Why Most Countries are Likely to Ban Bitcoin
There are so many applications of cryptocurrencies over the world, especially bitcoin, in diverse areas such as business, military, medicine, banking and finance and many more. This has prompted a good number of countries to adopt bitcoin and other cryptocurrencies. For instance, most countries in the European Union (EU) have officially declared and accepted cryptocurrencies like Bitcoin as a substitute to fiat currencies to be the tender for payments and transactions. Some of these countries presently have registered exchange platforms and Bitcoin automated teller machines (ATM) and have integrated bitcoin as a tradable asset.
Nonetheless, there are still certain countries that are about adopting bitcoin and other cryptocurrency, while other countries are even likely to ban bitcoin. Some of the countries that does not support the adoption of bit skeptic coin include China, Russia, Vietnam, Ecuador, Columbia, etc.
Some of the reasons why these countries are considering banning bitcoin includes the following:
- Decentralized Nature:
Most countries that intend banning Bitcoin are doing so because of the decentralization of the coin, as the government has no control over the price and the market demand.
- Fluctuations on Price:
Some countries are likely to ban bitcoin due to the instability of the price
- Avenue for Fraud:
Government of countries also intend to ban bitcoin and other cryptocurrency because it can be used as a means for fraudulent activities.
The risks associated with cryptocurrency is also another reason why most countries ban bitcoin. Bitcoin is also seen as a threat to monetary policies and a volatile digital currency.
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