Why are the world’s governments not using cryptocurrencies?

[David Gutierrez]

Por la misma razón que no esta regulado ni hay un mercado centralizado, lo mismo sucede con forex. Al hacer un mercado descentralizado no hay control total de estas inversiones.

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[DreamStage]

The main reason is as someone stated before: Governments can not control cryptocurrencies as regular fiat for their countries.

That's why they are "angry" to adopt it no matter what, unless there is regulation on legal activities between all participants (people and government).

Also it's hard to regulate it and make some legal laws as the government and president have to agree on it.

[hatshepsut93]

There are many advantages of cryptocurrencies that surpass fiat currencies that we used on a day to day basis such as better security due to blockchain technology, cryptocurrencies not really being affected by global financial events as it is a decentralized currency

Cryptocurrencies don't have better security due to blockchain technology, in fact they have worse security from the point of view of government - if someone hacks their bank account, they will just rollback transactions because they are in a centralized database, but if the same happened with crypto, those money would be gone forever. Similarly, a rogue government official can't easily steal public funds by just sending them to his account - but with crypto it's very possible.

When it comes to security, crypto's benefit lies in the fact that you don't need to trust other people to store your money - and it can actually apply to governments too, as they not always trust other governments. So, there's a lot of pros and cons for using crypto by government in relation to security.

As for not being affected by global financial events - crypto is extremely volatile even without it, it can't be a good hedge just because it's not affected by fiat markets.

[s92225]

do you know how fast cryptocurrency exchanges grow? if they dont regulate them, they will overtake the gov in no time .

[airdnasxela]

There's a lot of reason... Yes maybe they don't want to lose control and financial power. But you still have to look on other cases why the governments are not adopting cryptocurrencies aside being greedy. They cannot secure every users if they'll implement it. Adopting crypto as their main currency would produce more scammers and hackers that they can't handle because they don't have the control. So if ever people would lose money, to whom they will ask for help?

[AutomaticTrade254]

Nice topic by the way. But I think everything has both side.  If you compare with Arms, you will find it collaboration. By an Arms, you can do a lot of good things. Alternatively, you can kill someone by a single shoot out. So, In USA, government thinks a way but in another country, government thinks differently. As a result, some where it’s accepted wisely, somewhere it’s banned.

[Ridwan Fauzi]

Sooner there will be many government who will use cryptocurrency as their currency. Since cryptocurrency is not pure has decentralized system so everyone can create a cryptocurrency who has centralized system such as Ripple who still success because its rank stay on the top marketcap.

Currently, the reason why most government on this world haven't accepted cryptocurreny for a transaction tool because they don't have any right to manage it whilst the attitude of the government must really be able to regulate all forms that occur in the country, moreover if we talk about money, they must be able to arrange it.

This is just the matter of time, when their citizen is prefer to use digital money than they use money paper you will see government will choose cryptocurrency/blockchain as a system for digital money. Such as in chinese who try to make their own digital currency and I just thinking if they success to implement it then there will be msny countries who follow this way.

[akirasendo17]

the reason why government don't want to use money is because they don't have control over it, they can't control how many we can use transfer, and share
as you can see every country watch each people how much they spend, people have limits when you are going to a certain country you should only bring
the amount they allowed or your be jailed, they are afraid that if crypto will be our currency they will become useless, they will not be able to control us
they need to stop crypto or they will be useless

[Maotezi]

Not everything is ready yet, in my opinion it will happen soon, but you cannot easily control the use of bitcoin, especially for those who have a bad intention, I believe there will be a limit on how much anyone can own bitcoin, but all in all neither the world nor the cryptocurrencies are ready, it takes time to pass, it shows everything.

[AjithBtc]

If every country begin to use cryptocurrency every transaction will be visible in the blockchain. This means there will be complete transparency which gains the trust of people upon the government. But, governments dislike it, because they can't move funds unnecessary. This too is a major reason for governments to stay away from the cryptocurrency usage or development of their own cryptocurrency.

