Why bitcoin is not supported in some countries?

[joromz1226]

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

Maybe because they are poor of knowledge about in bitcoin, or it could be they're not open minded about it,
might afraid in bitcoin something like that.

[charlescoin]

They don't legalize the bitcoin because they have a wrong information about it. That is the main reason why many governments doesn't like the bitcoin. The don't know also the purpose and the meaning of the bitcoin

I don't think that's the only reason. Countries never wanna miss the opportunity of tax. If people are using bitcoin, they can't charge any tax from their citizens.

Its no different from offshoring, as soon as you want to spend the bitcoins the authorities will ask questions. There is absolutely no reason countries can't tax bitcoins the same as anything else.

[Sanitough]

They don't legalize the bitcoin because they have a wrong information about it. That is the main reason why many governments doesn't like the bitcoin. The don't know also the purpose and the meaning of the bitcoin

I don't think that's the only reason. Countries never wanna miss the opportunity of tax. If people are using bitcoin, they can't charge any tax from their citizens.

Its no different from offshoring, as soon as you want to spend the bitcoins the authorities will ask questions. There is absolutely no reason countries can't tax bitcoins the same as anything else.

It's hard for them because they do not control the network or the system but they are in control of exchanges.
They can tax the users when converting it to fiat but not for people who are just holding their bitcoins.
There best chance is to regulate all exchanges according to their guidelines.

[krishnapramod]

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

If I am right then only four countries have banned bitcoin. Currently most of the countries are taking an open-minded approach towards bitcoin, Japan legalising bitcoin, India on its way to legalise bitcoin, Australian government removing goods and services tax on purchasing cryptocurrencies. These four countries, Bangladesh, Ecuador, Bolivia, and Kyrgyzstan have banned bitcoin probably because:

1. Being decentralized these governments think that bitcoin would be used for scamming, money laundering and financing terrorism.

2. They consider bitcoin as a threat to their national currency/competitor/their whole centralized monetary system.

3. Bitcoin lacks security and it is not possible to determine it's exact value (volatility) so a potential threat to people's investments.

In future as more countries start putting some financial regulations on bitcoin and make it a part of their economy, not
parallelly or alongside their national currency, but still a legal/regulated status would force countries that are not bitcoin friendly to change their stance.

[MintCondition]

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

2. They consider bitcoin as a threat to their national currency/competitor/their whole centralized monetary system.

Well explained.  But only point 2 is much appreciated as the reason why other countries ban bitcoin. Bitcoin is more secured rather than putting it in bank. Bankruptcy is always present unlike bitcoin. Government are afraid to loss much money by accepting cryptocurrency because it is untaxable and they can't centralized the used of it.

[Kronos21]

Bitcoin is a threat to the economy of any state. Monetary system States is completely controlled by the government that it is impossible to do with bitcoin. The government will never agree to accept the bitcoin.

[kynaz]

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

2. They consider bitcoin as a threat to their national currency/competitor/their whole centralized monetary system.

Well explained.  But only point 2 is much appreciated as the reason why other countries ban bitcoin. Bitcoin is more secured rather than putting it in bank. Bankruptcy is always present unlike bitcoin. Government are afraid to loss much money by accepting cryptocurrency because it is untaxable and they can't centralized the used of it.

The government in my country banned the use of Bitcoin. They say bad Bitcoin in the media without mentioning the good things Bitcoin brings. I hope my government recognizes the importance of Bitcoin in the future

[itsallpc]

Some countries may fear that they would lose their revenues which they get from taxes.They fear that they may not be able to control the economy since bitcoin is a decentralized currency.They also fear that bitcoin may increase trade of illegal products in the country.

[DoublerHunter]

Some countries may fear that they would lose their revenues which they get from taxes.They fear that they may not be able to control the economy since bitcoin is a decentralized currency.They also fear that bitcoin may increase trade of illegal products in the country.

That is right. that is one of the most that i also think why other countries doesn't accept bitcoin because they think that the people will just use bitcoin instead of the usual remittances and because of that they will get lower amount of money from the taxes of remittances because people are just smart and they start to use bitcoin because of its cheap fees and faster transaction.

[Xester]

Some countries may fear that they would lose their revenues which they get from taxes.They fear that they may not be able to control the economy since bitcoin is a decentralized currency.They also fear that bitcoin may increase trade of illegal products in the country.

That is the predicament of the government that is why they do not support the use of bitcoins.  People who earns through bitcoin was able to jump or to escape taxes.  But maybe some only because here in our country when we will encash it or we will buy something there is a corresponding fee.  So it is like for some sort of tax.  And for the government to use it, they need to have a thorough study for them to use bitcoin.

