• About
  • Contact
  • Testimonials
  • Newsletter
  • More
    • Demographics & Advertising Rates
    • Terms & Conditions
Wednesday, March 29, 2023
No Result
View All Result
California Business Journal
  • Front Page
  • Business
  • Finance
  • People
  • Featured
  • Opinion
  • Technology
  • Law
  • News
  • Food
  • Art & Culture
  • Human Interest
  • Education
  • Insurance
  • Real Estate
  • Health & Fitness
California Business Journal
Bitcoin and government

Five Reasons Why The Government Does Not Like Bitcoin

Some countries ban bitcoin with the fear that it can be used for criminal purposes and some fraudulent activities.

by Debra Amato, California Business Journal
A A
Share on FacebookShare on Twitter

Bitcoin is a digital currency that can be transferred from one account to another without a middleman’s need. That means a user can send bitcoins without the help of any central bank, financial institution, or government body. As a result, many people have accepted it as a viable financial system.

Some emerging economies with most developed countries declared bitcoin is legal. However, there are still many countries like Bolivia, Alegria, and Vietnam that have banned the usage of bitcoin.

Surprisingly, China, one of the fastest-growing economies, has also banned bitcoin and cryptocurrencies. In this article, we will look into these matters that why the government does not like bitcoin.

Why the Government Does Not Like Bitcoin

Some countries ban bitcoin with the fear that it can be used for criminal purposes and some fraudulent activities. At the same time, some economies fear that it can be a threat to their control. Now let’s explore the five major reasons why some governments do not like bitcoin.

–Loss of Control Due to Decentralization

–Crime Concerns

–Fiscal Treatment is Complex

–A Threat to the Business of Central Banks

–The Concept of Bitcoin is Still Young

However, if you want to know about bitcoin trading and investing strategies, bitcoinprofit registration. Now, we will understand every factor in detail.

If you are looking for guidelines about earning profit with bitcoin trading, then you should not forget to read bit index ai review. This platform will guide you right strategies for bitcoin trading.

Loss of Control Due to Decentralization

Governments have the power to control traditional currencies such as Dollars, Euros, Yuan, etc. They can change the monetary policy to run the economy. They can track the movement of money in the economy, which earns profits and collects tax accordingly.

They can also track criminal or fraudulent activities performed with the fiat currencies easily. Control over the currency gives the government power to influence the economy, create a monetary policy, foster financial transactions, etc.

With the inception of bitcoin, the government loses control over the currency system due to decentralization. As bitcoin’s underlying technology does not allow any central authority for any transaction, the government cannot regulate the monetary policy and loses its power. Thus, some economies do not like bitcoin.

bitcoin crimeCrime Concerns

Due to decentralization and anonymity, more and more criminals are using bitcoin as a viable method for illegal activities. Cybercriminals are using this bitcoin platform to steal money from the users. Many drug mafias are using the bitcoin network to trade drugs and harmful chemicals. More seriously, terrorist organizations are also involved in bitcoin transactions for trading weapons.

These are one of the biggest crime concerns for which many governments fear legalizing bitcoin and other cryptocurrencies.

Fiscal Treatment is Complex

While crime concerns are one of the most potential reasons for which governments do not legalize bitcoin. Another major reason is the fiscal treatment is quite complicated.

As bitcoin operates through blockchain technology, a decentralized network, the government finds it hard to plan the monetary policy and tax regulations. Tax treatment is one of the major concerns in monetary policy.

A Threat to the Business of Central Banks

The government controls the country’s finance and economy with the help of central banks and financial institutions. After Bitcoin has become the mainstream, many central banks have lost their business, which is eventually a loss to the government. Thus, the government, as well as central banks, do not like bitcoin.

ADVERTISEMENT
The Concept of Bitcoin is Still Young

Last but not least, the concept of bitcoin is still young. The value of bitcoin is not also stable, and it is hard to use a currency that has not a stable value. That’s why some countries are also waiting for a few more years to accept bitcoin as a viable financial system. Many people still do not trust the concept of bitcoin. Time can only say whether bitcoin will be used as a global currency or not.

Final Thoughts

Nobody knows whether the world will completely accept bitcoin. But the growing number of people in the bitcoin space shows that it can disrupt the present financial system in the future. Anyway, if you have never used bitcoin, consider using it for buying goods or services; you can also trade bitcoin to earn profits. Finally, please leave your comments below and ask your queries.

This article was edited and published by Rick Weinberg, California Business Journal’s Founder and Editor-in-Chief. Click here for Rick Weinberg’s biography.

