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

[Text]

It sounds good to hear that the government is concerned about the potential misuse of crypto in illegal activities like money laundering and tax evasion, assuming they have no hidden agenda. However, this concern may persist, especially if the constituents lack trust in them.

Perhaps they shouldn't interfere with how investors use their money. Yes, it's their job to provide protection, but I believe they should focus more on creating awareness and educating people about crypto. They should consider the positive aspects, as many lives have improved and unemployment has decreased due to crypto, rather than just being cautious.

I hope they can find a way to embrace the benefits of crypto while ensuring the safety of citizens. It's essential for them to be cautious but not against progress, ensuring a smooth coexistence with the presence of cryptocurrency.

[dunfida]

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.

We do know that not all countries government will really be that optimistic or really that agree on letting things to hover out on their vicinity on which if they cant be able to control it then they would surely be that
negative about it and this is something not really shocking. There might be those who are on negative but there are ones who are really that positive towards it. Now we've seen about those ETF's then this do definitely shows that there's really that a potential that it could really be ended up on a full scale. This is really that something that will really be that just that depending on them but as an investor
then of ourse it would really be just that wise that you should really know on how to go with the flow.

[Kelward]

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.

The main reason why I think that some governments either fully or partially ban the usage of Bitcoin in their countries is because of control, they probably feel threatened by a decentralized digital currency that their apex bank can not fully regulate it's usage. I think that this mindset is myopic, because a country like El Salvador, that has fully adopted Bitcoin, is having a massive ROI in their reserve, in this bull season. Many individuals and organizations in every parts of the world that adopted Bitcoin are also doing great

It's true that Bitcoin might not reduce employment for majority of citizens in a country, but to those that are knowledgeable about it, it'll serve as a good investment option for them, not forgetting that it also creates employments for those in exchange p2p.

[btc78]

The government is concerned that most cryptocurrencies are decentralized and can operate without any official authorization. I think one of the many reasons of why the government is against the adoption of cryptocurrencies is because they are afraid of illegal activities being held through cryptocurrencies.

It is definitely possible and it does not mean that you don’t do it that it doesn’t happen. People definitely do take advantage of the privacy that cryptocurrencies offer and use it for illegal activities. I think another reason is the way cryptocurrencies go against the very concept of banks. As we all know governments and banks go hand in hand.

But so far, I have seen some governments as well as banks accept crypto so we will have to see how others would react in the future.

[Jawhead999]

The main reason why I think that some governments either fully or partially ban the usage of Bitcoin in their countries is because of control, they probably feel threatened by a decentralized digital currency that their apex bank can not fully regulate it's usage. I think that this mindset is myopic, because a country like El Salvador, that has fully adopted Bitcoin, is having a massive ROI in their reserve, in this bull season. Many individuals and organizations in every parts of the world that adopted Bitcoin are also doing great

It's true that Bitcoin might not reduce employment for majority of citizens in a country, but to those that are knowledgeable about it, it'll serve as a good investment option for them, not forgetting that it also creates employments for those in exchange p2p.

To be honest Bitcoin won't give any threat to the government as long as they didn't accept Bitcoin as legal tender, so they didn't give a chance for Bitcoin to replace their fiat. People might prefer to save their money in Bitcoin, they can tax it, and not all people will save in Bitcoin because there are still a lot conservatives.

Accepting Bitcoin is a win-win situation because Bitcoin won't cause any harm.

[bettercrypto]

Most countries' governments are self-centered because they think that there is no benefit to be gained from bitcoin, even though this is not really true. And there have been many countries that have banned bitcoin, which they later revoked because they also came to their senses in the end.

And the other countries that have banned bitcoin or other cryptocurrencies now have taken it back because they probably know that in the upcoming bull run they will benefit from profit if they invest in bitcoin and even in the top altcoins market as well.

[martinex]

Most countries' governments are self-centered because they think that there is no benefit to be gained from bitcoin, even though this is not really true. And there have been many countries that have banned bitcoin, which they later revoked because they also came to their senses in the end.

And the other countries that have banned bitcoin or other cryptocurrencies now have taken it back because they probably know that in the upcoming bull run they will benefit from profit if they invest in bitcoin and even in the top altcoins market as well.

The government is also afraid that the role of their business entities will no longer run normally, for example banks, where if people's interest in saving money will decrease and they will switch to using their funds to invest in crypto, it is no longer their place and banks will only be used as a means of withdrawing fiat.

