Crypto Currencies is facing local law policies many where: Local law can be a barrier for many countries to accelerate the blockchain industry. I read the sentiment of many people where the bitcoin or concurrency is not legally authorized but they are very much excited to use this technology. I think, a global revelation only can bring those countries to be inspired.
They think cryptocurrency is a big threat to banks and other financial sector and that's why some government are still not making any regulation about this one aside from banning it. You are lucky if you are in a place where crypto is legal, and in my place you can use it with a regulation especially if you are going to do a legal business but ordinary people can own bitcoin or any other cryptos legally which is more good for all of us. They have to understand this technology, we still need the support of many countries.
or better yet, the government is not making any regulation because they don't know the nature of crypto or bitcoin. they don't fully understand the structure and concept of it. so how can they regulate for something they are still ignorant of?
they need to seriously get involved or deal with crypto or blockchain to fully understand its ecosystem. otherwise, they will regulate the use of crypto for the sake of regulating it but not understanding its technology. with such action, they might implement rules that are not appropriate or redundant.