Ask Leo: why are the governments against the adoption of crypto currency?
Crypto currency is a digital currency that can be send between two people without the knowledge of another third-party which means users can made different transactions without the aid of any financial institutions, banks or government body. Despite the outcome, a lots of people have adopted crypto currency as a feasible financial process.
Various ascending economies with the majority of advanced countries proclaimed crypto currency is valid. Even though, there are still some countries like Vietnam and most especially my country Nigeria that have prohibit the utilization of crypto currency and also China which happens to be one of the advanced countries has also forbid crypto currencies. And from these angle, let's look at the reasons why most countries are against adoption of crypto currency.
Reasons why governments are against crypto currency adoption.
Various countries are against crypto currency adoption because they believe that it can be a menaces to their jurisdiction, while some are agitated that it can be used for criminal motive and some fallacious scheme.
The first major reason why governments are against the adoption of crypto currency is because they believe that they won't have authority over it's adoption due to decentralization. Governments have the strength to be in charge of accustomed currencies like Dollars, Euros, Naira etc and track the movement of money including the fraudulent activities carried out with fiat money. This command over the currency allow the government authority to impact the economy, generate monetary blueprint and so on. But with the adoption of crypto currency, the government will lose authority over the currency system due to decentralization because crypto currency fundamental technology don't allow any central administrations for any agreement or negotiation.
The second reasons is that, governments are concerned about the crimes that will be involved in crypto adoption especially due to decentralization and obscurity, a lots of criminals are using crypto currency as a feasible scheme for an unlawful activities.
Another major reason why some governments are against crypto currency adoption is due to the tax treatment which is quite complex. Since crypto currency work through Blockchain technology, a decentralized network to be precise, the government finds it so complicated to scheme the fiscal policy and tax rules.
Another reason is that they see crypto currency as a threat to operation of central banks. Since governments are the one in charge of country's finance and economy with the aids of central banks. Since crypto currency has come to limelight, mani financial institutions have lost their line of work, which in the long run a loss to the government.
IN CONLUSION
No one really knows may be the whole world will fully adopted crypto currency, but looking at the percentage of people in the crypto currency extent means that it can disturb the current financial system in the future.
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Watch out for the human traffickers at hivefest. You wont know it until its too late. STAY AWAY! Beware, traffickers can be women or men! They will act nice until they dont. There is human trafficking going on around this type of crypto. I have witnessed it. They literally have attempted my murder and are trying to kill me with V2K and RNM. Five years this has been happening to me, it started here, around people that are still here. Homeland security has done nothing at all, they are not here to protect us. Dont we pay them to stop shit like this? The NSA, CIA, FBI, DHS, Police and our Government has done nothing. Just like they did with the Havana Syndrome, nothing. Patriot Act my ass. The American government is completely incompetent. The NSA should be taken over by the military and contained Immediately for investigation. I bet we can get to the sources of V2K and RNM then. https://ecency.com/fyrstikken/@fairandbalanced/i-am-the-only-motherfucker-on-the-internet-pointing-to-a-direct-source-for-voice-to-skull-electronic-terrorism ..... https://ecency.com/gangstalking/@acousticpulses/electronic-terrorism-and-gaslighting--if-you-downvote-this-post-you-are-part-of-the-problem if you run into one of them you may want to immediately shoot them in the face. 187, annihilate, asphyxiate, assassinate, behead, bleed, bludgeon, boil, bomb, bone, burn, bury, butcher, cap, casket, choke, chop, club, crucify, crush, curb, decapitate, decimate, deflesh, demolish, destroy, devein, disembowel, dismember, drown, electrocute, eliminate, end, euthanize, eviscerate, execute, explode, exterminate, extinguish, finish, fry, grind, guillotine, gut, hack, hang, hit, ice, implode, incinerate, kill, liquidate, lynch, massacre, maul, microwave, mutilate, neutralize, obliterate, off, pop, poison, punnish, quarter, ruin, shank, shock, shoot, shred, skin, slay, slaughter, smoke, smother, snipe, snuff, squish, stab, strangle, stone, suffocate, suicide, SWAT, swing, terminate, torture, terrorize, whack, waste, wreck. You better fucking kill me.
Government wat to be in charge of all transactions and regulates the inflow and out flow of every payment of each citizens but there are ways in which they can do this without restrictions,yes there people who carry out frudulent act through crypto but this is not enough to restrict people from Cryptocurrency
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They are trying to prevent everyone from gaining freedom to monetary policy which is their own greediness. But crypto currency will be fully adopted sooner or later
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Governments oppose cryptocurrencies (and the adoption of cryptocurrencies), because they resent anything that can escape their gaze and control. Governments claim that they want to control cryptos to prevent money laundering and the actions of people who want to use cryptocurrencies for criminal purposes, but they know very well that fiat money (which they themselves issue), is what is used more for such purposes. In fact, if we talk about percentages, governments are well aware of the fact that fiat money is used by the criminals in more than 95% of cases for such criminal purposes.
So who are they kidding? All this tells us is that governments just want their piece of the cake from crypto, so they want and need to control it and then limit it and limit those who use it, just as they limit and restrict those who use fiat money. Governments want to tax the use of cryptocurrencies with taxes, without understanding that part of the attraction of cryptocurrencies is precisely being able to transfer without mediation, obstacles, or absurd taxes. Unfortunately for them, they will not be able against crypto due to its nature that, despite time, they still do not fully understand (at least the majority of governments do not understand it yet).
Of course, there are also some governments understanding that they will not be able to limit or regulate cryptocurrencies, so they simply prohibit them by making them "illegal" according to their specific legal frameworks, but they will not be successful in this task either, because as I always say, people use cryptocurrencies despite the governments, not thanks to the governments.
Therefore at the end of the day, and despite all their efforts, all governments will fail to try to control, limit and / or ban cryptocurrencies, because crypto is here to stay, and that is a reality.
Good post. Thanks for sharing. Greetings.
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The real reason why they are against the adoption of crypto currency is because of the loss of authority. So since, the adoption couldn't really be in to their advantage they are against it which is their own greediness but I still believe that crypto currency will surely be fully adopted in the long run no matter what the government do or not. Thanks for stopping by.
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I respect your opinion, but I personally believe, as I already said, that the desire of governments to maintain authority and control over cryptocurrencies is intrinsically linked to the desire to get "their piece of the pie". But I also think full adoption, as you rightly said, will come in the bull run, no matter what governments do or don't do. Greetings.
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Whether its traditional or digital Currencies, most people will always find a way to commit crimes with them. So, the government have no good reason to ban crypto except the fact that ownership/structure has been transferred from them to the people.
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All this are not enough reasons to forbid crypto currency but since they won't have authority over it, and also have their own piece of the pie just like @piensocrates said then they prefer to banned it
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Human beings have had the same problem from the beginning of our existence... We always want to have CONTROL over other species, or over weaker humans... It's the same with crypto, if you can't control it, it's your enemy!
Great discussion in the comment section!
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Thanks so much for selecting my post and I really appreciate your comment and how sum it up.
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