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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]

I believe quite well that some countries would obviously be making refrence on the adoption of cryptocurrency, legalizing the crypto currency and taking or making it as legal tender is what many countries are probably making refrence on

 

[Crystal247]

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?

Cryptocurrency is beneficiary to a lot of population across the globe, but I don't really know the reason why some countries didn't legalize the use of cryptocurrency. But it didn't stop cryptocurrency from moving.

 

[EBUBEJAH]

The simple reason why they don't want to have it legalized in most countries is simply because they are scared that it doesn't go beyond their control, because government likes to be in charge over everything, and the concept of crypto is just way too complicated for them to grasp or catch up with.

 

[HMMY1]

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?

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.

You are absolutely right because there are many countries In which crypto currency has not yet been legalized Cryptocurrency is based on a blockchain based technology It has countless benefits.if cryptocurrency is legalized all over the world, then even a common man can understand it and can get employment opportunities for him. Strict laws should be made to avoid money laundering through cryptocurrency.

 

[EBUBEJAH]

Simply put, it is because they are scared of not being able to properly regulate it, there's a popular saying that goes thus' what you don't know or understand you definitely can't destroy or eliminate, so that is what I think is currently playing out, but hopefully they have a change of mind someday, sometime.

 

[EBUBEJAH]

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.

Like I would always say, the reason is not far fetched, some government believe that if they should legalize it, it would definitely go beyond their control, which means automatically they can't be getting any revenue or tax from it, they want to be totally in charge of everything.

 

[Lens_]

There are so many countries that are hesitant to legalize cryptocurrency because they knew that it has some concerns and they also knew that it has impact on the traditional financial system.

 

[Flower]

There is regulatory uncertainty and there's also unclear guidelines for cryptocurrency regulation and that is why so many countries do not want to legalize it because they want to protect their citizens.

 

[Lens_]

Cryptocurrency has a lot of concerns and the concerns are that it could be used for illicit activities such as money laundering, terrorist financing and it could also be used for tax evasion.

 

[Flower]

The decentralized nature of cryptocurrency gives it the anonymity feature and that is why it makes it very challenging for government to monitor and regulate it, which is one of the reason why they would not legalize it.

 

[Lens_]

so many countries are worried that cryptocurrency is unstable and a volatile industry and that is why they want to protect the funds of their citizens because cryptocurrency is subjected to rapid price fluctuation.

 

[Flower]

Before cryptocurrency could be legalized, it requires careful consideration and there is need to put into account the consumer protection measures . You also need to put into consideration education because it will save guide against fraud and scams.

 

[Lens_]

There is no consensus among the policy makers and the regulators in the cryptocurrency space because they have not concluded on how to classify and regulate cryptocurrency . That could contribute to it not been accepted by the government.

 

[Flower]

Cryptocurrency operation would disrupt the traditional financial system and it will also affect the payment system . That is why it is perceived as a threat to the traditional financial system of the countries.

 

[Lens_]

There are not of concerns about the environmental impact that is created by cryptocurrency mining most especially the proof of work cryptocurrencies like Bitcoin because it has a negative impact on the environment.

 

[Flower]

Cryptocurrency is associated with speculative bubbles and it is also known for market manipulation and that is why the government will lose confidence in it and they wouldn't want to legalize it.

 

[a_jerobon]

Simply put, it is because they are scared of not being able to properly regulate it, there's a popular saying that goes thus' what you don't know or understand you definitely can't destroy or eliminate, so that is what I think is currently playing out, but hopefully they have a change of mind someday, sometime.

Yeah, the government is always sp keen to regulate new things. Most especially when they want to earn as much revenue as possible. Cryptocurrencies don't seem to assure them that, so they choose to fight it as they search for ways that they can regulate it. I don't know if they will ever find one.

 

[holie]

Many countries are not legalizing trade of cryptocurrency because they believe most people will use for money laundering and finance criminal activities like terrorism and other social vices.
Cryptocurrency are not well regulated in most countries..

 

[Daniel084]

I can understand why some countries would be worried about cryptocurrency affecting their economies. It is still new and not well understood. Those countries probably being cautious which is smart, they don't want to rush in and then have problems. I'm sure they will adopt it eventually as they learn more. But they also have every right to decide what is best for their own people instead of pressure from outsiders.

 

[holie]

So many countries are still steptical about cryptocurrency because they still believe that since it is decentralized, they could be used for money laundering and the worst could be that it could be an avenue to finance terrorism in the country. So it's takes lots of regulation.