Topic: Why lot of countries do not allow to use Crpto? - page 5. (Read 4286 times)

I agree with this statement. Many countries do not legalise bitcoin for the reason that they do not have control in it. Bitcoin have so called feature decentralised control where in  no other third party including them could regulated it.

Many countries do not allow the use of crypto due to its decentralised nature. This makes the coin not bound to any rules and regulations and hence not under the control of the government. Another factor is the coin's volatile nature. Cryptocurrencies being so unstable, do not provide for a strong economy.
Due to the coins pseudoanonymous nature, it makes it nearly impossible for the government to monitor the transactions happening and therefore can be a threat for the authorities.

Many countries are not allowing to use crypto currency. According to me, this is because the govt.is in fear that use of crypto might lead to destruction of the economy. Governments might be thinking that the use of crypto may ruin the banking system, so as Public sector banks provide a large source of income to government ,so thatswhy governments are not allowing the use of cryptos in their countries.

Banning crypto is the worst thing that can ever be done by the governments - they close the opportunity for their population to earn some decent money and improve their financial situation.
In its turn this prevents the increase of purchasing power and the subsequent revival of the economy. This especially concerns underdeveloped countries, where crypto could become a remedy to many problems.

maybe, they just make cryptocurrent as their additional payment, not for regular. so they still use their fiat. fiat is important to decide crypto's value. yes you can make the value by yourself, but if you use or replacing fiat with crypto it is impossible. but not all country rejected crypto, and i think all of country will accept it.

I think cryptocurrency is the new payment platform and should be perfected before being widely recognized. Currently the cryptocurrency is still much more restrictive that we still have yet to control completely. This reason that Governments have not yet accepted cryptocurrency.

I completely disagree.

Underdeveloped countries suffer from Digital Divide, meaning parts of the country has no Internet connection and a huge part of the nation are not computer literate. That alone proves that the people are going to be using fiat even with the introduction of the new system (which is crypto). By the time that developed countries are already using mainly crypto, these underdeveloped countries will still be using fiat as they are.. underdeveloped.

Inflation comes from the excessive printing of a country's money. Those money are mostly used to pay for the debts from other countries. It's pretty much the basic "more supply, less price" concept. And assuming that crypto will indeed shut down the fiat system, there will be nothing to "inflate" as there will be no sense of printing more fiat money since they will be valued as 0.

Cryptocurrency is a new field that people are going to be studying. If anything, this opens up more job opportunities for people albeit not all people as this requires a different field of knowledge. Quite nothing like the traditional ones. The only "unemployment" that might arise that I can see is people leaving their job to earn online instead especially those underpaid tech people.

Everyone might put in their own main reasons and in my opinion, one of the primary and sole reason why cryptocurrency is banned in the underdeveloped countries is that their whole economy revolves and operated around the policies that are made around the fiat and if a system like cryptocurrency is introduced, the existing system will stop working and will not operate the same way. Hence the factors like inflation and unemployment might arise.

government purpose is to protect their citizen.they dont want trapped in ponzi scheme that affected losing alot money.online business opportunity always contain high risk.government want educate about it .

I think that's one of the most plausible reasons in why countries are not accepting it or even banning it in the first place. I think that's not wrong, but it hinders them from further development of transactions probably with neighboring countries or other uses for cryptocurrencies. Just like the others said, probably they are misinformed with how it's innovating transactions, etc.

I'm sure that the main factor that causes lot of countries do not allow to use crpto because they have wrong view and not ready to face change, whereas change and revolution is sure to happen, of course the main factor of fear is getting negative news about crypto.

maybe it's because the conditions of the exchange place and bitcoin's unstable price conditions and the circulation of bitcoin that can't be controlled by the government makes some countries prohibit the circulation of bitcoin, but don't be afraid that some countries will someday receive payment using bitcoin.

But since ultimately we're going to exchange the bitcoin into fiat in order to buy something, we're going to be taxed. Whenever you cash out from the exchange, there's already a tax that you're paying. When you're receiving money from the remittance center, there's another fee (which is also taxed). And when you're buying something, there's also the VAT which is another tax. They shouldn't worry about tax as long as we can't buy things directly with bitcoins.

Bitcoin can surely be used for illegal transaction. But so is fiat money, and far before bitcoin was invented, people are already using fiat money for illegal activities. They probably are still using it these days. Those that are in the syndicate will probably not use crypto as they transact quite large amount of money and the market of crypto moves a lot, even with PotCoin, a coin that was made for the purpose of buying and selling legal weed.

But at the same time they are limiting their citizens. There's still the possibility of making tons of money from it. I'd say people should have the freewill to do whatever with their money. It's just an investment, at the end of the day, which may or may not go right.

Then that particular government should hire a better information gatherer as they are clearly misinformed about this whole thing.

They do not allow crypto because they can’t control it. They can’t track who holds some crypto so they can’t get taxed from it. And also maybe they think that some people from their country think that it was use for illegal transactions like buying things that can be used against them.

I assume that was generally government pondering that people may be used bitcoin to have an unlawful trade and easy to make any action illicit of the country. Additionally, the accompanying is they think in like manner that bitcoin may be the huge contender against the banks close later on and they can't control it.

I think most of them wish but just afraid to legalized it since crypto currency is risk investment and they are trying to safe guard their citizens from loosing on it.

Other governments are not really prepared to allow such kind of currency in their country because the risk is higher and might harm their economies. Some countries are initially against cryptocurrency because they are not use to deal with currency that decentralized in nature. Cryptocurrencies can be use by some individual to scam people or in some crimes like mony laundering, drug trafficking and the likes. They might try to impose regulations first before allowing the cryptocurrency to be use by their own people.

Your reasons make sense about why goverment affraid with crypto. They affraid the crypto will be the way to money laundry and the main point is they don't want to lose the tax from people income. But there is many positive things if the goverment could make regulation and make bitcoin legals.

Maybe the government is afraid of losing control of their people's money.so far they have always argued that cryptocurrency anonymity is dangerous because it can be used for illegal activities, can be used to avoid taxes, and many countries think it's just a scheme where people can lose money. But I don't believe in all their reasonsI think in the next few years when technology grows they will return to cryptocurrency .

they want to protect their citizen , since much online business opportunity appear such as HYIP or other ponzi scheme there are alot people loss their money.and maybe government worry about cryptocurrency could be like that.