Why Goverment is not recommending to use digital currency such a bitcoin?

[merchik]

Coz they re scared of it

[Denifriska]

Probably because digital currencies like bitcoins are still too common for a country or government. So most governments have not been able to create a rule or a way to sync it with the original currency in that country. Because if not made a rule or a matter will have an impact on the economic conditions of the country.

[Doge dealer]

Governments will always have an issue with anything that has to do with money that it cannot control or regulate. A part of the reason though is that digital money can and will have implications when it comes on to fiscal planning and forecasting as it cannot at this point be predicted what the price of a coin will be with any amount of certainty .digital money because its not regulated can also have implications on the public purse as it could result in the re routing of funds from institutions that would pay taxes to the government and as such the revenue stream from these sources would be less.There are a myriad of reasons but this is the most troubling of them all.

[CryptoLoverz]

Yesterday I red article regarding digital currency. The article aim to discourage us in using digital currency as these currency is not recognize by our country monetary institution. What do you think is the reason why  other governments are discouraging its citizen to use digital currency? Any thoughts.....

they oppose all cryptocurrency because they can not control it. they are not just against bitcoin. all currencies that can not be controlled by them would be opposed. perhaps they also have the idea that cryptocurrency will make it easier for the negative. for example, avoiding taxes that directly benefit the government. or money laundering by corruptors and anything related to crime. perhaps for reasons believed by the government, to be the main cause for not recommending it.

[wasaisisisi]

Because the government can not control the bitcoin so they do not recommend bitcoin to be used. I do not know for the future what the government will continue like this or not. But I hope bitcoin will be accepted in many countries.

[Thira]

I think it is because bitcoin is decentralized that the government cannot control it and i think they are afraid so they are not supporting it.

[center

Government is not recommending to use digital currency, maybe because in every country have their own used of currency that was regulated, and if they will allow the digital currency maybe it may affect the economy, government was afraid because they cannot control the said digital currencies.

[7Dyoknga5]

Yesterday I red article regarding digital currency. The article aim to discourage us in using digital currency as these currency is not recognize by our country monetary institution. What do you think is the reason why  other governments are discouraging its citizen to use digital currency? Any thoughts.....

again because of bitcoin's decentralization, transactions cannot be tracked down. Because of this, government see it as a threat to security.

Several government seek to regulate crypto's because they know its potential and some purely can't comprehend with it.

[dimastegar]

The government may be a little afraid of the risk of falling prices of Bitcoin or coins. Because we know a lot of coins are experiencing price collapse after they have pumps, especially ICO coins. And maybe that's why the Government is still reluctant to legalize crypto coins in the country.

[Ishiro5]

Perhaps they are discouraging it most certainly because of the limited or no control they have over it, they cannot stop it, and the only way to try to stop it is to discourage people in every way they can from using it.

[retnoanjani]

The main reason probably is the volatility in the market. There will be no equity since market value stability is a must when it comes on a currency in the market. Governnents are still not in favor on making cryptos legal due to this problem because of the risk which users as well as the market might encounter.Also, most of the cryptos are decentralized anf tax is not possible.

You are right, prices are volatile making bitcoin a high risk if used as an investment tool. The government also argued that no official administrator would be held accountable for matters concerning bitcoin, as a safeguard for his citizens.

[dillpicklechips]

Government is not recommending to use this digital currencies such as bitcoin because those are decentralized which they cannto control or manipulate it. They are also afraid in the safety of the users because bitcoin was digital and online there are many possibilities of hackers and scammers. Government want to use the old way banking system to help improve the economy of your country.

[4lfa04]

The reason why  other governments are discouraging its citizen to use digital currency is because it may be deals with have the taxes that to take in every transaction we do. If we use the krypto currency,  the governments is difficult to attract taxes so that income will be reduced. We know, all of governments service source one of them is a tax.

[ngano ba]

The government is not recommending the use of digital currency such as bitcoin, because whenever there will be fault of the transactions using digital technology, the government have no hold of the situations , they can not helped the case , because you are been using digital transaction, and the goverent ,have advisory not to use this technology

[janaiz]

Yesterday I red article regarding digital currency. The article aim to discourage us in using digital currency as these currency is not recognize by our country monetary institution. What do you think is the reason why  other governments are discouraging its citizen to use digital currency? Any thoughts.....

Bitcoin and other decentralised cryptocurrencies allow people to trade directly with each other, cutting out the need for a middleman which, in traditional commerce, is a bank.

Banks generally charge fees for doing anything with money, even just holding on to it. That's because the banks have created a level of trust that transactions pass smoothly and everything is recorded and accounted for correctly.

[fishball]

Yesterday I red article regarding digital currency. The article aim to discourage us in using digital currency as these currency is not recognize by our country monetary institution. What do you think is the reason why  other governments are discouraging its citizen to use digital currency? Any thoughts.....

I think the most obvious answer would be bitcoin is decentralized, does not have fixed value and there"s no tax ghat government can take.

[boty]

Yesterday I red article regarding digital currency. The article aim to discourage us in using digital currency as these currency is not recognize by our country monetary institution. What do you think is the reason why  other governments are discouraging its citizen to use digital currency? Any thoughts.....

I think it's because the government does not really understand about bitcoin and it seems like bitcoin education should be given so that the government can fully understand the bitcoin and probably because the government is afraid that bitcoin will be used as a financing for less desirable actions.

[dgross0818]

regulators consider the crypto currency to be a high-risk asset, therefore it treats with caution and, moreover, the adoption of digital coins into use.

[mackenzie5]

  The government is not recommending to use digital currency such as Bitcoin since the market is volatile and due to instability of value in the market . Bitcoin is a decentralized currency and there is no interference of a third party and the transaction is  done online with the help of internet so it takes no time for the transaction of currency all over the world and money can be send to families who are abroad without difficulties. Government fears that digital currency will not help them to tax people .

[Tashi]

The Government is not recommending their people to use digital currencies beacuse it’s risky due to decentralization. They don’t want people to invest or use it because also because it’s volatile. They don’t want their people to invest into something risky.

[Rishabh riyz]

It's pretty obvious that the government isn't allowing bitcoins because they won't be controlling it ,since it is a decentralised currency , the government won't be able to put taxes on the transactions and won't even know that where is the transactions happening and who's behind it .
They fear that people may misuse it's anonymous nature to fund illegal activities and they won't be able to find anyone with any proof .