Cryptocurrency is a type of currency which uses digital files as money the most common ways of earning money from cryptocurrency is that most investors by coins such as bitcoin,litecoin,ethereum and more and wait until their value rise, once their market price rise,they sell profit.
List of some cryptocurrency are:
Bitcoin
Ethereum
Tether
Bitcoin cash
Lite coin and some other
Now some country believe that cryptocurrency has cause harm to their country and bank as well.
Cryptocurrency as done no harm,is not has rotten as many country thinks it is, countries like China,Canada,Taiwan,Indonesia,Algeria,Egypt,Morocco,Bolivia,Kyrgyzstan,Ecuador,Saudi Arabia,Jordan,Iran,Bangladesh,Nepal and Cambodia and now my country which is Nigeria have both placed certain level of restriction on financial institutions facilitating cryptocurrency transaction.
Now these country which I have listed above have all made similar pronouncement based of the significant risk that transacting in crypocurrencies pretend risk of loss of investment,money laundering,terrorism financing,illicit fund flowers and criminal activities and not given instance of the person it has happened to.
Coming to China which is among the top 10 countries that has been fighting for world power for example as banned the use of cryptocurrency in their country entirely and also close exchange as well,"saying that cryptocurrency do not hold any legal status that can make them equivalent to money".
Even Warren Buffett the chairman and largest shareholder of Berkshire Hathaway since 1970 came out to call cryptocurrencies ,"rat poison squared","a mirage"and a "gambling device"which I think are false.
Bitcoin was first introduced in 2009 and now account for about 68 percent of all cryptocurrencies.
Now Nigeria which is among the top ten ranking countries of everyday crypto use have formerly ban cryptocurrency on February 5 2021 without seeing to it's advantage have desist is bank on making transaction with it.
The Governor for CBN Godwin Emefiele in Nigeria gave a clear notice saying,"central bank of Nigeria (CBN)has been drawn to various comments and reaction following with recent reminder to deposit money banks(DMBs)to desist from transacting in /and with entities dealing with cryptocurrencies in Nigeria.
Not listed all these been said by some countries that will not like in anyway try to develop..
Now countries like Russia which was revealed as the country with the highest level of everyday cryptocurrency use has develop greatly through the help of cryptocurrency and after the ban in China ,citizen did not stop trading on cryptocurrency because the did not find any fault about it now Chinese is ranking top ten(10) of does making use of crypto and other countries like UK,Venezuela,India,Indonesia,South Africa,Kenya and more.
Venezuela for example petrol's value has been deteriorating rapidly so cryptocurrency -like Bitcoin may be seen as a more stable alternative.
All these countries been listed above said it's finding about crypocurrency show an excitement around it's users and especially in the developing world,as a means of value storage and medium of exchange.
Formerly banning of cryptocurrency won't be the way to coup crimes