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

[tyz]

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?

First and foremost, Bitcoin is not important for a country, but important for people to protect themselves and that people who do not want to rely on the more or less state-controlled monetary system (officially, central banks are often independent, but in fact they are not).

[Lubang Bawah]

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 now it can't be said to be very important but the presence of cryptocurrencies gives great hope that anyone has the opportunity to earn additional income with the presence of cryptocurrencies, countries that legalize cryptocurrencies are proven to be able to make many citizens able to improve welfare.

[tygeade]

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?

I don’t think that cryptocurrency plays either of those roles; it is not important for the development of a country, there are things that are very important and determines how well the economy of a country is going to grow and cryptocurrency is nowhere that list. As for affecting the country negatively, I don’t think that it does that, because it’s simply for transaction, except that some people do carry FUDs that it is being used by criminals which is not true, but that doesn’t affect the economy in any way. That’s just it for me.

If a country wants to develop, there are things they will have to be focusing on and not really cryptocurrency, maybe cryptocurrency plays a little role, but there are things that are more important in terms of development.

[CryptoCraze11]

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.

I think we (the crypto community) went a bit far in praising the crypto , while in real world crypto adoption rate is too slow. Its not some kind of fundamental technology that is necessary for Humans. Fiat has its owns pros n cons but government will stick with it despite all odds.

[Rampagoe004]

Seeing from the development of the crypto world today, of course, using it as a legitimate means of payment will benefit every country, because with maximum regulation, the crypto world is the right way to add state assets, for now many people already understand how to use crypto both for investment and to make transactions, and some countries have used bitcoin as a legitimate means of payment of course this has been designed with ba. So that there are no losses in its use, then for now crypto is very important for every country.

[TheEconomists]

Crypto currency is some how over rated is am to speak from the government angel in terms of being essential for economic development of a country. Though private individual in a country are using crypto currency as a source of income but the proportion of the population can't be compared with those who are not earning anything from crypto currency and that is why one cannot say that crypto currency is essential for economic development of any nation.

[Bagaji]

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?

Crypto currency can only in my opinion important to the people on individual bases and not really for the government of a country since it serve as an alternative to faith currency which government has control over. As anything that is against government can't in anyway be in favor of the government but individual are benefiting in some country of the world by earning money through it and not paying taxes to the government.

[kryptqnick]

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?

It depends on a country, its current economic state and the way cryptos are used there. El Salvador made the first strong attempt to adopt cryptos as payment, as well as create favorable conditions for crypto businesses. Given the terrible economic state, it was worth the risk because this country is in a desperate need of some boost to the economy. Ukraine hasn't fully adopted cryptos yet, but it plans to do so because it also wants to improve economy this way (although not as much by using Bitcoin as money; it'll focus on regulating crypto businesses and adopting blockchain for various purposes). Developed countries aren't rushing to adopt Bitcoin or other cryptos because they are doing well and don't want change because change isn't always for the best. For China, Bitcoin was a threat because it's a decentralized form of money that cannot be controlled by the government, so they decided to restrict cryptos as mush as possible, since China loves being in control.

[Rishabh riyz]

I don't think of any scenario in which a cryptocurrency would be important for a country's economy , I mean the fiat currency accepted within the country is the primary currency for transaction and even cryptocurrencies are accepted in  the country they wouldn't be that important .
like lets consider steam , in June of 2016 when the value of BTC was just around $750-$800 steam started accepting BTC as a mode of payment then in December 2017 BTC first bubble formed and the value went up $10K for 1 BTC this fluctuation of value of BTC wasn't accounted for when steam started accepting it and then when it hit steam they declined the use of BC as mode of payment , see we can see that BTC wasn't as important as its just a mode of payment but if BTC stats to make issue they cold just stop using BTC as mode of transaction.

[bilal_jan321]

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?

Can't say about the future but till date crypto has no role in the development of the country. The primary reason is that governments don't want to legalize decentralized crypto in their area of jurisdiction. Crypto is mostly popular among its community members and wasn't able to make any significant impact on mainstream payment methods. So the answer is negative for your query.

[The Cryptovator]

You are posting on Bitcointalk. So most likely you will get most of the positive answers from here. For me, I believe Bitcoin would help a developing country to develop more, but sadly most of the developing countries have not been allowing Bitcoin as far as I know. On the other hand, most of the developed countries allowing Bitcoin although not as a legal tender but they are not preventing users from using Bitcoin. Bitcoin could keep a major role in the economy of a country, so ultimately it will help the total economic growth.

