Why many countries rejected cryptocurrency ?

[PALM]

Hi everyone.

It's a really interesting question as blockchain technology is widely spread in the world nowadays.

Why some countries ban or don't accept crypto at all?

What's your opinion?

[darexgeorgieviya04]

For sure most of the countries are hostile towards privacy-oriented cryptocurrencies. And probably sooner or later they will ban it.

The reason is simple - if transaction cannot be tracked, there is a chance it can be used for some illegal activities or avoiding taxes. And if such chance does exist - it should be banned. This is by the way the reason that most of cryptocurrency exchanges are obliged by authorities to verify their customers.

Another reason is pretty simple - many people who work for different authorities are often not the people who are up to date with latest technologies. If all their knowledge about cryptocurrencies comes from mass media responsible for boosting fear and greed factors, they fear cryptos and regard them as some sort of hi-tech scam (what is obviously a lie).



Another reason is because the blockchain cannot be controlled by state itself. And states in last couple of decades mainly go in the direction of controling more and more aspects of our lives.

[Aya]

For sure most of the countries are hostile towards privacy-oriented cryptocurrencies. And probably sooner or later they will ban it.

The reason is simple - if transaction cannot be tracked, there is a chance it can be used for some illegal activities or avoiding taxes. And if such chance does exist - it should be banned. This is by the way the reason that most of cryptocurrency exchanges are obliged by authorities to verify their customers.

Another reason is pretty simple - many people who work for different authorities are often not the people who are up to date with latest technologies. If all their knowledge about cryptocurrencies comes from mass media responsible for boosting fear and greed factors, they fear cryptos and regard them as some sort of hi-tech scam (what is obviously a lie).



Another reason is because the blockchain cannot be controlled by state itself. And states in last couple of decades mainly go in the direction of controling more and more aspects of our lives.

I agree with the first reason. Cryptocurrency has also been notorious in the talks of it being used in the black market that is why some governments are cautious of allowing it in their country.

[Mr. Cid]

Many countries refused to adapt with the crypto world because they have a different perception. People might use Bitcoin for illegal activities. It can also weaken the economy. No one is getting any tax on it.

[Trader_Rob]

Many countries refused to adapt with the crypto world because they have a different perception. People might use Bitcoin for illegal activities. It can also weaken the economy. No one is getting any tax on it.

That is right. The government of some countries fear that cryptocurrency might overpower the local currency or that criminal activities might heighten due to this.

[Sendo12]

Some countries are afraid that they won't be able to trace the transactions made through cryptocurrency. They may be worried that it would be abused and used on illegal activities.