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Governments are planning to take over Bitcoin

Governments are planning to take over Bitcoin – Bitcoin News

The governments all over the world are trying everything in their power to curb down the use of cryptocurrencies. Many developed countries are considering to issue Central Bank-backed digital currency in order to compete with decentralized cryptocurrencies. However, governments are encouraging the adoption of blockchain technology.

It seems like governments of several developed countries failed to anticipate the power of bitcoin and decentralized cryptocurrencies. But they are now slowly realizing how big of a beast bitcoin is. Several developed countries have already started taking major steps in order to curb down the use of decentralized cryptocurrency.

Authorities are working hard to make electronic payments more accessible for people to compete with the currency of the internet. However, governments have repeatedly acknowledged the power of blockchain technology and are constantly adopting it. Later last month, the Chinese President endorsed blockchain technology, after which the price of bitcoin rose to more than 30%.

But endorsing the blockchain technology does not mean that they are a fan of bitcoin and decentralized cryptocurrencies. As Bloomberg reported, politicians are looking to destroy competitive advantage for non-state digital currencies by making them less secure.

Several developed countries are also heavily investing in technology that could potentially crack the public-key cryptography and make bitcoin useless, which is Quantum Computing.

It is only logical to assume that governments will do everything in their power to keep people away from the monetary system that does not involve banks and where people have financial privacy. Bitcoin has come a long way in its first decade, but it still has a long way to go in order to challenge current financial establishments.