Does the Government have a say in Crypto Transactions?

In 2009, investors considered bitcoin as the original cryptocurrency produced by the programmers under the pseudonym Satoshi Nakamoto. Since then, bitcoin proclaimed itself as the first decentralized peep-to-peer payment network that does not require the need of having a central authority or government.

From the year aforementioned, and up to this date, cryptocurrency remains free from the involvement of any entity, even the highest governing body in different states and countries. Any type of government (i.e. parliamentary, democratic and monarch) failed to control the crypto industry; the lack of central authority is one of the reasons why the government considers these virtual tokens as a threat.

We must admit, anyone who uses the internet already has an idea about cryptocurrency. These are virtual money where investors use it to trade online. This industry has gone too far, making banks, cash and actual golds be left out. In fact, cryptocurrencies are now in any form — music, games and even sports.

With that, cryptocurrency has gained a lot of attention worldwide. When the respective governments found out about the expounding impact of crypto, they started filling cases and questioning its purpose in the status quo. Some entities fear cryptocurrency because people might take advantage of this, especially those who create and invest in crypto. This can be used for different illegal acts such as money laundering etc.

Now, the real question comes in, should cryptocurrency act as a threat to the government?

Let’s start weighing two things: crypto and the Central Bank. In the context of Bitcoin, Nakomoto purposely created BTC to solve specific problems in the economy. First is to provide tight belt security and solve hacking issues. BTC also eliminates the use of centralization; it offers opportunities to anyone.

On the other hand, the Central Bank of each government holds a significant role in the economy, and uses a network of banks to distribute money in an economic system. To put it in simple terms, it manages any-financial related issues in the county.

As I can see now, there is no cryptocurrency, even BTC, that can put down the Central Bank. It will and still be the highest governing financial department in every country. However, traders should expect that the government will continuously question the existence of cryptocurrency.

What do you think will be the future of cryptocurrency?