Why are governments biased towards banning Cryptos?

[Nagesh021]

Why are all governments pro AI and are so against cryptocurrency? AI has been often conisdered as a threat to humanity but governments use it extensively but blockchain is the best thing that is ever happened to us humans and why do governments hate it so much? They are okay with driverless cars moving around streets but are not okay with currency that will make us more independent? Why this bias?

[gantez]

It is not a surprise when government try to discourage cryptocurrency. It is not far from the affinity government has with fiat currency. We should realise that government own some banks, also they easily embazzle it for selfish purpose. So, left for government, cryptocurrency wouldn't exist.

[sunsilk]

Crypto's and blockchain technology are two separated things.

Government aren't willing to adopt it but we saw recently some countries are using it to boost their economy by adopting it and supporting their citizens to use it.

To those that aren't willing, they only see the dark side of crypto's by being used for illegal trades but they never looked at the side that fiat money is also being used that way.

While blockchain, this is a great piece of technology, most of them lack of understanding about it so that will take time for them to adopt it and that's why they are still in doubt with it.

[Nagesh021]

Crypto's and blockchain technology are two separated things.

Government aren't willing to adopt it but we saw recently some countries are using it to boost their economy by adopting it and supporting their citizens to use it.

To those that aren't willing, they only see the dark side of crypto's by being used for illegal trades but they never looked at the side that fiat money is also being used that way.

While blockchain, this is a great piece of technology, most of them lack of understanding about it so that will take time for them to adopt it and that's why they are still in doubt with it.

Yes, That is true.

[hugeblack]

Why are all governments pro AI and are so against cryptocurrency?

Not all governments, some accept to tax it like the German government and others open to use it as the government of Japan.

why do governments hate it so much?

Because it is not the beneficiary of blockchain/crypto in general and the acceptance of cryptocurrencies is a threat to central banks which are the basis of the current governments.
Also, in the past, there has been a significant link between cryptos and dark activities.

They are okay with driverless cars moving around streets but are not okay with a currency that will make us more independent? Why this bias?

Because it makes us more independent

[Nagesh021]

Why are all governments pro AI and are so against cryptocurrency?

Not all governments, some accept to tax it like the German government and others open to use it as the government of Japan.

why do governments hate it so much?

Because it is not the beneficiary of blockchain/crypto in general and the acceptance of cryptocurrencies is a threat to central banks which are the basis of the current governments.
Also, in the past, there has been a significant link between cryptos and dark activities.

They are okay with driverless cars moving around streets but are not okay with a currency that will make us more independent? Why this bias?

Because it makes us more independent

Yeah, But why not encourage people to reap the benefits of the technology

[timerland]

It's not every country that is doing this. Some countries are being procative on the issue and actually trying to regulate some of the services surrounding it and encouraging use of decentralized currencies on the blockchain. Of course, these are definitely rare.

I think that the main reason is that crypto takes direct control out of central banks/governments. And some countries don't want that to happen, obviously.

Other countries have strict capital controls, whether for good or bad, that basically restrict foreign currency exchanges and capital outflow from the country, bitcoin included. These countries obviously have vested interest to keep bitcoin out. The bans are definitely not very practical as bitcoin is decentralized anyways, though.

[jseverson]

Yeah, But why not encourage people to reap the benefits of the technology

Because it comes with risks. It could be used to launder money, people could lose their life savings over them, they could undermine the country's national currency, etc.

I'm not saying those risks are necessarily enough to warrant a ban or something close to it, just that it does have downsides (though some governments tend to exaggerate these).

[jrrsparkles]

Why are all governments pro AI and are so against cryptocurrency? AI has been often conisdered as a threat to humanity but governments use it extensively but blockchain is the best thing that is ever happened to us humans and why do governments hate it so much? They are okay with driverless cars moving around streets but are not okay with currency that will make us more independent? Why this bias?

Not all governments are banning the crypto currencies,they are just insecured about the decentralized system because no one want their people to give full freedom while using the money because government needs money from people to run their government.But many governments are making the crypto currencies legal in the recent days.So they will understand it soon and will adopt to the new technology in the upcoming days.

[hacekd]

we all know that Bitcoin is a virtual currency that is stored in digital form inside a wallet. Bitcoin storage. Bitcoin Wallets can be tablets, smartphones, computers and laptops that are all very vulnerable to viruses. And it will fall prey to theft by hackers, and this is the main reason the government has banned bitcoin.

[countryfree]

but blockchain is the best thing that is ever happened to us humans

No! Please, think about what you're saying. Blockchains are useless to most people.

