So guyz,
I don't have a master in crypto But I have some doubts.
I have seen many people saying that countries banning crypto are just smashing hammer on their own foot.
But my Qes is why a Govt should not try control money in that country?
----My thought is most countries don't really know how to control the transcation or keeping track of cryptomarket, so for time being they want to control it by banning it till they develope a plan.
----I didn't hear any county saying that they don't support bloackchain, Many of them are working on blockchain.
----If a country can not track the money of their people than how can they take responsibility of its people safety?
----If someone pays money for illegal activity from banks, that can be tracked, but tracking crypto is impossible for them right now.
----That was just one of the scenerio
So What are your thoughts?
PS- I am not saying crypto should be banned, I just want to know where Govt. are going wrong?
Banks are competitors to crypto currencies as banks deal with only fiats. Governments only depend on fiats and banks. So obviously Government would support banks as of now. As crypto currencies are gaining values, especially bitcoin value has gone up and its the first currency which has the highest value ruling over fiats, banks have been so affected and the number of investors have moved towards crypto currencies. This has seriously affected banks causing many banks close themselves.
It would seriously take time for governments to completely accept bitcoin and other crypto currencies.