Why cryptocurrancy Can't be accepted By Countries?

[Gluttony 1775]

The first reason is arguable because that is the main feature of crypto currency that is why it is popular with the other people which make them to invest to this industry. The second reason is not a problem because if a country adopts crypto currency, there would be a legalization process it would undergo to make it legal to the certain country. There might be some cases that they would put tax to it as part of normalizing the usage of it in their country while there is country that do not care about its existence which would assume that their stand about it is only neutral.

[setifien 1016]

All the fully decentralized cryptocurrencies (and privacy coins) can't be accepted (at least for this moment) du to the many problems that can follow their adoption; I think if any country tends to recognize a cryptocurrency, it would choose a partially (or not) decentralized coin like ripple.

[Amr90 1064]

Taxes are one of the most important reasons because almost all the means used for dealing and trading are subject to some kind of taxes for the state, and the state is trying to make crypto one of its sources of income through its legislation and then imposing taxes on dealing with it.

[Abuhassan 89]

On 11/28/2020 at 3:25 AM, MoralStories said:

01. Intractable:-

As you can see the cryptocurrancy is not trackable that means the money is easy to use for illegal purpose and no one would be find guilty for that.

02. Tax Issues:-

As almost all the countries collect taxes on a lot of things including the salary and earning of a person so the government will not be able to collect taxes on the currency that is why It wouldn't be accepted.

What other reasons you can give ? 

Crypto currency is a new system that emerge it has to be careful looked in different dimension no doubt that it has it negative effect we shouldn't focus on it benefit at all times it that is the reason why most countries have not adopted it yet.

[mzk7736 1592]

Tax issues can be resolved by government when they cooperate with exchanges but anonymous transactions are real concern of the governments. Someday this problem will also be resolved.

[ABIR21 426]

There are many reasons for it.  I discuss some of them. 

It cannot control government. People can Cryptocurrency use cryptocurrency for their illegal purpose.  Because, it doesn’t provide any information for buying and selling . 

[Artugul78 91]

Cryptocurrency is an online currency. The reason why the governments of many countries do not accept it as a legal one is that through this cryptocurrency many people can commit many kinds of crimes by which they can promote smuggling drugs etc. so the governments of many countries are not able to accept it yet.

[scofield64 943]

You are right, cryptocurrencies cannot be accepted by countries because its can be used for illegal transactions and its cannot be traced. Cryptocurrencies cannot be accepted by countries because people will no longer save money in banks, they will prefer to invest in cryptocurrencies. 

[lharost 1526]

On 11/28/2020 at 5:55 AM, MoralStories said:

01. Intractable:-

02. Tax Issues:-

Those are simply excuses that were given by the governments and they're not the real issue.

 

The real problem of government with cryptocurrencies is that they eventually will replace banks and banks are one of the best sources of income for governments in the form various fee, loans and other services.

 

They are very well aware of the fact that if they just make using crypto totally legal they will have trouble controlling their people as they are right now as transactions would be almost totally untraceable using crypto and they just don't want to give away the control that they have right now while also having a very good income from their banks.

Edited December 19, 2020 by lharost

[annayks 2314]

But isn't it already accepted by many countries? All cryptocurrenices are legal in most of the world. Some can't be traced and these will be banned at a time when they are start to get used a lot, this is happening so far in South Korea. You are right though that governments want to know more and have taken measures to put KYC and ask from exchanges to have the source of crypto before they accept the deposits.

[Hasem3 192]

Cryptocurrency is the currency of the internet. It's great for me.  The governments of many countries do not accept it as legal because many people can use cryptocurrency to commit various forms of corruption through which they can create smuggling. Others try to scam the country through the net.

[cryptovlek 2597]

Especially for the tax issues it is being accepted as the income from tax in the countries that have many investors will be helping governments. It is taxed successfuly in the usa and more countries, The problem tracing transactions is for governments a big one and we see them today trying to attack privacy for everyone.

[percare 3192]

On 11/28/2020 at 4:25 AM, MoralStories said:

01. Intractable:-

As you can see the cryptocurrancy is not trackable that means the money is easy to use for illegal purpose and no one would be find guilty for that.

02. Tax Issues:-

As almost all the countries collect taxes on a lot of things including the salary and earning of a person so the government will not be able to collect taxes on the currency that is why It wouldn't be accepted.

What other reasons you can give ? 