Governments have all reasons to be afraid of cryptos since a large part of their power comes from money and currency control.

[btc-facebook]

My government have their reason.

As we know bitcoin currently $ 6000 and as investment tool it's a great value because it's high enough to cause inflation on my country because my country getting weak against dollar from time to time !

[milewilda]

Why are all governments pro AI and are so against cryptocurrency? AI has been often conisdered as a threat to humanity but governments use it extensively but blockchain is the best thing that is ever happened to us humans and why do governments hate it so much? They are okay with driverless cars moving around streets but are not okay with currency that will make us more independent? Why this bias?

Not all government would have the same insight when it comes to cryptos but as we can see most of them are on the negative side which do bans out crypto or just simply they dont accept or adopt it all due to such factor which do opposes them or in short cryptocurrencies cant really be controlled since its decentralized. Its not quite surprising for this thing and these had been discussed since the beginning of cryptocurrencies. Its nature or feature will always be a hindrance why government cant easily accept they may see this as a threat or any other means.

[avikz]

Why are all governments pro AI and are so against cryptocurrency? AI has been often conisdered as a threat to humanity but governments use it extensively but blockchain is the best thing that is ever happened to us humans and why do governments hate it so much? They are okay with driverless cars moving around streets but are not okay with currency that will make us more independent? Why this bias?

Little technical mistake in your statement! Governments are not against blockchain, they are trying to explore blockchain for better use. They are just afraid of cryptocurrency because they just don't want to adopt something which is not directly controlled by them, especially when it comes to money matters.

Governments know that they can't really control the cryptos so if they decide to adopt it, they won't have any administrative control over the circulation of it, resulting in unaccounted money accumulation in the hand of people. Money means power and governments are power hungry. You can do the math now!

[goaldigger]

It is because the cryptocurrency's technology is different from the technology we have on the machines which makes our life easier. Governments would definitely agree to those things that could help us in the future physically because its function is fixed until it last. Whilst crypto technology is more particular with the currency and cash flow that can affect technology, banks, and other indirect systems. Its future is also unknown so its not that surprise why the government is biased on other technology.

[palle11]

Government is made up of people whose mandate is to protect the citizens. The notion for most government is that bitcoin is a bubble, that it won't be the best way to invest and so they are cut inbetween because their citizens still invest in it.

[samcrypto]

My government have their reason.

As we know bitcoin currently $ 6000 and as investment tool it's a great value because it's high enough to cause inflation on my country because my country getting weak against dollar from time to time !

Every states/country have their own thinking about cryptocurrency, so technically until now there is no one decision about this technology and this is why some Government are banning cryptocurrency for the sake of the safety of their constituents.

In my place, our government keeps on reminding us that we should invest carefully in this market, and don't join easily to any ponzy scheme investment.

[yndye]

Why are all governments pro AI and are so against cryptocurrency? AI has been often conisdered as a threat to humanity but governments use it extensively but blockchain is the best thing that is ever happened to us humans and why do governments hate it so much? They are okay with driverless cars moving around streets but are not okay with currency that will make us more independent? Why this bias?

Blockchain technology and cryptocurrency are two different things you know. Blockchain technology is the backbone of cryptocurrency and it can exist without cryptocurrency while cryptocurrency cannot exist without blockchain technology.

Government may welcome blockchain technology with open arms but due to the issues with cryptocurrency being anonymous and involved in illicit activities, some are just taking precaution and ban it in their country. It may be change sooner or later as we can see more countries accepting it.

[richminded]

we all know that Bitcoin is a virtual currency that is stored in digital form inside a wallet. Bitcoin storage. Bitcoin Wallets can be tablets, smartphones, computers and laptops that are all very vulnerable to viruses. And it will fall prey to theft by hackers, and this is the main reason the government has banned bitcoin.

Some government are really biased, they are banning it without legal study about it or any research on the technology of cryptocurrency. You are lucky enough if your government really support this thing, but if you are in a place that cryptoccurency is being pressured better not to panic and wait for the final decision of your government, maybe they are just not so sure about the risk if you invest in this market.

[target]

Its also true that with the use of cryptocurrencies the government will have no control over it. The government will always want to keep their citizen by the neck or they will fight back.

But since crypto has changed so much that they may never control it in any way. If you look at how it is since time, its gradually changing the world the few people who knew bitcoin are now much larger and use of btc are almost common. They will be force to consider the approving the use of crypto and perhaps countries will have their own blockchain as well or they'd be left behind.