Why lot of countries do not allow to use Crpto?

[SubZer0]

yes it's true cryptos are now one of the biggest threats for govt. and bankers but trying to stop the cryptocurrency growth is just like trying to stop the rain,it is impossible.

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[RedzoneASE]

I think many countries does not accept cryptocurrency because of the regulation issues. This is the most common issue that is considered as a threat for the developed countries which is so strick in their economic outlets.

[nayeel]

 it has a big effect on the local currency, because our local currency is manipulated by our government they know how much the demand and also the value of the foreign exchange. so that is what other governments are afraid of. Since government cannot fully govern, regulate or tax it, they result on fully banning it. the next is they think also that bitcoin may be the big competitor against the banks near in the future and they can't control it.

[Dr.Osh]

yes it's true cryptos are now one of the biggest threats for govt. and bankers but trying to stop the cryptocurrency growth is just like trying to stop the rain,it is impossible.

I think, the rejection is only because they are afraid of the development of bitcoin technology, so there are more ways to become money laundering, or even other illegal transactions. but, rapid development can also overcome that I think. Well, I think it's only a matter of time until they receive it.

[Evelyne Kayonna]

One of the main factors that I know is that the government cannot give taxes in cryptocurrency transactions, they do not get profits and even though their profits can be returned to the needs of the country. They are afraid of their currency will be destroyed when all their citizens make transactions using cryptocurrency,

[Arlibtchunt2018]

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?

Cryptocurrency has so many flaws which can be the opening of many losses. For example, the security issues where in many hackers breaching the security system of exchanges, next is the rampant scams that is occurring in many ICO.

[Ursuladaughter]

The downside of the crypto market is causing many investors to panic. That is a sign that the government is beginning to look at the market and introduce laws instead of banning it.

[cryptocurrencyguru]

cryptocurrencies are disruptive technologies even govt wont accept at initial stages but they will try to implement and understand and prepare guidelines for cryptocurrencies in the coming future

[Charot12345]

Well countries have different reasons for not allowing their country to use crypto. Some of them ban it because they cannot control it and they are afraid that some people will use it for illegal transactions,

[raventnc]

I think the reason why a lot of countries do not allow to use cryptocurrency is because the governement of the country feels harm on the crypto, they do not want their national money to be abolished. But it does not mean that cryptocurrency affects the economy of the country but it help the economy to have a transaction to another country

[Helpme_please]

Well countries have different reasons for not allowing their country to use crypto. Some of them ban it because they cannot control it and they are afraid that some people will use it for illegal transactions,

they want to protect their citizen , since much online business opportunity appear such as HYIP or other ponzi scheme there are alot people loss their money.and maybe government worry about cryptocurrency could be like that.

[tempebacem]

Maybe the government is afraid of losing control of their people's money.so far they have always argued that cryptocurrency anonymity is dangerous because it can be used for illegal activities, can be used to avoid taxes, and many countries think it's just a scheme where people can lose money. But I don't believe in all their reasonsI think in the next few years when technology grows they will return to cryptocurrency .

[antonio88s]

Maybe the government is afraid of losing control of their people's money.so far they have always argued that cryptocurrency anonymity is dangerous because it can be used for illegal activities, can be used to avoid taxes, and many countries think it's just a scheme where people can lose money. But I don't believe in all their reasonsI think in the next few years when technology grows they will return to cryptocurrency .

Your reasons make sense about why goverment affraid with crypto. They affraid the crypto will be the way to money laundry and the main point is they don't want to lose the tax from people income. But there is many positive things if the goverment could make regulation and make bitcoin legals.

[jonaire99]

Well countries have different reasons for not allowing their country to use crypto. Some of them ban it because they cannot control it and they are afraid that some people will use it for illegal transactions,

Other governments are not really prepared to allow such kind of currency in their country because the risk is higher and might harm their economies. Some countries are initially against cryptocurrency because they are not use to deal with currency that decentralized in nature. Cryptocurrencies can be use by some individual to scam people or in some crimes like mony laundering, drug trafficking and the likes. They might try to impose regulations first before allowing the cryptocurrency to be use by their own people.

[Kb4real]

I think most of them wish but just afraid to legalized it since crypto currency is risk investment and they are trying to safe guard their citizens from loosing on it.

[Caysinamires]

I assume that was generally government pondering that people may be used bitcoin to have an unlawful trade and easy to make any action illicit of the country. Additionally, the accompanying is they think in like manner that bitcoin may be the huge contender against the banks close later on and they can't control it.

[Charot12345]

They do not allow crypto because they can’t control it. They can’t track who holds some crypto so they can’t get taxed from it. And also maybe they think that some people from their country think that it was use for illegal transactions like buying things that can be used against them.

[Fatanut]

They can’t track who holds some crypto so they can’t get taxed from it.

But since ultimately we're going to exchange the bitcoin into fiat in order to buy something, we're going to be taxed. Whenever you cash out from the exchange, there's already a tax that you're paying. When you're receiving money from the remittance center, there's another fee (which is also taxed). And when you're buying something, there's also the VAT which is another tax. They shouldn't worry about tax as long as we can't buy things directly with bitcoins.

And also maybe they think that some people from their country think that it was use for illegal transactions like buying things that can be used against them.

Bitcoin can surely be used for illegal transaction. But so is fiat money, and far before bitcoin was invented, people are already using fiat money for illegal activities. They probably are still using it these days. Those that are in the syndicate will probably not use crypto as they transact quite large amount of money and the market of crypto moves a lot, even with PotCoin, a coin that was made for the purpose of buying and selling legal weed.

I think most of them wish but just afraid to legalized it since crypto currency is risk investment and they are trying to safe guard their citizens from loosing on it.

But at the same time they are limiting their citizens. There's still the possibility of making tons of money from it. I'd say people should have the freewill to do whatever with their money. It's just an investment, at the end of the day, which may or may not go right.

they want to protect their citizen , since much online business opportunity appear such as HYIP or other ponzi scheme there are alot people loss their money.and maybe government worry about cryptocurrency could be like that.

Then that particular government should hire a better information gatherer as they are clearly misinformed about this whole thing.

[pieppiep]

maybe it's because the conditions of the exchange place and bitcoin's unstable price conditions and the circulation of bitcoin that can't be controlled by the government makes some countries prohibit the circulation of bitcoin, but don't be afraid that some countries will someday receive payment using bitcoin.

[Asanza25]

I'm sure that the main factor that causes lot of countries do not allow to use crpto because they have wrong view and not ready to face change, whereas change and revolution is sure to happen, of course the main factor of fear is getting negative news about crypto.