Why are some countries being sentimental with bitcoin and the cryptos at large?

[AVE5]

It's known that crypto investment has brought about good impacts to individuals and organizations that has invested in the reputable and reliable cryptocurrencies such as bitcoin and those who had been lucky to make prospective incomes in the AltCoins.
Conditionally and unconditionally a lot of countries has been against Crypto currencies to be be adopted and exists in their countries despites the potnetials of bitcoin that has helped the masses to reduce the rate of unemployment and has also served as Alt source of incomes to some person's.
With all these said, Bitcoin and other reputable AltCoins deserved to be globally embraced without a margin of sanctions just like the way some countries does.
So I'm wondering if bitcoin existence has ever possesed any potentialities to bridge the countries Economic growths whereas the adoption of bitcoin doesn't give the countries economy the chances to grow. I can't just get it right why a government would have such sanctions on such development like bitcoin despites its potentials and how hail and willing the messes are to have it existing at their door steps.
Are the government self-centered?
Are they protecting their citizens from an omen that the cryptocurrencies portrays?
Or they're just being awkward from embracing digital developments?

[Stepstowealth]

Are the government self-centered?

I think they are self centered because the government are not considering the benefits that bitcoin can provide to the citizens. They are only focused on the negative side of how the citizens can utilize bitcoins and the disadvantage for them. Country that have been able to look beyond negative side of bitcoin have been able to embrace the innovation because of the positive effects it can have for the citizens.

[hatshepsut93]

Conditionally and unconditionally a lot of countries has been against Crypto currencies to be be adopted and exists in their countries despites the potnetials of bitcoin that has helped the masses to reduce the rate of unemployment and has also served as Alt source of incomes to some person's.

Crypto isn't really doing much for unemployment, they crypto jobs are incredibly scarce. And investing is also not something that has big impact on society, because so few people are doing it even if crypto is legal. So the impact of crypto ban on GDP or wealth can't even be measured because it's so small.

The governments that ban crypto are authoritarians who ban everything that they can't control for the fear that it will be used by people to weaken their control.

[Wiwo]

Government will ban anything their don't have control over and decentralised cryptocurrency like bitcoin are one of such coins that the government can never have control over, or interfere innit transactions, this is obvious a threat to some of the countries leaders who lack the ability to properly understand the role that bitcoin plaus in the economy both at individual level, or institutions or government, but for the fact that just a low percentage of people around the world know and use bitcoin, government believes that the could eventually easily eliminate it when the feel it threat to their economy.

Most of the counties that attack bitcoin, are those that have not economic prosperity or any plan or programs that can help boost the economy and the lack of that have resulted in many of them having a misplaced priority and seeing that cryptocurrency is the enemy of their economy and they tend to attack it with either an outright ban or blankets ban in form of harsh regulation.

[bitzizzix]

There are many reasons, and the main reason is ignorance of this great technology and also the fear of disrupting the already shaky financial or fiat currency ecosystem and also because they cannot control it.
crypto cannot reduce unemployment because to get involved with crypto one has to have enough intelligence and knowledge so that they can actually make money from crypto and that is not easy either. Because if the government doesn't support it, they won't know much about crypto and will only know the name, and only those who have intelligence will know and develop it themselves in their own way.

[Maus0728]

Self-centered is the most likely explanation for their problematic approach and embrace on bitcoin and other cryptocurrency, maybe if we're high ranking officials in the government that's involved in finances, we would know the real reason why the government don't like the idea of bitcoin ever being a thing. Or in truth, the real reason why they don't like it is basically what you've said, that it gives the people the freedom that they need, I mean a free kind of people is definitely a big deal to them because those types of people can never be influenced to do their bidding, remember that hunger would lead you to follow people that want the power by giving you false promises but bitcoin and most cryptocurrency can help you resolve that hunger and that way you're not looking for these men giving false hopes so that's one of the reasons why I think bitcoin and cryptocurrency isn't popular with the government.

[Rruchi man]

Or they're just being awkward from embracing digital developments?

Do you know that regardless of the independence status of some countries, they are still under the influence of the opinions of some other countries that maybe colonized them, or they look to as superior to them.

Sincerely, the opinions some government have toward bitcoin is not personally founded, they are sometimes the adopted opinions of some other government.

