why do governments don't make BTC illegal worldwide ?

[cherryscarlett]

However, different countries will take different measures. Some countries believe that blockchain and bitcoin are new technologies and should be vigorously developed, while others have banned these technologies due to their own problems.

[vandan.mishra2]

Why make it illegal if you could just regulate it and get taxes from people who make money with Bitcoin?
That's a whole lot of revenue for the government that they would be missing out on if made illegal.

But Bitcoin is actually also illegal in a couple of countries: https://atozforex.com/news/top-countries-where-bitcoin-is-illegal/

yes that is the fact. i also think that most of the states have now a very changed attitude about bitcoin.
As bitcoin is safe and safe things have its time ,might be it will take bit more tore time but surely it will have its place soon ...

[Bearks71]

Bitcoin is close to to probably be banned and illegal with the aid of governments because it's far certainly a hazard to their profits. but, because of the fact that Bitcoin is not familiar but in all stores worldwide, they would not ban it due to the fact along with your prices and belongings you buy with fiat been converted from bitcoin comes a percentage of tax that also goes to them.

[chopperchopper]

There is no genuine motivation to make it illicit. With respect to now, it is FAR from being undermining to banks and government.

On the off chance that it were, the legislature could essentially manage its utilization, rather than prohibiting it totally.

Distinctive nations have diverse perspectives of this, and I question the entire world will concede to restricting something like this ever

[kanayaTabitha]

I'm wondering this because is such a real threat to bank system and we all know how banks and governments are tightly linked !

BTC could make people more autonomous, self-resilient, being their own bank. You can use it like cash, making your transaction almost untraceable (or untraceable using e.g. monero or dash or laundry systems) : this is governments worst nightmare, isn't it ?

it's not a nightmare. the whole country must thrive in the digital age, must be ready to face any risks. blockchain technology is very helpful in everything such as finance, data, and transactions. if the government wants to track someone's transactions, I think the government can use kyc (knows your costumer) that means every exchange is required to have kyc so every wallet can still be in the history of transactions and the owner.

[cabitu]

The government certainly will not take a decision quickly, because it is still considering the possibility of the situation. It's still a growing market and possibly volumes to grow. I think the government is looking at developments to be able to decide where they will be in this market. The initial ban may cause many losses in the coming years. So the government does not want to miss the opportunity.

[uyenkt]

I think some government have no enough knowledge about BTC and lack of information.or they are afraid to change their fiat money to cryptocurrencies because there is possible for that prediction

[calabrianexceeded]

the world government has not agreed to make voting about bitcoin as a valid payment instrument, but the majority of them have agreed, and this is seen at this year's G-10 meeting.

bitcoin is not a wild thing if strict rules are applied, but many are still skeptical of financial systems that are so different from what they have so far, in the end they will agree as the development of the system keeps going in the perfect direction.

[basyang]

I'm wondering this because is such a real threat to bank system and we all know how banks and governments are tightly linked !

BTC could make people more autonomous, self-resilient, being their own bank. You can use it like cash, making your transaction almost untraceable (or untraceable using e.g. monero or dash or laundry systems) : this is governments worst nightmare, isn't it ?

Every governments has a different thoughts about bitcoin. Some Government are see the potential of bitcoin and other cryptocurrency in the market while other Government who banned bitcoin see its negative effects because some bitcoin users use it as a tool to their illegal activities which is not right. And there is a government who are mutual and I think still studying about the effect of bitcoin in the society.

[jacksonhen]

Yes, that is true. Although this is a nightmare for the government as well as the bank. They should be able to realize that the growing public interest they can use to take part of the profits. I think it's just a matter of time for cryptocurrency to be accepted in different countries. But even then I think the physical money we use will not die for the next few decades.

[SuperBazooka]

Korea is Pushing Positive Crypto Legislation: What Happens After it’s Passed?

