Cryptocurrency is important for a country? or not...

[tokyohd]

Cryptocurrency is essential for the development of a country?
Does cryptocurrency play an effective role in the development of the country? Or does it hinder the development of the country and cause extreme damage to the country?
What do you think about this?

[Yaunfitda]

I wouldn't call it an essential for the development of a country and I think it will never be.

Crypto is an alternative to fiat, and for sure fiat will continue to dominate the financial market. And then we still have gold being used as reserve assets for majority of the country.

We shouldn't over complicate things as see crypto as something of a miracle or magic bean, because it is not.

[syedakhlaque]

 Cryptocurrency is a unique type of business ever seen before in the world. Because
* This business can be  started living with in your capacity.You can start it with a small amount as well as with a  huge capital.
This business is accessable for all kinds of ages,young aged,men women even students.
This is a business which is easy to understand not have any complications.
It is a business which clearly shows your investment ,profirt or loss etc.
It is a business which has no limits of border.It is a world wide business.
It is a business whose spread or Flow cannot be controlled by any country.
     So everone should enjoy the fruit of Cryptocurrency and join this trade.

[bhadz]

Cryptocurrency is essential for the development of a country?

Not really but it's a good additional sector if a country is looking for another means of taxation.

Does cryptocurrency play an effective role in the development of the country?

Yes just like any technology that's being embraced.

Or does it hinder the development of the country and cause extreme damage to the country?

What damage? the only damage is the thinking that's it's mainly used for illegal activities.

[Wexnident]

Uhm no it's not? I mean in general, money would always be important for the development of the country, but as to what form specifically well I'm pretty sure it depends but considering fiat and crypto almost have the same role, I don't think it would matter much. Considering the fact that fiat is still the most well-accepted medium though, and that crypto still isn't that regulated, fiat would mostly be used compared to crypto. Well long story short, it doesn't do anything, at all.

[joniboini]

I think you have to be clear, cryptocurrency and crypto business is not the same thing. At the end of the day, cryptocurrency is just that, a "currency". Whether a country can prosper or not depends on other things. Just because they adopt crypto as a medium of payment won't make them get rich overnight. It might have the opposite effect, who knows.

You might want to explain further why you ask about this. If it's related to your country, we might be able to discuss further instead of throwing generic response like "it depends".

[bakasabo]

Cryptocurrency at least can create a positive image of a country. Did many know El Salvador before they accept Bitcoin as a payment option? Of course people know the name, perhaps even know where to search it on the map.

If I am not mistaken, El Salvador offers zero tax on profit in Bitcoin for foreign investors. Isnt it a step to develop countries economy? They start Vulcano mining. Also a good point of development. However, it was told electricity cost rose due that. But I think this is just propaganda against El Salvador's president.

[Jawadu]

Cryptocurrency is essential for the development of a country?

It depends!

There are some countries that have a middle economy, maybe Bitcoin could be one way to boost such country's economy. Perhaps such a country could legitimize Bitcoin in its government and allow citizens to invest in it as a normal business and then pay fewer taxes to the government as a contribution to building its economy (maybe 5%) based on the profit they get from Bitcoin. If 5 million people invest $10,000 in Bitcoin (5m people x $10k = $50b) and maybe their total profit become 30% per annum because it's possible ($50b x 30% ÷ 100% = $15b) it means the government will have a new 5% tax per year from that profit of $15b ($15b x 5% ÷ 100% = $750m)!!! Now for a middle-income country to collect $750m from Bitcoin investors is a very good thing!

The problem is here, how will the government find a way to be able to track all the accounts of those investors to know how much they have collected per year to get that 5% when Bitcoin is a non-government currency??

[yazher]

Cryptocurrency is essential for the development of a country?
Does cryptocurrency play an effective role in the development of the country? Or does it hinder the development of the country and cause extreme damage to the country?
What do you think about this?

We can always find some way to use it for our own advantage especially when letting the people build some local exchanges and any other platform which is legal and collect some decent tax from them. If this is how the government thinks about cryptocurrency, we see lots of improvement and dedication to further development in making it a perfect payment system but in reality governments all around the world are not sure whether to fully accept it or not except for some countries out there and others banned without a valid reason.

[romero121]

The backing technology will evolve as an essential thing for effective management on each and every sector. Cryptocurrency isn't evolving as an essential thing, it is getting adopted as an alternate to the traditional payment and investment. When it is about the economy or uplifting of the country, cryptocurrency has got its role. Some countries have taken it in a positive way whereas majority are with the fear of losing control over the economy. At present we can't be judgemental on whether it is important for a country or not.

[NeuroticFish]

Use of bitcoin can save a lot of fees - from VISA/MasterCard to banks and Western Union.
Is this good for a country? Not necessarily. Is it good for the citizen and businesses? Clearly.
Then bitcoin can force banks to evolve and offer better, faster and cheaper services.

So while politicians only think on their beloved fiat for which they can play with the inflation, I think that bitcoin can bring a new step of evolution, which imho can be considered good for the development of the country.