1. You are right it is uncontrollable this is why the governments don't like it. China trying to have some shadow control as it has allowed mining and makes it look less decentralized than we believe. The West didn't ban the use of Bitcoin but they are also trying to put it under some control with regulations, paypal, grayscale and other ways that could tame it. Price keeps rising but the features of Bitcoin for these investors are lost completely, they are only investing and won't be using it.

2. The centralized exchanges have helped a lot governmets to tax the 90% and more from the traders and investors. There are some unregulated exchanges that are still used by many old miners and holders to keep selling at some times, but there is another fact. Investors get taxed very high when withdrawing profits to banks. Instead they don't get taxed as long as they don't sell to USD, so they keep holding. It was very bad decision to tax this way as the governments accidentally fell for the mistake to create holders instead of profit taking.

[Fixfin 2569]

I think that when discussing cryptocurrencies there is a clear distinction to be made between some cryptocurrencies and others, so never put everything together as by saying cryptocurrencies you have together Bitcoin, XRP, Tether and all the rest, while XRP is shown that it is dependend on SEC approval otherwise it can even be discontinued, Bitcoin is completely decentralized and SEC can't have any power over it.

[Sykkuno 2887]

I don't know what you mean friend, cryptocurrencies are accepted so far by more than half countries of the world, probably you have been told that most countries don't accept cryptocurrencies and have them illegal but this is false information spread by some media that have a purpose to stall the financial progress, crypto is accepted in most parts of the world.

[Ameralsamt 2558]

There are a lot of major obstacles and risks to the security of cryptocurrencies and encryption and this leads to continued rejection of cryptocurrencies, these problems must be resolved as soon as possible, so that encryption develops rapidly. 

[Sp19a1ma019 1076]

Dear first your issue is common and I also agree that it will be the part of the illegal transactions and not justified able but the Tex collecting is not issue on it. 

[Barbarellah 2225]

In particular I think that the main reason why most governments do not accept cryptocurrency is because they cannot have control over the economy of the citizens who obtain it, apart from avoiding fraudulent businesses and losses due to lack of taxes on the background of everything. It is that they will not be able to handle people's money as they please since it is no secret to anyone that corruption abounds in most government institutions and the money collected does not even reach the people.

[scorpiali 5626]

This a good questions that all want to know the real reason why all countries cannot accept the crypto currency majority say that he don't know the origin of this coins and they can't accept something that he don't know the origin 

[khan22 3478]

Because the crypto currencies owners will not pay the tax to the government and when they start to pay the tax to the governments then the crypto is legal in that country and peoples will use this easily.

[Saeed ur Rehman 112]

I am a member of the crypto talk organization so I don't know much about this fact that why countries can't accept crypto currency 

[Whited35 15285]

I think I have to make the counter comments to your OP. Let's get started 😉!

On 11/28/2020 at 8:10 AM, MoralStories said:

01. Intractable:-

As you can see the cryptocurrancy is not trackable that means the money is easy to use for illegal purpose and no one would be find guilty for that.

Your concept is wrong here. Cryptocurrency and the route followed by it can be genuinely traced as the the transaction records are there in the blockchain network and the transactions to do illegal activities are being tracked by the blockchain analysis companies. 

On 11/28/2020 at 8:10 AM, MoralStories said:

02. Tax Issues:-

As almost all the countries collect taxes on a lot of things including the salary and earning of a person so the government will not be able to collect taxes on the currency that is why It wouldn't be accepted.

Again, TAX can  be paid even by using cryptocurrencies. Some countries like South Korea, have successfully tested it. 

[Jromz 2158]

I think acceptance of cryptocurrencies comes from the people not from governments. All reasons you've listed could be addressed within a big regulatory framework, which may possibly be the case for some countries in the near future. This means that even though governments may not overly promote the acceptance of cryptocurrencies, they should at least set some rules for people to follow when dealing with cryptocurrencies.

Edited January 3, 2021 by Jromz
typo

[m7md 0]

Despite the great benefits of cryptocurrencies, its features of centralization, anonymity and confidentiality enable bad people to use them for illegal purposes, so updates must be legislated to prevent the use of currencies for illegal purposes

[milyapsak0901 693]

I don't agree with the first one but i agree the second one. Yes crypto will make it harder to taking taxes ,and that's why most countries don't want to use crypto because of this, but i don't thik crypto is untrackable. There are big regulations and if they can use crypto efficiently there will be no trackable problems. Think like that, if some criminal send some money to another criminal we can see their address and we can understand where is the money. I think it's better and it can be develop.