marcusfe
Active member
Cryptocurrency is a development and digital currency designed to carry out normal financial transactions online. It is called digital currency because it's virtual and not the currency you see or hold in your hand. Every operation about it is carried out online.
Some government of several countries in the world do not support this development in financial sector. The question is why are they against the innovative technology even with all the benefits brought to humankinds?
I'm of the opinion that many reasons responsible for their action towards the evolution of this digital currency. The first is that if generally allowed for transactions it might withdraw the financial autonomy from the government since the regulation and control will not longer be in their hands.
Another reason is security. Cryptocurrency is designed to be untraceable and anonymous which makes it difficult or absolutely impossible for any governmental agency to track or monitor its flow. If any cryptocurrency is used to perform criminal act, it might be impossible to track the operation to the culprit.
Some government of several countries in the world do not support this development in financial sector. The question is why are they against the innovative technology even with all the benefits brought to humankinds?
I'm of the opinion that many reasons responsible for their action towards the evolution of this digital currency. The first is that if generally allowed for transactions it might withdraw the financial autonomy from the government since the regulation and control will not longer be in their hands.
Another reason is security. Cryptocurrency is designed to be untraceable and anonymous which makes it difficult or absolutely impossible for any governmental agency to track or monitor its flow. If any cryptocurrency is used to perform criminal act, it might be impossible to track the operation to the culprit.