Crypto & Third worlds, when laws can not be enforced 💀💀

[selfmade 7]

3 hours ago, Merry Cherry said:

If we will try to work in a good way Third world will also get attracts and they can also get benefit from this. We should also force our government so they can also get benefit but i think they are just afraid of losing  or they are not ready to face the circumstances.

There is a very little chance for the governments to benefits from crypto unless they find a way to control it, in which some countries have found a ways to control crypto but still not that effective.

[kaliphatesani 111]

Governments all around the world can choose to do the same thing. There are so many governments that don't like crypto and so would not regulate it. However some countries might let their people make use of it because of extreme poverty and some will be able to take tax from it so it will also serve as a source of revenue for them.

[Guru2050 8284]

When good, effective working idea evolve, must be confronted with several challenges pending on the time flows of understanding clear the routes. My perspective regarding the adoption approach and decisions taken by some underdeveloped, developing countries is time. With undiluted believe Crypto shall dominate the whole world

[selfmade 7]

2 hours ago, kaliphatesani said:

Governments all around the world can choose to do the same thing. There are so many governments that don't like crypto and so would not regulate it. However some countries might let their people make use of it because of extreme poverty and some will be able to take tax from it so it will also serve as a source of revenue for them.

But on the countries that have absolute poverty it is even more risk to regulate and allow the use of cryptocurrencies, it would greatly drop the economy.

[selfmade 7]

20 hours ago, youseff55445544 said:

Yes, you are right, the most important advantage of cryptocurrency is that it cannot be controlled by any party, so I think it cannot be taxed.

I think that has changed with the coming of centralized coins and centralized exchanges so we have everything to worry about taxation.

[Froshk 1828]

It surprises me that's there are some countries of the world that still enforces laws and reforms on cryptocurrency not knowing that this is the future of the world financial sector

[Goyaa 2414]

Demand for taxes continuously shows that a country is short of money to run a country, without taxes the country will not survive. Currently the use of cryptocurrency continues to increase worldwide, this does not benefit the government because with cryptocurrency the government cannot collect taxes or have savings in banks, because all money is in cryptocurrency. That means the government can't borrow money from its people because everyone doesn't own fiat money, mostly using crypto. I think it's hard to survive if everyone is using or storing their money in crypto.

[Tawhid Ripon 02 67]

If everything is done correctly, third world countries can also benefit from crypto. Governments in third world countries should also focus on increasing manpower with blockchain efficiency. Please note that if used properly, it is possible to collect taxes using cryptocurrency.

[selfmade 7]

On 3/1/2021 at 11:15 PM, Froshk said:

It surprises me that's there are some countries of the world that still enforces laws and reforms on cryptocurrency not knowing that this is the future of the world financial sector

It is not like they do not know that cryptocurrencies are the future of the financial world, they do but they are not ready for it yet, they are just trying to buy sometime.

[selfmade 7]

6 minutes ago, Whotao? said:

Cryptocurrency and third world countries go hand in hand. Since their economy is just developing, crypto would not have a hard time getting into their daily lives, plus its helping their citizens as well

You are right, but crypto helps individuals to get money and at the same time it helps them escaping taxes, so while it is good for the people it is bad for the government.

[Froshk 1828]

22 hours ago, selfmade said:

It is not like they do not know that cryptocurrencies are the future of the financial world, they do but they are not ready for it yet, they are just trying to buy sometime.

I think mostly it's because of perceptions and lack of professional insight into the matters of cryptocurrencies if he can look into the advantages of East currencies I believe they will reep more than any other sector

[basel23 1722]

I agree with you, cryptocurrencies may pose a great risk to third world countries because cryptocurrencies may be used to evade taxes, but I think that poor countries should start accepting cryptocurrencies with conditions for their use, then they may be able to avoid this problem

[Stiffen white 827]

 Cryptocurrency have value in third world countries, because with this they can mange thier earnings source and can increase thier profit.  But if government take out some tex it good ,because with this thing help to sort out the matter of people of country and development would increase with the use of cryptocurrency and blockchain technology.  So i think it need to use in third world as tax rate.

[Pereira 2303]

Most likely, all countries in the world use cryptocurrencies to collect their taxes to maintain the government and the entire country by themselves, so it should be taken into account that the Netherlands is much more difficult in the cryptographic world, but over time in the cryptographic world they will not care when their country enters, since they will live from negotiations on the internet and investments in the cryptographic area.

[kryptonick 2659]

On 2/4/2021 at 2:53 PM, selfmade said:

South Africa is not a third world country but see how they panic with so many people been using crypto and thus they government does not get much tax from such user.

This happens in all countries that lack infrastructure and institutions to monitor the technology trends. It is common tactic to panic and ban, when a new technology invades and tries to disrupt the system in balance. The lack of a framework to embrace and support innovation is a big problem in most of the world. Even in the USA I remember the initial P2P file sharing networks being accused of copyright infringement and banned all over the world. The internet was giving to the world a kind of freedom never seen before, but governments instead of adopting and regulating, decided to ban, until the entertainment networks, ten years later managed to reach to a level of using the internet as they should. Instead of banning, adoption is always the best choice, however there will always be deaf ears and strong opposition to progress.

[Samer1997 715]

In fact, I believe that this field is a savior for every person or company or even a developing and economically weak country, if the third world countries or poor countries exploit the field of cryptocurrencies for their benefit, they will achieve great profits and improve their economic situation, but it requires some flexibility from governments and confidence In this field