Why lot of countries do not allow to use Crpto?

[Pattart]

lot of countries dont nt allow to use crypto is they are afraid of money laundering and other fears of bitcoin and other cryptocurrencies but in order to grow with development they should also adopt for bitcoin

Yeah, all countries are afraid of that, decentralization and anonymity are very favored by users, but that is what the government fears the most because it makes a person become invisible as well as their finances. governments fear that many people will hide their income to avoid taxes..

[1715025780]

1715025780

[1715025780]

1715025780

[Nolimitz84]

You're absolutely right.Cryptocurrency is useful for the economy of any country.It is a pity that the government does not understand

[Karakas]

there are still many countries that have not legalized bitcoin or crypto currencies because the country has not found a rule that can regulate crypto currency movements. and I think this cyrpto will be a competitor of their country's local currency

[rose9696]

Lot of countries do not allow to use crypto currencies and they discourage using them. However as far as I feel, trading with crypto is not that harmful for the economy of the country. As an example, if a person has Eth and someone from another country needs to buy Eth, that buyer needs to pay the seller in terms of dollars. Then that seller needs to convert that Dollars to his native currency which means it creates a the demand for the native currency and increase the value of the currency. May be the government is unable to add a tax on such transactions but it is beneficial for the currency used in seller's country.
What do you think about that?

Actually, Cryptocurrency is not bad. but some have taken advantage of its anonymity to carry out some illegal activities such as money laundering and tax evasion. That is what governments are very concerned about and decided not to allow Crypto to circulate in their own country.
I think that's a pretty decent decision and Crypto needs to be fixed at some point to gain credibility all over the world.

[xuzukami]

There are quite a lot of people wondering about this, but the bottom line here is that the country is afraid that they can not control the amount of money in their country and they fear that money laundering will take place. Do not accept electronic money as underdeveloped countries.

[Sergio444]

That is really what is going on these days. Its no news anymore. The decentralized nature of cryptos, and the transparency in transaction makes it very difficult for governments to take over and generate income from it, especially tax. So the best way to retaliate is to ban the use of these currencies in the in the countries. But I hope that with time, these governments will realize the potential they just let slip out of their hands.

[chainedblocks]

I think that's probably because cryptocurrency currencies are so unstable and fluctuating so cryptocurrency has a very high risk that very few accept cryptocurrency.

Well you can say these countries aren’t using these crypto just because of their volatility. Then this is right. Many countries don’t apply this coin as national one because e this might be letting destruction coming into the field so soon. Things aren’t that much good when this coin is taken on national level. To go to such level, development is required and this coin must be made so strong.

[joy99]

Most countries will lose a lot of money that they gain from tax if they are to accept cryptocurrency in their countries. I pity them because majority of people lately, are into crypto which will be difficult to do.

[maksimukr1989]

It is foolish to ban the cryptocurrency.Promising countries on the contrary are trying to introduce cryptocurrency into their economy.And rightly so

[chromosomes]

Lot of countries do not allow to use crypto currencies and they discourage using them. However as far as I feel, trading with crypto is not that harmful for the economy of the country. As an example, if a person has Eth and someone from another country needs to buy Eth, that buyer needs to pay the seller in terms of dollars. Then that seller needs to convert that Dollars to his native currency which means it creates a the demand for the native currency and increase the value of the currency. May be the government is unable to add a tax on such transactions but it is beneficial for the currency used in seller's country.
What do you think about that?

It is simply because they see crypto as a threat to their economy and their government. With use of crypto, people tend to stop patronizing their government due to the taxes and the high fees of transactions which is very rare to witness in crypto. If all the countries will agree on allowing crypto, maybe things will get better.

[bilyboy]

because cryptocurrency cannot replace fiat money. that's why transactions must be converted into fiat currency. because fiat has legitimate and legal laws.
but if you see some news now the government is starting to look at bitcoin for transactions. because they see the advantages of blockchain technology

[IGP50]

The government in most countries do not want the transactions in cryptocurrencies. They stress on the fact that there is no fund generation in these transactions and hence prefer not to allow any crypto in these countries.

[lungu113]

The government in most countries do not want the transactions in cryptocurrencies. They stress on the fact that there is no fund generation in these transactions and hence prefer not to allow any crypto in these countries.

You are right mate, the government preventing cryptocurrency in their country because of it's a risk and they don't know what it is.

[Jessica2009]

  Bitcoin is the world recognized crypto in the global system it is easy to handle and  transaction is operated with low fees and fast since there is no intermediaries these all leads the popularity of Bitcoin. Even though it has become so popular many countries are not aware of this modern technology . Since Bitcoin is a decentralized one not governed by any central authority the government fear about these currency that it will effect the economy since these Bitcoins are volatile and the price may change within short span .

