Why Cryptocurrency threatens governments

[chip1994]

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?

It does not threaten political power, but it will really affect the economies of many countries. Have you ever questioned why a mighty technology nation like the United States would ban the use of cryptos in their means of payment? all have a reason. because they know that this blockchain technology is uncontrollable and that it can fuel money laundering. This will cause many financial disasters. The US government will easily run a budget deficit if there are too many money launderers and tax evaders. and I never thought that any government would accept cryptocurrencies, and if it did, it would be a foolish act.

[1714652420]

1714652420

[1714652420]

1714652420

[meliodas]

I think the government doesn't like anything that can't be controlled. No one can regulate cryptocurrencies and free movement has no restrictions. While the government is always authoritarian, it always controls the central bank's circulation of currency. And most governments oppose cryptocurrency because crypto is anonymous and can also be used as a money laundering method for illegal transactions. We also believe that national money may be threatened by cryptocurrencies.

That is true. A lot of the governments around the world are against with the decentralized cryptocurrency because they see it as a negative thing for their country because the criminals might abuse it and use it to do more illegal activities. This problem can be prevented if the government will be open minded and try to make laws about cryptocurrency so they can make sure that everything is gonna be alright when they fully accept it.

[yslyv]

even the thought of a decentralized financial system is very scary for nowadays governments. They can not let any system that they can not control. Because it can cause people to understand that the traditional financial methods are slow and useless.

[msarro]

there is obvious reason why governments not like cryptocurrency and that's because they cant control or manipulate cryptocurrency. bitcoin adoption is also low because of hurdles imposed by governments. governments are only willing to accept centralized cryptocurrencies.

[bitbunnny]

All these theories about threat of cryptocurrencies to governments are exaggerated. Yes, the issue is lack of central surveilance body and lack of regulation but governments are also aware that cryptocurrencies are future and that crypto can benefit for them too.
So I don't agree that governments are in some kind of war against cryptocurrencies but they are trying to find some acceptable options how to embrace and adopt them.

[outatime1]

Decentralized cryptocurrencies take power and control away from the government.  They can just print as much fiat currency as they want, but they can't control the number of Bitcoins created.

[Wipeout2097]

It is true finally government will accept the crypto due to massive demand of population and the race of modern technology crypto is need of stable economy.Government want to control all and the Bitcoin is decentralized and also many altcoin unable to control.

The approach of government about crypto is that crypto are using for illegal activities but they dont think about the positive things abut the cryptocurrency.So hopefully government should positive approach about the crypto and allow in country that common people take benefit from it.

[Negotiation]

Even if the cryptocurrency threatens the government I think government agencies will eventually accept the crypto because when they know that the government can exploit the crypto to do various illegal acts then it will fall under the control of the government. One of the reasons for the government to impose cryptocurrency rules is that cryptocurrency banks threaten the cryptocurrency government for not receiving any subsidy from the government.

[onrise]

The opportunities cryptos offer to people to earn money, to have full access to their assets without relying to any third party that the government can control, and the taxation that should be paid by people to their government that is somehow lessen because people are earning from cryptos that the government can't have access with are some of the reasons why government are threathened by  cryptocurrencies.

One of the main reasons is that their country currency goes down if people start using crypto as they can easily buy and sell and carry international this crypto and make  payment through it rather than using their Fiat currency . Also they think it can be misused to greater extent .

[awik p]

what we usually hear from the government is they are afraid of cryptocurrency being misused for drug trafficking, money laundering, terrorism, and they also say that bitcoin is a bubble, so it is risky for the finances of its people, but in my country the country does not legalize it, but the people may have to bear it personal risk

[Twentyonepaylots]

Decentralized cryptocurrencies take power and control away from the government.  They can just print as much fiat currency as they want, but they can't control the number of Bitcoins created.

The fact that bitcoin is much more secure when you compare it to fiat takes it up a notch. and more than that with bitcoin, the power is in the consumer's hands. Not in the 2% of the wealthiest people in the planet. And can even cross boundaries without that much problem

[huige007]

Decentralized cryptocurrencies take power and control away from the government.  They can just print as much fiat currency as they want, but they can't control the number of Bitcoins created.

There is this division of power among the state and the citizens. Bitcoin take that all power from the government and gave it in users hands. This lose of power is not accepted by the government in any case. Government never want citizens to take hold of the power, it want them under their command and control.

[hulla]

Decentralized cryptocurrencies take power and control away from the government.  They can just print as much fiat currency as they want, but they can't control the number of Bitcoins created.

There is this division of power among the state and the citizens. Bitcoin take that all power from the government and gave it in users hands. This lose of power is not accepted by the government in any case. Government never want citizens to take hold of the power, it want them under their command and control.

