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Why do countries ignore Bitcoin

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Why countries don’t care about Bitcoin The emergence of Bitcoin has shown the world the revolution brought about by blockchain technology. But for those who want to understand it, this is not a bad thing; Because it has changed every aspect of our lives – the monetary and financial systems So why did the country take such a big measure compared to the special currency? The following are the answers:

1. There is a problem in the field of crypto assets, that is, if there is no government intervention or supervision, people will easily invest in Cryptocurrency 2. The correlation between Bitcoin and fiat currency may lead to price fluctuations 3. Unstable factors caused by lack of legal support and other reasons These simply cannot explain why some countries do not recognize Bitcoin as a payment method, but consider it to be “illegally used”. In fact, the United States Congress recently passed a National Regulation Act on Digital Assets and Fiat money. The bill sets strict regulations for virtual currencies to restrict companies and service providers using encrypted trading platforms, hosting services, or similar service providers for transactions A report released in January showed that “according to a notice issued by the US Securities Commission (SEC) on November 10, 2019,” Bitcoin has been recognized as a commodity and classified as a security. However, the document also mentions that “any company capable of accepting Bitcoin payments can choose to register their company as a broker, dealer, or exchange.” Although most countries still refuse to do so, in their view, this seems to indicate that they are not in a hurry to accept Bitcoin payments

5. What is the problem of “Cryptocurrency is not a currency”? Although many countries have begun to accept this concept, and expressed the hope that it would be more widely affected, such as the Federal Reserve Bank. Therefore, central banks are committed to establishing a system to monitor and supervise the use of Cryptocurrency, so as to better manage risks However, as more and more people join this system, people are increasingly concerned about whether Bitcoin can meet the needs of certain countries and may also become one of the future development trends. But when it comes to legalizing Bitcoin, this must be taken into account

Why can’t the country help Bitcoin

According to CCN, the U.S. Securities and Exchange Commission (SEC) banned Bitcoin trading in November 2017. However, since then, regulatory agencies have not restricted the development and circulation of Bitcoin Isn’t this a new thing? Why can’t I help it? Because according to the new bill on virtual assets recently published in the Money Transmitters Act, the Money Transmitters Act stipulates the relationship between “digital assets” and legal payment methods. Digital currency can be seen as a medium of exchange or a means of storing value. However, this definition is not well understood

In fact, since the end of 2017, policymakers and legislators have been warning Cryptocurrency such as Bitcoin. But these criticisms stem from their concerns about encryption technology: it is not truly electronic or verifiable information; It is the storage of goods and services through blockchain technology; It lacks the basic functions of being a currency issuer and intermediary – no one can control it. Due to their inability to achieve anonymity and difficulty in forging, they are often one of the main targets of criminal activities; Even government departments have no ability to prevent them from using this new digital token to obtain funds. In addition, some people believe that Bitcoin is an illegal act and actually a money laundering tool; Many experts predict that if Bitcoin becomes a legitimate form of currency, it will have an irreversible impact on the global economy.

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