Photo Credit: AOL website
Over the past few months, government across the globe have been clamoring for a global regulation of bitcoin and its brothers. The simple truth is, it will be hard for most government to accept the use of bitcoin and other cryptocurrencies. Lets begin the analysis to see why government of most countries won’t accept bitcoin and other cryptos with open arms.
Most of the people running the government of various countries have little knowledge or know next to nothing about how crypto works. This reason alone have made it impossible for them to accept the use of cryptocurrency. in Nigeria for example, bitcoin and its brothers have been labeled as ponzi scheme but according to blockchain, cryptocurrency are like digital currencies that makes online transactions faster, safer and more convenient. The primary purpose of a government is to protect its citizens from harms way and no government in its right senses will openly accept what they think will harm its citizens.
Another reason why most countries won’t accept bitcoin is that the government are not in control of its operations. In other for the economy of a country to be stabilized, its important that the government have a good measure of control over the flow of money. But the introduction and acceptance of bitcoin and other cryptocurrencies threatens this. This is true because the operations of bitcoin and other cryptocurrencies are not monitored by the government or any well known registered financial body.
If cryptocurrency is accepted by most countries, some persons will easily avoid tax payment or even pay less tax. The monetary worth of some persons can’t be known as they may have cryptocurrency worth billions stacked up in their wallets. These are some of the reasons why government can’t just accept bitcoin and its brothers with open arms. Until there is a regulation that check mates these loop holes, until government have a reasonable measure of control over bitcoin and its brothers there won’t be peace for bitcoin and other cryptocurrencies.
While some expert have said that it is practically impossible for government to shut down bitcoin and other cyrptocurrencies, it does not take away the fact that government can bring down the value of bitcoin and its brothers. Do you think it is possible for government to have a measure of control of cryptocurrency? is it even a good idea for government to have control of crypto transactions? Leave us your opinion via your comments below. Don’t forget to subscribe to our newsletter for latest updates, follow us on Twitter/Instagram “@mntrendsblog”. Like our Facebook Page “Mntrends Blog” for latest updates.