I recently came across the news that Pakistan is considering adoption of crypto and BTC
If this were to go through it could be a gamechanger for its sluggish and sluggish economy.
Does the government understand crypto?
For a lot of people in the government irrespective of the country they come from crypto and BTC is some kind of scam.
For them fiat is the only money.
If you can print it you can control it
Governments work in close cooperation with the central banks of their respective countries. The central banks are responsible for printing the paper money.
Since the paper money is not backed by any physical asset they can print as much as they like and this causes serious devaluation of its currency and pushes the price of commodities and inflation up.
Would the governments accept decentralized crypto?
The governments are all about control and the idea of decentralized crypto does not auger too well with them.
Trump has set the ball rolling with crypto
With the adoption of BTC and crypto the signal that has been sent out by Mr. Donald Trump is that crypto can be trusted and the idea that America is building up a BTC strategic reserve does send a positive signal to the governments across the globe.
how would the message be interpreted is the big question
Would the benefits of crypto be passed on to its citizens or would it need some kind of permissions to own and use crypto remains to be seen.
Crypto is a lot more then meme coins
Not sure what part of the message the governments would adopt as there is another part of the message and that is the launch of your own meme coin as the president.
This sure is an option and some people may be looking at only this aspect of crypto.
It all boils down to zero without awareness
While there are talks of exploring the possibility of creating the framework for adoption and use of BTC and crypto the question is who has the time and inclination to understand the basics of crypto, how things work and what are the safe practices while doing transactions.
Without awareness there would be scams galore
Awareness and education is very essential however it is not sure if the governments are willing to invest in initiatives that educate those in power about the nitty gritties of crypto.
It can be a bumpy road ahead
It should not be all about taxes. For adoption of BTC and crypto there has to be a favorable ecosystem and possibility to learn and adopt crypto.
Without knowledge it is like being in a dark cave waiting for the sun to come out and till then everything is pitch dark and even the nugget of gold (BTC) may not bring you joy or the desired results of prosperity.
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