Topic: Why Cryptocurrency threatens governments (Read 19885 times)
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The reason is that crypto is backed up by mathematics, algorithms, and computers, FIAT money which is controlled by governments are basically backed up by politicians, centralized banks, only a few people behind ruling FIAT money.
Government wants everything under its control. Government want to control people’s money of his country. But if Bitcoin is used by the public, it can no longer be controlled. The government is worried about this. They think that using bitcoin will have a bad effect on their economy. The government does not want the public to use any other money independently. I've seen it before that something new actually has many restrictions.
I think now government must awake and accept that modern technolgy and digital medium of exchange is good for the economy,Blockchain technology getting more popular around the globe and the developed countries see it as future platform for financial markets.If government allow crypto and start own digital currency help of central bank can generate revenue from many platforms of crypto.Also bound the vendors use only own country coin it will help the to make strong economy.
Each state receives huge money from issuing its own currency, because the cost of producing 1 banknote in the United States is about 10-20 cents, with a par value of at least 1 dollar.
And not a single state, of its own free will, will refuse such income, this can explain all claims to cryptocurrencies.
And not a single state, of its own free will, will refuse such income, this can explain all claims to cryptocurrencies.
It is simply because the government wants to take control of everything - most especially, money. Government see the threats crypto currencies offer to people using it. Controlling someone's money and assets, the freedom of doing/making their own transactions without tracking of the government. These are some of the reasons why the government bans and does not want their people to use bitcoin and other cryptocurrencies.
Governments are as strong as their economies. The state is the guarantor of everything on its territory. Blockchain takes this guarantor power from the state. States are afraid of this. I think it is a dangerous economic model for the existence of states.
Once I believed it too, and I really hoped that crypto could serve to create a different world.
In fact, bitcoin does not seem to spread, and although it is certainly possible to make good profits - it will hardly change the world as we had hoped. Patience, it will be for another time.
In fact, bitcoin does not seem to spread, and although it is certainly possible to make good profits - it will hardly change the world as we had hoped. Patience, it will be for another time.
I think the most common reason why many government opposes crypto are because the political leaders who make financial policies in the country are uneducated of the technological world and don't even know or understand how the crypto industry and stuffs work and hence they are always in doubt and fear anything new or strange to them.
I can highly relate your talks with our country political leaders, this type of decision or deals coming specially from ICT division and i think here most of the people's are illiterate in the modern technology. There no basic knowledge about crypto space.
I just do not want to blame the government, those government department is worked such related projects for this reasons no progress to adopt cryptocurrency.
Governments want to us to spend the money they print and control. They also want to be able to tax it and track it as much as possible.
So what are you saying? We all know these things, can we stop it? No. Crypto currencies is decentralized, and with this these government can't tax bitcoin. But there are countries that can tax bitcoin, but not entirely bitcoin users but to how they will be accepting it. I read that if a company agrees to pay bitcoin to their employees, it will be under the incomd tax law where employees will be deducted a certain amount to their salaries.
The problem is, that the government doesn't need to be threatened always until and unless they are all set on doing something bad and indulge in corruption.
According to a healthy government one should have the freedom to choose about the services , he or she might indulge in therefore I do think that cryptocurrencies do not threaten anybody they are just helping people out in their own way therefore I see no reason why the government might feel threatened or otherwise, they want a single body domination and this is really not an option when we think about how people make the government not vice versa.
According to a healthy government one should have the freedom to choose about the services , he or she might indulge in therefore I do think that cryptocurrencies do not threaten anybody they are just helping people out in their own way therefore I see no reason why the government might feel threatened or otherwise, they want a single body domination and this is really not an option when we think about how people make the government not vice versa.
The only and most compelling reason is the weakening of control over citizens.
The weakening of the country's financial institutions, weakens control, which in turn weakens power within the country.
In addition, while there is no established legal framework for cryptocurrencies, there is no payment of taxes on cryptocurrencies.
The weakening of the country's financial institutions, weakens control, which in turn weakens power within the country.
In addition, while there is no established legal framework for cryptocurrencies, there is no payment of taxes on cryptocurrencies.
If and only if government will pursue strengthening the support of them to their people by imparting knowledge about financial literacy first, because in the first place, how could we teach people to use cryptocurrency if they are having problem and trouble taking good care of the proper spending and financial management in their fiat currency. So conducting seminars and shaping people's mind to adopt to cryptocurrency is the best possible way to make it happen, because crypto isn't made to threaten the government, it is made for the people to be responsible.
The only and most compelling reason is the weakening of control over citizens.
The weakening of the country's financial institutions, weakens control, which in turn weakens power within the country.
In addition, while there is no established legal framework for cryptocurrencies, there is no payment of taxes on cryptocurrencies.
The weakening of the country's financial institutions, weakens control, which in turn weakens power within the country.
In addition, while there is no established legal framework for cryptocurrencies, there is no payment of taxes on cryptocurrencies.
They do not want to allow the distribution of cryptocurrency in their country because government want to make everything under their control. Unlike crypto, it is decentralize meaning no one controls it that is why they do not want to allow it. Plus the fact that they are afraid that crypto might replace their current fiat money.
Crypto is better than fiat in many ways but they should not be afraid of it as a replacement of paper currency. Governments should understand the fact that people are using it as an alternative and this would run parallel to the paper currency. The usage of crypto will also improve the economy of a state that will benefit the governments and in turn countries so they should not be afraid of it. 
They do not want to allow the distribution of cryptocurrency in their country because government want to make everything under their control. Unlike crypto, it is decentralize meaning no one controls it that is why they do not want to allow it. Plus the fact that they are afraid that crypto might replace their current fiat money.
In fact, in every country, the government is the body that controls the issue of the national currency. In the case of cryptocurrencies, there is no such control. I think that governments can be loyal to cryptocurrencies if they can control their turnover on the territory of their countries. Otherwise, cryptocurrencies are competitors to national currencies.
Governments should not be threatened of it. I am of the view that if governments allow it as legal currency that would reduce the number of crimes in this market as everything would be monitored and this will benefit the people and economy both. They can introduce it as an option with the paper currency. If the economy will grow it would have a direct impact on their government and country. 
In fact, in every country, the government is the body that controls the issue of the national currency. In the case of cryptocurrencies, there is no such control. I think that governments can be loyal to cryptocurrencies if they can control their turnover on the territory of their countries. Otherwise, cryptocurrencies are competitors to national currencies.
Governments want to us to spend the money they print and control. They also want to be able to tax it and track it as much as possible.
This is what happening with each and every country. The fear every government have is the usage of cryptocurrencies for illegal activities and darkweb needs. This means government believe that they can't be controlled and taxed. In simple terms, Government always want to profit out of the people's earning. Through cryptocurrency it isn't possible, and the same is the reason for governments threatening bitcoin.
Governments want to us to spend the money they print and control. They also want to be able to tax it and track it as much as possible.
This is what happening with each and every country. The fear every government have is the usage of cryptocurrencies for illegal activities and darkweb needs. This means government believe that they can't be controlled and taxed. In simple terms, Government always want to profit out of the people's earning. Through cryptocurrency it isn't possible, and the same is the reason for governments threatening bitcoin.
Governments want to us to spend the money they print and control. They also want to be able to tax it and track it as much as possible.
Cryptocurrency such as bitcoin can be easily transferred or passed on to anyone anonymously and with this concept and in turn, it could be that any amount of money can be sent anywhere and substituted by exchanges everywhere. This makes money more mobile and if your bitcoin gets hacked any amount transferred can be considered a loss to the economy and could thus create economic problems especially if transfer is easily enabled. It's really trying to limit or even ban the government
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