True tho , but I wish they show less concern ,they have forgotten that the creation of centralised crypto currency won't stop the development of crypto currency in the country ,they might just only try to stop or lower the use of crypto currency ,many would still trade despite that because that's the only form of employment they have
The government actually can do something and about it , but they don't know how the people reaction may turn out because of the love many have for cryptocurrency and how it have been really helping lot of people and generating employment benefit for the masses , this is why government have to consider at firstly
Some government really hated the use of it , because if the Chinese government loves the use of crypto currency they would not have think of banning crypto currency, but since they want the digital currency yuan to prevail over crypto currency that is the reason they make that move of banning too
It wouldn't even work well , because the trend of dollar with some local currency have not been good , dollar have always prevail over them , the best thing is for the government to make sure they fix their currency first , because no one would love to hold the local currency due to devaluation I can't even do that
Yes exactly my points.... Because there won't be volatility with their coin, it's going to be strongly manipulated to their own favour. If anyone invests in this kind of coin it won't worth anything as it would be useless as naira, unless it follows the value trend of dollar, which I doubt quiet well.
They have forgotten that once the make the coin popular and ban crypto currency , it will draw people interest into crypto and many would want to know about it and the reason they banned it , not sure if people are going to adopt their centralised Currency like that since people are most focus on crypto that could fetch them profit and not stable coin they are creating
This action may even pave the way for the successfulness of Bitcoin, when they finally created their Centralized bank digital currency, which I read somewhere that the launching will take place around October. Most people are not aware of what cryptocurrencies are before, when they launch this coin people will become aware and when they see how static and useless their coin is, people will switch to Bitcoin.
There is no lie about this and no crypto users is oblivious of this. That's why many crypto users are not fallen for this trick. There is no excuse that government has given that crypto users have accepted. Even the issue of not eco friendly has been faulted. If it is not eco-friendly, why government still wants to involve in it afterall, they will also be mining.
Sometimes I fear for the future of Bitcoin and the rest of the other cryptocurrencies because of lack of government support. I think this is the major reason why cryptocurrency has not been rising to it's fullest in recent times, if several government support it, the price of cryptocurrencies will reach another all time high.
Cryptocurrency is decentralized only their own can be centralized. However, you are not wrong when you said, the government are lying when they claimed people uses crypto for illegal transactions, I concur they are just trying to divert people's attention from cryptocurrencies and bring people to accept their centralized digital currency.
I hope they show less concern as you have proclaimed. But with the rate at which the ban is coming from most countries governments this days, and you still think they are not going to be showing more concerns. If government can be pushed by cryptocurrencies to create their own centralized digital currency, I don't think they will be less concerned.
