All over the globe an absolute truth is that crypto currency has been widely recognized and subsequently accepted .
The only but which has been led and on the contrary will still continue on likely random nature, that's touching government and regulatory body.
The , big BUT has been seriously on the area of regulations.
Reason being that , crypto is structured and created so as no body should get an express control over. As , it has to deal and serve core investment and trading purposes.
And the behind scene truth is that , since crypto deals and serves financial purposes and needs . There should be an organized need for crypto sense of investor's , trader's and all of those involved . Of which could be known as customer state of safety and security of their fund should be guaranteed.
Directly bringing fiat currency denominations into play, there it very obvious that all of those organized body , establishment or an institution. As widely known as financial institution or the banks. Visible enough truth is that , the banks are being controlled and regulated by the government of any given country.
And another further thing about crypto currency is that most people did say that crypto currencies is that nature of 💰 money created into tin air. Just because most of them think crypto currency can't get traceable , more like fiat currency transactions.
Understanding the system of fiat currency denominations
Within the widest range of fiat currency denominations , is being very plained that fiat currency are under close regulations by an individual government responsible for the issuance of such nature of said fiat currency denominations.
And the stratification is also quite visible , very well that each country has their own unique central bank directly responsible for issuing their own very nature of national currency denominations. And also get serving as a kind of mother bank for all existing banks within such given country.
As the said central bank is directly in charge , then the government regulates all other Banks through the national central bank.
The primary motive of crypto currency
The primary motive for crypto currency was to have kind of 💰 money or financial system that is decentralized and not actually get subjecting under close state of regulations.
While the crypto currency all so get created to serve all of the main purposes that fiat currency denominations is being serving .
And most especially crypto currency specifically created to have to recognized effect in the nature , known bull run and bear run.
Bull run or bull market is the nature crypto currency have been created with through which , the an existing minted crypto tokens or currencies get hype and surge , across the crypto market space.
While , bear run or bear market happening to be that nature in crypto market in which all or some affected crypto currencies or tokens get decline in the value of which they have been.
What is government stress with crypto currencies ?
The government of any given nation or country that has been by one reason and the other get onto place ban on crypto currencies. For me I case such government is indirectly seeking ways to regulate crypto so as to be able to calculate their likely corporate tax to levy.
In case , crypto get regulated what would then happen to the original founding purpose of crypto currency.
If any country government get into crypto currency regulations and by that also scale onto , controlling bull and bear market.
What , will then be good enough difference between crypto currencies and the fiat currency denominations?
Though , with little I can imagine I case might be the government is more interested about corporate tax and the security of their citizens funds , not controlling both bull and bear market.
This year has been that good enough here , because by last year December the government of this country lift ban long placed on crypto currencies . Upon that , they still seems bit sceptical about the whole scene . And scale onto restricted banks involvement into crypto currencies express transactions.
While other crypto apps include Binance was quite okay operating normally.
Ever since this year , gotten into February federal government started levelling accusations or allegations on Binance . That , that led to the apprehension and detention of two invited Binance executive in person of Gambaryan and Anjarwella. Upon their arrival and minute with the invited body of government NSA and EFCC.
As it's , Binance has been exited Nigeria , and the whole situation is all about regulation desperation by the government.
Government understanding of Bitcoin
Moreever than before surprisingly Bitcoin surge above imagination. Here , since our government likes embezzlement . Their mental would get bursting and the begin to think closely that a two piece of Bitcoin can close most of the real estate deal within the country.
Because , I can't get any reason or such reasons government charged Binance for manipulating our Nigeria naira and currency excessively below USDT.
Of course after the government themselves knew that our naira has been over the years devaluated. Seriously , from 50 Kobo, One Naira , 5 Naira , 10 Naira , 20 Naira has no buying value ; as you can't use it for any thing worth at all . Why the government didn't work within the currency in naira denominations instead of pushing it all on Binance.
However the whole thing still tie down to regulations.