We know that cryptocurrencies are so good, so why are so many governments don’t like it?

[Lubruselu 2803]

Just now, Partho Das said:

I don't know...I am just confused 😪😪😪

You don't need to be confused on that, the only thing that's you have to do is to continue to use crypto if you are interested, don't look governments

[Great Commander 659]

Gaining administrative control on crypto market is what the government afraid of. They can't change or manipulate the value and thus inclusive income will not be possible. 

[Hatred 1388]

I think its because they afraid that crypto will replace fiat. They afraid of that to happen because they know they can't manipulate its value just like they do on fiat.

[Hendy1 370]

Yes fiat currency or gold is not far from the word tax. Yes the government can do that because they are not at risk. What if the crypto is taxed what happens to the government which means whether the public will receive a risk tax. Because of that the government hasn't said officially. for crypto. but some countries have adopted to improve employment systems.

[Robot 93]

Actually our government doesn't accept cryptotalk. But our country most of the people work in this forum and earn more money

[NIVLEM 172]

The main reason is that lack of central authority or middlemen. Because it is decentralized doing payment transaction are peer to peer, means person to person. Therefore people skip payment for taxes in doing their p2p payment.

[PiroSense 2681]

Tax isn't always bad. It's required by the government to continue their operations. Without it, government agencies that help maintain order within a country would simply not work because no one would want to volunteer to work for the government without payment.

[Imaankhan 208]

On 10/9/2019 at 8:01 AM, Muneeb said:

The main problem of the Givernaments is that peoples transfer the coins and pay low tax to just the exchange not to banks that the main reason and peoples safe their taxes from Governaments and governaments are in loss because their profit value of taxes will not be incresed. Thats why they don,t like the crypto.

Yes i agree with you government has its own rules and policies to earn from the taxes paid by the people and if people would get alternate way for not paying taxes then it is obvious government would not allow that activity to happen in their country.

[Hydroiix 63]

Well the thing with all the governments around the world is that they think crypto-currency is only made for illegal purpose due to the Darknet as its known as the illegal place were peoples shop with crypto in there.

[BTC Future 3946]

Governments around the world see cryptocurrencies as a threat to their national currency and in extend as a threat to their control over the populations. Controlling money supply with changing the interest rates which banks are lending and printing new money into circulation are weapons for the government to combat trade deficiencies and inflation. Governments also control banks and do not provide basic financial freedom to their citizens as they are not able to sent money anytime, anywhere in the world. Unlike Bitcoin and crypto, where transactions take place in a few minutes and you can actually sent any ammount anywhere in the world for a really small fee. 

[Nayem Hasan 57]

This is not a tax income for the government.  But the government wants taxes.  Which is why the government does not allow it.

[Mashiur 77]

Actually I think most of the terrorists used crypto currency. I think for this reason government doesn't accept it.

[ram007 391]

it is good for us because we make money from it but government find this as a threat to our national currencies and they are afraid that due to p2p transaction crypto can be use in crime such as fraud,or money laundering.

[Cryptotakl1 0]

The main problem of the government is that people transfer the coins and no more taxes collection ,no any medium of getting money from the public .

[Rstunirk 151]

because the outlay of crypto that know how to not be prohibited as it is decentralized and fluctuating. for that wisdom the control is quiet bearing in mind this.
 

[Muskan7816 175]

Yes it is good for us but it is a great threat to the governments of different countries because if they allow it to be used then their center will be gone.

[Raouf99 73]

On 10/9/2019 at 7:52 AM, phabulu said:

If people use bitcoins, instead of the state currency, the government can not “tax” them or give a “value” through the inflation “tax”

 

The key to its success is something called the blockchain. The blockchain is a means of solving the double-spending problem: which is that because the currency is digital it is open to being copied and spent more than once – something banks stop with physical currency.

However, the blockchain acts as a digital ledger, whereby every single transaction (called a block) is securely linked together using cryptography and encryption. It’s verifiable, available to everyone who owns Bitcoin and is immune to fraud and hacking – unlike centralised banks.

It enables one digital wallet (that can be stored on a phone) to directly connect with another securely and process a transaction.

If virtual currencies are so good, why are so many governments with the flea behind their ears? The Chinese government is embarking on a crusade against bitcoin. In India, the situation is not much different. There are other examples. Because?

The potential benefits of crypto-coins are real. Governments around the world are full of debt. Many of them will hardly be paid. Brazil( My country) is not an isolated case. Europe has a very serious social security problem. Governments promised worlds and funds. But their populations are aging. And, at the same time, fertility is falling. The account will not close.

governments can issue money directly. They can finance their debt with monetary printing. It’s a default of a different kind. The trick is inflation. Today, you have $ 100 in your wallet. With that money, buy ten packets of a wafer. If the price of the wafer package doubles, you will still have $ 100 in the wallet. But your buying power will fall by half.

