why do governments don't make BTC illegal worldwide ?

[Carlos Caprio]

I think the top most reason is government is unable to control bitcoin when it is easy for the government to control the banking system.So, if they make it legal then they will lose their control on the economy and they afraid of it.

The government as a financial authority certainly does not want bitcoin to disrupt the financial system that has been running so far, both domestic transactions and transactions between countries. Banking as a financial operator that is connected throughout the world, makes the government easily withdraw taxes, oversee money laundering and financial system monitoring for budget or fiscal analysis. Because bitcoin users are autonomous, it's difficult to track bitcoin transactions.

[katerinaliisa]

I think that banks are not afraid of crypto currency. It is not profitable for them to work with it. I think that the crypto currency will not be canceled, because this area has not been studied yet and the government has not yet figured out how to use the technology of blockchain and crypto currency more efficiently.

[Roksodhon]

The answer is quite simple, because every country already has its own currency and bitcoin is crypto currency decentralization so there is no one country that can control the bitcoin. So this is the cause of the bitcoin has not become illegal.

[amber deposit]

Very few countries have gone as far as to declare bitcoin illegal. That does not, however, mean that bitcoin is "legal tender" - so far, only Japan has gone as far as to give bitcoin that designation. However, just because something isn't legal tender, does not mean that it cannot be used for payment - it just means that there are no protections for either the consumer or the merchant, and that its use as payment is completely discretionary.

[Pump N Dead]

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 ?

They can't make it illegal because they found out that they also need the technology. Blockchain technology have a very wide coverage in terms of its usefulness. Implementation of blockchain in a currency is just one of them. You can use blockchain in any industry and that is the fact that they want you to know.

[nangiarushali]

It is so because the Governments of few developing countries consider it a way of development and had legalized it in their countries.On the other hand because it is a decentralised currency Governments can not control it therefore some countries do not accept it.

[aggeyysido]

What's the point of this action? Its prohibition will only strengthen interest in cryptocurrency, because people are always attracted to the forbidden fruit.

[Andrey13101991]

The technology that is the foundation for Bitcoin has sufficient potential to make us doubt the need for existing financial institutions.

[ParveZ219]

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 ?

Because most of the governments understand that Bitcoin is not totally illegal it's just a currency the transaction made by in the people are illegal it doesn't mean that they will Ban Bitcoins in every country Bitcoin is not having any fault yeah after some days maybe Bitcoin will not be and animals anymore it can be traced so the transactions can be traced and the illegal people will be caught.

[Sabana1952]

This is profitable for them to work with it. I think the crypto world will not be canceled, because this area has not been studied yet and the government has not yet figured out how to use the technology of blockchain and crypto currency more efficiently and has time goes on the government will do the right.

[Madara_Uchiha]

Since the ban on the use of virtual money will not contribute to the development of the economy, the authorities, in obedience to the world trend, are making attempts to take this sphere under control.

[Ms.Anna]

Crypto currency is extremely decentralized - if the authorities prohibit its use on the territory of a particular country, ordinary citizens and entrepreneurs can virtually pay for it, despite blocking key Internet resources related to the exchange and sale of coins. Eliminating workarounds is almost impossible.

[gabmen]

Since the ban on the use of virtual money will not contribute to the development of the economy, the authorities, in obedience to the world trend, are making attempts to take this sphere under control.

Well they don't really agree on a lot of things, these governments. Every one of them have different views so for some governments, crypto can be beneficial and for some, it needs to be regulated more.

[Buttermellow]

I do believe that government had seen something really good on cryptocurrency because of its blockchain technology wherein transactions are very clear and it could eradicate corruption if it is being implemented in a government system. Hopefully that here in the Philippines the president will be able to acknowledge its worth and create something to a new level to eradicate corruption.

[darkangel]

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/

Instead of forbidding the bitcoin I think the government is interfering in bitcoin. In the near future, the government will introduce legislation on the use of bitcoin. it will be managed. All risk of using bitcoin will be limited

[knggtrrz]

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/

Instead of forbidding the bitcoin I think the government is interfering in bitcoin. In the near future, the government will introduce legislation on the use of bitcoin. it will be managed. All risk of using bitcoin will be limited

Yes, but ofcourse maybe there will be some changes on using it and most importantly the transactions fees and holding it will also give us more expenses rather than good profit.

[Dadaro]

Because it's clearly not illegal. But the government and bankers wouldn't just let cryptocurrencies have their way easily. They are now making steps to resist it. Examples are banning it to a several countries across the globe.

[Legendari]

I think not all governments are aware of the threat that bitcoin and other cryptocurrencies pose to banks. They just don't take it seriously.

[Addywealth]

Government can not absolutely make bitcoin illegal in the world because its a decentralized currency, government dies not have control over it on like banks and other financial institutions.

[tdtduy]

The determination of currency is illegal or not is the law of each country and it is inviolable. No government has the right to ask the government of another country to recognize a currency as legal or illegal. It depends on the views and development paths of each country.