Why some governments are against cryptocurrency.

[marcusfe]

Cryptocurrency is a development and digital currency designed to carry out normal financial transactions online. It is called digital currency because it's virtual and not the currency you see or hold in your hand. Every operation about it is carried out online.
Some government of several countries in the world do not support this development in financial sector. The question is why are they against the innovative technology even with all the benefits brought to humankinds?
I'm of the opinion that many reasons responsible for their action towards the evolution of this digital currency. The first is that if generally allowed for transactions it might withdraw the financial autonomy from the government since the regulation and control will not longer be in their hands.

Another reason is security. Cryptocurrency is designed to be untraceable and anonymous which makes it difficult or absolutely impossible for any governmental agency to track or monitor its flow. If any cryptocurrency is used to perform criminal act, it might be impossible to track the operation to the culprit.

 

[Jonaville]

To be honest I don't think the government can adopt the use of cryptocurrencies in transaction. This is because if they place too much emphasis all the digital currency, it will have a negative effect on the country's local currency. This means that their local currency will spiral down in value to the point where it will be almost useless. No country would want that, so it is understandable that they neglect any form of digital coins.
You can't exactly blame them, they too must have weighed the advantages and disadvantages operating on cryptocurrencies will have on their local currency, hence the avoidance.

 

[Deleted member 28127]

Most of countries doesn't allow normal citizens to transfer money to foreign country without central bank authorization so that result any kind of internet international transaction is prohibited.

 

[btaliat]

There are many reasons why various government ban the usage of cryptocurrencies. Although the goal of cryptocurrencies is to break the dominance of government in dictating and monopolising how fiat currency would be managed. Government fail to acknowledge the essence of cryptocurrencies because of its secrecy in transactions. You can not trace any transaction on cryptocurrencies. And all, government won't benefit from the activites on cryptocurrencies. The users cannot be taxed since they are not even known. Besides, cryptocurrencies is prone to online hacking and scamming. Majority of the people who are illiterate can easily be scammed.

 

[Deleted member 28127]

There are many reasons why various government ban the usage of cryptocurrencies. Although the goal of cryptocurrencies is to break the dominance of government in dictating and monopolising how fiat currency would be managed. Government fail to acknowledge the essence of cryptocurrencies because of its secrecy in transactions. You can not trace any transaction on cryptocurrencies. And all, government won't benefit from the activites on cryptocurrencies. The users cannot be taxed since they are not even known. Besides, cryptocurrencies is prone to online hacking and scamming. Majority of the people who are illiterate can easily be scammed.

It is lack of regularisation that people are not tax payer for internet earning in most of countries but may be one day the laws changes and people can be tax payer in every country so it is the law issues so country decision is to prohibit crypto jobs.