[rat03gopoh]

Are they protecting their citizens from an omen that the cryptocurrencies portrays?
Or they're just being awkward from embracing digital developments?

The government is also likely to look at the demographics and technological literacy of its population and some law enforcers are competent in this field. Despite its benefits, cryptocurrency has been known to have many negative sides related to crime.
Crypto is by no means beneficial to everyone, some sad stories that crypto was the beginning of a bad experience while law enforcement couldn't help at all.

[Fuso.hp]

There are some countries where people are still not fully aware of crypto currency or bitcoin, maybe some people know about it but still they can't use it properly because there is no approval of crypto currency or bitcoin in those countries. Although Bitcoin is not approved in those countries, many e-commerce companies exist in those countries and people invest by selling their land deposits in those e-commerce companies. When such e-commerce companies cheat customers, it shows how emotional and greedy people are when they sell their assets and invest in these e-commerce companies. When the government notices all these things they decide that they should not take any action regarding bitcoin because if bitcoin is legalized in their country then people of their country will sell their houses and invest in bitcoin. One should never be so emotional when it comes to investing.

[wxa7115]

So I'm wondering if bitcoin existence has ever possesed any potentialities to bridge the countries Economic growths whereas the adoption of bitcoin doesn't give the countries economy the chances to grow. I can't just get it right why a government would have such sanctions on such development like bitcoin despites its potentials and how hail and willing the messes are to have it existing at their door steps.
Are the government self-centered?
Are they protecting their citizens from an omen that the cryptocurrencies portrays?
Or they're just being awkward from embracing digital developments?

You are not thinking hard enough, whenever a new technology emerges, it affects the created interests of powerful and average people, just take a look at the most recent developments with AI and you will see a lot of people that lost their jobs because of it.

So which groups of people get affected by bitcoin? Politicians and bankers, politicians see in bitcoin a threat to their fiat monopoly and their ability to tax their citizens with the inflation tax, while banks are affected greatly by people becoming their own banks, now tell me, is it that surprising that those two groups of people are against bitcoin?

[Die_empty]

Are the government self-centered?
Are they protecting their citizens from an omen that the cryptocurrencies portrays?
Or they're just being awkward about embracing digital developments?

Truly cryptocurrencies have been a plus to the finance of individuals, corporate organizations, and even nations but not all of these bodies have been fortunate. Some altcoins have made people lose money because they are nothing but scams. Some crypto service providers such as exchanges and custodians have also added to the problems in the sector because of a lack of transparency in their operations. Few criminal agents like hackers and others sometimes use cryptocurrencies to make or receive payments.

The general reason why some governments are against cryptocurrencies is that they decided to focus only on the few challenges associated with the industry rather than the numerous benefits it offers. Most politicians are scared of losing control over the financial sector of the country so they will always refuse any decentralized currency. Many countries will embrace cryptocurrencies if they have put in place the right mechanism to regulate and control the sector, thereby centralizing it.

The claim that the reason for anti-crypto policies is to protect citizens is far from the truth. If the government wants to protect its citizens against bad actors, it will promote cryptocurrency awareness and education. Setting up effective crime and scam monitoring agencies will also help to protect citizens from scams will also be helpful.

[bluebit25]

(...)

Bitcoin and alts have the potential to spur economic growth, but there are also risks that need to be considered. Crypto adoption will depend on its ability to address government and user concerns. A field that helps earn income from investing, trading, or using crypto in economic activities will create an attraction that no one wants to ignore. But it is true that there are also many issues of illegal activities, causing the government to introduce restrictive measures. Although opposing/supporting, the decisions of the government in some countries are not all because this is a decentralized space. We can talk about the necessary centralization relationship, but if it is too imposed, it is counterproductive.

[poodle63]

some countries need to take time in recognizing new things, slowly they will know the benefits, the fact that the US approving ETF of bitcoin could be one of the reason of the sporadic adoption of cryptocurrency in the future across various countries.
the possibility that I could think of as to why they are sentimental against it is because they just don't really understand about it, we all know back then when internet first appearing it was called out to be just a fad but turns out its something that really revolutionizing the way the world works.
its the same with bitcoin its technology it needs time to be adopted properly.
I'm sure eventually once many countries starting to accept it whether as a mean of investments or something the other countries that are hesitant will definitely make up their mind starting to research the advantage and disadvantage of accepting it eventually.
it just only matters of time.

