Quote from: Charles-Tim on February 18, 2021, 12:48:22 PM

I am so curious that many people do not know or research properly about bitcoin and many other crypto assets, they only know little about them and dipicting them bad to people. Normally, there are two types of cryptocurrencies in term of psuedonymity and anonymity, they are:
1. The ones with public ledger which transactions can be seen by everyone on blockchain. Example is bitcoin
2. The ones that are are completely anonymous in which transactions are not designed to be tracked

Quote from: https://punchng.com/use-of-cryptocurrencies-a-concern-imf/

The International Monetary Fund has called for caution in the use of cryptocurrencies, describing it as a concern. It disclosed this during a virtual briefing on the recently published 2020 Article IV IMF Staff Report for Nigeria. The Resident Representative of IMF for Nigeria, Ari Aisen, said the concern on the use of cryptocurrencies was why many central banks were cautious about the development.
“That is why some central banks, not only in Nigeria, have these concerns about what kind of activities these cryptocurrencies are put and how best to monitor those activities.” Aisen noted that some of the activities might be illegal or related to money laundering and drug peddling.

Is the above quote meaningful? I do not see it meaningful at all. Some people are not concerned about privacy and make use of exchange for crypto purchase, while many providing kyc all because exchanges are making it mandatory to do. Many people do not like exchanges because they are making people not to have privacy. Is it not proper for the government to have laws that will make exchanges be able to track crypto transactions rather than banning it. That is why I like countries like USA that do not ban cryptocurrencies but regulating it. As fiat is, it is most used in all these (terrorism financing, money laundering and drug peddling).
Central banks that ban bitcoin only encouraging p2p.

Probably they fear that if people hold the mass amount of crypto and wanted to convert it to cash then it will be a problem those banks have low cash holdings. Considering the significant price increase in Bitcoin and other cryptocurrencies it will be hard to pay them back if they want to take their cash out. This can be considered a major problem.