[jonnybravo0411]

Some countries may fear that they would lose their revenues which they get from taxes.They fear that they may not be able to control the economy since bitcoin is a decentralized currency.They also fear that bitcoin may increase trade of illegal products in the country.

We are all proud of the anonymity of our investments and revenues, dealing with bitcoin. And at the same time we are still talking about possible assistance to countries. I believe that this is a completely opposite concept.

[7jaka7]

They don't legalize the bitcoin because they have a wrong information about it. That is the main reason why many governments doesn't like the bitcoin. The don't know also the purpose and the meaning of the bitcoin

Maybe they have right information about bitcoin. And they know that they won't be able to play with money anymore, so maybe that is the reason why thay don't like it.

[ASHLIUSZ]

Some countries may fear that they would lose their revenues which they get from taxes.They fear that they may not be able to control the economy since bitcoin is a decentralized currency.They also fear that bitcoin may increase trade of illegal products in the country.

Already even without the legalizing of bitcoin all sorts of illegal activities were found within every country. So a perfect thinking about the growth will usually cause government make steps to adopt bitcoin. If taxation and decentralization is an issue how the developing nations have adopted it. As a part small Countries too have started using bitcoin much in the African continent.

[Noilee]

Bitcoin is not supported in other countries because they protect their own currency. They afraid that their currency is down. The government is fear, they want to protect their own currency.

[Ekanenf]

Many criminals are using bitcoin such as legalizing crime

Maybe? But even though they are not a criminal, but they are using bitcoin in the illegal deeds then they are criminals. This problem is one of the reason why the Government in some countries are limiting the usage of bitcoin or even more worst, they banned it. Most of the people are buying illegal drugs online, having this anonymity is giving them the guts to buy such things.

As a solution on this, since the Government can't easily annihilate all of the illegal sites which do sell this kind of stuffs, that is why they came up banning of bitcoin.

[Patsakkyy]

Many criminals are using bitcoin such as legalizing crime

Maybe? But even though they are not a criminal, but they are using bitcoin in the illegal deeds then they are criminals. This problem is one of the reason why the Government in some countries are limiting the usage of bitcoin or even more worst, they banned it. Most of the people are buying illegal drugs online, having this anonymity is giving them the guts to buy such things.

As a solution on this, since the Government can't easily annihilate all of the illegal sites which do sell this kind of stuffs, that is why they came up banning of bitcoin.

It seems to me that here the legalization of Bitcoin will be affected only by ordinary users of crypto currency. Of course we will see what will happen in the future, but it seems to me that after the legalization it will be possible to say goodbye to anonymity and get ready to pay taxes.

[bitllionaire]

Many criminals are using bitcoin such as legalizing crime

Maybe? But even though they are not a criminal, but they are using bitcoin in the illegal deeds then they are criminals. This problem is one of the reason why the Government in some countries are limiting the usage of bitcoin or even more worst, they banned it. Most of the people are buying illegal drugs online, having this anonymity is giving them the guts to buy such things.

As a solution on this, since the Government can't easily annihilate all of the illegal sites which do sell this kind of stuffs, that is why they came up banning of bitcoin.

It seems to me that here the legalization of Bitcoin will be affected only by ordinary users of crypto currency. Of course we will see what will happen in the future, but it seems to me that after the legalization it will be possible to say goodbye to anonymity and get ready to pay taxes.

yes it can be a problem in fact but I think there must be some solution for that, if the government get ready to accept bitcoin as anonym and do not disturb its that character. I am sure that there must be solution for that, bitcoin will remain as anonym even after it is become legal by the government.

[eleah24]

For me in my opinion, maybe some countries do not support BTC because they are afraid of it. They may think of it as a scam. Because not all country leaders are risk takers, all they want for the people of their country is to be safe.

[stripykitteh]

For me in my opinion, maybe some countries do not support BTC because they are afraid of it. They may think of it as a scam. Because not all country leaders are risk takers, all they want for the people of their country is to be safe.

That's pretty much the reason why the Government does not want anyone to use a Currency that they can't easily control.
Playing with money from the Government allows the Government to make the price of it to whatever price they want and if they want to ditch that Currency then they could just build a new one while leaving the people that are holding fiat with nothing.

[Warry]

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 one of the reason why Bitcoin is not allowed in some country is its transparency, no one can control it but everyone can send Bitcoin (considered money) to anyone else so that their worrying about people using Bitcoin as a currency of crime is real, they can not risk their countries just because of an e-currency.