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

[rianpedia 816]

On 3/12/2020 at 3:37 PM, Lover840 said:

Hello my dear friend. In my opinion it is because government think that adopting crypto currency will have a bad impact on their countries economical growth. There are various other reason. 

I think it will also reduce the value of fiat currencies which should have a different comparison. then the country's currency will be low and crypto above it.

[Dark_Sky 8489]

Because there are other people who do illegal things by the use of cryptocurrenies such as scamming, illegal gambling and false transaction.  

Also it has an impact in the world that can affect the government. 

[nickoman987 1040]

Everything is very simple, think for yourself. Cryptocurrency is a decentralized application, that is, it cannot be tracked and it is anonymous. The authorities simply will not be able to charge you taxes because they do not know how much you have earned. Also, cryptocurrencies are used on the darknet, buying drugs, weapons, etc.

[magd 5231]

Regardless of the taxes that you mentioned as one of the reasons governments refuse cryptocurrencies, there is another important and important reason too, which is illegal behavior and buying and selling operations in the dark web that is done through cryptocurrencies and is impossible to detect by governments.

[Upright 2688]

Some government dislike crypto, specifically In many diverse and tend to follow constitutional when have to label then as illegal. As you can take for the example of it being such anonymous to know the knower of a coin or even from where it might have being sent, as government want to know how money flows in and of their countries

[Hanan951 841]

I think they can't let that happen the taxes is qn important thing to make alot of update about n the countries in general and that will lead to a crisis. that is my opinion.

[Ali_hmwi 966]

On 10/9/2019 at 5:52 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👮‍♂️

 

Government to n general try to use the people to build and help with the taxes I know taxes is not that good but alot of country need to put that as a way to development in their streets .

[deepown 0]

21 hours ago, Sual Mustapha said:

Because most of them are afraid that they couldn't control it and if they can't control it, they definitely won't legalise it. Government are usually afraid of what they can't control. 

Apart from control, they also fear they cannot get taxes from it so it would be worse, when everyone ditch local currencies to use crypto.

[Amir Vao 341]

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👮‍♂️

 

Many government don't like it because of it's disadvantages. For using crypto government won't get tax from it. Also it's anonymous and anyone can use it as illegal activities.

[Laboni 755]

We all know that cryptocurrencies are good but the reason the government dislikes it is that the government does not receive any subsidies and taxes from now on. It's not under anyone's control. Everyone can do whatever they want and no one has to pay anything. That is why the government does not support it.

[Syed Al Mamun 876]

All governments of world believe the Crypto currency is so good and popular in the world with us, but there are many reasons behind don't accepting the Crypto currency like money laundering, tax evasion etc.

[Zaino34 0]

Governments strive to fight cryptography because it depends on decentralization and does not depend on banks. If people use cryptography, this will affect the economy and currencies of these governments, so it always strives to fight cryptography.

[Cammer 4609]

On 10/9/2019 at 5:52 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👮‍♂️

 

Your discussion is very clever about this subject. So in short terms, the main reason is that crypto currencies transactions are untraceable, so the governments will not use it, done. 

[ComeBackIsrael 185]

Because governments do not know how to control these cryptocurrencies , since they cannot be classified as a normal virtual currency, therefore they cannot make an unambiguous law that will tax profits with cryptocurrency.

[Ms.o 3322]

Indeed, crypto are just good source of income where in we can take advantage of its volatility,but in legality,crypto are being abused by many and used it for such crimes. That's why government are still against it.

[Dark_Sky 8489]

On 3/20/2020 at 2:34 PM, George10 said:

The cryptocurrency is good yes but the reason why some of the governments doesn't what to use them its because they can not control it like fiat and that makes them impossible to collect taxes from its users and in this way it can also affect the economy because taxes are used to balance up the economy of the country and its vital to collect them.

That's right and maybe when they approved that some will abuse the use and maybe some crime would be develop just like hacking and scamming to earn more.