Why Cryptocurrency threatens governments

[lovesybitz]

Over the years cryptocurrency  has evolved into a global currency but governments are trying to sweep it's relevancy under the carpet. We all know that the eyes of the community are now opened to the importance and blockchain technology.

What baffles me is why are the government making lives difficult by banning or limiting it's use? Is it because it threatens the political power or are they scared it will improve the global economy or force the traditional banks to reduce their ridiculous interests rate which we have been robbed of for decades now.

What is your take on this and what do you think will make governmental bodies to finally accept crypto?

Let me tell the difference between the crypto and the government so that you may have a bit idea for this matter anyway.

Bitcoin or Crypto - was decentralized system(unregulated  business industry)

Government - was a type of centralization(Regulated business industry)

with those features they have the government has no power to control over Bitcoin decentralization, the government choice only
is either they join and use digital currency features or they won't use or adapt the concepts of it.

[1713869957]

1713869957

[1713869957]

1713869957

[1713869957]

1713869957

[1713869957]

1713869957

[wdnj]

Reasons why government are threaten with cryptocurrency:

1. Taxes will be reformed and cannot be regulate at first.
2. banks will die or they will join the system.
3. corruptions will not be in good way again for politicians.
4. Crypto is for the internet base people or transactions only which not 100 percent of the country has.

[ardentvolcanoes]

in my opinion because the government is afraid that cryptocurrency can defeat their banking system. people prefer to invest in crypto than investment in bank deposits. and also when crypto is growing, maybe people prefer to transfer money using crypto rather than through a bank. and the government dislikes cryptocurrency because crypto cannot be controlled decentralized.
for this reason most governments reject crypto. and the government's attractive way to receive cyrpto is possible by taxing crypto holders.

They  cannot control everything around this market and they can threaten the financial system of each countries, as crypto can be transact without any interference coming from any third party, imagine you can easily sell money overseas without the needs of banking system where government have some
good taxes around, not unless the government will be able to create sytem that can control the system around their respective jurisdictions.

[sulendra12]

The government are just threatened with the fact that once cryptocurrency becomes mainstream, the revenues they generate through banking transactions will be all gone. They want to continue feasting on us.

If we are looking at France, they collect taxes and fees from Bitcoin transaction so it's not the only problem for the gov. But, the only problem is Bitcoin is identical with crimes and terrorism as Bitcoin is the best payment method for them to make a transaction. They don't want to be involved with these, so they just ban it.

[CryptoMoar]

maybe because the government does not benefit when someone transacts with cryptocurrency. so they make it difficult by prohibiting or limiting their use. maybe the government will accept cryptocurrency when the majority of people have used cryptocurrency as a transaction tool. and of course the government will make tax rules for people who use cryptocurrency. maybe with taxes that go to the government, the cryptocurrency will be accepted.

[adzino]

The government wants to have everything under their own control. Now bitcoin is decentralized. There is no way the government can bring full control of the network. Hence they are imposing various kinds of regulations to indirectly have control over the crypto currencies. The government is scared to give power to the people - the prime reason why the government feels threatened by crypto currencies.

[Argoo]

Over the years cryptocurrency  has evolved into a global currency but governments are trying to sweep it's relevancy under the carpet. We all know that the eyes of the community are now opened to the importance and blockchain technology.

What baffles me is why are the government making lives difficult by banning or limiting it's use? Is it because it threatens the political power or are they scared it will improve the global economy or force the traditional banks to reduce their ridiculous interests rate which we have been robbed of for decades now.

What is your take on this and what do you think will make governmental bodies to finally accept crypto?

We cannot force governments to accept and legalize cryptocurrency. Financial relations are among the main ones in society and the state will never rush to make risky decisions in the field of finance. Moreover, agree to the circulation of very high in the price of "alien" and "no one's" money. Moreover, when Bitcoin rises to transcendental prices, it goes down in price by 80 percent. If you look, the government does not need such risks.

[alani123]

I think crypto would be most productive in creating new value in coexistance with whatever governance system there is around. If governments can't kill it, why not regulate business creation on it and tax it just a little bit perhaps? If legal businesses can be established easily under clear an fair guidelines I think everyone is a winner.

[jikurpa]

The government is trying to make everything under its control, the banks control all the money, and the government controls that banks.
Blocking or restricting is a feature of anything new, new things need time to accept.
The Internet has been a tool for freedom before, but now there are a lot of restrictions on its use, and this will happen to cryptocurrencies.
I do not know why people tend to be controlled? But this is a present trait.

very true what you say if the crypto currency is managed well maybe the results are good too and in my opinion good intentions and goals for investors are the most important factors of the crypto currency results

[efxtrader]

Over the years cryptocurrency  has evolved into a global currency but governments are trying to sweep it's relevancy under the carpet. We all know that the eyes of the community are now opened to the importance and blockchain technology.

What baffles me is why are the government making lives difficult by banning or limiting it's use? Is it because it threatens the political power or are they scared it will improve the global economy or force the traditional banks to reduce their ridiculous interests rate which we have been robbed of for decades now.