What if you have a government debt bond instead of a $ 100 bill (or deposit)? In developed countries, government debt is not indexed. So inflation works, solve the problem of the Treasury.

But in others (as in Brazil), there may be indexation. Then the government bond will pay inflation for the period + x%. How to pay off this debt? It is only passing a law changing the rule of correction of the titles. Or make a compulsory loan. Or freeze deposits. Or make a board. There will always be a cunning economist and a good talk advocate to wrap the fish. And it’s not just in Brazil!

This is where the magic of cryptos begins to function. If people use bitcoins, instead of the state currency, the government can not “tax” them or give a “default” through the inflation “tax”. State tricks do not work with bitcoin.

The full post is available on my website:

http://mundodascriptos.online/index.php/2019/08/28/we-know-that-cryptocurrencies-are-so-good-so-why-are-so-many-governments-dont-like-it/

 

Do not forget the rules for creating topics (topics begin with a capital letter)
Moderator Desais👮‍♂️

 

Yes because they have not control on the bitcoin. And people are spamming their money to the bitcoin. So they are banning this.

[Gg233 1061]

If the government introduced to the people crypto currency then it will effect to the economy of banking because many will choose to buy coin and also they don’t have skill to create secure exchange.

[mskhatri24 299]

I think the main reason behind so many government don't like cryptocurrency because it is not a centralize system and if people lose their crypto due to some cause, then nobody take responsibility like centralize system like bank, which may cause some kind of disturbance in economy of country also.

[Amir YT 202]

On 10/9/2019 at 8:52 AM, phabulu said:

If people use bitcoins, instead of the state currency, the government can not “tax” them or give a “value” through the inflation “tax”

 

The key to its success is something called the blockchain. The blockchain is a means of solving the double-spending problem: which is that because the currency is digital it is open to being copied and spent more than once – something banks stop with physical currency.

However, the blockchain acts as a digital ledger, whereby every single transaction (called a block) is securely linked together using cryptography and encryption. It’s verifiable, available to everyone who owns Bitcoin and is immune to fraud and hacking – unlike centralised banks.

It enables one digital wallet (that can be stored on a phone) to directly connect with another securely and process a transaction.

If virtual currencies are so good, why are so many governments with the flea behind their ears? The Chinese government is embarking on a crusade against bitcoin. In India, the situation is not much different. There are other examples. Because?

The potential benefits of crypto-coins are real. Governments around the world are full of debt. Many of them will hardly be paid. Brazil( My country) is not an isolated case. Europe has a very serious social security problem. Governments promised worlds and funds. But their populations are aging. And, at the same time, fertility is falling. The account will not close.

governments can issue money directly. They can finance their debt with monetary printing. It’s a default of a different kind. The trick is inflation. Today, you have $ 100 in your wallet. With that money, buy ten packets of a wafer. If the price of the wafer package doubles, you will still have $ 100 in the wallet. But your buying power will fall by half.

What if you have a government debt bond instead of a $ 100 bill (or deposit)? In developed countries, government debt is not indexed. So inflation works, solve the problem of the Treasury.

But in others (as in Brazil), there may be indexation. Then the government bond will pay inflation for the period + x%. How to pay off this debt? It is only passing a law changing the rule of correction of the titles. Or make a compulsory loan. Or freeze deposits. Or make a board. There will always be a cunning economist and a good talk advocate to wrap the fish. And it’s not just in Brazil!

This is where the magic of cryptos begins to function. If people use bitcoins, instead of the state currency, the government can not “tax” them or give a “default” through the inflation “tax”. State tricks do not work with bitcoin.

The full post is available on my website:

http://mundodascriptos.online/index.php/2019/08/28/we-know-that-cryptocurrencies-are-so-good-so-why-are-so-many-governments-dont-like-it/

 

Do not forget the rules for creating topics (topics begin with a capital letter)
Moderator Desais👮‍♂️

 

There are some reasons that's why many government like crypto. In the black world maximum time use bitcoin for it's anonymous transaction. Also any countries fund can easily send through bitcoin.

[fatima123 320]

Although many investors of all world's are working on crypto market but almost ninety percent world countries not accepted this market may be due to no taxes on this market. 

[Ceaser 2]

Because no one be able to rule cryptocurrency consequently the administration does not like cryptocurrency as an investment

 

[Romaan1987 601]

The governments are actually afraid of bitcoin although the crypto currencies have greater value and benefits for governments too as well as general public. The bigger fear for governments is money laundering problem and the use of crypto currencies in the darkworld is also a major fear for the governments which can not be stopped easily.

[Nayan deka 317]

Because cryptocurrency users can pass the tax imposition and cryptocurrency is mainly or illegal activities, so  i think that's why government is not legalizing them as of now.

[Sasaki 171]

Yes cryptocurrency is good but we can't push the governments to adopt it, they afraid of it because it is decentralized and as we know governments want to control the flow of money so they just can't do it because crypto no one can control it.