Cryptocurrencies were created and exposed to the world as a project that would stabilize the financial and economic aspects of nations, but this has not been their primary use since, instead of being adopted by countries, they are being used by large corporations as a means of payment.
The disproportionate increase in the use of cryptocurrencies has made some countries believe it is necessary to regulate their use, despite their disadvantages and terrible importance.
Countries that apply and use cryptocurrencies
By this date, several countries have already considered legalizing cryptocurrencies or at least Bitcoin- tradable via immediateprofit.app; such is the case of El Salvador, which has already legalized Bitcoin as a legal tender.
On the other hand, not only have countries adopted cryptocurrencies as a means of payment and marketing, but they have also begun to create their tokens, such as Venezuela creating the Petro, a cryptocurrency backed by the oil reserves that this South American country possesses.
Digital currency platform has positioned themselves firmly in various countries, even in many world powers. However, they have not openly adopted them or given any support or legalization.
If these powers take extreme positions that could even affect digital currencies, they could cause their values to plummet; let’s remember that the backing of this type of asset is the trust and support of its users.
Many countries, possibly to a greater extent that are victims of some international sanctions are mainly adopting cryptocurrencies as an escape route to maintain a balance in their economies and not let nations fall into complete chaos.
Decisions that affect citizens from a social and financial perspective are forced to take control of their finances.
Such is the use to which cryptocurrencies have been put that world power China is following in Venezuela’s footsteps after proposing the creation of its official cryptocurrency to counter the adoption of existing digital currencies.
Governments are taking advantage of cryptocurrencies.
During the last few years, the use, management, and adoption of cryptocurrencies worldwide have reached almost 100% since they are considered the best financial alternative that can allow their users to self-manage financially.
One of the regions that have used cryptocurrencies the most recently is Latin America since many people consider crypto investments a profitable strategy and, much better still, the fact that their commissions are meager in many cases, they do not exist.
This aspect is one of those that most worries the governments and Central Banks of the World since it represents wasted income for them.
We are in a world where money, big companies, and power go hand in hand, silently controlling, for the most part, the way traditional consumers make a profit, where enrichment will always be on the same side of the scale.
Conclusion
The lack of regulation and support that cryptocurrencies have is the fundamental cause of why many people fear when investing in them, but if they are legalized. However, the original characteristics that made them so memorable remain, and we will face different virtual currencies.
Cryptocurrencies have become the means of exchange par excellence in all businesses worldwide, which has caused them to become involved in illegal activities; this has led to the creation of government policies and laws that want to prevent the misuse of these cryptocurrencies.
The primary purpose of cryptocurrencies is to benefit their users from an economic point of view, offering various instruments that serve as wild cards in the face of global crises and recessions.
If cryptocurrencies were to lose their decentralized character, then their creation’s original idea and project would not have any relevance.
We must accept the changes in these cryptographic markets and try to study to understand their behavior better and be aware of the risks and benefits of being part of it.
Digital currencies can allow us to grow unimaginably economically, but in the same way, we can lose everything at an unexpected moment when their values drop.