There are many reasons why many of the countries of the world have not accepted Cryptocurrency as legal. But one of the major reasons is that the Government is not ready to accept bitcoin or Cryptocurrency as a legal asset. Whereas some of the countries have gladly accepted the Cryptocurrency, and they have also not taxed it. But on the other hand, some of the countries have not liked the use of Cryptocurrency, and they have denied use of it in public.
Today I will tell you why many of the governments do not like Cryptocurrency; hence I will tell you why the Government is so likely determined to not like Cryptocurrency anymore.
What Does the Government Want?
The Government wants to control all the currency like it controls the fiat currency. The Government uses the Central bank to use and ban any currency. This is what the new digital currency would prevent; the Government will not be able to make the decision of their choice. The Government decides the role and the characteristics of the fiat currency, whereas the digital currency is already set with its own rule, and it can not be changed just like that.
The kind of control the Government has on the fiat currency does not remain the same as the currency which is digitally bought out.
This is something highly important, like supper important. The role of any currency plays a pivotal role in society and in the economy. The Government has the whole control over the money, deciding how much of the money would circulate in the economy. This is fairly not possible that the digital currency can be managed in the same manner. Hence the Government really does not want it to be on board in most of the countries across the world.
However, if you are looking for some genuine information, then you better visit trustpedia and look for the details about it. But here I will present to you some more causes why the Government will tell you not to adopt Cryptocurrency. The major cause is that they fear the loss that they are going to face.
Cyber Crime could be another great danger, possibly because the Government is afraid that they would not be able to control the cybercrime that is going to come on their way. Virtual currencies are available online, and anything that is online is worth being stolen, which also means that the internet is not a safe place and especially for money or any currency for that matter. There is a lot of illegal activity widely active in the dark web net, but they can not be treated altogether. The illegal activity will go on, and that can not be stopped, while on the other hand, the digital currency is really important. Hence it is worth that you take some risk even if the Government is against it.
The Business Overturns
There is a hell lot of various business that happens around the world in the name of private banks, but with the initiation of the virtual currency, the business would overturn. The digital currency does not need any bank, which means that the entire story of using banks and operating banks in a state would be demolished if the virtual currencies are accepted. This would drag in a loss for the Government in not anyone else; hence the Government does not want to do that to themselves.
This is precisely why the Government does not want this setback, so in other words, it does not want the virtual currency to be a success.
However much the Government wants, but if you want to use it and the entire world wants to use it, then it will not be able to end this digital currency. When all the citizens begin to use it, by hook or by crook, the Government will have to accept it.