Why bitcoin is not supported in some countries?

[eriwis]

I have heard that bitcoin is not supported in some countries. But why ? Is it because bitcoin is risky ? Some countries even declare 6 months jail if her people use bitcoin. Is it fair ? I mined few cryptos and have left mining. It was fun and challenging too. But I never got any clear answer. What does my gpu actually do ? I pay electric bill, my room temperature goes high and I get paid. With actually no skill on pc hardware and software. Whole thing is still pretty unclear to me

I think there are various reasons each state does not support cryptocurrency. There are security reasons, potential bubbles to the problem of terrorism. A number of countries such as China are also reasoned, banning other digital currencies because it will issue its own currency.

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[neerajmittaljii]

Because bitcoin could break their laws. Because bitcoin can cause a lot of trouble if they allow bitcoin to use. Bitcoin can use for crimes like money laundering, scamming or even use for ransom. Have you heard about ransom ware? As technology is evolving. Crime is also evolving. And its bad if terrorist use bitcoin for buying equipment to make terror to people Why bother to taxes individual person if they can implement taxes to the exchanges site itself which is currently implemented now in most of the countries. Since bitcoin users used exchanges then that will be the one who will be taxed since they are the company and they are registered one. That's why you can some different fees in local exchange which is quiet far from the normal rates of other exchanges.Still good since no way we can cash out and use our bitcoin directly in most of the cases.
 

[HPQ.IO]

Governments do not support it because they can not control it. Controlling local currency is one of the most important things for every government.

[jatin729]

I think there is misconception about the cryptocurrency application, if we talk about Japan, Australia, South Korea. Actually these countries have seen potential in crypto currency and even japan has announced bitcoin as a legal tender inside the country. I think some of countries has threat, their citizens can use crypto for illegal transactions.

[Zahrowil Qolbi]

Maybe i think there is still a dominant that Bitcoin is something that is related to illegal activity or tax evasion, or its attitude is that Bitcoin is in trouble with the financial system just does not know what to do with it.

[fernandocm]

It is true that the Government can't make any profits from bitcoin and can't even put a tax on it because it is decentralized, but this doesn't mean that the Government will declare that the bitcoin is illegal, in some countries yes it is illegal, like Russia, Iceland, and so on, but not in all countries. Because here in our country, bitcoin is legal, but the Government is not accepting it yet as a payment on every transaction that we will have on our everyday living.

[Zach707]

I have heard that bitcoin is not supported in some countries. But why ? Is it because bitcoin is risky ? Some countries even declare 6 months jail if her people use bitcoin. Is it fair ? I mined few cryptos and have left mining. It was fun and challenging too. But I never got any clear answer. What does my gpu actually do ? I pay electric bill, my room temperature goes high and I get paid. With actually no skill on pc hardware and software. Whole thing is still pretty unclear to me

Bitcoin is not supported in our country but it is not banned also. I think our government is neutral with it since base on the reports it is only 2% of the total population are into it. Some gov't do not support becs. It might be use by criminals and maybe people will lose money in it.

[neerajmittaljii]

Because bitcoin could break their laws. Because bitcoin can cause a lot of trouble if they allow bitcoin to use. Bitcoin can use for crimes like money laundering, scamming or even use for ransom. Have you heard about ransom ware.As technology is evolving. Crime is also evolving. And its bad if terrorist use bitcoin for buying equipment's to make terror to people.There are some reason that bitcoin was prohibited in some countries. Bitcoin is working anonymously and this is a chance for peoples to do crimes with bitcoin without any personal identity. Moreover the most illegal transactions with bitcoin is drugs transactions

[mikki14]

It depends on the country, coz in our country, bitcoin is not actually supported by our government nor banned. But from time to time media is airing some warning about bitcoin scams, they aren't saying that bitcoin is fake but they just revealed some scams that are using the word "bitcoin" to attract investors.

[ClackKendi]

They do not support bitcoin because they fear it will affect and control the paper currency, they are afraid they will not control it and they fear it will make the society become bad and unstable.

[monkey4204]

I believe the reason for this is not far fetched. They basically see bitcoin as a threat and a hydraheaded demon that needs to be nipped in the bud before the virus spreads and kills their economy.

[altysha]

In my opinion, some countries don't support bitcoin, because it's decentrilized and they cannot control it. That's why they are afraid of bitcoin.

[Danv]

I think most as the Government or any central banking system does not have authority over the bitcoin network and another reason may be because the  bankers might be afraid of the bitcoins system as more people are entering the community there is no job for bankers, as people use bitcoin as a currency as well as an investment asset.

[Zabrielle]

Because every country or state has their own different laws to follow. Basically in my country bitcoin is not totally supported by out Government but it is not ban at all. I am pretty sure that the Government is completely aware that their coujtrymen are working or doing bitcoij but they just let us with no restrictions.

[kirito1614]

Most likely reason bitcoin is unknown and can't be controlled by government . On the off chance that its unknown then it can pull in individuals who are intending to do unlawful stuffs and thinking about its past contribution with silk street, they may see it as a potential danger or something . Since they can't control it, There is no real way to assess individuals or to follow a few people .

[vinasky]

the government does not benefit from legalizing BTC
who will pay taxes? who will fill the pockets of politicians?

[stadus]

the government does not benefit from legalizing BTC
who will pay taxes? who will fill the pockets of politicians?

Let's be real, they will benefit mate because when they regulate they made the law and they let us abide on it.
Tax is the life blood of a country, when they see there is a chance to increase the funds of the county they will do so and they won't allow us enjoying
our bitcoin without getting a share on it.

[andregunawan1]

in my opinion bitcoin is prohibited because it puts money in the country and many banks have banned this investment and a country refused and gave threats of motivation in btc will get in jail. and many countries accept bitcoin and I am sure bitcoin will be accepted world

[15putriutami]

Yes bitcoin is not supported in some countries and in my opinion because bitcoin is still legal and bitcoin is also often involved in negative activities like hackers and terrorist activities.

[marjil]

Depending on country but some countries are thinking that it will destroy there own economy. Even if they do not support Bitcoin now people would still use it in some way, because nothing can stop people to keep using bitcoin.

People can choose to use bitcoin whenever they want. This is the whole point of decentralized. Most countries do support bitcoin but because of the rise last year there are some that decided to ban the exchanges because they were scared of their economies. I think when things settle again they will lift the ban because it is also in their interest with getting more money from taxes.