If you’ve been in the cryptocurrency space for a while, then it’s possible that you’ve heard of the following statement: “Bitcoin is not money” or “Bitcoin is banned”. This reminds me of past events like when people used to say “the Internet will never be mainstream”. Despite such claims, I want you to know that cryptocurrencies are growing at a rapid pace, every day.
However, let’s take a look at the other side of this story – “Why are there still some countries that don’t accept cryptocurrencies?”. I can safely assume that the reasons behind these claims may vary from one country to another. But there is one thing they have in common, and that is the fact that these countries are worried about the rapid increase of cryptocurrencies such as Bitcoin, Ethereum, and litecoin.
Do you know what could be bothering them?
The ‘Speed’ Rule:
First of all, I want to talk about some of the main reasons why a country may not accept cryptocurrencies. One of those reasons is the speed factor. Yes, you heard me right!
A lot of countries are still trying to understand what cryptocurrency really is and how it works. The problem lies in the fact that these coins move at an extremely fast pace. In comparison to fiat currency, tokens and digital coins are not controlled by a third party.
Most of the time, Bitcoin transactions take place within 15-30 minutes after approval when you trade with the BitIQ However, if you compare this to what happens when we buy something at Wal-Mart or even pay for services on websites like PayPal, then it takes about 2 days for our funds to be credited back to us!
The ‘Illegal’ Factor:
Another possible reason for a country not to accept cryptocurrencies is that they could be violating the local laws. There’s no denying that cryptocurrencies like etherium, ripple, and litecoin are not illegal, but they can still be used to enable criminal activity such as money laundering or tax evasion. A lot of people claim that cryptocurrencies are anonymous, which can be true to a certain degree.
This is why most countries have banned digital coins and tokens from being used on their land. The main reason behind this is the inability to track transactions and the possibility of fraud or scams. Some countries even claim that cryptocurrencies are hard for law enforcement officers to follow, and may result in anonymous money laundering activities!
The ‘Loss’ Factor:
A lot of cryptocurrency enthusiasts believe that Bitcoin is extremely volatile because it’s so easy to lose your coins AND the value of your digital coins. They believe that the high level of risk is not worth it at all and there are much better ways to do an international transaction.
To help protect our money, many countries have implemented regulations on how cryptocurrencies can be traded or used, which includes laws against illegal activity and fraud. As a result of this, most people may find it hard to accept cryptocurrencies.
The Future of Cryptocurrencies
Although some countries have banned the use of digital coins and ICOs, this doesn’t mean that they will always do so in the future. In fact, experts suspect that most countries will eventually start accepting virtual currencies into their economies! Countries like Australia, Malta, Switzerland, and Estonia might soon follow Japan’s lead! This is because they have already started developing their own cryptocurrency rules and regulations, and even trading platforms.
Countries like Russia, however, are still uncertain about the future of digital coins and tokens. They have not yet put any laws in place and their opinions seem to be changing rather often!So for now, it seems like most countries don’t want to accept cryptocurrencies into their economy until they
