Why lot of countries do not allow to use Crpto?

[crwth]

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,

I think that's one of the most plausible reasons in why countries are not accepting it or even banning it in the first place. I think that's not wrong, but it hinders them from further development of transactions probably with neighboring countries or other uses for cryptocurrencies. Just like the others said, probably they are misinformed with how it's innovating transactions, etc.

[1715092151]

1715092151

[1715092151]

1715092151

[boyz97]

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 .

government purpose is to protect their citizen.they dont want trapped in ponzi scheme that affected losing alot money.online business opportunity always contain high risk.government want educate about it .

[redsun114]

The main reason why they are not allowing is because it is decentralized and virtual in nature which govts can control.

Everyone might put in their own main reasons and in my opinion, one of the primary and sole reason why cryptocurrency is banned in the underdeveloped countries is that their whole economy revolves and operated around the policies that are made around the fiat and if a system like cryptocurrency is introduced, the existing system will stop working and will not operate the same way. Hence the factors like inflation and unemployment might arise.

[Fatanut]

Everyone might put in their own main reasons and in my opinion, one of the primary and sole reason why cryptocurrency is banned in the underdeveloped countries is that their whole economy revolves and operated around the policies that are made around the fiat and if a system like cryptocurrency is introduced, the existing system will stop working and will not operate the same way. Hence the factors like inflation and unemployment might arise.

I completely disagree.

if a system like cryptocurrency is introduced, the existing system will stop working and will not operate the same way.

Underdeveloped countries suffer from Digital Divide, meaning parts of the country has no Internet connection and a huge part of the nation are not computer literate. That alone proves that the people are going to be using fiat even with the introduction of the new system (which is crypto). By the time that developed countries are already using mainly crypto, these underdeveloped countries will still be using fiat as they are.. underdeveloped.

Hence the factors like inflation ... might arise.

Inflation comes from the excessive printing of a country's money. Those money are mostly used to pay for the debts from other countries. It's pretty much the basic "more supply, less price" concept. And assuming that crypto will indeed shut down the fiat system, there will be nothing to "inflate" as there will be no sense of printing more fiat money since they will be valued as 0.

Hence the factors like ... unemployment might arise.

Cryptocurrency is a new field that people are going to be studying. If anything, this opens up more job opportunities for people albeit not all people as this requires a different field of knowledge. Quite nothing like the traditional ones. The only "unemployment" that might arise that I can see is people leaving their job to earn online instead especially those underpaid tech people.

[A.SanchezNo7]

I think cryptocurrency is the new payment platform and should be perfected before being widely recognized. Currently the cryptocurrency is still much more restrictive that we still have yet to control completely. This reason that Governments have not yet accepted cryptocurrency.

[sidodadii]

maybe, they just make cryptocurrent as their additional payment, not for regular. so they still use their fiat. fiat is important to decide crypto's value. yes you can make the value by yourself, but if you use or replacing fiat with crypto it is impossible. but not all country rejected crypto, and i think all of country will accept it.

[rasp]

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?

Banning crypto is the worst thing that can ever be done by the governments - they close the opportunity for their population to earn some decent money and improve their financial situation.
In its turn this prevents the increase of purchasing power and the subsequent revival of the economy. This especially concerns underdeveloped countries, where crypto could become a remedy to many problems.

[vagsun]

Many countries are not allowing to use crypto currency. According to me, this is because the govt.is in fear that use of crypto might lead to destruction of the economy. Governments might be thinking that the use of crypto may ruin the banking system, so as Public sector banks provide a large source of income to government ,so thatswhy governments are not allowing the use of cryptos in their countries.

[Zackgeno96]

Many countries do not allow the use of crypto due to its decentralised nature. This makes the coin not bound to any rules and regulations and hence not under the control of the government. Another factor is the coin's volatile nature. Cryptocurrencies being so unstable, do not provide for a strong economy.
Due to the coins pseudoanonymous nature, it makes it nearly impossible for the government to monitor the transactions happening and therefore can be a threat for the authorities.

[Jake Virus]

Many countries do not allow the use of crypto due to its decentralised nature. This makes the coin not bound to any rules and regulations and hence not under the control of the government. Another factor is the coin's volatile nature. Cryptocurrencies being so unstable, do not provide for a strong economy.
Due to the coins pseudoanonymous nature, it makes it nearly impossible for the government to monitor the transactions happening and therefore can be a threat for the authorities.

I agree with this statement. Many countries do not legalise bitcoin for the reason that they do not have control in it. Bitcoin have so called feature decentralised control where in  no other third party including them could regulated it.

[Gramna]

I think that the real reason for this is because the government of any nation would not use something for their financial system that they cannot control or regulate. Plus the fact that they cannot get taxes from crypto currencies so there is not good use for them, in their perspective.

[jak3]

governments do not allow stuff which does not give any money or profit to the government I am not talking about any commission to the person I am talking about the position and their responsibilities. They are supposed to maintain the country so they have to extract all the profit they can so they can keep the country up and running but getting with the system like cryptocurrencies is way too much new. So it will take some wars and sometime before everything starts to settle down. Let's just wait for it.

[Magkirap]

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?

One of the reason why they not allowed it is decentralized which no one can control or manipulate it even a government. Most of the government do not support because it is tax free and if everybody in a country use it the government will never get a tax again. Lastly, I also think that the government will not allowed simply because they it is a scam even though it is not.

[nyobaanweh]

hink there are two main things why many governments would not want Bitcoin for their country, their people. First is because it is something that they cannot control. For them, this is a serious matter that they will not be able to control the cash flow, cannot monitor and manipulate it. Second is that, Bitcoin or crypto currency is not taxed, so basically, they will not getting tax from all crypto transactions. So governments will not allow a gold mine as big as cryptocurrency to go on be successful without them getting any benefit out of it.

[peacefulpeace]

the main reasons i think some countries are against crypto currency is majorly due to the fact that crypto currency is not taxable, and as we know, taxes is a means of generating revenue for any country. Thats why the government want to regulate the activities of cryptocurrencies.

[darefreads]

I agree with the thing that it is not that harmful to a country the government just don't control the currency that are in the blockchain. And also the demand that it create in a country because it is a USD dollar it makes the more value like here in my country.

[basty03]

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?

Because government scared that crypto will use for bad things,laundering and frauding that's why some country refuse to accept crypto to their country. And I think it's not wrong because they protecting their people from frauds.

[Ridersss]

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?

yes maybe one of them, the government wants to get taxes from the goods we buy or own. but it could be that the government is also afraid of its currency being replaced by cryto because of the diminishing interest in using the original currency.

[onepiece1995]

our local currency is manipulated by our government. Yes, it has a big effect on the local currency,they know how much the demand and also the value of the foreign exchange. I guess that was mostly government thinking of that people may be used bitcoin to have an illegal transaction and easy to make any action against the law of the country.they think also that bitcoin may be the big competitor against the banks near in the future

yes I also agree because with the existence of this cryptocurrency. the country will be helped, the economy will develop and will reduce unemployment as well. but maybe countries that have not legalized this fear if one day their currency will fall. because cryptocurrency is still fairly new, and they might not understand it. if they understand it maybe they will all legalize it.

[warriorcryptobar]

I believe the countries cannot protect their interests on behalf of their people against peoples of other places. We have to be able to secure our borders in some way shape or form before we let a global currency infiltrate every aspect to our lives. Eventually there will be a full adoption, it just takes time for the industry to have a mainstream ready logistically sound, international compliant product.