Developed countries want to regulate (and even in some cases restrict or prohibit) the use of cryptocurrencies for several key reasons, both economic and political and security-related. Here are the main ones:
1. Loss of economic control
Governments and central banks lose power when cryptocurrencies replace traditional fiat money (such as the dollar, euro, etc.). This includes:
Control over monetary policy (inflation, interest rates, etc.)
Supervision of capital flows
Ability to impose economic sanctions
2. Risks to financial stability
Cryptocurrencies, due to their high volatility, can cause imbalances if used massively as a means of payment or savings. Additionally, many people may lose money due to lack of regulation or scams.
3. Money laundering and financial crimes
Some cryptocurrencies allow anonymous or hard-to-trace transactions. This makes them attractive for:
Money laundering
Terrorism financing
Tax evasion
4. Competition against state digital currencies
Many developed countries are developing their own digital currencies (such as the digital euro or digital yuan). Private cryptocurrencies like Bitcoin or stablecoins (like USDT) represent direct competition that could limit the adoption of official digital currencies.
5. Consumer protection
There are many risks in the crypto ecosystem: scams, exchanges that go bankrupt, tokens without real backing, etc. Governments want to establish rules to protect less informed users.
In summary, it is not just a matter of stifling innovation but of maintaining control over their economy and protecting the financial system. That said, most developed countries do not want to eliminate cryptocurrencies completely, but rather integrate them under a regulated framework.
