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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?

 

[Skysaint]

I too can't see the very serious reason why they have failed to lift the ban on cryptocurrency and legalize it's transactions within the country. I guess it's because they are aware of how lucrative the whole thing is and they are just against anything that will profit her citizens.
But not to worry, we the citizens will always have a way to trade and carry on with our investments in cryptocurrency.

 

[Shahness]

I too can't see the very serious reason why they have failed to lift the ban on cryptocurrency and legalize it's transactions within the country. I guess it's because they are aware of how lucrative the whole thing is and they are just against anything that will profit her citizens.
But not to worry, we the citizens will always have a way to trade and carry on with our investments in cryptocurrency.

I think politicians and corrupt government officers have something to do with this because crypto becoming legal means goodbye to the huge amounts of note currency and cash transactions which is generally good for the public since alot of crimes happen due to note currency. They don't care about crime reduction they know their easy ways to accept bribes will also vanish along with crypto coming in the picture.

 

[Wisdom01]

Some countries are probably still not convinced on cryptocurrency project some even feel it could affect the economy development ,so they are actually not adopting it, countries like Paraguay actually said they would adopt it ,but for some time now they haven't even plan anything concerning that again tho

 

[Kubiat-Abasi]

I don't know the ulterior motive as to why government don't want to legalize cryptocurrencies in some countries. Personally, in my geographical setting, cryptocurrency was banned yet it was ridiculous that they government tried to bring their own coin but failed because of lack of community support. I think the major reasons cryptocurrencies isn't legalized is because of its decentralized system and the government ultimately wants to own it.

 

[Kubiat-Abasi]

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?

Also, I presume that countries which have placed restriction or haven't legalized cryptocurrency are underdeveloped and devoid of adequate technological advancement. Also, I think the challenge emanates from the high level of security risk that's attached with cryptocurrencies. I want cryptocurrency to remain decentralized but with upgrades to curb security challenges.

 

[Wisdom01]

I don't know the ulterior motive as to why government don't want to legalize cryptocurrencies in some countries. Personally, in my geographical setting, cryptocurrency was banned yet it was ridiculous that they government tried to bring their own coin but failed because of lack of community support. I think the major reasons cryptocurrencies isn't legalized is because of its decentralized system and the government ultimately wants to own it.

I Actually think if it was centralised it would have even be better as the government would have love it ,but the government seems not too interested because they believe money is power and they actually need what they could control so they move towards banning crypto currency in that way instead of supporting the development

 

[Kennysplash]

The reason why some governments are against crypto currency is because they see it as a threat to the Fiat currency. They believe it causes the deflation of the national money. That is why even governments that allowed it before are now banning it. But they are just wrong. It does not devalue fiat in any way. Cryptocurrency brings financial freedom to the citizens, why should they be against it?

 

[Wisdom01]

Some countries are not legalizing crypto currency because it's a volatile currency that can't be touched.
It's not a legal tender accepted by countries of the world, some countries don't feel comfortable with a currency they don't know it's origin.

Most times I feel they just have a different motive towards cryptocurrency that's why they don't just want to adopt it as a legal tender ,they just look at other disadvantage of it and stipulate they don't want to adopt it ,even forex Is more volatile and other asset inclusive that's the content there and still yet they adopt it and ban cryptocurrency

 

[Balint098]

Legalize in what context? In a way that crypto can be used as legal tender alongside national fiat money or simply letting people using and trading it? Making new laws are often takes a long time to formulate, not to mention many countries are still have complicated bureaucracy that makes it harder to formulate a new law. Plus, depends on stance of each country on democracy and freedom, they may go against btc instead of adopting it.

 

[Mariappa45]

Apart from El-salvador, their is no other country that has come in consensus to regulate cryptocurrency, they are simply watching. While some are still feeling disillusioned around it's future, simply wants to ban the coins operation in their respective countries. I just hope crypto keeps growing, and no country bans it the way China did.