[pinggoki]

It does nothing. The growth of a certain country is heavily reliant on the number of resources it has and it was able to utilize, the amount of graft and corruption in its government, and its education system. With all these three met, expect that a country is to be considered developed. In the case of bitcoin, or even any cryptocurrency for that matter, I don't see it being a direct assistance in any of these sectors to better a country's growth and development. So individually speaking bitcoin could do wonders for people, but you can't expect cryptocurrencies to help a country out of the mire it is in.

Rather yes than no. It is worthwhile to understand that now the volume of money in this industry is quite large, and if you create favorable conditions for work and impose adequate taxes, you can get excellent profits.

Profit is just one aspect to a multitude of sectors. Jobs are met if education and medicine system is taken care of. Profits and livelihood is achieved well when there's no corruption within the central government. I think you are only speaking for a certain individual which I would assume was yourself when you thought that a country investing in cryptocurrencies would help them develop more as a whole. In actuality I would call the leader who does this nuts because you can't just input the cumulated tax of the people for a gamble like cryptocurrency in the first place.

[Slow death]

Cryptocurrency is essential for the development of a country?

of course, let's imagine the following:

in country Z has 10 exchanges

there are 10 mining companies

there are hundreds of people who use cryptocurrencies

and the government of country Z collects taxes, with these taxes the government of country Z will have money to make expenses

the owners of the mining companies and exchanges in country Z will make a lot of profits and will be employing more people in their mining companies and exchanges

investors and trades in country Z will also make profits and with that they will develop country Z

[dupee419]

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?

I wouldn't consider it really essential as to some countries can really live off without cryptocurrency around, as for the underdeveloped countries, cryptocurrency can be beneficial but not entirely essential, it cannot remove poverty, it can only improve one's status.

It doesn't hinder a country's development but it can potentially be of help, specifically for the citizens.

[AicecreaME]

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?

This matter depends on the current economic status of the country we are talking about. For those countries that belong to the third world or developing countries just yet, it is possible that the cryptocurrency will have an effective role in its development. Perhaps the adoption of crypto in their country can boost their economy due to the taxation in exchange for its legality. This will serve as the government's profit for every transaction and investment the citizens will make.

However, if the country is already developed and is soaring high just like the US and European countries, cryptocurrency's role in their economic growth is negligible. Because for every developed and first world countries, they don't rely on crypto as much since there are different aspects and field of industries they can make profit with, particularly small, medium, and big enterprises, businesses, and other departments such as tourism, agriculture, fishery, and the likes. Crypto is just another alternative for them because their local currency is strong enough. Hence, there is no reason for them to accept such coins as legal tender. Unless, of course, if their government just wants to.

[TheUltraElite]

Cryptocurrency is essential for the development of a country?

Essential No. But useful yes.

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?

Both can happen. I would like to draw a similarity with science which can be both a boon and a bane depending on the person who is using it.

It also depends on what your idea of "Development" is. Technological advancement does not always mean overall development. Of course blockchain tech development is being used in many industrial sectors and banking so blockchain gets an upper hand over what traditionally crypto has been known for. Most governments have been pro-blockchain but anti-crypto.

For the overall development of a country, I feel crypto has a miniscule role as of now. If the economic impact of crypto becomes bigger, we may see changes.

[bayyildiz]

I don't know if it's essential for the development of a country or not... Depends on how you use it, I think crypto can be an amazing factor to foster development in especially developing countries. If it's seen as a currency, rather than an investment, for instance. It would make the money exchange/transfer so much easier, stimulating the economy. Also, the anonymity and privacy can actually change people's lives.

[bitterguy28]

Cryptocurrency is essential for the development of a country?

yes if the government will accept crypto with open hands , sure this is very essential.

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

it is , the decentralization will help each country developed independently .

Or does it hinder the development of the country and cause extreme damage to the country?
What do you think about this?

damage can only take part once abusing comes and that is depending in the capabilities of that said country
to enforce law and rules.

[Rufsilf]

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?

I think it is not essential for the development of a country BUT crypto helps the people and economy to eliminate high transaction fees, trust issues about the fiat and transparency issues. Bitcoin is a decentralized network which elimates the need for third parties like intermediaries or the agent who oversees the transactions and to put the power and responsibility into the currency owners hand which whoever he/she wishes to send it to.

Ofcourse it does not hinders the development of a country, instead it offers more options for the people for a fast and secure transactions with low transaction fees.

[Argoo]

From the current position, we can say that cryptocurrency is already playing a certain role in strengthening the state's economy. As far as I remember, the Japanese government noted back in 2018 that thanks to the cryptocurrency, the well-being of citizens has increased and this, in general, has a positive effect on the economy of the state.
However, in other aspects, cryptocurrency is unlikely to have any noticeable positive impact on the development of the state.