Anytime I hear or read in the news that a certain country refuses to legalise cryptocurrency, my question is always Why. Why did they reject cryptocurrency? Is crypto not reassuring enough among other questions that pop up in my mind.
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It is quite understandable that crypto might pose a threat of high volatility and some other entities to the finance world or system but as crypto might not be completely safe to the brim, there are still loads of benefits to it, and it can only be explored if legalised and people are allowed to explore it's diversity.
From what I've personally heard, countries refuse to legalise crypto because they don't want their citizens to fall victim to scam or the likes. But in my country I'm very sure it's due to the lack of awareness and also lack of insight. To see and explore the world of crypto.
I'm also quite surprised as to why some top countries also banned crypto in their country. Countries like China, Russia, Egypt, Nigeria, Ghana, Algeria, India, Iran, Iraq among others banned crypto , isn't that quite surprising. Countries that are expected to make the most out of the crypto world are not even interested in it, or maybe they might be but just don't trust it so much yet or maybe they think it can be used as an object of war, it all depends on their perspective.
I just really do hope they get to see the usefulness and benefits in crypto to venture into it.
In my country, I don't really see the reason why a ban was placed on it, and I believe it's as a result of not being able to get or gain tax from these things.
The more the ban is lifted on crypto in countries, the more crypto will make its way to the highest peak , that is it has a peak as I have limited opportunities. But countries like China and Russia will find it much harder to convince them, only if definite and proper reassurance is given to them, then there should be a little iota of faith for them to lift the ban.
With the massive amount of people that are in China or India alone, if the ban is lifted and the people are allowed to actually invest and explore freely then that will be a good start to revolutionise cryptocurrency.
What really needs to be done to bring them all to cryptocurrency, because the more the people the merrier and better.