 

[Shahness]

I don't know the ulterior motive as to why government don't want to legalize cryptocurrencies in some countries. Personally, in my geographical setting, cryptocurrency was banned yet it was ridiculous that they government tried to bring their own coin but failed because of lack of community support. I think the major reasons cryptocurrencies isn't legalized is because of its decentralized system and the government ultimately wants to own it.

Wow that is something I've never heard of how can they ban crypto and then try to bring their own crypto? It's funny and horrible at the same time. Which country are you talking about here though?

 

[Shahness]

Legalize in what context? In a way that crypto can be used as legal tender alongside national fiat money or simply letting people using and trading it? Making new laws are often takes a long time to formulate, not to mention many countries are still have complicated bureaucracy that makes it harder to formulate a new law. Plus, depends on stance of each country on democracy and freedom, they may go against btc instead of adopting it.

You have a good point but I only mean in the context of allowing the public to buy and sell, invest in it and have the freedom to spend it whenever they want. Even though it's ban in many countries a lot of people still secretly keep and use it some of them even have in large amounts and thats why many are getting targeted. I know of cases where this person went to sell their usdt to a buyer he found online on Facebook. As soon as he got there the buyer asked him to come in his car to deal. That buyer took thousands of dollars worth usdt from him on loaded gunpoint and then kicked him out of his car and just left, Imagine how helpless that guy must be feeling after losing so much money he can not even go to a police station and file an fir against the person who stole from him. Just because it's illegal by the state this criminal thief is legally stealing crypto from people and even worse there's nothing anyone can do about it.

 

[btaliat]

If your legalisation means allowing people to partake in it, government has not allowed that because they believe it is used to commit atrocities because of its anonymity. But if your legalisation means allowing crypto as legal tender in a country, the reason is because of its volatility and lack of proper knowledge on how crypto work. How will you explain to old granny that his $200 has become@$100 in s jiffy because of bearish market .

 

[Niftyicon]

Anything that takes power out of the hand of the government and puts it in the hand of an average man must meet with a lot of hurdles if to be considered legal. However, with the pace bitcoin and the altcoins are growing, the various governments may end up with no option that to allow Cryptocurrencies thrive in their countries.

 

[Skysaint]

I think politicians and corrupt government officers have something to do with this because crypto becoming legal means goodbye to the huge amounts of note currency and cash transactions which is generally good for the public since alot of crimes happen due to note currency. They don't care about crime reduction they know their easy ways to accept bribes will also vanish along with crypto coming in the picture.

Well, I think so too. And you know, cryptocurrency has the tendency to make someone or most of the citizens to be financially stable and independent and this will make it quite difficult for them to bribe the citizens especially during electoral campaigns.
Some people do say that criminal activities can also be made through the use of cryptocurrency without trace and that's why most governments are against it.

 

[btaliat]

Anything that takes power out of the hand of the government and puts it in the hand of an average man must meet with a lot of hurdles if to be considered legal. However, with the pace bitcoin and the altcoins are growing, the various governments may end up with no option that to allow Cryptocurrencies thrive in their countries.

This is another angle to look at it. Government is the only institution that reveres power and never wish to let power leave its corridor. This is the maim reason why most governments of the countries refuse to legalize it. Rather they keep on yarning different excuses to support their hatred for bitcoin.

 

[unhappytriad]

I think governments yet to do that have good reasons for holding back. Cryptocurrency has it's pitfalls. The extreme volatility alone is not good enough. Legal tenders should offer some form of stability at least. Also coupled with it is the current scams, people are being robbed off their money.

 

[Dav1d]

Well am pretty sure they all have their reasons as to why they have placed a ban on crypto currency, like in my country, there is still restrictions on crypto and one of their reasons is that it is used to promote illegal activities, and since they have no power over it they just don't want it. I believe there might be change when a new government takes over though.

 

[Skysaint]

Most people do have it that the reason most countries are being reluctant in legalizing cryptocurrency in their country is because of its decentralized nature that makes it easy to find and carryout crimes without a trace and this reason is mostly associated with the developing countries.
But I think something should be done about it because I believe that it's merits outweighs the demerits.