You make some good point because the exact reason (liberty) which the crypto enthusiast choose to support bitcoin was also among the reason some of the government's choice to be against bitcoin but the government shouldn't totally blame because the false statements said about crypto and the uprise of crypto scam which was the reason why KYC come into picture was also some major reason the government believe crypto to be a threat.

[posi]

Decentralized cryptocurrencies take power and control away from the government.  They can just print as much fiat currency as they want, but they can't control the number of Bitcoins created.

There is this division of power among the state and the citizens. Bitcoin take that all power from the government and gave it in users hands. This lose of power is not accepted by the government in any case. Government never want citizens to take hold of the power, it want them under their command and control.

You make some good point because the exact reason (liberty) which the crypto enthusiast choose to support bitcoin was also among the reason some of the government's choice to be against bitcoin but the government shouldn't totally blame because the false statements said about crypto and the uprise of crypto scam which was the reason why KYC come into picture was also some major reason the government believe crypto to be a threat.

I strongly believed the liberation features of cryptocurrency was the first impression that make the government see cryptocurrency as a threat to their power and fiat currency cause i did some research which i find out that fiat currency was to be backed by the government. Mind you, the issue of crypto havent happen in the early days of crypto and the government are already against it.

[damar09]

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?

the government limits crypto, aims to limit transactions that can be said to be anonymous, and prevents money laundering, perhaps one of the glasses we need to know. because it will be very dangerous if that happens, maybe for crypto hunters it does not matter, if on a global scale it is necessary to guard, because it will harm many residents who do not know cryptocurrency

[breathlessz]

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?

the government limits crypto, aims to limit transactions that can be said to be anonymous, and prevents money laundering, perhaps one of the glasses we need to know. because it will be very dangerous if that happens, maybe for crypto hunters it does not matter, if on a global scale it is necessary to guard, because it will harm many residents who do not know cryptocurrency

more citizens who do not know cryptocurrency than those who already understand it, of course the government protects more citizens, except in a country where the majority is a bitcoiner, of course the government will consider it, if it is deemed beneficial for the progress of a country, for example from the tax sector

[Captain Corporate]

 This is the big lie that people tell to themselves when their investments don't work out for them very well, or when they want to get the conspiracy theorists involved with bitcoin. Governments are not threatened by bitcoin at all, they have all the regulations to ban it if they want to, they won't be able to "stop" crypto all together but if there is no exchanges in your country that can do fiat to btc and vice versa, you will have a hard time using it as well, if its illegal you will have hard time even owning it. They don't, why? Because blockchain and bitcoin could basically equal to rich getting richer by just manipulating it and making money however and whenever they want, thats why.

[Boov]

 This is the big lie that people tell to themselves when their investments don't work out for them very well, or when they want to get the conspiracy theorists involved with bitcoin. Governments are not threatened by bitcoin at all, they have all the regulations to ban it if they want to, they won't be able to "stop" crypto all together but if there is no exchanges in your country that can do fiat to btc and vice versa, you will have a hard time using it as well, if its illegal you will have hard time even owning it. They don't, why? Because blockchain and bitcoin could basically equal to rich getting richer by just manipulating it and making money however and whenever they want, thats why.

Most of the people are afraid when it comes to investments because they believe that they have the tendency to be involve in a scam but ones they try a project but it work well definitely they will be encourage and motivated. What they really need to believe is the proof that trading and investing is really good because of the money that you can earn in an easiest and efficient way.

[FLoving]

 This is the big lie that people tell to themselves when their investments don't work out for them very well, or when they want to get the conspiracy theorists involved with bitcoin. Governments are not threatened by bitcoin at all, they have all the regulations to ban it if they want to, they won't be able to "stop" crypto all together but if there is no exchanges in your country that can do fiat to btc and vice versa, you will have a hard time using it as well, if its illegal you will have hard time even owning it. They don't, why? Because blockchain and bitcoin could basically equal to rich getting richer by just manipulating it and making money however and whenever they want, thats why.

Yes it is true if there are not available exchanges in your country, it would become difficult for you to use it. But the increasing trend of Bitcoin, its wide success and advantages lead a huge number of people coming toward it. This will surely make it common among people and then it will be accepted by the governments also. It is also true somehow that governments are threatened by the bitcoins because it will take control of them over everything.

If a person do not have any exchange available in their country then they have to encourage people to use bitcoin and have to start giving lessons about its benefits and investment and the profit in its investment so these people will need to buy bitcoin and you will be there to sell your bitcoin to them. It will create a community of crypto in your place and will solve your issue. If you will do that efforts then after that you can think that your government may also come to legalize bitcoin in your country.

[wheelz1200]

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?

Governments have an issue with crypto because they dont understand how to control it.  How can they make sure taxes are paid, how can they track usage and payments.  These are all things that can be done within the current monetary system.  Little by little they are warming up to it because they are finally starting to understand it.