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Author Topic: Why Government does not like crypto?  (Read 14724 times)
fanji
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September 21, 2018, 03:42:41 PM
 #101

many countries also crossed bitcoin from a list of legal transactions. Among them are Russia, Ecuador, Bangladesh, Colombia, Thailand, India, and many others. Meanwhile, China and South Korea which were initially open with this concept also issued a similar ban, the reasons were varied. Starting from the issue of cryptocurrency fraud to hacking. In South Korea, a number of trade offices are suspected of misusing virtual money in order to avoid taxes.
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September 21, 2018, 03:48:18 PM
 #102

for me
so they do not want to crypto currency because they know it's a scam. so it is prohibited for some countries because people do not care they are victimized by the people so the government staff prohibits the crypto currency.
if from your opinion you think that cryptocurrency is a scam then why are you even here? You might as well get out of here with that bs opinion as well as that Korean government. Don't you know that you looks ridiculous?

 
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September 21, 2018, 03:50:00 PM
 #103

I believe is due to the fact that it is decentralize and it is a totally different game from the money they are printing now they might be thinking crypto is  threatening the currency they are printing. 

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September 21, 2018, 04:15:55 PM
 #104

There are different reasons why government hates cryptocurrency, my country as an example is trying to safe her citizens from getting burnt, we've had a case of ponzi scheme that crashed and make thousands go bankrupt which is why government is trying to prevent such reocurrence when people get ripped off of their money
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September 21, 2018, 04:26:22 PM
 #105

there are several reasons, this is that the government can not control it and the second is that the crypto currency is destroying the economy that everyone is used to seeing.
actually if the government has an intention and wants to legalize bitcoin, everything can be controlled. it certainly takes a very long time and process if it is to be realized. crypto is not destroying the economy but on the contrary. we know that many people are successful with cryptocurrency.
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September 21, 2018, 04:26:58 PM
 #106

Cryptocurrency is the most popular terms nowadays. People like cryptocurrency so much. Many people are involving in the crypto world. Everyone wants to earn money from cryptocurrency. While people are liking cryptocurrency, Government does not like it at all. In some countries, the government banned the cryptocurrency. What is the reason behind this banned?
This happens because what the government wants goes against what the people wants, this is something that has happened for a long time and it's becoming very evident that governments do not want the best for their people, you just need to look at all of those countries that banned cryptocurrencies and most of them are governments that are very powerful and that they do not want to lose that power, and in some cases those countries are in the middle of an economic crisis and they are using cryptocurrencies to protect themselves something that the government does not like.

 
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September 21, 2018, 04:55:25 PM
 #107

The government does not like the crypto currency because they are afraid that they will not be able to control it and will not be able to make money on it. Everyone will see everything and they do not like it.
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September 21, 2018, 10:23:02 PM
 #108

There is high chance that when everyone using cryptocurrency, then the FIAT money will surely loosing it's value.
That way, a country will have difficult time to manage their economy.
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September 21, 2018, 10:24:47 PM
 #109

governments and banks are afraid of this technology and cryptocurrency, and now they are actively using many technologies of crypto projects
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September 21, 2018, 10:27:03 PM
 #110

The reason is rather simple, governments do not like crypto first because they are of the opinion that it attracts money laundering, like that is any different from any other systems, and because they can't fully control it.

 
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September 21, 2018, 10:30:31 PM
 #111

Government controls the world with their fiat currency unlike cryptocurrency nobody, government or group of people can control it, its decentralised.

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September 21, 2018, 10:50:51 PM
 #112

I think that governments do not like cryptocurrency because they can not control it
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September 21, 2018, 10:51:40 PM
 #113

I am sure that in the end all countries will receive cryptocurency, not as a currency for transactions but accept it for investment facilities, even though the risk of loss and fraud risk is very high but I think a country does not need to prohibit its circulation. enough to limit and monitor to ensure that its citizens are not affected by a scam

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September 21, 2018, 10:55:04 PM
 #114

IMO, the government's lack of sympathy for cryptocurrency comes from the fact that many individuals and organizations use cryptocurrency to deal with bad intentions, the government can not control them, so it is always banned and banned for cryptos. So in the future hopefully things will go in the positive direction.
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September 21, 2018, 10:55:56 PM
 #115

It is not favorable to the government. A lot of money passes not through them. They got used to control all money turnover of the country. Here it cannot be made.

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September 21, 2018, 11:01:39 PM
 #116

Imagine that the government is a wife who does not work and just sits at home. You work get paid but you don't give any money to your wife. She'll be mad because she loves you and keeps house and everything. The government does not receive any taxes on cryptocurrencies and that is why the government and the banking system do not need cryptocurrencies.
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September 21, 2018, 11:50:16 PM
 #117

Just like government has control over the normal physical money that is centralized, they are also looking for the avenue to have control over cryptocurrency. They want it to be regulated in such away that they would know who in person undertakes every transaction are every point in time. They want to know the asset owned by individuals, so that they would know what to do to such.

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September 21, 2018, 11:52:47 PM
 #118

Cryptocurrency is the most popular terms nowadays. People like cryptocurrency so much. Many people are involving in the crypto world. Everyone wants to earn money from cryptocurrency. While people are liking cryptocurrency, Government does not like it at all. In some countries, the government banned the cryptocurrency. What is the reason behind this banned?

Although you said something true to many countries, there are some countries whose represenatives are much more receptive. Regulation will not be the same in every country so there will always be countries promoting crypto and some others that won't. However, game theory probably says the one that promote will benefit from it. It may be the Nash equilibrium in the long term.

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September 21, 2018, 11:54:43 PM
 #119

the government does not like crypto, because Crypto cannot be tracked who the users and the transactions with whom, therefore the government is worried that crypto can be used for crimes, such as corruption and terrorist financing.

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September 21, 2018, 11:55:15 PM
 #120

There's are a lot of reason why the government of the other country does not like crypto.

 
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