There are many reasons for this, but the most important reason is that the crypto currency cannot be tracked.
States don't like money they can't watch and they see it as a criminal potential. Another reason is that crypto coins are threatening banks. There is no need for banks due the cryptocurrency because the person can be his or her own bank. In addition, recently some crypto exchanges are seriously threatening banks due to some features. For example, lending and borrowing transactions beginning in binance
Topic: Why Cryptocurrency threatens governments - page 8. (Read 19893 times)
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?
This happens because banks and governments have grown powerful thanks to their privileged position and they do not want to let it go, I understand them since if you were that powerful you will want that to continue forever so they are trying to use their position to slow cryptocurrencies, but as we know that tactic is not going to work forever since the reasons why cryptocurrencies were created on the first place are still there and they do not want to change 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?
Government never got any threatened by the Bitcoin some sort of people who using Bitcoin as well as US dollar making problem for them. I am not sure why why they are blaming Bitcoin for every single incidence.
Actually if Bitcoin has been empowered as the the blockchain government obviously it is good for the government only.
Actually if Bitcoin has been empowered as the the blockchain government obviously it is good for the government only.
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 has been an issue for so long already, I think crypto threatens the government because of the fact that they wouldn't be able to regulate the rotation of the money anymore since crypto is decentralize. Another thing could be the fact that it gives anonymity to all the users making it easier to conduct illegal transactions. There are a lot of possibility on why but let us just show them we're using crypto properly.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 is your take on this and what do you think will make governmental bodies to finally accept crypto?
Like you said, it threatens political power. If people were allowed to create their own currency, the gov't would have no control. Especially now that the world is moving away from physical money.However I do not think gov'ts perceive bitcoin as threatening aside from maybe tax evasion. Even all the illegal goods that are bought with it could just as easily have been bought with cash, and if any politician makes that argument they're delusional. Or posturing for re-election.
The government threatens by cryptocurrency its because they cant collect a tax to the people who own this crypto currency its because there is no track of who is the owner of this money.
That is exactly right but based on the real lack of regulation of bitcoin, I really dont think they see it as much of a threat. Most tax evasion is done via skimming by business owners. At least that's what I've read. Also most people don't even use bitcoin and the gov'ts around the world know this. That may be why there haven't been many countries that have banned its use. What countries have banned bitcoin? Russia? I dont even know anymore, but there aren't many.Whatever we think of Facebook and Libra, we should all be afraid of this because they'll use their conclusions to go after cryptocurrency in general.
You could be right about that. I'm keeping my eye on those developments and I'm hoping the U.S. gov't doesn't try to regulate it out of launching. I really dont care about Libra, but I do think if it launches people will think of it when they think of crypto. The gov't will too. 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 has been an issue for so long already, I think crypto threatens the government because of the fact that they wouldn't be able to regulate the rotation of the money anymore since crypto is decentralize. Another thing could be the fact that it gives anonymity to all the users making it easier to conduct illegal transactions. There are a lot of possibility on why but let us just show them we're using crypto properly. 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 will not threaten the government. Of the many cryptocurrency on the market, the only potential that is used as a means of payment is bitcoin but because of the small total supply, it is difficult to use bitcoin as a transaction tool. So I think our transaction will still use fiat money even though it will be digital
Not threaten but what the governments wants is control. A currency which the government control and dominates. The cant do this with bitcoin because no one owns it. In fiat, they can produce as many as the government want,but not in crypto which they do not own.Taxation is another issue here which gives government an income, but they slowly can regulate this through licenses.
The European Union is terrified of Libra (Facebook's proposed cryptocurrency). They've opened a pre-emptive investigation:
https://www.bloomberg.com/news/articles/2019-10-01/vestager-says-libra-s-potential-to-spawn-an-economy-raises-risks
Whatever we think of Facebook and Libra, we should all be afraid of this because they'll use their conclusions to go after cryptocurrency in general.
https://www.bloomberg.com/news/articles/2019-10-01/vestager-says-libra-s-potential-to-spawn-an-economy-raises-risks
Quote
The European Union’s antitrust chief says she’s taken the unusual step of scrutinizing Facebook Inc.’s planned cryptocurrency because of the risk that Libra will lead to the creation of a new, entirely separate economy.
“It’s a new thing that we’ve begun to ask questions about something that doesn’t yet exist,” Margrethe Vestager said in an interview with Denmark’s finance industry union, Finansforbundet. “But it’s because we want to be far enough ahead that we can say whether this will be a problem.”
“It’s a new thing that we’ve begun to ask questions about something that doesn’t yet exist,” Margrethe Vestager said in an interview with Denmark’s finance industry union, Finansforbundet. “But it’s because we want to be far enough ahead that we can say whether this will be a problem.”
Whatever we think of Facebook and Libra, we should all be afraid of this because they'll use their conclusions to go after cryptocurrency in general.
