This might be the cause of dropping its value , i also read about the banning of bitcoin ni korea particular in south korea if im not mistaken , the only thing that bothers me is that why they are banning this such thing wherein i cant see any illegal here that can make their economy to fluctuate .
The phenomenon that happened in South Korea reflects the current situation of France, meaning, they will be strict in terms of its transactions due to possible abuse of its nature. Similarly, both countries see bitcoin as something that can be potentially abused by individuals in order to avoid paying taxes (which depends on the laws per country regarding its imposition of tax in cryptocurrencies, if any), to use its anonymity factor for illegal transactions or for money laundering.
Any country that tries to stop innovation will have a much harder time ahead that those who embrace change and are able to create an ecosystem for their economy to grow.
I very much agree on this!
It will be the loss to France if they will make that order effective.
In the first place, there is nothing wrong with bitcoin or any crypto currencies. It actually offers opportunity for its people but it is very obvious. That they don't want to bite for their future success.
Every innovative idea has its implications in the system when implementing it. While bitcoin may be considered as a 'threat' to their country, we cannot hide the fact that cryptocurrencies may inevitably replace fiat in the future. We must also consider that there are still countries who are under-developed and are still miles-away from adapting to a digitalized form of currency but you guys are right. In order to progress further, these countries must embrace change and start making platforms that support this ideology.