Topic: Why Cryptocurrency threatens governments - page 6. (Read 19857 times)
The government's job is to control everything in your country, they don't like the uncontrollable things, from the internet or the banking system, everything is monitored by the government and it is impossible for bitcoin manipulation because it is a decentralized system, in addition to the transaction is not taxed or disclosed personal information, it can lead to money laundering actions, which can damage the country's exchange rate ... so accepting cryptocurrencies is not yet possible, but I believe that in the near future the government will see how big the benefits of cryptocurrencies are and maybe they will amend laws to make cryptocurrencies legal.
Many countries began to be loyal to cryptocurrencies, and some even use officially (Venezuela). But most governments nevertheless set cryptocurrency under a ban due to the inability to control it. This is the main reason for the lack of mass adoption today.
Simply because cryptocurrency is a global currency in which anyone around the world can use it when all the people start to use cryptocurrency the government will be afraid of it because they cannot control the producing of crypto even the banks can't control it so that may probably the main reason why the government are afraid of. They will lose the control of the world bank and etc.
it's true maybe that's the reason why in my country the crypto currency is still not recognized by the government but everyone holds the crypto currency but still the government will still be in full control of the country's economy and finance and if mutual cooperation might become an advanced system and develop later Simply because cryptocurrency is a global currency in which anyone around the world can use it when all the people start to use cryptocurrency the government will be afraid of it because they cannot control the producing of crypto even the banks can't control it so that may probably the main reason why the government are afraid of. They will lose the control of the world bank and etc.
But China want to make their own cryptocurrency. is this the start of regulation of crypto? Government now a days are just afraid of bitcoin. bitcoin is like a freedom that not a single person can control but if the government make their own move and create their own crypto. maybe our perspective will change and maybe we will afraid of this changes.
Simply because cryptocurrency is a global currency in which anyone around the world can use it when all the people start to use cryptocurrency the government will be afraid of it because they cannot control the producing of crypto even the banks can't control it so that may probably the main reason why the government are afraid of. They will lose the control of the world bank and etc.
Cryptocurrency threatens the governments by the way of their design. Cryptocurrency is designed to be decentralized and it is a powerful feature for a financial system because it takes of the middle man like the banks, government etc. and that causes to fully transfer the power to people and the people really love taking full control of their actions and that is why government are threatened by the cryptocurrency in terms of replacing the fiat currency.
It's true that Bitcoin is all about decentralization and sice governments and their institutions are centralized by nature they are in some kind of colition
However, I wouldn't say that cryptocurrencies are threat to governments and in majority of cases they don't think that way about cryptocurrencies. This is kind of exaggerated theory.
Governments are aware that cryptocurrencies have become a part of their societies so now they are trying to find the way how to put them into framework. That is how I see it.
Cryptocurrency enables individuals to control their money. Unlike Centralized Money (Fiat), where the government has full control over how you use it. Placing limits on withdrawal and monitoring the manner at which we spend money. This enables the government to make more money by placing charges which are sometimes outrageous on the user of banking services. Therefore, seeing crypto who has come to disrupt the traditional financial system would not be allowed by the government except they put some regulations that won't hamper with their business with fiats.
I think what governments are trying to do is what is their job, ensure that people are not scammed, deal with criminal activities, etc. Bitcoin is sometimes used in illegal transactions. It is also a way that sanctioned Russian/Iranian billionaires can move money from Rubles/Rials into Dollars. The banks/governments don't want to deal with those investigations. They don't want to have to watch your tiny little consumer account for signs of international money laundering just because they know you deal with bitcoins. Honestly, they'll do the same to you if you come in with bags of cash every week unless you can give them a legal reason for your earnings. In my opinion, governments do not treat bitcoin as a threat to survival but as a duty.
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?
We cannot really blame the government for being too careful, we all know how secured and anonymous the users of crypto are and that will always going to be that way no matter what. We can also see it as a decentralized currency so it is normal that the government doesn't have a hold on it. There will be a lot of adjustments first before crypto gets accepted by the government, we should just be very patient about it if we want it to happen for real, but if not, we should just be contented on what we have now cause our investments would totally change if crypto gets legalized. 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?
