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[Shahness]

Crypto currency has been here for quite some time now and it's proven to be beneficial in many ways then why are some countries still not willing to legalise it? I mean countries like USA, Australia, England had legalised it years ago then what are these few countries that afraid of? Any thoughts?

 

[Wisdom01]

The countries yet to legalize crypto are doing so out of fear of what crypto can do to it's financial system. People are moving their Fiat from their bank account to their crypto wallet and is affecting them negatively. In order to check mate this, they either impose a huge tax on crypto holdings or ban it entirely. The surprising aspect is that despite the ban and huge tax, crypto seems to thrive in those locations so they can't do anything to stop the advancement of crypto.

yeah despite the ban on cryptocurrency , some citizens aren't even relenting in their adoption of crypto currency , they are still adopting cryptocurrency more than ever , they have seen the importance and benefits attached to cryptocurrency , that's the reason they are really ready to adopt it more

 

[Xrin Nightfall]

Bitcoin's decentralized nature means that governments can no longer regulate its value. Since bitcoin's underlying technology prevents the creation of a single point of failure for any given transaction, the government is rendered powerless in the area of monetary policy. Therefore, bitcoin is not well-received in many economies.

Besides, criminals are increasingly turning to bitcoin as a feasible way of payment for illicit activities because of its decentralization and anonymity. Cybercriminals are using this bitcoin platform to steal users' money as well.

 

[Ben Kempton]

yeah despite the ban on cryptocurrency , some citizens aren't even relenting in their adoption of crypto currency , they are still adopting cryptocurrency more than ever , they have seen the importance and benefits attached to cryptocurrency , that's the reason they are really ready to adopt it more

We must be aware of the fact that when a government bans cryptocurrency, they ban it on a public level, not on individual level. What I mean is when the cryptocurrencies get banned, major financial institutions and business organisations could no longer accept or make payments through cryptocurrencies openly. However, individuals could carry out transactions. However, those transactions could be traced.

 

[Wisdom01]

We must be aware of the fact that when a government bans cryptocurrency, they ban it on a public level, not on individual level. What I mean is when the cryptocurrencies get banned, major financial institutions and business organisations could no longer accept or make payments through cryptocurrencies openly. However, individuals could carry out transactions. However, those transactions could be traced.

in some countries it doesn't work like that , like for instance countries like China , Tanzania banned cryptocurrency , and I think they actually make it impossible for the citizens to carry out transaction , there was a time India wanted to introduce fines to those that were actually trading cryptocurrency then

 

[Jack / 47 F1]

Crypto currency has been here for quite some time now and it's proven to be beneficial in many ways then why are some countries still not willing to legalise it? I mean countries like USA, Australia, England had legalised it years ago then what are these few countries that afraid of? Any thoughts?

because the money mafia, money junkies, control freaks / sociopaths, the big banks, governments, etc., control populations by controlling the money supply & how you spend your money. governments create money out of thin air called fiat money / currency. its a legal form of counterfeit. if me or you did the same, we would be chucked in jail for counterfeiting. but when governments do it, its legal. by creating fiat money, they also devalue the currency & cause inflation.

since btc isnt regulated or controlled by anybody, the money junkie cant get their fix & manipulate the currency to their advantage. governments talk bad about btc & blockchain. for stupid reasons, everything illegal you can do with btc, you can do with dollars, euros, yen, gbp, etc. but now the usa, the uk, brussles are now talking about a digital dollar, digital euro, etc. once digital currencies have been implemented, its BYE BYE to your freedom of spending, any & all privacy, etc. your money or access to it can & will be cut off at will, for any reason, etc. your money will no longer be your money. it will be the governments. once & for all. that is their end game. full control over you, your money, your life, what you eat, etc.

 

[btaliat]

Government will not want the citizens to be making use of a decentralized coin. Government, as an entity, will want to be in control of the economy's currency. Aside this, many citizens are illiterate and they may find it difficult to transact using crypto.

 

[BusyCat]

Those countries not accepting cryptocurrency or have banned crypto might be scared of potential risks involved in cryptocurrency. They just don't have enough trust over new technologies like crypto and they think negative impacts that can be caused when their citizens use it. Off course , most of the developed countries have already accepted bitcoin as even a payment method. Also the lack of knowledge among people might be another reason why the crypto is yet to evolved in that country.