In fact, we know that with a lot of people's money deposited in banks, there will be many activity items that can be developed by the banks themselves using customer funds, including cutting admin costs and the credit benefits they offer to people who want to apply for credit.

[Promocodeudo]

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?

OP, the government has misfeeling about crypto and bitcoin in general, they feel that if they allow crypto to scale though, it will end up reducing the attraction of individuals to traditional banking system which we know that the government benefit directly from it, any system that is devoid of censorship can never be supported by the government, they know that bitcoin is a good investment as far as money is concerned but allowing it existence is like a threat to the existence of the local currency which the people in power loot to perpetrate their evil.

The government knows that it is almost impossible for them to ban or put restriction to individual adoption that why they have been trying their possible best in trying to frustrate any move of crypto dominance which has proven abortive.

[God bless u]

There are a number of reasons for that. First of all the rich ones holding the markets up with their wealth do not want someone to get profits and come to their level.They want to rule on poor people with their wealth. They want everyone to be their slaves by workers in their companies and ultimately they'll get benefited.

The second reason I think is that the government cannot control crypto much they cannot impose taxes they cannot take commissions on transactions etc. So issues like that don't allow them to pay much attention to this issue.

[Hameed93]

  I wouldn't really call it been sentimental.. While most of us will see only the negative sides, there are also things the  government see that we the citizens do not see.. even the most advanced countries are still shaky about the cryptocurrency market..

  The United States (U.S.A) is one of such countries that aren't really buying into the idea of the cryptocurrency due to the dollar value... We all know it will be a very simple task for the US government to push the crypto initiative into world politics but they are still contemplating. If the Bitcoin for example fully becomes a mode of transaction in the USA, it means the US Dollar will start to loose it's streak value it has gained over time been the most used currency in the world which is bad for the government..

[Wexnident]

~

One, just as many people benefited from Bitcoin, there are also just as many people who lost money due to it. I think the government is rejecting the idea because they have no idea how to regulate it, and if they just willy-nilly allow it, the scams that are already rampant in the scene even without their approval would already become more rampant. The idea seems to be that they must be regulated 100% before they allow its usage, not that they're that great at regulating stuff to be fair. They think more about the risks more than the potential.

And well, yes, they're old.

[AVE5]

On no Contrary against anyone's opinion, there around in the societies where cryptocurrencies is highly prohibited is due to th fact that they number of civilized and digital literates who has the mental capacities to admit the possible operations of how the digital currencies functions are very minor comparing to the uncivilized and illiterates who are either not ignorant to know about the digital technology but highly adamant and low mentality to cope with the digital technology currencies known to be bitcoin. So they prioritize their reasons of not giving such development the licence to operate in their country for the financial security of their citizens.
Foremost said that the citizens says they're contented with the fiat currencies and so there's no necessity of introducing such system to them. Some are pointing at their governments that they want to rebel their citizens through the digital system.
It is just obviously that they're Indeed underdeveloped societies.

Other hand, some governments in the societies are being biased with the digital technology cryptocurrencies because they wouldn't want their fiat currencies to be a scrap after a massive adoptions of the cryptocurrencies.
Hopefully they government itself is aware and afraid of crypto possessions do dominate in the societies due to the potential of the digital currencies. Especially bitcoin.

[moneystery]

each government has their own considerations in order to ban cryptocurrency circulation in their country, this is due to considerations of the influence of cryptocurrency on the economy and banking in their country. for example, in bangladesh, that country is quite strict in regulating cryptocurrency because it has the potential to disrupt the banking industry in their country and other illegal actions which would threaten the security of their country. so the government also has their considerations in banning crypto for several reasons, but if cryptocurrency continues to develop, maybe in the future these governments will relax their regulations on cryptocurrency.

[el kaka22]

To be fair we are still at infant stages of crypto currency right now. I understand that some people think that we have matured a lot, but we have a lot more to think about and that is going to be the most important part of it.

I think it should not be all that crazy to consider that you are going to end up with a much larger return on bitcoin, it will definitely be possible and we should consider governments in that regard. They didn't had enough time to check it out in detail, they know some stuff, but government is something that takes years to decide on a single subject they already know, this is one they do not really know that well, so it may take a lot of years for many of them to make a decision based on this subject.

[mirakal]

It sounds good to hear that the government is concerned about the potential misuse of crypto in illegal activities like money laundering and tax evasion, assuming they have no hidden agenda. However, this concern may persist, especially if the constituents lack trust in them.

