Why GOV is not supporting the CRYPTOCURRENCY LIKE OTHER NEW TECHNOLOGY???

[Olalomi]

Government sees crytocurrencies as a sabotage to their economies of course some government beliefs cryptocurrencies may evade tax while transfering one crypto to another, therefore there will loss of revenue to the government that is why every government is using every available means to thwart the evolvement of cryptocurrencies.

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[Fantastic33]

Most government do not support crypto because of the financial risk that it can cause to its users which is primarily due to its highly volatile price. They are also scared that cryptos can be used on illegal activities such as money laundering, payment for drugs and deadly weapon, etc.

[boyshx]

I am thinking this from long time.what is the problem with this.it has lot of benefit like instant transfer any where in the world,less transaction fee,no need to exchange,ONE CURRENCY ONE WOLD.

Then I came to conclusion that this is all because of control.If gov support the cryptocurrency then he loose the control from monetary policy.it can toppel the gov,BECAUSE money is ultimate control of the politics.


this is my opinion ,Am I right or there is any other reason??

Yes off course you are right that is what keeping the governments hand off the grid from crypto currency world. Others just ask yourself they have all the power they want and they could just implement any rules they want as long as they are valid points. So the first reason is decentralisation. Also you might think that they could just make it centralised and then run the nodes again but the thing is it will take out very basic principle from the crypto world and it wont be the same again and may not work with the same way too.

ONE CURRENCY ONE WOLD.

This is what bothering most of them as this will lead to chaos and dramatic drop in the worlds treasure. How the valuation will go if the value for every product and services, properties, assets and everything becomes the same throughout the world?

[bilal_jan321]

why would they? BTC is an open threat to centralized financial systems that are controlled by Governments, banks, and other financial institutes. The only way government will accept BTC in its regime is after its regulation. Meanwhile governments worldwide are cracking down hard on cc.

[djsugar]

why would they? BTC is an open threat to centralized financial systems that are controlled by Governments, banks, and other financial institutes. The only way government will accept BTC in its regime is after its regulation. Meanwhile governments worldwide are cracking down hard on cc.

Government can't support anything that gives financial freedom to public and pose a threat to the centralized financial system. But they also can't ban it due to its decentralised nature. So what most of the governments are doing globally is bringing in regulation which completely destroys the basic idea of cryptocurrencies that is decentralised and anonymous currency. So, yeah we ll find it hard to have a decentralised financial sysrem in present type of economic system.

[Turk Ace]

The government feels threatened because for the first time we are in control and not them? Viva le Bitcoin!! The government should fear us and rightfully so. We won't go away we will never give up. My freedom is much more important then some money grabbing group of individuals I never even voted into parliament. Fear us!!! We are crypto army!!

[Hui8]

One word, volatility. That's the best word to describe why the government is not supporting the newly developed technology that is running by experts this time around. It's so sad for them not to see the use of our cryptocurrency.

Yeah may be this could be the prime reason but I also see something fishy, for example, if they get the crypto currency used by themselves then they could end up in tragedy of loosing the control over fiat currencies. I mean if they start accepting the crypto currency then it would be direct indication for the public that they are free to use the crypto currency and obviously people will feel far safer and might just start using them. So you see thats the problem here, its government who might be thinking two steps forward about their own fall and thus may not accept it ever unless and until they find some middle way for it.

[ahmad21]

I am thinking this from long time.what is the problem with this.it has lot of benefit like instant transfer any where in the world,less transaction fee,no need to exchange,ONE CURRENCY ONE WOLD.

Then I came to conclusion that this is all because of control.If gov support the cryptocurrency then he loose the control from monetary policy.it can toppel the gov,BECAUSE money is ultimate control of the politics.


this is my opinion ,Am I right or there is any other reason??

A pretty simple reason for that. Why dont you think electric cars and electric vehicles havent been too common until now?? Or havent we been able to harness the solar power. Its all because govt thinks of their benefit. Lack of dependence on oil will be a great loss to everyone so they have hidden this technology. Same is with bitcoin and crypto the technology is quite against the idea of government which makes this technology and its usage pretty harmful for govt. As people will feel a bit free.