Governments will accept cryptocurrencies when it will be profitable for them, when they will be able to control their turnover. States can't afford to have uncontrolled money in the course of the population. This could be the beginning of economic instability and banking services would be in less demand. Thus, it is logical to assume that States will try to introduce their own centralized digital money.
But actually there will also be a threat if more cryptocurrency is known by people. we know that crypto runs unattended and prices follow market demand. the fear is that if there is a bubble there will be an unstable economy for some countries that have invested a lot or vice versa.
the government will not have full power anymore if crypto is widely adapted without their role, the only thing that is important is to provide space for exchange management, including making crypto currency itself as a major pair accommodating fiat in crypto, this has already begun to happen in Japan.
banks must also begin to adapt to crypto, or they will lose people's interest due to the increasing knowledge of crypto users.
banks must also begin to adapt to crypto, or they will lose people's interest due to the increasing knowledge of crypto users.
Governments will accept cryptocurrencies when it will be profitable for them, when they will be able to control their turnover. States can't afford to have uncontrolled money in the course of the population. This could be the beginning of economic instability and banking services would be in less demand. Thus, it is logical to assume that States will try to introduce their own centralized digital money.
The governments are afraid of cryptocurrency because they have the idea that cryptocurrency rips them off the power to own absolute control over the financial transactions of the people. The banks feel same as well. This is largely due to the decentralized nature of crypto which gives the power to the people to own control over their own transactions without third party interruptions.
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?
The reason why cryptocurrency threatens by the government because cryptocurrency is decentralized that they could not control it and some goverments in a country finds cryptocurrency illegal that they think it is not profitable. Which in not true, the only reason why other people finds cryptocurrency as illegal because there are some people who really use it to scam or trick other people. 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?
in my opinion because the government is afraid that cryptocurrency can threaten a country's economic sovereignty. they are afraid that their fiat money will be defeated by crypto. and crypto will threaten their banking system. and also some governments are also afraid of cyptocurrency being used for crimes such as money laundering, drug trafficking and terrorist financing. the anonymous nature of cryptocurrency will be difficult to trace. I think that is some reason the government rejects cryptocurrency.
One reason that governments don't like crypto is because it is borderless. This can impact severely on their ability to control and direct their economy. Say the national government wants to increase interest rates by 1% ... how does this work when a large chunk of the economy uses bitcoin rather than the national currency? This is one of the objections they have to the Facebook coin. Crypto takes power away from governments.
Control is the right word for this topic, how can government control decentralized crypto? They can do nothing, they can`t cut it how they like, they will need to follow different rules. All government institutions, especially the ones that work in secret, will have a problem with using crypto, they can`t hide shit they make everyday, in decentralized network everything is transparent.
I agree with you, crypot takes power from government, little by little, until it takes all the power from them. I believe that will happen eventually, its the only way for this society to develop and make progress. It will benefit all the people!
One reason that governments don't like crypto is because it is borderless. This can impact severely on their ability to control and direct their economy. Say the national government wants to increase interest rates by 1% ... how does this work when a large chunk of the economy uses bitcoin rather than the national currency? This is one of the objections they have to the Facebook coin. Crypto takes power away from governments.
In the meantime, the common opinion of the G-20 states and the European Union states is that cryptocurrency is not a threat to global financial stability, which means that governments should not be afraid of the existence of cryptocurrency. What will happen in this matter in the future, no one knows. For now, governments will establish general rules for cryptocurrency circulation and try to influence it from various angles. This will be a long process of confrontation. The cryptocurrency will also be improved and in another ten years we may not recognize it. I can’t even say - it will be good or bad. We just have to watch this process and, just in case, accumulate coins and tokens.
Basically the top reason for me is i do not need banks to be a able to acces and withdraw my profits here on crypto.
Its all about the Control , people wants full access and control to what they own. But when you put your money on banks you lose that aspect.
Government are threaten i guess because they might lose control over the money of their people.
Its all about the Control , people wants full access and control to what they own. But when you put your money on banks you lose that aspect.
Government are threaten i guess because they might lose control over the money of their people.
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?
Main reason is cryptocurrency's decentralization. Cryptocurrency's freedom of will to have the control over itself threatens the power of the government to have the upper hand over everything especially about money. That's why there are countries that are completely against cryptocurrency because it makes people somehow separate from the grasp of the government, making the latter lose access of the money.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?
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