Cryptocurrencies are not harmful for economy

[Kunnu]

In this crypto era there are few countries left which are still far behind to accept cryptocurrencies because the governments of these countries think that cryptocurrencies are harmful for economy they are just trying to ban cryptocurrencies in any way instead of making regulations which are must important.
So they can allow to invest and trade in stocks markets but not in cryptocurrencies that is not fair and unacceptable.

[bitmover]

Cryptocurrencies are not harmful for economies, but for governments monopoly of controlling money
They can also be used to avoid taxes and money laundry. However, a bad use is not a reason to ban legitimate uses of cryptocurrencies in my opinion.

Anyway,  I don't know for sure any country which banned people from buying BTC. Do you know any?

[jvdp]

In this crypto era there are few countries left which are still far behind to accept cryptocurrencies because the governments of these countries think that cryptocurrencies are harmful for economy they are just trying to ban cryptocurrencies in any way instead of making regulations which are must important.
So they can allow to invest and trade in stocks markets but not in cryptocurrencies that is not fair and unacceptable.

They don't think it is harmful for their economy or for their country citizens. actually most of the countries rejecting cryptocurrency related bills due to anonymous factors but truth this most of the politician doesn't want cryptocurrency to be act as main mode of payment it in the government banks or any government related transaction. Because if that has been done via crypto payment they will not able to to do the corruption kind of things and make money out of it.
Finally greediness of money is the matter for this cryptocurrency acceptance issue. Nothing more than that...

[sunsilk]

Anyway,  I don't know for sure any country which banned people from buying BTC. Do you know any?

I'm not sure if this list can be a reliable source: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

Those countries that are thinking that crypto's are 'harmful', I think it's not really about their economy but the characteristic that they've known about bitcoin. All they know is that bitcoin is used by criminals, for drug trades and other illegal trades but they don't want to research if why many have started using bitcoin.

[goaldigger]

Anyway,  I don't know for sure any country which banned people from buying BTC. Do you know any?

Statistics via: https://cryptonews.com/guides/countries-in-which-bitcoin-is-banned-or-legal.htm

There are a total 111 states where bitcoin is legal and recognized by the law.

There are also countries who put a total ban with bitcoin. These are:
Afghanistan
Pakistan
Algeria
Bolivia
Bangladesh
The Republic of Macedonia
Saudi Arabia
Vanuatu
Vietnam

In addition, these countries below also banns any transaction regarding bitcoin even trading or payments etc. These countries has the potential to change their minds unlike those who are listed above.
China
India
Ecuador
Indonesia
Morocco
Zambia
Nepal
Egypt
American Samoa
Qatar

Lastly there are these countries that still undecided on what they do on bitcoin. These countries are currently in neutral and maybe still deciding whether it will be a good or a bad idea. Hope they belong to the positive ones.
Albania
Andorra
Argentina
Barbados
Colombia
French Guiana
Gabon
Jamaica
Jordan
Kazakhstan
Kenya
Kosovo
Kyrgyzstan
Malaysia
The Maldives
Mauritius
Nigeria
Panama
Paraguay
Peru
Tunisia
The United Arab Emirates
Tanzania
Uruguay

[rodel caling]

Crypto currency is not a  harmful in our economy in fact they help to the people how lives grow from poverty, one of the example is africa crypto is helping for the african government to improve their economic to get out people from poverty.

We have to make the government believe there is no harm in cryptocurrency, the bad people have made the government lost trust in it, they already have the mind that anyone making money online is committing internet fraud, this is because of those who have dent the image. but we can rectify that impression.

To convince some country and government how crypto is not harmful for economy is very difficult because people bring crypto in bad ways to make fraud jus to earn money. Then hopefully time has come some country understand well crypto how to help their economy.

[dothebeats]

That is if they have lobbying groups trying to spread the word that bitcoin and crypto is indeed not a harmful entity/thing for their own domestic economy. After all, these countries still have the right to impose whatever rule/regulation they want for the betterment of their country, of course if it complies/complements with international laws and such. Perhaps just give these countries some time before they try and look for crypto in another light, and hopefully not on the negative as some countries still do.

What legislators and the government need is to be educated in the evolving Fintech being applied by some other countries in the world. It isn't that hard to study cryptocurrency IMO, but the thing is other countries have some other priorities on the table, far more important than educating themselves on the benefits of crypto and not just the bad side of it.

[Harlot]

Still really depends though. If cryptocurrencies are a good part of the economy all the related entities within the industry will provide financial improvements for both the citizens and the government. But if illegal things are contributing more with that activity such as tax evasion and money laundering the benefit of it will be different and thats only for the select few which won't really be beneficial for the whole economy. Cryptocurrencies are neutral but they start to go to a different spectrum once they are used depending on what way.