[crossabdd]

The simple truth is that, they believe the jurisdiction of money should be what is under their control. Money is a huge manipulating factor and so, since cryptocurrency is not controllable, they might keep running away from it for a long time.

the main reason has already been mentioned on this. another reason is that crypto currencies are anonymous. the owner, from whom to whom, is unknown. besides, crypto is tax free and there is a lot of crypto fraud, and it cannot be monitored. while conventional currencies are all regulated by the state. transactions, and ownership can be seen.

[diorthotis]

Great question, thank you for asking why the governments are not adopting yet. It is because we are still having dollars from US. But when that house of cards crumbles, we will see a massive adoption of cryptocurrencies, and unknown altcoins like batcoin available at https://exchange.thecoin.pw will become very valuable and useful forms of money.

[atjiat]

the reason why government don't want to use money is because they don't have control over it, they can't control how many we can use transfer, and share
as you can see every country watch each people how much they spend, people have limits when you are going to a certain country you should only bring
the amount they allowed or your be jailed, they are afraid that if crypto will be our currency they will become useless, they will not be able to control us
they need to stop crypto or they will be useless

Today, there is a situation where many governments express their dissatisfaction with the cryptocurrency or try to ban the activities of their citizens in the cryptocurrency market, but one way or another their actions will not succeed, because one way or another they will be forced to accept cryptocurrency and legalize it in their countries.  I believe that in a sense, control of the cryptocurrency is needed in order to stop criminal activity with the help of cryptocurrency, and many officials understand this.  If you want to avoid negative consequences, there is no other way than the legal circulation of cryptocurrency and sooner or later governments will agree to this.

[smartbitcoininvestor]

It is still too early for governments to adopt cryptocurrencies i.e. the blockchain. Right now, almost all of them use fiat currency to issue currency to their citizens.

Maybe we will go back to a gold system soon and then maybe governments will issue their own blockchain-backed currencies.

[imstillthebest]

It is still too early for governments to adopt cryptocurrencies i.e. the blockchain. Right now, almost all of them use fiat currency to issue currency to their citizens.

Maybe we will go back to a gold system soon and then maybe governments will issue their own blockchain-backed currencies.

2019 is the year and still early  ? i dont consider this early but crypto were already developed and improved alot .

they are now ready to be used by the public but they are already been used by some countries  but they cant also forget the fiat system too easily because fiat is where we started  . some countries now did also create thier own crypto based currencies and they want it to be used first before crypto next to fiats  .

[rmhuntley]

Around the world, many governments are now beginning to consider the idea of adopting a cryptocurrency. By doing this, they will receive cryptos like Bitcoin and Ethereum as real world currencies.

Yes, this will ultimately mean there will be a need for regulation and (perhaps) strict regulation, but we must remember that this is a good thing. The broader adoption of the global cryptocurrency can only begin when the government starts accepting it.

Source

[bounceback]

I’ve recently learned the many advantages of cryptocurrencies and how they can revolutionize the way we use money around the world, so why are the world’s governments not adopting them to be used as a form of currency?

maybe the current government has not been able to accept bitcoin because they are very worried about some issues such as cryptocurrency in general often called vulnerable to hacking and cryptocurrency also cannot be controlled like they can control fiat currencies, of course this is a problem that is highly considered by the government if they want to use bitcoin.

And basically the government also really does not like something that can not be arranged.

[EdvinZ]

Because blockchains of many cryptocurrencies are transparent — you can see where the money came, in what amount, in General, all transfers are open to everyone. Corrupt officials in governments do not want people to see all transactions in public, because it will not be possible to redistribute part of the funds directly into their corruption pocket.

[Reatim]

not too general because as far as i know there are states in US that accepts Bitcoin as government payments have just not bookmarked the thread but according to google OHIO is the first to accept as tax payments things that you can see here

https://cointelegraph.com/news/ohio-appears-to-be-first-us-state-to-accept-bitcoin-for-taxes-wsj-report

but i am sure there are others who does the same thing,so that means it wasnt the whole world but Majority dont accept Bitcoin and other crypto also.

[karanggatak]

of course I think the main reason the government did not adopt cryptocurrency was because crypto was decentralized and anonymous. and also every country and government has a national currency that they can control. when they adopt crypto, the government loses control of the citizens' money. and the next reason crypto is anonymous is easy to use for criminal acts such as money laundering and also I think most of our people are also not ready to use digital money they are used to using fiat money.