The Pros and Cons of Government Support for Cryptocurrencies

  Image Source: FreeImages ‍ Governments all over the world are taking a closer look at digital currencies and blockchain technology. Some have been quick to adopt a cautious stance, while others have taken a more proactive approach in helping these new technologies take root. Reducing barriers to entry for new businesses is an ongoing trend among governments, particularly those that are struggling with high unemployment rates. In areas with high poverty rates or other socioeconomic challenges, there has also been increased interest in crypto tokens that can be used for specific tasks such as buying groceries or receiving services from providers. With over 1,600 cryptocurrencies currently in circulation, and many more on the horizon, governments around the world continue to explore different ways in which they can support this rapidly expanding industry. Here we’ll take a look at some of the pros and cons of government support for cryptocurrencies and blockchain technology. Pros of Gov