Topic: Why Cryptocurrency threatens governments - page 18. (Read 19893 times)
Not the government of all nations are against cryptocurrency but the government of some countries and I am sure they will never succeed. Though cryptocurrency adoption is yet to go worldwide but by the time it does, no government of any nation will be able to stop it.
Over the years cryptocurrency has evolved into a global currency but governments are trying to sweep it's relevancy under the carpet. We all know that the eyes of the community are now opened to the importance and blockchain technology.
What baffles me is why are the government making lives difficult by banning or limiting it's use? Is it because it threatens the political power or are they scared it will improve the global economy or force the traditional banks to reduce their ridiculous interests rate which we have been robbed of for decades now.
What is your take on this and what do you think will make governmental bodies to finally accept crypto?
It seems to me that you are exaggerating, claiming that cryptocurrencies have become a "global currency", although they really gained great popularity. As for the adoption of cryptocurrencies, each country relates to this differently, if you do not know, this topic was discussed at the global level and it was decided that cryptocurrency does not bear any danger to the global economy and banking system, but you need to watch them.What baffles me is why are the government making lives difficult by banning or limiting it's use? Is it because it threatens the political power or are they scared it will improve the global economy or force the traditional banks to reduce their ridiculous interests rate which we have been robbed of for decades now.
What is your take on this and what do you think will make governmental bodies to finally accept crypto?
I think cryptocurrency threatens government because People tend to use bitcoin than banks. But the government control banks and tax, if no one uses banks, it will truely threaten govenrment.
Well that is also a reason due to which cryptocurrency is viewed as a threat for the government that relies on the taxes from the people. The advent of cryptocurrency can potentially reduce the use of banks for the costumers who would initially use banks for making transaction would now make use of the cryptocurrency technology for it is more economic than paying charges on banks. This thing when reduces the government revenue is of course leading the government to financial crisis. 
I think the government feels threatened because the government is very scared if this bitcoin or cryptocurrency is used as a tool for money laundering and for payment methods for terrorists so that the government is afraid of the dark side of bitcoin.
Over the years cryptocurrency has evolved into a global currency but governments are trying to sweep it's relevancy under the carpet. We all know that the eyes of the community are now opened to the importance and blockchain technology.
What baffles me is why are the government making lives difficult by banning or limiting it's use? Is it because it threatens the political power or are they scared it will improve the global economy or force the traditional banks to reduce their ridiculous interests rate which we have been robbed of for decades now.
What is your take on this and what do you think will make governmental bodies to finally accept crypto?
What baffles me is why are the government making lives difficult by banning or limiting it's use? Is it because it threatens the political power or are they scared it will improve the global economy or force the traditional banks to reduce their ridiculous interests rate which we have been robbed of for decades now.
What is your take on this and what do you think will make governmental bodies to finally accept crypto?
Cryptocurrency doesn't threatens the government ot is the latter that are afraid of what the former might become in the passing days. Government feared the cryptocurrency due to the characteristics it have and the impacts of it to the people nowadays such as secure money, easy payment, anonymous transaction, and so on. Overall I don't think government will be in favor of the cryptocurrency.It will take a really long time for it to happen.
Simply because governments like to have complete control over everything in our daily lives.
This is one reason among many reasons why the advent of cryptocurrency is a threat to majority of the developing countries. If we see the trend of growth of cryptocurrencies in the developed countries, it is swift and normal for the governments to tackle the challenges posed by it but in case of the developing countries-majority of which are already in financial crisis-the advent and implementation of crypto system in the economy can disturb the existing system whose policies have been built around fiat.Over the years cryptocurrency has evolved into a global currency but governments are trying to sweep it's relevancy under the carpet. We all know that the eyes of the community are now opened to the importance and blockchain technology.
What baffles me is why are the government making lives difficult by banning or limiting it's use? Is it because it threatens the political power or are they scared it will improve the global economy or force the traditional banks to reduce their ridiculous interests rate which we have been robbed of for decades now.
What is your take on this and what do you think will make governmental bodies to finally accept crypto?
What baffles me is why are the government making lives difficult by banning or limiting it's use? Is it because it threatens the political power or are they scared it will improve the global economy or force the traditional banks to reduce their ridiculous interests rate which we have been robbed of for decades now.
What is your take on this and what do you think will make governmental bodies to finally accept crypto?
because government sees the need for regulatory measures to control digital currencies the size of the global financial system to pose a serious threat to the current financial system and the alleged problems include money laundering, illegal revenue, use of such currencies in online gambling and terrorist financing.
Because this will stop the corruption and the illegal profiteering will be gone forever
They know(the corrupt officials)that if the cryptocurrency becomes legal tender everything in government become transparent and the under the table will be lessened if not totally stopped
And the governmental illegal transaction will change to neutral because the payments will directly go to government and not in their pocket
instead, with cryptocurrency that is anonymous, government is worried that money laundering will occur by officials. for that until now government still calculates the policy to be taken They know(the corrupt officials)that if the cryptocurrency becomes legal tender everything in government become transparent and the under the table will be lessened if not totally stopped
And the governmental illegal transaction will change to neutral because the payments will directly go to government and not in their pocket
I think the government feels threatened because this bitcoin has blockchain technology that can see all existing transactions and no longer need to use a bank so I am sure the bank is also threatened so that banks threaten the government and government feel threatened from banks and bitcoin I am sure of that.