Related Posts

cryptocurrencies
Best Crypto Faucets You Can Try In 2021 and 2022
bitcoin-gambling-laptop
Bitcoin Casino 2021: Advantages of Crypto Entertainment
Hollywood-and-bitcoin
Bitcoin Usage In The Movie Industry
Bitcoin
Bitcoin: How to spend your crypto tokens in the best places
blockchain2
Blockchain.com Value Reaches $5.2 Billion
Bitcoin
Choosing the Right Cryptocurrency
Crypto-Engine
Crypto Trading: How to Make Money on Bitcoin
Ethereum
Cryptocurrency Corner: So What Exactly Is Ethereum?
How Can You Convert Bitcoin Into Digital Yuan?
How Can You Convert Bitcoin Into Digital Yuan?
cryptocurrency
How Does Crypto Trading Work and Where to Trade It Securely?
Crypto Ecosystem Affects Business Environment3
How The Crypto Ecosystem Affects the Business Environment
Is Investing In Crypto Worth It and How to Make Wise Choices for Trading?
Is Investing In Crypto Worth It and How to Make Wise Choices for Trading?
Golden Bitcoins Coins and dollar bills
Is It the Right Time to Invest in Crypto?
Ripple vs. Bitcoin (Photo by Shutterstock)
Ripple vs. Bitcoin vs. Litecoin
Importance Of Risk Management For A Bitcoin Trading Account
The Importance Of Risk Management For A Trading Account
Government Contracts
The Maze of Landing Government Contacts
bitcoin depot atm crop
The New Bitcoin ATM King of Los Angeles
Satoshi Nakamoto
The Original Bitcoin Protocol: What is It and Why Does It Matter?
bitcoin of america
The power of Bitcoin of America intensifies
Wall Street
Wall Street vs. London's Canary Wharf
Tags: banksBitcoinblockchainBlockchain TechnologyBusinessCaliforniaCalifornia Business JournalchinacryptocurrenciesdrugseconomyeditorexplorefinancefinancialFive Reasons Why the Government Does not Like BitcoininvestingITJournallegalnetworkpowerregulationsRickRick WeinbergServicestaxtechnologytradetradingtreatmenttrustvalueVietnamWeinberg
ADVERTISEMENT
Debra Amato, California Business Journal

Debra Amato, California Business Journal

Related Posts

How Can You Convert Bitcoin Into Digital Yuan?
How Can You Convert Bitcoin Into Digital Yuan?
Government Contracts
The Maze of Landing Government Contacts
Ripple vs. Bitcoin (Photo by Shutterstock)
Ripple vs. Bitcoin vs. Litecoin
Importance Of Risk Management For A Bitcoin Trading Account
The Importance Of Risk Management For A Trading Account
Bitcoin
Bitcoin: How to spend your crypto tokens in the best places
cryptocurrencies
Best Crypto Faucets You Can Try In 2021 and 2022
Ethereum
Cryptocurrency Corner: So What Exactly Is Ethereum?
Satoshi Nakamoto
The Original Bitcoin Protocol: What is It and Why Does It Matter?
Bitcoin
Choosing the Right Cryptocurrency
Crypto-Engine
Crypto Trading: How to Make Money on Bitcoin
cryptocurrency
How Does Crypto Trading Work and Where to Trade It Securely?
Is Investing In Crypto Worth It and How to Make Wise Choices for Trading?
Is Investing In Crypto Worth It and How to Make Wise Choices for Trading?
bitcoin-gambling-laptop
Bitcoin Casino 2021: Advantages of Crypto Entertainment
Wall Street
Wall Street vs. London's Canary Wharf
Hollywood-and-bitcoin
Bitcoin Usage In The Movie Industry
Crypto Ecosystem Affects Business Environment3
How The Crypto Ecosystem Affects the Business Environment
blockchain2
Blockchain.com Value Reaches $5.2 Billion
bitcoin of america
The power of Bitcoin of America intensifies
Golden Bitcoins Coins and dollar bills
Is It the Right Time to Invest in Crypto?
bitcoin depot atm crop
The New Bitcoin ATM King of Los Angeles
advertisement
ADVERTISEMENT
1REALTOUR-SAN DIEGO-WEB DESIGN

Commercial Relationship Manager 3, Wells Fargo Bank, N.A., Los Angeles, California:

Represent the bank in developing and maintaining client relationships within middle market and mid-corporate banking.

Position requires a Bachelor’s degree in Business Administration, Finance, or related field and 3 years of experience. Requires up to 20% travel.

To apply, send resume to recruiter_inbox@wellsfargo.com and reference Requisition # 000329 in the subject line.

