The government is unhappy about crypto currencies?

[Bookwormlux]

With crypto currencies, the government of different countries do not have any direct regulations. It is a decentralized system, different individuals can decide for themselves when to pull in or out from making informed decisions. Not like the case with Fiat currencies where the government can easily make unfair policies so as to frustrate their target.

In some developing countries for instance, the government officials can decide to regulate the inflow of foreign currencies in to the country because they do not want their money to become valueless.

Crypto currencies have also made many young people rich and the wicked politicians could be unhappy that less people would be idle to go about obeying their orders.

Do you think the government is unhappy with the way crypto currencies operate, since they do not have direct influence over them?

 

[Josemendez]

The fact that Cryptocurrency is decentralized has been a thorn in the flesh of the government , especially now that most of it's citizens , and firms are keying in to it. However , this is for countries with little or no knowledge about cryptocurrency ,and how they can benefit from it.

US have adopted cryptocurrency ,and have been benefiting from it and blockchain as well. There was a law in US , where there will be tax on cryptocurrency to fiat currency conversion above $5000 . With this ,they have something to benefit from it , instead of being skeptical towards it.

The fact is that whether Governments like it or not , cryptocurrency has come to stay , and nothing will easily stop it's existence.

 

[Wisdom01]

I think most government aren't bothered about it since they won't see it as a threat to their financial institution like banks since large percentage of their revenue dong come through that source ,while some government sees crypto as a big threat to their financial institution and their banks might see reduction in customers as many people are now involved in crypto currency ransaction, so they are finding means to ban the use of crypto at all cost which is bad considering the importance of crypto

 

[Glamourboy005]

There are two answers to this;


First, in countries like the US and China their government is happy because some citizens are self employed trading cryptocurrency. This reduces crime in the country. The US just like Josemendez stated have benefited from the blockchain. China on has been trying to create it's own official crypto coin this will help them generate revenue and a whole lots of other benefits.

Secondly, because of the decentralized nature of cryptocurrencies, the government have no control over its operations such as minting and distribution.