Why Do Most Governments Dislike Cryptocurrency

Golden9 · Jul 5, 2023

As soon as cryptocurrency started to gain momentum, government all over the world started noticing it. It didn't help that it introduced a whole new financial system that is out of their control.

This is probably one of the reasons why government hate cryptocurrency and countries like China, Vietnam have gone as far as banning it's use completely. Some are still considering that while . others have chosen to regulate it's use instead.

IB D · Jul 5, 2023

With crypto, government has no control over financial structures of people and corporate bodies. The government wants to have a financial system that they would be the sole regulator but crypto takes that power from them.

Suba · Jul 5, 2023

It's not that many governments] dislike cryptocurrency but basically the government is afraid of crypto, because if the government doesn't regulate their country then crypto can disrupt their economy, especially their financial circulation will be disrupted, maybe you can imagine if more than 50% of a country's financial circulation enters to crypto whether their finances can run smoothly, because of that many governments implement rules such as prohibiting crypto, high taxes etc.

cherry123 · Jul 5, 2023

I think the government want a kind of control over their financial structures. They wants to have a financial system that they can solely regulate so the dislike the freedom that crypto offers

riberet19 · Jul 6, 2023

I think it is an understandable concept, cryptocurrencies is something that escapes their hands, they can not control their issuance and they can not tax it as they do with fiat money, in addition to that cryptocurrencies such as bitcoin have shown many of the weaknesses of the current financial system, due to the incessant impression of money and total control over it by central banks and more.

fcbetting · Jul 6, 2023

Country want tax on each business transaction. Crypto is not fully regulated yet so they can't follow everything and charge what they want. Also criminals use this options for bad stuff.

Niyi Briggs · Jul 6, 2023

Crypto is outside their level of control and manipulation. That is almost like taking power away from them. They want to dictate the financial system as they do with fiat but unfortunately, crypto is completely decentralized.

cherry123 · Jul 6, 2023

Some governments and countries dislike crypto because it is the route criminals use to steal money and commit financial crime unabated So the government don't really have that much hands to stop it

Smalto · Jul 7, 2023

I feel the reason why government hate cryptocurrency is simply because they don't have control over it, and government don't like what they can't control and in addition, crypto currency guys are way too smart for them.

Golden9 said:
As soon as cryptocurrency started to gain momentum, government all over the world started noticing it. It didn't help that it introduced a whole new financial system that is out of their control.

This is probably one of the reasons why government hate cryptocurrency and countries like China, Vietnam have gone as far as banning it's use completely. Some are still considering that while . others have chosen to regulate it's use instead.

cherry123 · Jul 7, 2023

That's just it government don't have control over it, and they just don't like what they can't regulate or control
jt makes them not to be able to tax it too

riberet19 · Jul 7, 2023

I suppose that what they are looking for with such strong regulations in countries like the United States is to put cryptocurrencies under their control and be able to manipulate them better and tax them better, since are excessive regulations.

cherry123 · Jul 8, 2023

I think the government can do these three things with cryptocurrencies like controlling, manipulating them and taxing them better, so. it becomes very difficult for them and they ban it

Bisolami · Jul 9, 2023

Golden9 said:
As soon as cryptocurrency started to gain momentum, government all over the world started noticing it. It didn't help that it introduced a whole new financial system that is out of their control.

This is probably one of the reasons why government hate cryptocurrency and countries like China, Vietnam have gone as far as banning it's use completely. Some are still considering that while . others have chosen to regulate it's use instead.

Do know that it is the fastest way in which we can get to reach even without waiting for the government to give us money and it will be a loss on their side so they don't want us to make use of it

Magnus2022 · Jul 9, 2023

Government like to control and regulate finances because it plays a major role in control of power. He who have control over money is he who have real power. Money connotes power in proper economic sense. A government without control of money in its territories is without real power. Other reason apart from this is trivial.

Smalto · Jul 12, 2023

cherry123 said:
That's just it government don't have control over it, and they just don't like what they can't regulate or control
jt makes them not to be able to tax it too

You are absolutely correct, no government of any nation would like what she can't properly control and regulate, so they will definitely look for every possible means to frustrate the process of that initiative thereby discouraging people to engage in it.

cherry123 · Jul 12, 2023

My point exactly, governments of nations don't like what they can't properly control and regulate, so they kick against such even if it can be used to build the nation

Stardom22 · Jul 12, 2023

The speed at which the Crypto currency is raving the economy world wide is so high that the government realised that they cannot control it. That's why they think that crypto can overthrow the fiat currency.

Why Do Most Governments Dislike Cryptocurrency

Golden9

Notable

IB D

Well Known

Suba

Notable

cherry123

Popular

riberet19

Notable

fcbetting

Notable

Niyi Briggs

Well Known

cherry123

Popular

Smalto

Notable

cherry123

Popular

riberet19

Notable

cherry123

Popular

Bisolami

Very Familiar

Magnus2022

Notable

Smalto

Notable

cherry123

Popular

Stardom22

Very Familiar

Connect With Us