[imstillthebest]

Crypto currency is not a  harmful in our economy in fact they help to the people how lives grow from poverty, one of the example is africa crypto is helping for the african government to improve their economic to get out people from poverty.

people that are concerened are the one that helps them not crypto because crypto is only a currency that is being used by people . being harmful or not will also depend on the crypto user if what use will be doing to his cryptos   .

To convince some country and government how crypto is not harmful for economy is very difficult because people bring crypto in bad ways to make fraud jus to earn money.

not just fraud but other negative practices as well like laundering , tax evasion  ( like what most users said ) and many more  .  but there is a patch to this and the government can do something to minimize or to avoid this things to happen  . in some countries people thier are paying tax or they are being charged by tax when using cryptos ,  there also countries that regulates cryptos and ask the crypto users to do a kyc to avoid laundering and frauds  .

[coolcoinz]

Still really depends though. If cryptocurrencies are a good part of the economy all the related entities within the industry will provide financial improvements for both the citizens and the government. But if illegal things are contributing more with that activity such as tax evasion and money laundering the benefit of it will be different and thats only for the select few which won't really be beneficial for the whole economy. Cryptocurrencies are neutral but they start to go to a different spectrum once they are used depending on what way.

Illegal things don't hurt the economy! You have to realize that usually it's the law that does it.
Unbound economy controls itself. It doesn't need laws from the outside as these laws usually hinder its ability to keep itself in balance. To give you an example, when there's not enough apples on the market the price grows and people start thinking of ways to get more apples. They buy land, import from other countries, hire workers to tend their orchards because with the higher prices they can afford it. If you put laws that forbid people to import or you tax them more on their product you throw everything off balance. They get discouraged from investing in apples and suddenly there is no way to satisfy the demand.

When you make something illegal you only increase its value and it's never the fault of a currency that it's used to buy illegal goods.

[ene1980]

We have to make the government believe there is no harm in cryptocurrency, the bad people have made the government lost trust in it, they already have the mind that anyone making money online is committing internet fraud, this is because of those who have dent the image. but we can rectify that impression.

I am not sure you understand the meaning of government, it is the people after all inside a system who governs and make laws and how come they are misguided, it is a complete bull shit theory, if your government is not able to understand basic things then no one is able to rectify anything till the next election  . Majority of the countries that banned bitcoin made those on religious grounds and not on the merit, just check the countries that banned bitcoin and you will have an idea.

[Theb]

You can blame the people who are seated in the administration because of that. More often then not the ones who are put incharge into that department are either unknowledgeable of what a cryptocurrency can do to that country or they are just simply not open-minded to the idea and believes what they first see on the news. The crypto industry wouldn't really be in this tight situation if we aren't part of politics and rushed decisions made by unworthy people in charge.

[Harlot]

Still really depends though. If cryptocurrencies are a good part of the economy all the related entities within the industry will provide financial improvements for both the citizens and the government. But if illegal things are contributing more with that activity such as tax evasion and money laundering the benefit of it will be different and thats only for the select few which won't really be beneficial for the whole economy. Cryptocurrencies are neutral but they start to go to a different spectrum once they are used depending on what way.

Illegal things don't hurt the economy! You have to realize that usually it's the law that does it.
Unbound economy controls itself. It doesn't need laws from the outside as these laws usually hinder its ability to keep itself in balance. To give you an example, when there's not enough apples on the market the price grows and people start thinking of ways to get more apples. They buy land, import from other countries, hire workers to tend their orchards because with the higher prices they can afford it. If you put laws that forbid people to import or you tax them more on their product you throw everything off balance. They get discouraged from investing in apples and suddenly there is no way to satisfy the demand.

When you make something illegal you only increase its value and it's never the fault of a currency that it's used to buy illegal goods.

I think you are only assuming that all kinds of governments don't work or they are some kind of corrupt circle hindering the development of a country. But the truth is if we elect the right officials the only thing left are the criminals finding loopholes and illegal ways within the system which also affects the general public. Let's not pretend that money laundering and tax evasion is some sort of political justice here its more of a selfish motive done by a person. All people needs to pay their taxes and its not right that they are using cryptocurrencies to get away with it.

[CryptoBry]

We have to assume that here we are referring to real cryptocurrencies and not including the many shitcoins and scamcoins still floating in the general marketplace. Now, having said that, we have to understand that major cryptocurrencies are meant to be a big disruption in the world of finance hence there are still some governments who find it hard to decide on what to do with this beast and there are those who opted to just ban its use and trade instead of looking at many ways on how to regulate the whole thing. Regulation is the key and this is the way for the government to retain the control in the whole economy -- assuming that cryptocurrencies can be making problems and not as a tool for further economic development. We have to wait some more years and slowly these governments will realize what they missed.

[DoublerHunter]

~snip~
 -- assuming that cryptocurrencies can be making problems and not as a tool for further economic development. We have to wait some more years and slowly these governments will realize what they missed.