[Dickiy]

.
So I'm wondering if bitcoin existence has ever possesed any potentialities to bridge the countries Economic growths whereas the adoption of bitcoin doesn't give the countries economy the chances to grow. I can't just get it right why a government would have such sanctions on such development like bitcoin despites its potentials and how hail and willing the messes are to have it existing at their door steps.
Are the government self-centered?
Are they protecting their citizens from an omen that the cryptocurrencies portrays?
Or they're just being awkward from embracing digital developments?

There are 2 attitudes taken by the government in responding to Bitcoin. Firstly, the attitude refers to the financial system where they consider that Bitcoin is uncontrolled and cannot be sure where to seek accountability if its value is lost (in their opinion, this is because a system like this is not what they adhere to). The second attitude of opposition is based on the context above, simply because it cannot be controlled, so it is the government's obligation to warn the public to be careful or avoid these assets. Then the government took the step to prevent loss of control by taking the decision to ban investing in Bitcoin completely.

But not all government have this attitude, like in my country the government is open to Bitcoin but with a note that it is well regulated and creates a centralized exchange to ensure that every transaction can guarantee its security. The point is to allow them to operate but within their reach. Charging taxes etc. is included in the local exchange system and ensures user assets are protected.

[huu78]

I don't know whether it has a bad impact on some retailers or institutions in a country, but if the news spreads like this then I don't think anyone will be able to stop it, they are forced to join because BTC has also been very accepted in power countries like the USA, even their president is pro against bitcoin now.

[Apocollapse]

Are the government self-centered?
Are they protecting their citizens from an omen that the cryptocurrencies portrays?
Or they're just being awkward from embracing digital developments?

1. They're worried if they make mistake, considering cryptocurrency is new. But since SEC has been accept Bitcoin ETFs, this would encourage other country to unban or accepting Bitcoin as a commodity instead of in grey area.

2. Nope, if they want to protect the citizens, they can accept Bitcoin and avoid the other cryptocurrency. Actually government didn't protect the citizens, is there no banks and stock company went bankrupt?

3. Probably, most people who work in government are old.

[sunsilk]

They are protecting their own government because Bitcoin is decentralized and they can't just rely on it just because we're too optimistic about it on what it can do economically and financially to individuals.

There are always safeguards that are coming from the government and even if us, as individuals sees the light and good things about it. There's always the different side of what the government can see within them.

But don't take them as in general that all of them aren't willing to adopt Bitcoin, a little by little, many are starting to realize what bitcoin can contribute to their economies.

[kryptqnick]

Countries have different political systems and societies have different relations with the authorities. If we're talking about authoritarian countries, of course they focus on controlling their citizens, so cryptos aren't welcome there because cryptos make citizens more independent and more free. If it's democracies we focus on, they can also be pretty different and have different priorities. Sometimes cryptos are legal but usually recognized as assets rather than currencies. This way, people can invest in them, have some profit, pay their taxes, but cryptos aren't a threat to local monetary policies, fiat and banks. It's also worth remembering that while cryptos can bring growth, they can also bring devastation if people aren't attentive enough with how they store their coins, where they keep their passwords and private keys, or if they simply can't take the volatility and sell at wrong moments.

[Peanutswar]

I see this in two aspects, first is that people get too much feed from social media about the bad use of Bitcoin add this with the movies too so they are afraid to adopt or even use this innovation, next is the government, which could be they didnt support this at all or they prohibit the people from using the bitcoin, we cannot deny some of the countries already banned the use of the bitcoin, we cannot push other people to adopt this but to the people who have this and earn with the help of the bitcoin good thing to us.

[Gozie51]

Are the government self-centered?

Yes government is self centered. The group of majority in government are suggesting decision and policies that will favour them, their families and friends. If it is not good for their businesses then they kick against it.

Are they protecting their citizens from an omen that the cryptocurrencies portrays?

Nope because the currency itself doesn't portray any omen. If you invest in bitcoin then you are free from any scam but if you invest in altcoins that are not yet listed, they may not eventually listed and that means you can't get back your money. Therefore, invest in coins that are already at the top.

Or they're just being awkward from embracing digital developments?

Government like control through regulation and you may not totally regulate what is happening digitally, moreover Bitcoin is decentralized which makes its control not visible. Therefore as expected since government can't regulate it by themselves, they try to frustrate it existence.