I don't understand why they ban the crypto? They can just regulate the crypto business and it will definitely add to government Tax income. This is massive opportunity and countries are just getting it delayed only because people in power are not understanding it.
Crypto market can generate many employment opportunities as well. So banning crypto is not good for any country. Just regulate it.
I suspect that political leaders want to ban crypto simply because they haven't figured out how to get their piece of the pie yet. When they figure out how to cajole a large piece of the pie and maintain their political stature, they will like it.
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I think governments understand it, crypto doesn’t give them power to control the masses like fiat does.
This is another vital factor. They just don't want to give people the authority to control their finances.