[PhucS]

There are many reasons for governments not to support cryptocurrency. Although crypto has very good benefits, but each country has different views. Your opinion is also correct, crypto is anonymous, it does not depend on anyone so the government can not control it, they also worry it affects the economy. In addition, concerns about money laundering through cryptocurrency may also be a reason for governments not to support it. This is just my opinion

[BelieveInBTC]

It is quite easy to understand why some governments are against Bitcoin. Some of them would like to control their citizens as much as it is possible. Thanks to centralised banking it is very easy to check on what certain citizen is spending their money. Some governments banned Bitcoin because their citizens were buying it because of huge inflation. Bitcoin was more stable than their own national currency. Fortunately, there are also countries who see the potential of Bitcoin and it looks like they are going to make it legal and available everywhere.

[btyco]

You are right in that cryptocurrencies will topple governments. Imagine if they have no control over this type of money, no taxes to pay the police or military. It would create havoc everywhere!

[xk85jq]

     some country are acknowledge bitcoin and other country are banned.Lack of legallity on the part of transaction and taxes.
     bitcoin is called decentralized blockchain no-one is can control even the government cannot control it.Only one can control the user of the system thats why very unique system.
      For the new technology if you referring a hardware, we need a clearance to the government selling your product to the buyer and buyer need a document in government approval called "PERMIT" with tax.

[MCJamison1987]

In my opinion, I think government is not supporting the cryptocurrency is mainly because it is decentralized.
So if there is any big shots are investing in crypto, you won't know if they are using clean money or black money.

Another thing is that maybe the government itself is trying to take over the cryptocurrency, launch one as their own, imposing taxes and gain profit from it.

[GreatOrchid]

you are right, the control freak government fears losing control over people's financial data which plays a vital role in government's public tracking system. Bitcoin can free people from this slavery.

It does not work like that, there are a lot of countries who are very supportive with blockchain and cryptocurrencies, the only one that clearly hates cryptos is USA and China.. The other ones are neutral over it.

[brickafterbrickwalldpt]

Government authorities support things that are only useful for them. They might consider Bitcoin as something dangerous because they won't be able to monitor transactions and create more coins which they could use for covering their expenses. Many new tech was killed because of lack of donations from the government. Is it because politicians don't understand technology? I don't know. Maybe they are accepting projects which in their opinion will give THEM a lot of money. They will have to start using cryptocurrencies anyway. They won't have any other choice.

[squatz1]

Because they want to control the economy which they've been able to run for so long, they've had control of currency forever -- and with it comes a massive amount of power. They're able to control the amount of money being printed, the interest rate numbers, and so on and so forth. They control everything. Bitcoin and other cryptos, threaten this, by taking the power away from the government and putting it into the power of the people.

This is why they support nothing related to decentralized crypto.

[cmacwiz]

digital asset cryptocurrency can be Transfer fast and cheap even between countries.
very significant price fluctuations in a short time.
the government can not control the price movement.

No government never want anything in their country in which they have no control and crypto currency are those thing in which they have no control. In crypto currency transaction you don't need to give full information and crypto currency also provide them uninterrupted transaction facility. These thing attract anti social people to done their illegal transaction. Due to fully freedom and privacy many people using those currency instead of an country real currency. This thing affect country economy growth. 

[KingScorpio]

I am thinking this from long time.what is the problem with this.it has lot of benefit like instant transfer any where in the world,less transaction fee,no need to exchange,ONE CURRENCY ONE WOLD.

Then I came to conclusion that this is all because of control.If gov support the cryptocurrency then he loose the control from monetary policy.it can toppel the gov,BECAUSE money is ultimate control of the politics.


this is my opinion ,Am I right or there is any other reason??

i think i will write a blog article why governments oppose this since people ask this question quite a lot

[gamechangers]

I also wonder as much as you do why government is not supporting cryptocurrencies. I think it has to do with the decentralized nature of cryptocurrencies. By this, financial liberty has been returned to the people and has made them their own bank. Government now sees regulation as a way to come into cryptocurrencies.

[aquantivis86]

The thing to remember is that the government is just a bunch of people, often very confused, hungry, irritated, suspicious of change. when you think of the government think of the worst possible elderly couple ahead of you in a line at a buffet.