So you are saying that the function of banks is just to see the existing transactions that is being made in the country? No, that is not true. Banks has a lot of functions in a country and it is important.
Banks are not threatened by cryptocurrencies, Why? Yes, Bitcoin and other cryptocurrencies are decentralized, it is anonymous but in terms of transactions, payment method using banks are still great. Cryptos still has tranasaction fees though most of the banks don't have, it is widely accepted while cryptos are not and it is more quicker or faster than cryptos.
Sure, decentralization may be one thing they feel could be a problem, but in essence the use of bitcoin would just be another form of making payments, which would only be applicable to those who are adopters of it, since not everyone will anyway be accessible to it, but in the long run, banks will always still stay relevant, and I do not think at this stage, the government will feel threatened with cryptocurrency.
Because this will stop the corruption and the illegal profiteering will be gone forever
They know(the corrupt officials)that if the cryptocurrency becomes legal tender everything in government become transparent and the under the table will be lessened if not totally stopped
And the governmental illegal transaction will change to neutral because the payments will directly go to government and not in their pocket
They know(the corrupt officials)that if the cryptocurrency becomes legal tender everything in government become transparent and the under the table will be lessened if not totally stopped
And the governmental illegal transaction will change to neutral because the payments will directly go to government and not in their pocket
Fiat currency its a currency that a government has a control while crypto can not be manipulate and can not be created out of thin air. If people adopt a crypto currency then the fiat currency price will plummet. Its one of the reason why government impose a stricter rules in cryptocurrency.
In short, the government wanted to be in control on everything especially in terms of money. The government think that if everything will be on their control, it will be okay or the market stays stable. Not really the market but the economy will be on their power. But as we can see, there is nothing happens in the economy. Go up or go down, the worldwide economy is still not good.
cryptocurrencies are an alternative solutions to traditional banking system. it is a decentralized and very innovative solutions. and due to traditional banks are backed by governments, they dont want to let any alternative solution to dominate nowadays financial system.
I think its because some people even politicians have devised a means of carrying out criminal activities using bitcoin.
The entry of Crypto Currency in the Market change the out look of the Business and Financial World, It is not as simple as putting aside the Market Laws as the guidelines of every government create by Central Bank of every country, that's why, the government is very serious on the issue of Regulation on the entry of Crypto Currency Business with Digital Transaction on the market. We've seen on the news that some Hackers, Scammer, and even Criminals able to make some use the plat form of Crypto for their illegal transaction. no government would just allow such a thing specially those of Illegal wrong doing.
Government wants everything under its control
That's definitely true.It cannot be controlled by government
This is definitely NOT true. Any government could "control" crypto just by making its use illegal. True, that wouldn't stop the hardcore crypto enthusiasts, just as anti-gun laws don't stop outlaws from obtaining illegal firearms--but you can be damn sure that if bitcoin was made illegal that would effectively be the death knell for it. The price would probably crash, for one thing, and there would be nobody using bitcoin to buy stuff they could buy with fiat. That said, I don't think governments see crypto as a threat to fiat. I don't think most governments even know what to make of crypto so far, much less how to regulate it or use it to their advantage. Time will tell, but I highly doubt the 1st world governments at least are going to try to ban it.
The government want to control everything but bitcoin is decentralized and can not be controlled anyway. That is the reason why cryptocurrency can threaten to government
They considered the cryptocurrency to have negative consequences and high risk to traders. Because it is decentralized, it distinguishes it from conventional money issued by the central bank. So that the government might not find a way to control cryptocurrency. The government in the country does not prohibit bitcoin or cryptocurrency users from owning it. But what is prohibited by the government in my country is used as a means of payment because what is recognized is only the country's currency.
Over the years cryptocurrency has evolved into a global currency but governments are trying to sweep it's relevancy under the carpet. We all know that the eyes of the community are now opened to the importance and blockchain technology.
What baffles me is why are the government making lives difficult by banning or limiting it's use? Is it because it threatens the political power or are they scared it will improve the global economy or force the traditional banks to reduce their ridiculous interests rate which we have been robbed of for decades now.
What is your take on this and what do you think will make governmental bodies to finally accept crypto?
since the cryptocurrency is decentralized, government cannot handle it. plus the fact that it will remove all of the taxes that is needed by the government. What baffles me is why are the government making lives difficult by banning or limiting it's use? Is it because it threatens the political power or are they scared it will improve the global economy or force the traditional banks to reduce their ridiculous interests rate which we have been robbed of for decades now.
What is your take on this and what do you think will make governmental bodies to finally accept crypto?
Of course, Cryptocurrency threatens the government. There is a cryptocurrency aspect that weakens the power of the government to control citizens' money.
Taking taxes out of cryptocurrency investors is proving to be a very hard battle to win, and they are realizing that now that there is a very low number of persons which are using cryptocurrencies, the costs of trying to get taxes out of people when bitcoin becomes widely adopted are going to rise dramatically and it is going to be impossible to tax people at the current levels if cryptocurrencies become widely adopted. Quote
What is your take on this and what do you think will make governmental bodies to finally accept crypto?
Well, if the government is aware of the benefits associated with crypto taxation, I think that this will make crypto accepted by the government.
Government wants everything under its control, it is not possible in crypto. It cannot be controlled by government that's why government afraid to accept crypto. More over crypto currencies have covered the currency market and attracted more investors into it. This is another reason fiats values have gone less compared to crypto currencies.
Governments need cryptocurrency, just as they need a blockchain, which will simplify their interaction with citizens.
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