Question Why have some governments not accepted cryptocurrency?

[Kennysplash]

Over the course of time since 2009 when the first cryptocurrency blockchain was launched which was Bitcoin, the world has been very slow in fully embracing digital currency. Though we can say that there have been an improvement in people's acceptance and investment in cryptocurrency.

But this doesn't take away the portion of the world, especially governments that still refuses to accept and approve the use of cryptocurrency in any kind for transaction in their country.

What do you think are the reasons?

 

[Blueflame]

A major reason for this is the fear that cryptocurrency can have a negative impact on the country's native currency, maybe causing it to lose value.

 

[Sara]

I don't really know their reasons but from my own reasoning, they are afraid that it will bring about money laundering and terrorist financing, scams and phishing with cyber security risks that's flying all over the world which will bring about hacking and cyber attacks.

 

[Kennysplash]

But is that really the case. Take Elsavador for example. The President bought a lot of Bitcoin when it was very low and now they are in huge profits.

A major reason for this is the fear that cryptocurrency can have a negative impact on the country's native currency, maybe causing it to lose value.