thing here is actually for the general public we need to ask questions because what I have met and I feel here is that crypto can be a benefit for those who understand and want to learn about this (not the general public) because I think the general public is the majority. public.and I don't agree with this because not all people want to study and at least do research in crypto.
regardless all this. I don't think crypto is useful for the wider community but crypto will be useful for people who want to explore it.
September 18, 2021, 07:50:32 AM
Coin is a type of software developed via non-governmental organisations and communities. Because bitcoins are similar to securities in the rudimentary notion of authorities, their acceptance as finance poses a danger to monetary system. Up to this point, analyzing and discussing bitcoins is already a contentious matter, and we already know that they also have little impact on the economies, although they will be progressively changed.
September 17, 2021, 11:03:33 PM
The thing that makes cryptocurrencies difficult to get legalized is a decentralized system, when the government cannot control cryptocurrencies there will be many problems such as manipulation and of course hacking cases, this does not make us pessimistic about the future of cryptocurrencies as long as the global community is strong and continues to grow.
September 17, 2021, 02:39:31 PM
The main feature of cryptocurrencies is decentralization and anonymity. But governments want to know everything about their citizens, manage everything from a single state center and control all financial flows of people in order to collect taxes and prevent the financing of illegal actions. When the authorities find a way to fully control cryptocurrencies, then it will be legalized.
September 17, 2021, 02:15:57 PM
In my opinion, there are many obstacles that crypto needs to pass before it can be legalized. For once, we have to remember that it is governments of the countries that legalizes things and what they see as benefiting of their country, then they can legalize. Like in El Salvador, the ministers there might have considered what Bitcoin can do to their country so they legalized it. Not sure why other countries are not legalizing crypto but hopefully we can see that in the next few years.
The US is legal tender at El Salvador I do not know if they have their own national currency but if they do then it must be very weak, this is why El Salvador is not afraid of doing something like this, but in the rest of the countries where the national currency is the only legal tender you are allowed to use then it makes sense they do not want to allow another form of money to compete against it, especially one that is as strong as bitcoin and that it is almost impossible to regulate completely. 
September 16, 2021, 12:32:25 PM
What do you mean by "legalized"? As far as I know it is legal to use, own or trade crypto currencies in most part of the world. Only few countries out there has made bitcoin illegal for some weird or unknown reason. If you are talking about why they are not making it a legal tender, then its more complicated than you think. Most crypto currencies are decentralized. So its hard for the government to track or impose proper regulation. Hence they don't want to make it a legal tender. At least not now but maybe in the future they will come up with something. Also risk associated (the volatility) with it is high, hence holding back the countries from making it a legal tender.
September 16, 2021, 07:37:57 AM
The answer is very simple - in the presence of technological advantages, decentralization and uncontrollability by the state or specialized structures does not allow this solution to be used at the level of the state financial system! Never (in today's world), no state will allow its financial system not to depend on it!
this is still propaganda. people think that because it can't be controlled, the government doesn't accept it as a legal transaction tool (although some countries have started to legalize and start making regulations about it). however, the reason is still the same, it's because of the rampant fraud that mentions the name of cryptocurrencies, and there are still many unfulfilled regulations of cryptocurrencies for some countries. however, for now it is good enough that cryptocurrencies are still allowed as an investment tool by many countries. it can be a trigger little by little crypto is accepted among the public before it grows even bigger.Although it should be added - I am sure that some of the blockchain technology solutions will be integrated into today's banking and financial solutions! And the technology itself is already used in the non-financial sector quite often.
Right. I've read some information about banks trying to develop a blockchain system for themselves. In fact, China is also developing their own cryptocurrency but still rejects other crypto. well, I still pay attention to such information.I agree that I also forgot to indicate the high probability of fraud and the irreversibility of transactions. But this problem is a derivative of the advantages of technology, as it happens in our life, and there are many more examples ...
And the fact that technologies will be adopted in real sectors of the economy - you can not even doubt. For example, an interbank blockchain can be built, with its own security implementation (for example, as in YUSDT where you can block tokens), exclusively for interbank interaction. I know that some information registries are already using blockchain technology. The same work of notaries - this is the purest blockchain, where technology guarantees the immutability of notary records, which will make it impossible for many fraudulent schemes!
September 16, 2021, 05:37:29 AM
Your post is correct Satoshi Nakamoto is the person who made bitcoin but his identity is still unknown some says Satoshi Nakamoto is a group, and yes bitcoin is very expensive because of limited supply. Talking about legalizing cryptocurrency, yes there are many benefits but there are also disadvantages of cryptos like the price is volatile, can not recover once transaction is done, some scams, untraceable.. these are the reasons why some government not legalizing it.
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