Until a while ago, the government considered cryptocurrencies as a walking 'air wave', a passing thing that over the years the 'fever' would pass. But to their dismay the crypto movement continued to grow and reached a point where the same government began noticing that there was a lot of money at stake, becoming a powerful new decentralized monetary system.
COVID-19 was a boost to cryptocurrencies
With the advance of the pandemic that hit the world (and that continues to cause victims across the planet) people were forced to change their lives, adopting a new lifestyle that could not put their health at risk of infection. Many jobs were lost and companies closed down giving people no chance to keep their jobs. This closure led many people to the internet looking for a solution to guarantee a fixed income and thus pay their bills, and the jobs found in many parts were paid via cryptocurrencies.
Thus, many people are beginning to realize how powerful this market has become, and causing the government to be on alert.
What the government has up its sleeve
It is clear that the government cannot control or ban Bitcoin, but it can use trickery to control individuals who invest in the asset. One of the forms of Control will be to force everyone who works with crypto to adopt the kyc (know your customer) system, obliging companies that work with cryptocurrencies to control their customers on their behalf and provide relevant data so that it is under full control of the state. This control method will control transactions carried out by customers, where he sends the money, they will know how much he spent and thus demand that he pay an amount, the said rate under the same amount.
The united states have had this plan in development for years and its implementation is ongoing. It will lead companies like Coinbase to demand, for example, that they catalog their customers so that they can control us. These companies will have to be required by law to provide data about their customers such as: the crypto wallet that they use, their name, address, as well as what type of cryptographic transaction they do. Therefore, every transaction will be monitored and values ​​greater than a certain number in dollars will be taxed, after all this control has only one reason, to charge taxes!
The government lives off taxes, that's their business
Whereas in the past the government saw the cryptocurrency business as a 'bubble' something without foundation, today this idea is completely changed. Today they see this world as a way to tax their citizens more. For those who didn't know the state's business is to collect taxes, without it, the government does not exist, its main resource in this area is the printing of paper money in order to control it and be able to collect taxes on it. No money printing how to charge?!
The crypto world does not require any printing of cash, that is, paper money but it is often exchanged in this same currency. This worries the state that sees a threat that they can't control its issuance being exchanged for their money and with that they don't take a penny in tax! So, knowing they can't argue with that, they devised a plan to control the industries that specially issue the so-called 'stablecoins' so that they can control the customers and be able to tax them.
Without tax no government will stand and knowing this they plan to restrict and control the crypto world by creating laws that will favor them and take away one of the most important things in the crypto world, freedom and privacy.
To finish
It was to be expected that governments like the United States could create laws to tax movements in the crypto world and thus profit in taxes. This trend will continue in those countries (first world countries) where there are control mechanisms and users who use American cryptocurrency companies will be forced to undergo a rigorous KYC which will give the state all the information necessary to control and monitor transactions in cryptocurrencies.
The only way for users not to get past this will be to use wallets not controlled by companies that may require KYC and make withdrawals in fiat currency through peer-to-peer sales (where the individual trades directly with the buyer and receives money directly from him) and thus not give the government the taste of taking the laurels.
They will always try to control, but there will always be a way out of the situation.
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