Facebook Twitter LinkedIn LinkedIn Instagram Youtube
C B J   LOGO  SVG-01
  • About
  • Contact California Business Journal
  • Testimonials
  • Demographics & Advertising Rates
  • Terms & Conditions

Categories

  • Art & Culture
  • Business
  • California Hotel Listings
  • Daily Updates
  • Editor's Choice
  • Education
  • Featured
  • Finance
  • Food & Dining
  • Health & Fitness
  • Human Interest
  • Insurance
  • Law
  • Lawyers
  • Marketing
  • Medical
  • News
  • Newsletter
  • Opinion
  • People
  • Popular
  • Real Estate
  • Social Media
  • Technology
  • Uncategorized

CBJ Partner Firebrand Media

Laguna Beach Independent Newspaper
 Laguna Beach City Guide
 Newport Beach Independent Newspaper
Newport Beach Country Club Magazine
  Montage Magazine
 Omni Escapes Hotel Magazine
 Bespoke Concierge New York
 Evans Hotels
 Laguna Beach Magazine
 On The Menu Laguna Beach
 Newport Beach Magazine
Coastal Real Estate Guide (NB,LB, CDM)
Monarch Beach Resort Magazine
 Pacific Coast Magazine (SoCal)
Sea Island Life Magazine
Salamander Hotel & Resorts Magazine
 View our entire portfolio

 

Most Viewed

  • Gavel, scales of justice and law books

    Lawsuit Basics: How Much Does It Cost to Sue Someone?

    0 shares
    Share 0 Tweet 0
  • Investigation: Can TriumphFX Take Your Money?

    0 shares
    Share 0 Tweet 0
  • The Impact of Covid: Racing to Buy Second Citizenships

    3 shares
    Share 0 Tweet 0
  • What to Do When an Online Casino Refuses to Pay Out Your Winnings

    0 shares
    Share 0 Tweet 0
  • The Truth About Temu: Where Is It From?

    0 shares
    Share 0 Tweet 0
  • Top 5 Flavors On Elf Bar BC5000 Review

    0 shares
    Share 0 Tweet 0
  • NFL Paychecks: How Do NFL Players Get Paid?

    0 shares
    Share 0 Tweet 0
  • Temu’s New Shipping Policy Is A Smashing Hit For Shoppers All Over the Country

    0 shares
    Share 0 Tweet 0
  • Five Reasons Why The Government Does Not Like Bitcoin

    0 shares
    Share 0 Tweet 0
  • How to Start a Telecommunication Business: A Step-By-Step Guide

    0 shares
    Share 0 Tweet 0

Latest Articles

Funzone casino: Five Games to Win Real Money in 2023

Funzone casino: Five Games to Win Real Money in 2023

The link between CBD and Blood Pressure: What Does Science Say?

The link between CBD and Blood Pressure: What Does Science Say?

7 Ways To Effectively Negotiate Salary When Working At A Startup

7 Ways To Effectively Negotiate Salary When Working At A Startup

Why is it important to have a variety of payment methods in an online casino Philippines?

Why is it important to have a variety of payment methods in an online casino Philippines?

Fostering Growth for African Companies

Fostering Growth for African Companies

It's estimated that 1 in 20 insured homes make a claim every year. You may find yourself in a situation where you need to file a claim for your own property sooner than you think. When it comes to making insurance claims, hiring a public adjuster can be an extremely helpful resource. They will work on your behalf to assess the true value of your claim and prevent insurance companies from offering you less. In this guide, we will provide an overview of public adjusters and explain why you may want to consider hiring one.

What is a Public Adjuster? Top 5 Reasons to Consider Hiring One

4 Major Benefits of Datarooms

4 Major Benefits of Datarooms

Using Personal Loans to Finance Your Business

Using Personal Loans to Finance Your Business

Shantell Martin Blends Art and Business to a Science

Q&A: Shantell Martin Blends Art and Business to a Science

Pressure Switch and Inducer Issues: What You Need To Know

Pressure Switch and Inducer Issues: What You Need To Know

California Business Journal | California Business News, California News Media, California business articles | Orange County, Los Angeles, San Diego, Inland Empire, Northern California, San Francisco | Huntington Beach CA 92649 | (949) 648-3815
ALL RIGHTS RESERVED BY CALIFORNIA BUSINESS JOURNAL.
Site Design by 1REALTOUR

No Result
View All Result
  • Front Page
  • Business
  • Finance
  • People
  • Featured
  • Opinion
  • Technology
  • Law
  • News
  • Food
  • Art & Culture
  • Human Interest
  • Education
  • Insurance
  • Real Estate
  • Health & Fitness

California Business Journal | California Business News, California News Media, California business articles | Orange County, Los Angeles, San Diego, Inland Empire, Northern California, San Francisco | Huntington Beach CA 92649 | (949) 648-3815
ALL RIGHTS RESERVED BY CALIFORNIA BUSINESS JOURNAL.
Site Design by 1REALTOUR