What is your take on this and what do you think will make governmental bodies to finally accept crypto?

In my view, government wont lose control on money supply and thats why many government in the world ban and prohibit bitcoin. But recent news, member G20 country already make statement that they will regulate cryptocurrency and i think its big step for cryptocurrency market

[JohnBitCo]

The government are just threatened with the fact that once cryptocurrency becomes mainstream, the revenues they generate through banking transactions will be all gone. They want to continue feasting on us.

Governments and banking sectors feels unwanted threat from bitcoin and digital currencies. If they think and plan on how to incorporate bitcoin with their existing finical structure that could be much more positive and just banning the bitcoin would not solve the problem.

[jatin729]

I don't think that govt threatened by Crypto even govt. is looking for opportunity for where they will implement it and how they will regulates it. there are some countries where govt strongly denied the Crypto inside the country but neglect those countries, see countries like japan, UsA, south korea, thailand and many others where Crypto is regulated.. and govt earn taxes from it.

[TRONTON]

I don't think that govt threatened by Crypto even govt. is looking for opportunity for where they will implement it and how they will regulates it. there are some countries where govt strongly denied the Crypto inside the country but neglect those countries, see countries like japan, UsA, south korea, thailand and many others where Crypto is regulated.. and govt earn taxes from it.

the high number of problems that always occur in fiat makes them not focus on other alternative currencies, but on the other hand the development of existing cryptocurrencies goes wild and they are very afraid of the potential for inflation, which makes them skeptical, the threat of fear comes because of their inability themselves in anticipating some things that are progressive.

[forked human]

Fiat currency its a currency that a government has a control while crypto can not be manipulate and can not be created out of thin air.  If people adopt a crypto currency then the fiat currency price will plummet. Its one of the reason why government impose a stricter rules in cryptocurrency.

maybe what you say is true the government always rejects and thinks negatively about the development of the crypto currency but if it can work together it will certainly make it even better for the government to monitor and monitor what will happen I think something will develop more

Actually the governments do not understand that what the benefit can give the cryptocurrencies to the governments. They do not know that the future will be of the digital currencies and people all around the world will accept Bitcoin and cryptocurrencies so if they will work from now then they will be much mature in the coming time.

[ngusmin]

The cryptocurrency is decentralized, and therefore the government does not support cryptocurrency because the government has difficulty controlling it.

[jcarlo]

I am believe Government not afraid about bitcoin. Government ban or prohibit bitcoin because its not regulated yet. I think the institution that afraid with bitcoin and cryptocurrency is central banks because central banks can not control the supply and transaction data on decentrallized cryptocurrency.

[redsap]

well goverment are likely if everything is still under they control, and if they can't having access to enter into that in some companies or other they will make some law that against that, and we know that cryptocurrency have a much profit when controled or even goverment don't know the function if that applied in they country

[SvonioneFromMangoCoinz]

Over the years cryptocurrency  has evolved into a global currency but governments are trying to sweep it's relevancy under the carpet. We all know that the eyes of the community are now opened to the importance and blockchain technology.

What baffles me is why are the government making lives difficult by banning or limiting it's use? Is it because it threatens the political power or are they scared it will improve the global economy or force the traditional banks to reduce their ridiculous interests rate which we have been robbed of for decades now.

What is your take on this and what do you think will make governmental bodies to finally accept crypto?

They will never accept crypto. Because this decentralized market will make many components easy to launder money that the government can not control. This is a dangerous market for government finances. taxes and budgets will be greatly reduced. They will not easily accept the crypto market.

[Seeker#9]

I am believe Government not afraid about bitcoin. Government ban or prohibit bitcoin because its not regulated yet. I think the institution that afraid with bitcoin and cryptocurrency is central banks because central banks can not control the supply and transaction data on decentrallized cryptocurrency.

I think many of the central banks is not yet ready to accept cryptocurrencies because of they are being decentralized, the level of non acceptance is very high in the third world countries than in the wealthy countries like Japan and Germany where bitcoin is now legalized and accepted by their own central banks. The only solution to this problems is to impose regulations on all cryptocurrency exchanges which is being agreed during a G20 summit on cryptocurrencies.

[Tylev]

Over the years cryptocurrency  has evolved into a global currency but governments are trying to sweep it's relevancy under the carpet. We all know that the eyes of the community are now opened to the importance and blockchain technology.

What baffles me is why are the government making lives difficult by banning or limiting it's use? Is it because it threatens the political power or are they scared it will improve the global economy or force the traditional banks to reduce their ridiculous interests rate which we have been robbed of for decades now.

What is your take on this and what do you think will make governmental bodies to finally accept crypto?

Cryptocurrency has never threatened governments and will not threaten. It must be remembered that the monetary relations in the state have always been under the exclusive jurisdiction of this state itself through its government. Governments will allow the circulation of cryptocurrency only as long as it does not pose a threat to itself. Moreover, it will never actively support the decentralized cryptocurrency. His primary task is to maintain his monetary unit, he simply does not care for the cryptocurrency.