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

[domgamer]

Because its not regulated by them and its difficult to regulate because of the nature of bitcoin transactions.

[Nameless27]

I think it is pretty obvious. Would Microsoft recommend you buy Apple? Would Amazon recommend you to buy on eBay? Would authorities and central banks recommend you to use Bitcoin?

It's in the best interest of governments you don't use Bitcoin for obvious reasons - they can't control you if you use it.

It gives most of the reason but one important reason is missing.

Profits/Loans ~ the government and the central banks the same goal and they’re working side by side to archived it. Banks need investors and depositors and if bitcoin will pull most of it banks profits will be affected and taxes for the government be cut/lessen so the taxation target of the agency will not meet.

This is the only reason why they keep on depending this bankers and why we really hate them. Can we blame them? Maybe, but I can’t.

[bitbob82]

I think it is pretty obvious. Would Microsoft recommend you buy Apple? Would Amazon recommend you to buy on eBay? Would authorities and central banks recommend you to use Bitcoin?

It's in the best interest of governments you don't use Bitcoin for obvious reasons - they can't control you if you use it.

It gives most of the reason but one important reason is missing.

Profits/Loans ~ the government and the central banks the same goal and they’re working side by side to archived it. Banks need investors and depositors and if bitcoin will pull most of it banks profits will be affected and taxes for the government be cut/lessen so the taxation target of the agency will not meet.

This is the only reason why they keep on depending this bankers and why we really hate them. Can we blame them? Maybe, but I can’t.

Why not governemtn put taxes on bitcoin. I think it they will recognize bitcoin as legal currency, then it will become easy for them to put tax on bitcoin. And even if govenment will turn bitcoin as legal currency, they the banks will also start deposition bitcoin, they will create online wallets for it, and i think through this way they can get more clients and will  definantly get more profit from bitcoin users.

[unbotak]

I think it is pretty obvious. Would Microsoft recommend you buy Apple? Would Amazon recommend you to buy on eBay? Would authorities and central banks recommend you to use Bitcoin?

It's in the best interest of governments you don't use Bitcoin for obvious reasons - they can't control you if you use it.

It gives most of the reason but one important reason is missing.

Profits/Loans ~ the government and the central banks the same goal and they’re working side by side to archived it. Banks need investors and depositors and if bitcoin will pull most of it banks profits will be affected and taxes for the government be cut/lessen so the taxation target of the agency will not meet.

This is the only reason why they keep on depending this bankers and why we really hate them. Can we blame them? Maybe, but I can’t.

Why not governemtn put taxes on bitcoin. I think it they will recognize bitcoin as legal currency, then it will become easy for them to put tax on bitcoin. And even if govenment will turn bitcoin as legal currency, they the banks will also start deposition bitcoin, they will create online wallets for it, and i think through this way they can get more clients and will  definantly get more profit from bitcoin users.

There is one important point where bitcoin is able to threaten the economic sovereignty of a nation around the world, the Government must immediately conduct full intervention to control the finances or people will do whatever they like and cheat taxes. The power offered by bitcoin to users to date still lacks the proper legal regulatory format.

The government also does not want inflation so all must be carefully calculated about bitcoin.

[Indrawan77]

Of course the government dont recommend it, because there are no advantage if the citizen used the digital currencies, the government cant taxed the person and then the government cant trace the transaction, and it can disrupt the economic balance, so the government never recommend it and try to regulate it

[waynechong1995]

It's hard to govern when you couldn't see where money is going, you see back in my place there is a law where cashing out a big sum of fiat money personally (around $5000) would require a formal checkup from banks staffs for anti laundering purposes, digital currency simply doesn't allow such governance if you use personal wallets.

Cybercrime and theft happens so often in cryptoworld and there is hardly any lawful actions against them. KYC is a good measure but was not good enough to counter malicious activities.

I think by nature cryptocurrencies wouldn't fit into any government currency policies lawfully, but rather as an investment tool.

[blocklancer8]

to realize the government using bitcoin is indeed it takes a long time and also every country already has a legitimate currency.

[ethereumhunter]

there are many reason from the government not recommending us to use digital currency.

1. they can not control digital currency because its available in internet and decentralized.
2. they afraid that digital currency will become bigger and many people right now is not trust their government because there is many problem that could not be solved until now by government.
3. they don't want their citizen to get rich without paying tax to them because they think that taxes can help their economy.
4. they actually know that digital currency can solve the poverty problem for their citizen but they don't want to let it happen because if their citizen have money, they are difficult to be control especially for the taxes.
5. they are trying to cover the truth of digital currency that could be their solution to solve their economy financial.