The Answer is simple crypto is giving full access to their own money. It a threat to currency banking system and their policy. and the fact that money cant reverse is also a threat to monitory policy. government believe people will use cryptocurrency just to invade taxes but i when you understand revolution you will be patient for the government. Internet has the same issues when it was coming out.
The reasons are actually many. If you do not touch on the aspect that cryptocurrency takes people out of the state’s monetary control, then there is another side of cryptocurrency and cryptocurrency projects.
In particular, ICOs spoil the lives of citizens of a particular country, namely, scams of ICOs of which there were many and a lot of money was stolen. This money did not go to the state budget, which means that such situations are unprofitable for the state.
In particular, ICOs spoil the lives of citizens of a particular country, namely, scams of ICOs of which there were many and a lot of money was stolen. This money did not go to the state budget, which means that such situations are unprofitable for the state.
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?
This has been one of the number 1 question amongst bitcoin believers and non believers is trying to push.
whether government will have the power to shutdown digital currencies when it will disrupt the control of the government,
or will it go the other way around.
I think cryptocurrency will not threaten the government. Of the many cryptocurrency on the market, the only potential that is used as a means of payment is bitcoin but because of the small total supply, it is difficult to use bitcoin as a transaction tool. So I think our transaction will still use fiat money even though it will be digital
Cryptocurrency is not always viewed negatively by the government because some countries have agreed to use cryptocurrency and many public services such as postal delivery and others accept payments using bitcoin. I am sure the next few countries will overtake doing the same thing, wait and see.
I just know that cryptocurrency can launder money anywhere. That's why governments never accept it. And in the future, I also think they don't need it because it will have a big impact on the financial economy if money laundering cannot be controlled.
This is not a very accurate statement. It is not very easy to launder money using cryptocurrency. Most of the times, you need to convert your cryptocurrency to fiat cash, in order to launder it. If this was not the case, then many of the dark market drug lords would be roaming around free even now. Many of them were caught, while converting the cryptocurrency they earned from the drug sales to fiat currency. The moment you convert your cash to fiat, the anonymity is lost and that's how they got caught. But if you don't convert it to fiat, then you can't spend it. It is not possible to purchase real estate or equities using Bitcoin or other cryptocurrency.
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?
The information I get is that the government is still conducting a study to accept Bitcoin. I personally see this Bitcoin does not have a standard price. So the government assumes that Bitcoin cannot be established. Moreover, the crimes committed through this technology are very likely to occur and it is difficult to become anticipated.
But our expectations are all of course that Bitcoin can be accepted by the Government and make regulations. They have a variety of security for anticipated crimes committed in the crypto industry. So it is no doubt for the government to regulate Bitcoin.
This is just my opinion and hopefully, in the future this industry will be much more developed.
I just know that cryptocurrency can launder money anywhere. That's why governments never accept it. And in the future, I also think they don't need it because it will have a big impact on the financial economy if money laundering cannot be controlled.
The government is wary of crypto. We know that this crypto can be utilized for anything including for evil. Even if Bitcoin becomes a payment medium will certainly affect the local currency. But what happens in my country Bitcoin grows and many people feel curious about Bitcoin.
Bitcoin is even able to be a trend among people who like to work online. I am very confident that someday the government can legalize Bitcoin.
Bitcoin is even able to be a trend among people who like to work online. I am very confident that someday the government can legalize Bitcoin.
The government is trying to make everything under its control, the banks control all the money, and the government controls that banks.
Blocking or restricting is a feature of anything new, new things need time to accept.
The Internet has been a tool for freedom before, but now there are a lot of restrictions on its use, and this will happen to cryptocurrencies.
I do not know why people tend to be controlled? But this is a present trait.
Blocking or restricting is a feature of anything new, new things need time to accept.
The Internet has been a tool for freedom before, but now there are a lot of restrictions on its use, and this will happen to cryptocurrencies.
I do not know why people tend to be controlled? But this is a present trait.
Yes, the Government wants to control the flow of money using Banks.
Yet cryptocurrency cannot be controlled with banks because cryptos are peer-to-peer digital currencies.
The government's job is to control all your activities and the cash flow, bitcoin is uncontrollable and not manipulated, they are afraid that when the cryptocurrency is popular, many people will use it for the black market to buy illegal things like weapons or money laundering. In addition to cryptocurrencies that are not taxable, businesses or individuals will use cryptocurrencies more to evade taxes and that will be a huge loss for the country. In my opinion, cryptocurrencies will need more time to develop more suitable for society.
Rulers of the world do not want us to develop into a self-organized social society without overseers. Let's remember the story of Nikola Tesla, and everything will fall into place. Satoshi is Nikila Tesla, who has no time? Banks, resistance is useless and even disastrous for global community! As long as the price of Bitcoin is below $ 100k , there is no reason to worry, the low price is good for decentralized distribution after leak of the Chinese stake.
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