Post
Topic
Board Economics
Re: Reason why other ban cryptocurrencies
by
Nakedbitcoin
on 24/08/2018, 15:35:53 UTC
The main reason for prohibitions is very simple. Transfers in a currency different from the national one, lead to poor economic performance, including GDP (one of the main indicators). This way, it is easier to launder money or transfer funds outside the country. Neither banks nor payment processors will get their interest.
McCall Robinson a manager of Merchant Accounts, believes that most countries prohibit Bitcoin because it cannot be regulated and he said that. "Many governments do not like the very idea that there is another form of currency that they are not able to control. The supervision takes place on the Internet. Some countries consider it as danger to their society and government.
I know Satoshi Nakamura's purpose of inventing bitcoin which gave birth to cryptocurrency and decentralization is for the common good. But there are just people who abused the use of this. That is why the government is reluctant about this.