Perhaps they shouldn't interfere with how investors use their money. Yes, it's their job to provide protection, but I believe they should focus more on creating awareness and educating people about crypto. They should consider the positive aspects, as many lives have improved and unemployment has decreased due to crypto, rather than just being cautious.

I hope they can find a way to embrace the benefits of crypto while ensuring the safety of citizens. It's essential for them to be cautious but not against progress, ensuring a smooth coexistence with the presence of cryptocurrency.

Decentralization makes it harder for the government to accept and embrace crypto because they wouldn’t allow for something to happen without their full control on it. Bitcoin is designed to gain financial freedom from the government control, so if they will come to fully embrace bitcoin, it looks like they’re breaking their own government rule and perspective. That is why majority of the countries are still protecting their citizens not to get attached with bitcoin and its crypto space. But we all know no matter how tight the government is, people will always find a way.

However, I believe if majority of the countries will start to recognize bitcoin, then most probably the others will follow. El Salvador may have done its part and I think Bukele has made the right decision to accept bitcoin. Hopefully we will see more countries become open about bitcoin and finally embrace it for the benefit of the whole country.

[southerngentuk]

So cryptocurrencies like Bitcoin. Super cool concept, right? They're like the wild west of money – no banks, no government telling you what to do. Sounds awesome, especially if you're picturing yourself as a free spirit living off Bitcoin noodles. Governments aren't exactly fans of things they can't control. Crypto throws a wrench in their whole system, making it harder to track money and prevent stuff like money laundering.  It's like having a bunch of underground tunnels for money to flow through – cool for you, confusing for them. Crypto is still new and kind of unpredictable, like a wild mustang. Governments are all about stability, so something that could potentially crash the whole financial system isn't exactly their cup of tea. They gotta be cautious.

[Oneandpure]

Even though most countries still dominate in banning bitcoin and cryptocurrency transactions, currently several countries are starting to open up to cryptocurrency transactions, even in my country Indonesia bitcoin has been positive impact on state income through taxes. The number of transactions increasing from year to year is certainly an opportunity to make a profit through bitcoin or cryptocurrency, the government can see the positive side of how El Salvador is developing rapidly after adopting bitcoin as legal currency transaction in the future.
Large number of cryptocurrency transaction day by day and how drastically increase in the number of transactions during bitcoin close halving become opportunity to take advantage adopt taxes transaction trough cryptocurrency. Each countries has their own local currency transaction and government take advantage how to adopt taxes trough local exchange based on in my country adopted well each 0.12% transaction will cut off for taxes.

[avp2306]

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?

Just don't expect anything more that what you think for now since government is skeptical on thing thay they don't understand so much and what they know is bitcoin is volatile and risky asset that's why they are not fine doing some good adoption unto it.

If they could just able to understand how wide the opportunities crypto could bring to people and how it can help the economy of their country if they would just regulate it for sure everything will be smooth and all can benefit with that.

On question are they self centered? Yes they are since they always believe on things they know even if they are not sure with it. Also are they protecting their citizens? Also yes since they are afraid on its risk and maybe they are worried that there people would lose their money when they invest in this asset.

[Mrbluntzy]

It is simple to know the reason why the government other country are very sentimental about cryptocurrecy. I was reading a comment before and the member told us that the government hates privacy, they want to see every financial information of all the citizens in their states, but because cryptocurrecy limits them from accessing all financial information of everybody, they decided to hate it and ban it.  Bitcoin can not be regulated the way US dollar is regulated, Bitcoin can not also be regulated like the way canadian Dollar easily be regulated. Some people agree that Bitcoin have stand as a tool for money laundering and that is why the are sentimental about Bitcoin.

[yohananaomi]

One, just as many people benefited from Bitcoin, there are also just as many people who lost money due to it. I think the government is rejecting the idea because they have no idea how to regulate it, and if they just willy-nilly allow it, the scams that are already rampant in the scene even without their approval would already become more rampant. The idea seems to be that they must be regulated 100% before they allow its usage, not that they're that great at regulating stuff to be fair. They think more about the risks more than the potential.

And well, yes, they're old.

The risk of investing in bitcoin, As you say, we can make a profit there are quite a few who lose because they do it wrong. It's clear that if the government doesn't understand how to make regulations, it's certain that they will reject them because it's too risky, and they don't want to be blamed later. But if regulations already exist, then at least the government will be able to regulate according to what can be done, and it must be remembered that the government can take advantage of taxes for every transaction that occurs.
Some countries have already done so because they can anticipate what will happen, but there are others that have not done so because they are not ready to regulate it. Authority has all been returned to each government.