The government of South Korea is hurrying the finalization of the country’s first crypto and blockchain legislation, to recognize the cryptocurrency and blockchain sector as legitimate industries.

What it Means For Crypto
As CCN reported, local financial authorities initially disclosed their intent to regulate the cryptocurrency market with stricter but more comprehensive regulatory frameworks to protect investors and facilitate the growth of startups in the blockchain industry.

Government personnel admitted earlier this year that the financial authorities were reluctant towards regulating the cryptocurrency market because they feared local investors would consider decision as the adoption and embracement of cryptocurrencies by the government.

However, in June, subsequent to two security breaches experienced by Bithumb and Coinrail, formerly the second and fourth largest cryptocurrency exchanges in South Korea, the government acknowledged the necessity of strict regulatory frameworks to oversee the local cryptocurrency market.
https://www.ccn.com/korea-is-pushing-positive-crypto-legislation-what-happens-after-its-passed/

[Pettuh4]

It is quite clear that the state can not control the movement of bitcoin in their country and receive taxes for it in the treasury. The money flows right past the hands of officials. In addition, the most obvious use of BTC is illegal operations. Arms and drug trafficking. Therefore, many states are against bitcoin and cryptocurrency.

Most of the Governments out there seek absolute control especially in the financial sector so that they can sustain themselves and run the office through our respective paying of taxes and so if anything is going to hinder them from having that absolute control they feel threatened and are thus going to institute laws and policies against it but bitcoin has proven tough for them thus far being decentralized and getting ever decentralized i don't think if they have a way to stop bitcoin and render it illegal globally they'd wait a second.

[jackky]

I'm wondering this because is such a real threat to bank system and we all know how banks and governments are tightly linked !

BTC could make people more autonomous, self-resilient, being their own bank. You can use it like cash, making your transaction almost untraceable (or untraceable using e.g. monero or dash or laundry systems) : this is governments worst nightmare, isn't it ?

Sure, because Bitcoin transactions are anonymous and the government will not be able to levy taxes on Bitcoin transactions. Banks and government have a close relationship because the bank helps the government control transactions

[idontcare]

If we want the government to recognize Bitcoin as legal currency and allow people to use Bitcoin in public, then we have to accept government Bitcoin rules. The government will issue separate laws to Bitcoin so that they can have control over Bitcoin

[dmcx]

I think some government have no enough knowledge about BTC and lack of information.or they are afraid to change their fiat money to cryptocurrencies because there is possible for that prediction

Agree with your comments. The government can not have much knowledge about Bitcoin. For them, Bitcoin and blockchain technology are new, and they still need time to get to know it thoroughly. The ban on Bitcoin is just a temporary measure of the government

[rez303]

I'm wondering this because is such a real threat to bank system and we all know how banks and governments are tightly linked !

BTC could make people more autonomous, self-resilient, being their own bank. You can use it like cash, making your transaction almost untraceable (or untraceable using e.g. monero or dash or laundry systems) : this is governments worst nightmare, isn't it ?

Sure, because Bitcoin transactions are anonymous and the government will not be able to levy taxes on Bitcoin transactions. Banks and government have a close relationship because the bank helps the government control transactions

But if the government can control all Bitcoin transactions, I believe that Bitcoin transactions will no longer be anonymous. Instead, the government can accurately identify the names of people who are trading Bitcoins on the internet

[casternetwork]

Some big countries like Japan and Korea accepted Bitcoin. Governments say that bitcoin and cryptocurrency do not affect the development of banks and their economies. So they accepted Bitcoin in a positive way

[lungu113]

Because many people used bitcoin as a scamming system which government won't really allow bitcoin to be legal. The image of bitcoin are destroyed because some people abused it.

[MalcolmBee]

governments probably cannot shut it down through technical  or maybe they cant technically eliminate bitcoin but they can probably force it to be a currency that in polite company.

[CrypTM]

 First of all, forbidding Bitcoin is something a democratic country can not do openly. This will create social unrest.