Why do countries and banks keep dumping on Cryptocurrency?

[ityandsyn]

All the news we read nowadays is basically about Countries banning cryptocurrency or high level bank officials dumping on cryptocurrencies calling them lousy mode of pay, fad etc.

Why are they trying so hard to kill cryptocurrency? I recently got into trading myself and absolutely love it, but it seems a lot of the opportunities to trade successfully are killed by these people.

I agree that there should be regulations to curb crypto use with criminal activity but not if it puts a leash on prices.

It just seems there's a lot of insecurity after the great year cryptos had last year, it's almost as though authorities expected it to die by itself but it grew into a monster and now they're trying to do it themselves.

         It is because some country and business sector like banking industry doesn't want cryptocurrency rolling in their nation, that's why they are integrating each other just to banned cryptocurrency totally,they just ignore the opportunity to become wealthy of using crypto like bitcoin.

[Spanopohlo]

For me, they are literally afraid of it, they are troubled of the threat it posses that can easily outdone them. For the government they are gonna gain nothing from it because they wouldn't get any taxes from it and that they need to regulate it first. For the banks they are also nervous that when this currency is implemented on a certain country, they would render useless for they use Fiat money.

[Ondre]

If such thing is really happening, it maybe because of their lack of knowledge about cryptocurency. I believe this is where we are coming from. We need to help people know about cryptocurrency and then eventually they arr no longer ignorant of cryptocurrency but rather user and instruments for others also to know what it is all about and how they can benefit from it.

[angelakrasnova]

There are of course some countries that took Bitcoin and then decided to give up for unknown reasons such as China.

[Coinhype]

Its easy, because they dont want to give up the controll about money. When you can controll the money, you can controll the people. So if nobody will use Fiat money anymore and instead just cryptocurrencies, they will lose their power. They scared that when they loose the power, they cant controll the people anymore. Thats how it works nowadays. Theres not just a companys who look to your money, they want to earn.

[crptomoon1001]

It is just a matter of time.. The banks cannot risk adopting bitcoin today, but this seems to be the likely future.

[warkop121]

I've heard that in the Netherlands the banks refused to do business for cryptocurrency. All major banks in the Netherlands reject active entrepreneurs in crypto to open business accounts for the reason of "too much compliance risk". Only the bank's online bank allows the cryptocurrency business to open an account under certain conditions. I really believe from where we come from. We just need to help people know about cryptocurrency and eventually they no longer ignore crypto-kardia but users and instruments for others as well for you to know what the problem is and how they can use it.

[joebrook]

Do not exaggerate! Not all countries prohibit bitcoin, do not believe all the news. For example, Germany recognized bitcoin as a means of payment! So, you can continue to deal with crypto-currencies and believe in their development.

Even though most countries have not banned bitcoin, we cannot deny that since most people have stopped investing their monies on treasury bills and fixed deposits and are rather investing their monies into bitcoins and the other cryptos.

[Hui8]

Obviously they dont want to loose their jobs because of the crypto currencies. I mean if people starts using the crypto currencies over the other fiat currency then how the banks will run int he future? If everything started happening free of cost then how government will get taxes and how they will have their servants paid in the salaries? Have you thought of all these things. Do you ever think that how much stress these people are having at all. I dont think that people are thinking about this in such manner which is far important for such officials or government people or banking managers. You see must the connection between these to know criticality of this.

[Digital_Lord]

They are afraid of the tech and the fact that it is decentralized means that no one person or organization can control it which means that they can no longer  control our money and what we can do with it.

Every country has some issues regarding the crypto currency and major problems are being faced by both the types of the following countries.

First world countries who have no issues regarding the deficiency or less usage of their own currency are more about the taxation process of the bitcoin whereas the third world countries are afraid because the people are converting their black money to the bitcoin and money laundering is feared. Hopefully this all will be over when they will sit with some serious recommendations from the experts.

[arienna23]

Virtual currencies are self-governed, meaning they are not controlled by any government, person or a central authority. This makes monitoring almost impossible and poses a threat for government authorities (this was especially true for China).

Banks generally charge fees for doing absolutely anything that includes money, even when they just hold onto it. Using blockchain as a digital network, where every single transaction (called a block) is securely linked together makes transactions verifiable, available to everyone and is more immune to hacking than centralized banks. This makes banks totally unnecessary for transactions. This is what motivates them to ban cryptocurrencies altogether.

[Pursuer]

we have a bunch of different topics here.
- some idiots spreading lies about bans. or some officials talk about bans
- actual bans that happened is some rare cases in some rare countries
- price getting dumped
- bitcoin versus altcoins

you should not confuse these together. right now there is a lot of manipulation going on in bitcoin world with a lot of FUD being spread to cause panic among the investors so that the wealthy whales can earn a lot of money during this chaos in the market and eventually buy more bitcoins so that they have a bigger stake in this limited supply currency.

altcoins on the other hand is a whole different mess! most of them are absolutely useless while having an extremely high price and that bubble needs to burst as soon as possible and that is what's been happening over there. and that massive dump is actually causing some drops in bitcoin too.

[MCVXYZ]

Which countries do you mean? Today,I can boldly say that there are a lot of speculative behaviours from bitcoin holders and from their negative media it may sounds a bit unrealistic but look at the facts,I know countries where special authorities earn a lot of money and also commercial banks,you said that banks keep dumping on cryptocurrency but at the same time they have created exchanges,its so simple to understand how they will work tomorrow they will fall in law...So it maybe better to talk about facts in detail,because there are also countries where  cryptocurrencies are used to provide infrastructure,education and other forms of human capital,So this is comparable issue and you need to talk about more in detail.

[DarLim11]

Yes there is a lot of insecurities about cryptocuerrency because of it all time highs. We can't deny that lots of rules and regulations now are beng implemented now on cryptocurrency. We need to deal with to have much public acceptance.

We also need to consider the facts about crypto. A good currency should be stable and does not immediately influence by any factors. Cryptocurrency seems to fail in those aspects.

[zhekinsp]

Banks are opposing the crypto currencies because banks are running with the fiat money if the crypto currency get succeed then banks will face crisis so they are opposing the crypto currencies.
Banks are the backbone of most countries in the world economically so they are just replicating the banks decision with the crypto currency.