Why Cryptocurrency threatens governments

[tegacoll86]

Cryptocurrency scares governments because it implies that citizens do not need to rely on governments to function in society, and it's easier to find loopholes in the taxing system.

But, if you can't beat 'em, join 'em. They'll likely be issuing their own cryptocurrencies.

Bitcoin is to much dangerous for economy. It can increase the rate of crimes and illegal activities. Criminals can do all transaction anonymous which mean no one will be able to caught him.

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[almartins]

Cryptocurrency scares governments because it implies that citizens do not need to rely on governments to function in society, and it's easier to find loopholes in the taxing system.

But, if you can't beat 'em, join 'em. They'll likely be issuing their own cryptocurrencies.

Bitcoin is to much dangerous for economy. It can increase the rate of crimes and illegal activities. Criminals can do all transaction anonymous which mean no one will be able to caught him.

That isn't true, Bitcoin is traceable but there are other coins want be anonymous.
What is real dangerous to economy is parallel economy like drug and weapons trade and off-shores to hide the money and biggest one is the capability of governments to producing more money.

[Penthesilea]

The government is concerned about issues related to cryptocurrency. When the market is shifted by the price and the predictions of the investors. The government is worried about the outbreak if the bad guys use Cryptocurrency to carry out illegal activities.

[nightfury]

Different countries have different point of view about cryptocurrencies and the blockchain. For them, cryptocurrencies' disadvantages outweigh the advantages cryptos have. That's the main reason why they forbid cryptos in fears of economic destabilization.

[gonzadz77]

Cryptocurrency scares governments because it implies that citizens do not need to rely on governments to function in society, and it's easier to find loopholes in the taxing system.

But, if you can't beat 'em, join 'em. They'll likely be issuing their own cryptocurrencies.

Bitcoin can destroy government and there policy that's why they're afraid from bitcoins. Governments are well aware that they can not do anything with bitcoin because bitcoins is more than there thought.

[Werelyte]

Well there are few exeptions, for example in Malta the goverment makes special conditions for crypto businesses to rise and promote blockchain solutions.

[dowellness]

Cryptocurrency scares governments because it implies that citizens do not need to rely on governments to function in society, and it's easier to find loopholes in the taxing system.

But, if you can't beat 'em, join 'em. They'll likely be issuing their own cryptocurrencies.

Since its decentralized and there price can not be controllable.Also not paying tax also the big issues for government. While sending or receiving money you won't pay any tax.

[Efiraboy]

It could be argued everything is a possible threat to government because not everyone votes or supports what a government of a country stands for.     The base line is the government power only comes from support of the people.   If a standard or utility is derived from this technology that benefits the people then its fair to assume that support and benefit will be passed on for support of the government which allows and encourages that technology.

I really have to disagree then for most advanced progressive countries they look towards technology as something which creates wealth for their citizens and enables a work saving economy beneficial to all.   The majority of governments do not see crypto as a threat even in USA where I expected opposition as they required the financing of dollars to service debt, most in politics seem to realise crypto is very popular with the people and not a threat overall.     The bad press mostly comes from just general apprehension of change I believe

In my view there are some factors that governments do not want cryptocurrency to be prevailing in the world. One is this that crypto is not good for economy, second it is not centralized, third is this that it is not guaranteed and finally they fear that cryptocurrency is widely used for illegal activities. This is most dangerous thing for governments.

[joyclicks]

The cryptocurrency is an anarchic coin, and the government loses control over money and cannot stop the government from enriching the government by exploiting people.

For USA I think cryptocurrency is the most dangerous currency because in this day US dollar holds the market almost all over the world and when crypto take over the market, dollar domination will come to an end. Then the whole world will use only one currency and for big currencies it is not acceptable. I think that crypto is better individually but not officially.

[promich21]

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?

I think the government's readiness factor is the reason why the government cannot take policy and tends to make bitcoin or crypto currency illegal by the public, but I think that if the government is ready to make regulations about crypto currencies it will be very beneficial for the country because it can bring income from crypto currency business operators

I don't have strong answer but as far as i know bitcoin is decentralized and volatile currency which can never be control by government nor by market.

[higgidave]

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?

I think the government's readiness factor is the reason why the government cannot take policy and tends to make bitcoin or crypto currency illegal by the public, but I think that if the government is ready to make regulations about crypto currencies it will be very beneficial for the country because it can bring income from crypto currency business operators

also the biggest fact is its tax free so there's some chances that people move to cryptocurrency and stop using fiat. I think that's the main reason why government want to take bitcoin down and other cryptocurrencies.

[Osarman]

Different countries have different point of view about cryptocurrencies and the blockchain. For them, cryptocurrencies' disadvantages outweigh the advantages cryptos have. That's the main reason why they forbid cryptos in fears of economic destabilization.

On individual basis, the advantages of a cryptocurrency and the blockchain are more than numerous for the users but of course the government has to collect revenue from the people in the form of taxes that are charged at times of making transactions and many economic activities, the usage of the cryptocurrency forbids the government to charge the fee and this is the sole reason why it has the power to minimize the revenue of the governments.

[bitcoinveda]

when most of the cryptocurrencies are accepted in shops instead of fiat currencies then it will definitely effort the economy in large hopefully this mass adoption will start by next year

[anami57]

when most of the cryptocurrencies are accepted in shops instead of fiat currencies then it will definitely effort the economy in large hopefully this mass adoption will start by next year

I don't think it will happen in the next year, people still lack knowledge about the Cryptocurrency so hard to make things like that happen. The Government also is still afraid against Crypto, they think Crypto can not be control by them, something they would expect.

[Andrew Gergeo]

YOU Know that in many countries , government make effort to ban or limit  the cryptocurrency, I Have ever wondered.  Now,  I can myself answer the question, That crypto can threatens to the power  of government , they will out of control the whole economy. Furthermore, government rely on central banks  to get profit from loans , but with crypto  they can lose their profit

[Irvinn]

Cryptocurrency can not threaten the governments of different states. States can easily cope with any threat posed by cryptocurrency. It seems only at first glance that the cryptocurrency is completely independent and can ignore the interests of the government and the state. We still live in a society and must obey its rules, which are established on its behalf by the government. Therefore, cryptocurrency is better not to conflict with governments, otherwise the confrontation will not benefit cryptocurrency.

[margaret22]

I would like to believe, they just would like to protect us, the citizens, because of the potential risks, this market has. With all the scammers, volatility, … But for many countries, I am sure that free tranzactions through borders is also not sympatic.

[jrrsparkles]

I would like to believe, they just would like to protect us, the citizens, because of the potential risks, this market has. With all the scammers, volatility, … But for many countries, I am sure that free tranzactions through borders is also not sympatic.

No,they are not protecting us from restricting crypto currencies from their usage they just want to restrict the new technology which can give us freedom to use money as we want and will reduce the revenue to the governments that is why they were trying to ban cryptos.But some countries banned ICOs not the crypto currencies which maybe in the cause of they want to save their citizen from falling into scam.

[Wingo]

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 freedom that blockchain offers to the world can be misused. That is why the government is trying to impose regulations and limitations in its usage. There are also risks for the people, scams and money laundering can easily be done because of cryptocurrencies and the law enforcement entities are having a hard time tracking these scammers.

With so many benefits that it can offer to the people in the regarding finance, blockchain has become the number one enemy of the banking industry. This also add up to the reasons why the adoption of blockchain is close to stagnancy in some jurisdictions.

[HarmonyA]

Cryptocurrency is a threat to government because fiats are centralized, and cryptocurrency offers decentralization which will eventually make government lost control over money.