[...]
What baffles me is why are the government making lives difficult by banning or limiting it's use? Is it because it threatens the political power or are they scared it will improve the global economy or force the traditional banks to reduce their ridiculous interests rate which we have been robbed of for decades now.
[...]
Most governments barely understand the workings of the internet (otherwise we'd have less silly and / or damaging regulations), let alone the workings of cryptocurrencies. As such I'd still ascribe most of the restrictiveness to incompetence and ignorance as far as new technologies are concerned.
Or at least that's the best case scenario. I'm sure there are some that very well understand the implication of cryptocurrencies. Those for the most part will likely fear loss of control.
But why fear it if you could create balance or merge the technology in a way that even the country as a whole could benefit from the evolving technology, don't you think so?😂