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Why some government haven't accepted cryptocurrency

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    Why some government haven't accepted cryptocurrency

    Over the course of time since 2009 when the first cryptocurrency blockchain was launched which was Bitcoin, the world has been very slow in fully embracing digital currency but at the moment, there have been an improvement in people's acceptance and investment in cryptocurrency.

    But this doesn't take away the portion of the world that still refuses to accept and approve the use of cryptocurrency in any kind for transaction in their country. Some there reasons are ;

    Impacts on the fiat currencies.
    Issue of scam.
    Lack of government control or influence on cryptocurrency.
    No tax on cryptocurrency.
    Issue of anonymity with cryptocurrency in transactions.

    #2
    Most people from certain parts of the world don't even have a good knowledge about cryptocurrency and that's Is why it is making it difficult for them to invest in it. If there can me more sensitization to make people see the benefits then alot will gladly accept and invest in it.

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      #3
      Originally posted by Jeedae View Post
      Most people from certain parts of the world don't even have a good knowledge about cryptocurrency and that's Is why it is making it difficult for them to invest in it. If there can me more sensitization to make people see the benefits then alot will gladly accept and invest in it.
      This your assertion is completely true looking at how most people aren't in the business of investing money in cryptocurrency even now in our world today.

      Even though it's been 10 long years since Bitcoin was launched, a very good number of people still aren't well informed about how the digital currency works and how they can benefit from investing in it.
      ​​​​​

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        #4
        You are right by saying that governments are controlling fiat currencies. These institutions employ central banks to produce and destroy money out of thin air, applying what is known as monetary policy to enforce economic influence.

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          #5
          I think that the main reason is because of people being able to get away with not paying tax. All governments survive on tax. They also want to know what kind of financial transactions that are being carried out in their Countries and by their citizens. Crypto makes it really easy for criminals and money laundering. I think the reason that crypto is not taking off and will never take off is government regulation.In my opinion you can never regulate crypto effectively and they will never be comfortable with that, that's why most Countries will just ban it.

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            #6
            I think one main reason is that they are not familiar yet to this new thing and of course they want to make sure that their people is safe from scammers and money laundering. They are just protecting their people which is good but they should also open to the new possibilities for them to move onward.

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              #7
              Originally posted by mark86 View Post
              I think one main reason is that they are not familiar yet to this new thing and of course they want to make sure that their people is safe from scammers and money laundering. They are just protecting their people which is good but they should also open to the new possibilities for them to move onward.
              It's true that some people have been scammed in cryptocurrency before especially when it was introduced to the world first in 2009. This doesn't mean that people aren't still being scammed today but it's the careless ones that end up getting scammed especially the too greedy ones. There are legit sites that deals in all kinds of cryptocurrencies, so it's better to deal with the tested and trusted ones to avoid getting duped.

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