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Why does the government dislike Bitcoin (why does the country oppose Bitcoin)

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Why does the government dislike Bitcoin (why does the country oppose Bitcoin)

Why does the government dislike the development of Bitcoin blockchain technology around the world? It requires strong government support. However, as Bitcoin itself is not a payment method, it is heavily regulated by many countries – such as the UK, Singapore, France, and Italy; Other countries, such as Venezuela, do not have any legal requirements So why do they hate Bitcoin? Because their views are wrong, when you ask “why does the US government hate Bitcoin”, you will find two points in this article: 1. From a political perspective, Bitcoin is different from the traditional Fiat money. It is not a real currency, nor an asset class; 2. The government has completely opposite views on Cryptocurrency. If you are an official or a board member, you may have been banned. But if one day these people want to buy Bitcoin or Ethereum with their own money, and they want to convert their own Bitcoin into French currency and sell it to them, they must achieve this goal through the central bank. Of course, this statement is reasonable. But why does the government dislike Bitcoin? Because the government believes that Cryptocurrency is highly opaque and cannot be regarded as a commodity, or even worth accepting as a means of exchange. That’s why what we need to worry about now is how the government can use encryption technology to become a tool for illegal transactions

Why do countries oppose Bitcoin

Editor’s note: This article is from BlockBeats (ID: BlockBeats), author: 0x26, published by Planet Daily with authorization Bitcoin and blockchain technology are increasingly becoming “new species” in the mainstream financial field, but some countries are skeptical about them. So why oppose Bitcoin in the policies of these countries? Here are some reasons:

1. China prohibits Cryptocurrency; The Bank of England views Bitcoin as a safe haven for illegal trading The Minister of Economic Affairs of Japan stated that virtual currency should not be used for international payments; The South Korean parliament has passed the Digital Asset Act. This is good news for those who hope to operate legally and have sufficient reserves. However, if there are no strict restrictions, they will continue to hold their BTC or other currencies in order to compete with or replace Fiat money in the future. From a regulatory perspective, it seems that governments around the world are starting to realize this and are studying how to prevent this phenomenon from happening On May 25th, French President Macron announced that he would vote in the European Parliament to approve a bill to regulate the development of digital assets. Bruno Le Maire, the country’s finance minister, called for strengthening its anti money laundering work, believing that Bitcoin and other Cryptocurrency may lead to serious national security problems and economic threats that may plunge the United States into recession

In June, the European Commission proposed to establish a framework to monitor the stability of the Bitcoin and crypto markets, because it feared that Russians might be implicated in using this field to evade sanctions. In addition, EU officials also pointed out the need to ensure that the encryption market maintains appropriate security standards

At the beginning of July, Brian Brooks, president of the Bank of Canada, said: “When we consider whether to allow people to use Cryptocurrency for international transfers, we must take a very cautious approach, and carefully review the information of all exchanges.” He added, “Therefore, even if you cannot guarantee that you can accurately confirm that a payment will eventually be completed in your account.”

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