Of course, CBDCs can also have low fees and so on, but:
* they may not be recognized internationally (no interconnected DBs/blockchains) for transfers/payments outside of the country
* they need resources from the government (severs, maybe mining) in order to operate
Bitcoin relies on private individuals (and companies) handle this and pays them back for their services.

[carrigan]

In my opinion, fiat will still be the main one, crypto is used as an alternative to fiat such as investing and others that can increase one's income. State development issues or matters relating to the state would be more suitable if managed using fiat because crypto is unstable and difficult to predict. Moreover, the interests of the state are usually carried out immediately or immediately, if crypto is used and at that time the market is down, the state will suffer losses. It's all just my opinion whether it's true or not, let time tell.

[LimLims]

Cryptocurrency is essential for the development of a country?
Does cryptocurrency play an effective role in the development of the country? Or does it hinder the development of the country and cause extreme damage to the country?
What do you think about this?

Please explain the meaning of development?
What do you really mean by development?
If your sole purpose of development is only in economic aspects, then yes crypto plays an important role.
If a trader from a specific country invest in crypto and wins big, then certainly he and his country will be financially strong.
This is a basic example of how crypto can really add to the development of the country.

[michellee]

That is too far and too wild to imagine because crypto is not yet in all countries so we can not say that. Besides that, every country has its own currency and does not easily accept crypto as another help to their country. I could say many possibilities for crypto to help the country but maybe the first thing that will get the effect of using crypto is people because they can make money to survive. Out of that, the country still uses its own fiat to develop its country. Maybe crypto can be their reserves funds but with the volatility of crypto price, it will not be easy for the country to accept crypto for their currency.

[Marvell1]

It is too early to judge whether that is important to a country. It is true that crypto is popular and growing, but if a country accepts and uses cryptocurrencies not exactly a developed country and vice versa, a country that bans bitcoin can also be a power like China. Clearly, it is not really essential to determine the development of the country.

[bittraffic]

It may not be important for a country if we look at the example.of what China did to cryptocurrency which they've completely banned it all. Its different in the case of El Salvador because they embraced BTC.

Two different scenarios makes it appear like it all depend to the kind of government a country has. China's reason is that a lot of money they have are sent out from China. For El Salvador, they don't have their own currency.

[Jawhead999]

Cryptocurrency is essential for the development of a country?

It depends!

There are some countries that have a middle economy, maybe Bitcoin could be one way to boost such country's economy. Perhaps such a country could legitimize Bitcoin in its government and allow citizens to invest in it as a normal business and then pay fewer taxes to the government as a contribution to building its economy (maybe 5%) based on the profit they get from Bitcoin. If 5 million people invest $10,000 in Bitcoin (5m people x $10k = $50b) and maybe their total profit become 30% per annum because it's possible ($50b x 30% ÷ 100% = $15b) it means the government will have a new 5% tax per year from that profit of $15b ($15b x 5% ÷ 100% = $750m)!!! Now for a middle-income country to collect $750m from Bitcoin investors is a very good thing!

It may looks great on theory but not the practical...

5 million peoples can't buy Bitcoin in same price, there will be always a fluctuation when someone bought a Bitcoin. The 5% tax is depends on the country itself, you could be charged more if Bitcoin is categorized as property or asset.... capital gains for short term rate 10-37% and long term 0-20% [1]
For traders the tax is really high and it's not worth it, while for the investors the tax looks not fair as you take high risk but you need to pay some % to government.

The problem is here, how will the government find a way to be able to track all the accounts of those investors to know how much they have collected per year to get that 5% when Bitcoin is a non-government currency??

No way, all experienced people in this space already know how to hide their Bitcoin. To be honest if you want to pay tax it's based on your personal awareness, not being forced.

[1] https://lexuscarumors.com/

[glendall]

Cryptocurrencies can be important for countries that adopt them because they can support existing fiat
but for countries that are anti-crypto, I think the absence of crypto doesn't have much effect on economic growth and the country

[hatshepsut93]

Cryptocurrency is essential for the development of a country?

Absolutely no. Crypto doesn't offer anything fundamentally better, except for control over own money, which most people don't need and don't want. Cryptocurrency isn't even theoretically suitable  for being a backbone of the economy, because there's still no coin that can scale to millions of active users, and without central bank its price is too volatile.

[Maslate]

Cryptocurrency is essential for the development of a country?
Does cryptocurrency play an effective role in the development of the country? Or does it hinder the development of the country and cause extreme damage to the country?
What do you think about this?

For me, it was not necessary for the country to adopt crypto as we could still make our economy growing without them. But why we shouldn't have to miss this stuff if this could help your people to improve their living? Not allowing them is selfish, it is just like we are cheating and stealing their freedom to grow that instead they still have the chance.

May having crypto isn't important but as we are in this new era, it somewhat it looks good and probably placing an important role in our life, in our daily activities. We can't just really feel it importance today but might be in the future.