Bitcoin is now more than 11 years old, and many countries in the world still do not have the designated systems that are specifically meant to control, restrict or regulate cryptocurrency as a legal tender.
Although, the decentralized and anonymous nature of Cryptocurrency has challenged many governments on how to allow the legal use of cryptocurrencies while preventing criminal transactions.
Perhaps, could they have been afraid of the huge price volatility?
Many countries are still analyzing ways and methods to regulate the cryptocurrency for efficient usage in transactions.
Obviously, Cryptocurrency remains in the gray area for much of the whole world which implies that transactions can be done with or without going the the proper financial institutions and regulatory systems.
Properly maintained and monitored digital-financial regulatory systems and bodies can be put in place to ensure normal usage of cryptocurrency and as a major revenue generation stream.
The world is dynamic.