Governments of many countries are practically declaring war on cryptocurrencies.
Why is that?
Is there any war? Seriously? Because in our country, seems our Government has no sides yet whether to consider cryptocurrency yet as legal or illegal one, but One agency managing Banks, has given statement that investing in cryptocurrency is very risky, so when investing, one must study and learn before putting your money at risk. Because once you already know the technicalities in it, you can manage the risk properly.
No exaggeration at all. I have read about so many countries which have banned the crypto due to so many reasons. One of the reasons that is linked with the religious sentiments of the people is that it is not allowed in some religions to invest in such businesses about which you do not know what causes the rise in the price.
The simple economic explanation fails in explanation here because it fades in front of the religious rules. There are so many reasons due to which the government is unlikely to recognize crypto in some countries.