[BerneirBTC]

lot of countries dont nt allow to use crypto is they are afraid of money laundering and other fears of bitcoin and other cryptocurrencies but in order to grow with development they should also adopt for bitcoin

Because they believe bitcoin and crypto currency can destroy there economy. People are not willing to pay tax so they'll move to bitcoin to prevent extra taxes.

[olyolali]

Lot of countries do not allow to use crypto currencies and they discourage using them. However as far as I feel, trading with crypto is not that harmful for the economy of the country. As an example, if a person has Eth and someone from another country needs to buy Eth, that buyer needs to pay the seller in terms of dollars. Then that seller needs to convert that Dollars to his native currency which means it creates a the demand for the native currency and increase the value of the currency. May be the government is unable to add a tax on such transactions but it is beneficial for the currency used in seller's country.
What do you think about that?

actually it's not a reason. almost all countries do not allow crypto to transact in a country. all countries are not afraid of crypto but are afraid of misuses such as terrorist financing, money laundering and in use for drug transactions. but almost every country recognizes if crypto / bitcoin is a digital asset to invest

[darewaller]

Lot of countries do not allow to use crypto currencies and they discourage using them. However as far as I feel, trading with crypto is not that harmful for the economy of the country. As an example, if a person has Eth and someone from another country needs to buy Eth, that buyer needs to pay the seller in terms of dollars. Then that seller needs to convert that Dollars to his native currency which means it creates a the demand for the native currency and increase the value of the currency. May be the government is unable to add a tax on such transactions but it is beneficial for the currency used in seller's country.
What do you think about that?

Some people are saying that the reason why they are not allowing their citizens to make use of Bitcoin is because they are not able to charge tax and when a country’s government is unable to charge from things like this, they shouldn’t be allowed in that country.

One of my friends hates Bitcoin and he doesn’t really like the fact that the government is permitting people to make use of it, because he believes that Bitcoin is a fraud.

[newcollegestar]

I think that's probably because cryptocurrency currencies are so unstable and fluctuating so cryptocurrency has a very high risk that very few accept cryptocurrency.

Well you can say these countries aren’t using these crypto just because of their volatility. Then this is right. Many countries don’t apply this coin as national one because e this might be letting destruction coming into the field so soon. Things aren’t that much good when this coin is taken on national level. To go to such level, development is required and this coin must be made so strong.

Yes it’s volatile, but that doesn’t mean I believe when they government claims to be protecting their citizens from such due to fraud. They are all liars and never tell the truth. The truth is just they are not able to charge tax on Bitcoin users, so they don’t see any need to allow. If they say that it’s because they are trying to protect their citizens then it’s a big lie. And by the way there is nothing wrong with Bitcoin.

[Xising]

Lot of countries do not allow to use crypto currencies and they discourage using them. However as far as I feel, trading with crypto is not that harmful for the economy of the country. As an example, if a person has Eth and someone from another country needs to buy Eth, that buyer needs to pay the seller in terms of dollars. Then that seller needs to convert that Dollars to his native currency which means it creates a the demand for the native currency and increase the value of the currency. May be the government is unable to add a tax on such transactions but it is beneficial for the currency used in seller's country.
What do you think about that?

I think that many countries are just trying to avoid the instability and volatility cryptocurrencies have. They don't want to subject their citizens against investments that could crumble and go down the drain anytime. The difficulty of handling the market that has so many uncertainties are just too much to handle for many people. And so, to protect their people, countries try to either control cryptocurrency-related activities or totally ban them. You can't blame them because it's just a matter of safeguarding their people, which is within the ambit of power of a government.

[Silberman]

Lot of countries do not allow to use crypto currencies and they discourage using them. However as far as I feel, trading with crypto is not that harmful for the economy of the country. As an example, if a person has Eth and someone from another country needs to buy Eth, that buyer needs to pay the seller in terms of dollars. Then that seller needs to convert that Dollars to his native currency which means it creates a the demand for the native currency and increase the value of the currency. May be the government is unable to add a tax on such transactions but it is beneficial for the currency used in seller's country.
What do you think about that?

the problem is taxes, if every transaction and exchange from digital money to national currency is not taxed, it will hurt the government. Moreover, this happens in large numbers, of course it will greatly affect the circulation of national currency. Actually I would strongly agree if every transaction is taxed if it makes the country accept the crypto, but surely will have many obstacles.

People like you should never create a cryptocurrency or any service related to it since you are not understanding what cryptocurrencies are about, if governments have problem getting taxes because of cryptocurrencies that is their problem, the moment bitcoin developers adopted that posture bitcoin will be useless and it will be replaced by another cryptocurrency.