 

[Jack / 47 F1]

i have posted this before in a different thread. btc & other cryptos are being used now, everyday, for normal, everyday transactions, world wide. people using btc & other cryptos to buy normal everyday items. nothing illegal about buying milk, bread, flour, sugar, food to feed your family or get paid in cryptos for the work you have done. the government calls you a criminal so you can eat, live, get paid but since you dont pay taxes, your a criminal.

its part of the underground black market that thrives world wide, in all countries. and its getting bigger & stronger everyday. thats why governments are afraid of cryptos. they cant control & manipulate their citizens anymore.

 

[Ahamefula]

Crypto currency has been here for quite some time now and it's proven to be beneficial in many ways then why are some countries still not willing to legalise it? I mean countries like USA, Australia, England had legalised it years ago then what are these few countries that afraid of? Any thoughts?

Most of them are yet to fully understand how it works and it's benefits, so that is what is making them skeptical about cryptocurrencies, the dynamics of the crypto space is very overwhelming to them, but I believe as time goes by it becomes much more clearer to them.

 

[Ahamefula]

This is absolutely correct, whatever the government of nations can't have control over, they tend to counter it, because they are scared that if they should allow it, most people will be financially liberated,hence they don't want people to embrace and adopt it, but unfortunately for most of them crypto guys are way more smarter than them.

i have posted this before in a different thread. btc & other cryptos are being used now, everyday, for normal, everyday transactions, world wide. people using btc & other cryptos to buy normal everyday items. nothing illegal about buying milk, bread, flour, sugar, food to feed your family or get paid in cryptos for the work you have done. the government calls you a criminal so you can eat, live, get paid but since you dont pay taxes, your a criminal.

its part of the underground black market that thrives world wide, in all countries. and its getting bigger & stronger everyday. thats why governments are afraid of cryptos. they cant control & manipulate their citizens anymore.

 

[Ahamefula]

I think mostly it has to do with the influence of the financial institutions on the government. Most of these CEOs lobby the government not to legalize it because they feel it may affect their operations in one way or the other. they may feel people might pull out their funds just to invest it in the crypto market and this could make them loose relevance they once enjoyed.

Spot on, ordinarily the awareness of cryptocurrency should come from the financial institutions of any nation, but they are a bit scared that if they adopt it, many people will take good advantage of the seemless transaction, transparency and the need not to invite any third party during payment, so all these could pose as a challenge to them, hence the reason why so many nations are yet to legalize the adoption of cryptocurrency.

 

[Juliettka]

Major reason why some countries are hesitant to legalize cryptocurrencies is the potential for illegal activities such as money laundering, terrorism financing, and tax evasion. Cryptocurrencies can be used for anonymous transactions, which makes it difficult for law enforcement agencies to track and investigate criminal activities. This has raised concerns among many governments about the potential for cryptocurrencies to be used for illegal activities.

 

[Bigron]

Governments might be worried about how cryptocurrencies will affect their national currencies and economies. For instance, some governments might be concerned that the spread of cryptocurrencies could cause investors to leave and the banking industry to become unstable.

 

[Roboy]

Using cryptocurrency to support unlawful acts including money laundering, financing terrorism, and other types of illegal exchanges has a bad reputation. Given its potential for abuse, governments might be reluctant to authorize it.

 

[EBUBEJAH]

Crypto currency has taken the world by storm, no one actually saw it coming, it started just like a joke, but now, Crypto currency is revolutionalising how transactions are being carried out nowadays, with some cryptocurrencies in your possession, you can effortlessly pay for goods and services swiftly without any hinge or difficulty in network, so I believe the countries that are yet to join the train will soon be compelled to hop in before it gets too late, because the future of cryptocurrency is very promising.

 

[Paras.sun]

Now a days mostly countries are facing bad economies due to inflation and political instability these are some reason they are not in a such condition to legalize crypto because their own currencies are not stable so how it is possible to think about crypto currencies which are so unpredictable?

 

[Medo24]

Since the pandemic, most countries are yet to find a soft landing with their economy, and considering the volatility of cryptocurrencies, it can be disastrous to adopt now but very likely in the future.

 

[Flower]

I do not see countries legalizing cryptocurrency as it is because there is a downturn in the cryptocurrency market and typically because it's a decentralized platform that would not allow them to exercise their powers over it. This is the major cause.

 

[IB DD]

Governments all over the world are exploring ways to regulate the crypto industry. It would not be very wise to legalize what they cannot regulate. I believe the entire crypto sector and government agencies would work out a truce soon.

 

[Deyiang]

Some country are not still finding proper to legalized crypto currency because of a of people are not really accepting it has legal tender.

Though I believe that with much patronage, awareness and usage many countries will legalized it.

Though some people believe that it quite easy to use crypto currency to committee fraudulent activities without be able to trace it.