^ The fact is this thing, cryptocurrency may use as a tool for doing bad that's the reason why government from those countries who ban crypto they did not definitely realize that it will help the economic growth also. They only look at the negative side effect on it even it is helpful. Yes, cryptocurrency is not harmful to the economy instead, we, as a user of crypto must undergo the KYC/AML implementation before we can use cryptocurrency as a tool.

[Kemarit]

In this crypto era there are few countries left which are still far behind to accept cryptocurrencies because the governments of these countries think that cryptocurrencies are harmful for economy they are just trying to ban cryptocurrencies in any way instead of making regulations which are must important.
So they can allow to invest and trade in stocks markets but not in cryptocurrencies that is not fair and unacceptable.

It's really hard to fight governments who doesn't understand what bitcoin or crypto is. They just know that crypto will bring a lot of negative effects to their economy that's why they immediately shut it down the moment it gain momentum on their country and arrested some of their people for mining, trading or even just holding coins.

And there's no way to change the government attitude, unless they voted a new President that truly supports it. If so happen that you stuck in a country wherein the government is anti-crypto then your only choices is to go out to continue your crypto activity.

But I'm sure we all know that crypto can't impact the financial standing of a certain country. On the contrary in can bring more purchasing power to its people.

[coolcoinz]

I think you are only assuming that all kinds of governments don't work or they are some kind of corrupt circle hindering the development of a country.

Yes, that's exactly what i'm assuming. I strongly believe that most governments in the world are incompetent and corrupt and only concentrate on staying in power at all cost. If you're getting something from them it's supposed to buy your vote, that's all.

But the truth is if we elect the right officials the only thing left are the criminals finding loopholes and illegal ways within the system which also affects the general public.

Do you really believe that we elect officials? On the other hand it should not amaze anymore since they were werking for decades to make us think democracy is a viable, working system.

Let's not pretend that money laundering and tax evasion is some sort of political justice here its more of a selfish motive done by a person. All people needs to pay their taxes and its not right that they are using cryptocurrencies to get away with it.

And let's also not pretend that what is legal or illegal in the eyes of the lawmakers is also right or wrong in the common sense.

[Ridwan Fauzi]

To convince some country and government how crypto is not harmful for economy is very difficult because people bring crypto in bad ways to make fraud jus to earn money.

not just fraud but other negative practices as well like laundering , tax evasion  ( like what most users said ) and many more  .  but there is a patch to this and the government can do something to minimize or to avoid this things to happen  . in some countries people thier are paying tax or they are being charged by tax when using cryptos ,  there also countries that regulates cryptos and ask the crypto users to do a kyc to avoid laundering and frauds  .

This is why some exchanges need a KYC for those people who create an account on the exchange, so as they (including the government) will know the asset owned by their user/citizen. More than that, the government will know all transaction who made by them, this thing was considered by government to avoid their citizen who will make an illegal transaction such as terrorist funding or  buy an item that is forbidden by them. In my opinion for those countries who still ban the using of bitcoin because these reasons is really classic reason which cannot be accepted by my common sense. They only care about themselves and make a rule based on the profit they want.

[Lanatsa]

To convince some country and government how crypto is not harmful for economy is very difficult because people bring crypto in bad ways to make fraud jus to earn money.

not just fraud but other negative practices as well like laundering , tax evasion  ( like what most users said ) and many more  .  but there is a patch to this and the government can do something to minimize or to avoid this things to happen  . in some countries people thier are paying tax or they are being charged by tax when using cryptos ,  there also countries that regulates cryptos and ask the crypto users to do a kyc to avoid laundering and frauds  .

This is why some exchanges need a KYC for those people who create an account on the exchange, so as they (including the government) will know the asset owned by their user/citizen. More than that, the government will know all transaction who made by them, this thing was considered by government to avoid their citizen who will make an illegal transaction such as terrorist funding or  buy an item that is forbidden by them. In my opinion for those countries who still ban the using of bitcoin because these reasons is really classic reason which cannot be accepted by my common sense. They only care about themselves and make a rule based on the profit they want.

Heavy regulation/KYC is fully contrary on why crypto is being created on the first place but due to regulation and for them to make an operation they would need to abide

government rules or terms which do really sucks and for us users we wont have any choice but to follow.The only thing that I wanna say is that government do still have that generic reason why they wont accept crypto and that's about illegal matters without even thinking that fiat itself is already a nest of these said shady transactions.

[joshy23]

Heavy regulation/KYC is fully contrary on why crypto is being created on the first place but due to regulation and for them to make an operation they would need to abide

government rules or terms which do really sucks and for us users we wont have any choice but to follow.The only thing that I wanna say is that government do still have that generic reason why they wont accept crypto and that's about illegal matters without even thinking that fiat itself is already a nest of these said shady transactions.

Different reasons but surely all of those government who's taking actions and asking for KYC are trying to have a control over this industry, they are creating rules in order to make sure that people around their jurisdictions are complying with the government and not sabotaging their entire economy, crypto can't be more powerful than the Fiat that they've using it can turned out to manipulates everything around.