Why are governments afraid of cryptocurrencies?

Why your government afraid of cryptocurrencies?


Cryptocurrency is a decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.


The lack of a central authority is the primary reason governments are afraid of the cryptocurrency. 

If cryptocurrency becomes widely adopted, the entire banking system could become irrelevant.

Without banks, there's no one to call when your mortgage baby gets hacked. There's also the issue of the fees banks earned for the services they provide. Those fees generate a lot of revenue and a lot of jobs across the global banking industry. Those jobs disappear, as does the tax revenue those bank and their employees paychecks generated. No interest on your savings. Money transfer businesses would also disappear in the virtual world. Nobody needs Western Union for its competitors if everybody is using cryptocurrency. 

These are the reasons that governments are afraid of cryptocurrencies.


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