[asebaby]

Bitcoin offers an alternative to the conventional,state sanctioned banking system.This maybe why Governments are not recommending the use of digital currency  as bitcoin,and because they can,t stand the idea of a currency that can,t be debased to political order.

[btcbrother]

Bitcoin offers an alternative to the conventional,state sanctioned banking system.This maybe why Governments are not recommending the use of digital currency  as bitcoin,and because they can,t stand the idea of a currency that can,t be debased to political order.

You forgot the number one reason governments do not allow Bitcoin - because you cannot tax Bitcoin. The government needs too much resources to track every individual user of cryptocurrency.

[waqarkahloon]

there are two scenario's for this. First u dont have money in physical form instead in digital form. So anybody can hack u and get all ur money in no time making u poor. As still there is no infrastructure for digital currency theft control and rules. So this is to save citizens from big risks.
Other thing is that govt cannot control its movement across the globe while having no clue of transfer of money. So they cannot stop money laundering, taxation and some such economics crimes.
To adopt digital currency, there is a need of digital infrastructure and dev as well as law enforcement agencies for which govts are not prepared thats why they are reluctant to adopt.

[ReyshElle]

Bitcoin itself is anonymous. Lot of peoples work and earn more money because of it, but since government can't tract it down, they can't collect taxes, must be one of the reasons.

[ajochems]

Bitcoin offers an alternative to the conventional,state sanctioned banking system.This maybe why Governments are not recommending the use of digital currency  as bitcoin,and because they can,t stand the idea of a currency that can,t be debased to political order.

You forgot the number one reason governments do not allow Bitcoin - because you cannot tax Bitcoin. The government needs too much resources to track every individual user of cryptocurrency.

Ya buddy, it's a one of the reasons for government say not use bitcoin. But the main thing is, bitcoin can not be centralized by any firm. Many country government tried to get a control of bitcoin. But it's not at all possible. So only,government try to reduce bitcoin inversement and growth of bitcoin.Bitcoin is can't control by any government

[Rishabh riyz]

In my opinion the major reason for bitcoins not being recommend by the government's are :-
+ The anonymous nature of bitcoins :- the government fees that Bitcoins could be used for funding illegal activities like buying drugs or funding terrorism plus the identity would also be unknown, all they would know will be a wallet address.
+ They won't be able to put taxes :- the government won't be able to look how much a person would be earning and so they cannot put taxes on them.

[Rajat97]

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 moneytary institution. What do you think is the reason why  some goverment are discouraging its citizen to use digital currency? Any thoughts.....

The only reason is that the banking area would completely vanish and they wont have the amount of currency flow in the country which will lead to corruption.

[Crypdon]

What would happen if the taxes the government receive starts to drop dramatically due to the widespread adoption of bitcoin? Can you imagine the chaos it would cause!

[cyberChevan]

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 moneytary institution. What do you think is the reason why  some goverment are discouraging its citizen to use digital currency? Any thoughts.....

Simply because they cannot control digital currencies, that's why. You can't blame your country though because it's known that btc is widely used in illegal activities such as money laundering and drugs trading. And of course for the monetary institution their main concern is not the laundering though maybe a little. Obviously if digital currencies like btc become rampant in your country they will lose huge amount from taxes.

[JohnBitCo]

I think it is pretty obvious. Would Microsoft recommend you buy Apple? Would Amazon recommend you to buy on eBay? Would authorities and central banks recommend you to use Bitcoin?

It's in the best interest of governments you don't use Bitcoin for obvious reasons - they can't control you if you use it.

Yes, banks dont want bitcoin to flourish because if people started using the bitcoin, it will be the end of banks.  Even i have few friends who are employee in banks and they always talk bad about bitcoins and when i ask them why they hate bitcoin, they say that if bitcoins become popular and banks become less usage , their jobs will be in trouble.

[Webberson]

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 moneytary institution. What do you think is the reason why  some goverment are discouraging its citizen to use digital currency? Any thoughts.....

It could be of several reasons, one of which is the fact that it cannot be controlled by them. It could also be for the fact that bitcoin as a digital currency hasn't been recognized globally.

[TonyFat]

Because we do not pay taxes for crypto currency, it's like adidas will advertise nike well, I think I explained it intelligibly)