Why bitcoin is not supported in some countries?

[toral host25]

Bitcoin is not supported in several countries but that doesn’t mean that you cannot use it over there. We can find a lot of countries where the use of bitcoin is criminalised however it is basically in those countries that bitcoin becomes more useful. These are countries who are going through a fierce capital control and that’s why bitcoin is still one of the best options

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[cech makey1]

I think most of them are afraid especially their respective central banks are afraid it will collapse their local fiat currency and render their economy in tatters. There are also growing concerns of the illegal use of bitcoins like paying for drugs through money laundering, pornography, and all other devices that goes contrary to the laws of the respective countries.

[Boi qaaf]

They are afraid of the threat which is tax evasion if their citizens using bitcoin. Tax income is a very important source of revenue for the country and by using bitcoin, you can hide your income from the government. This may be a reason why many countries do not support bitcoin.

[GlitzKoin_diamonds]

In most cases the government and banks see it as a way to fund illicit activity as it can not be fully regulated. It is often suspected of a way for money laundering, undisclosed payment for illegal work. So, generally government tries to implement some sort of legislature that allows them to maintain some control over it or in worst case makes it illegal. In either case, its lack of understanding of blockchain & cryptocurrency and lack of control on money involved in crypto that make govt take such decisions. 

[Msile]

 Because those countries consider BTC a threat to their national economy. the fact that BTC cant be taxed doesn't go well with most governments as they are denied the income tax revenue. some ban it because of claims that its used to fund criminal activities

[gomes1]

The country is worried that transactions with the virtual currency can raise the risk of money laundering. The exchange rate of bitcoin can rise from 23 million to 184 million in one hour only and of course also can fall back also within one hour. This phenomenon can certainly make a person become rich and poor only in a very short time. Instability of bitcoin exchange rate is what makes some countries forbid the use of bitcoin as a digital currency in transactions in those countries.

[fredo123]

Some countries are not supported with bitcoin because it could be a tool to transact illegal activities since people who are involved are remain anonymous. Authorities may find hard to track down suspects who are doing anomalies.

[mariamiltoft]

I think most of them are afraid especially their respective central banks are afraid it will collapse their local fiat currency and render their economy in tatters. There are also growing concerns of the illegal use of bitcoins like paying for drugs through money laundering, pornography, and all other devices that goes contrary to the laws of the respective countries.

[aspalela]

If I think there are many countries that are not allowed to do business with bitcoin, because what a country fears is the destruction of their economy later, so they do not want to support something that could undermine their current economy, this is what most governments think of bitcoin , suppose they know that bitcoin will be one that can improve their economy because the price is getting higher. But the fear people will avoid taxes is one reason why they do not support bitcoin.

[m9shn9sh]

I agree that Bitcoin is a digital coin which works by being invisible. In this, destroying his own future is bringing horrible danger to the whole world with him. And for this reason, bitcoin is completely prohibited for some countries. I think the government has yet to take firm steps because Bitcoin will bring the nation a better future.

[Cuthbert Allen]

Actually each country have their own policy maybe the government are concerned will many wiping the money or commonly known as money laundering. fair or not that's what we have to face because until now the existence of bitcoin is still not recognized.

[dominional]

why bitcoin is not supported in some country; Different country with different ideology, culture, norms,law and men intellectual will not allow bitcoin to stay because of different ideology. level of thinking of diffent country affect the level of people.

[Fergal Rodriguez]

This is mostly the reasons. It is hard to trust really for the government with something so trivial and something that they can't regulate in their point of view. Though good example for this is Russia which banned Bitcoin and other cryptocurrencies but look at them now who is recognizing and legalizing Bitcoin like Japan because they see the potential and can truly help them in the financial crisis they have been facing. I hope that other countries my see it as well.

[kariky_123]

Because most people on other countries consider bitcoin as scam and they think that bitcoin is all about any other illegal activities. But governments have their own reason.

[oloveloveo]

Bitcoin has really good advantages to us, regular salary man.
But to government, they think the benefits of country. If the government can get a part of it, why should they approved using it?
I think thats why most of the country does not approve using of bitcoin.
But for those government official that wants to hide their assets value, bitcoin is the great idea to invest, as we all know that you can hide your identity there.

[thevlox]

I have heard that bitcoin does not accept it at many countries. There may be many reasons for not accepting. Many countries do not have a good kind of cryptocurrency. And for most of the underdeveloped countries, this is the bitcoin's ambiguous. Many people use this bitcoin badly. For many countries this bitcoin has been called bad.

[monster2]

other countries do not support bitcoin because they think it's just a scam and they fear that everyone is in bitcoin life expectancy.

[Thardz07]

The other reasons why some countries are not supporting the bitcoin currency because of the scam issues, or they think bitcoin has a illegal activities behind and the other reason is the highly risk investments.

[fotosonics]

You mean banned? In our country bitcoin is not supported but it is not ban so I can still participate in any bitcoin activities not like in other country they cannot participate (e.g. Signature) we do notcexactly know the reason, what matter most is to continue supporting bitcoin.

[Spaffin]

Crypto currency is a very revolutionary new kind of financial settlements, which is perceived by many states if not hostile, then with disbelief. For the state, crypto currency is very inconvenient in the sense that it can not be controlled. It is capable, without any accounting and control, of withdrawing any funds from the territory of any state, and this is highly displeasing to the states. In addition, any profit from financial transactions in any state is subject to taxation, and transactions in the use of crypto currency are very difficult to take into account and tax. Even these two moments are for any government a very big obstacle in the use of crypto currency.