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

[Rebellious]

Why would they recommend a financial system that keeps that is not regulated in any way? I would make no sense for them.

[BingoDog]

Governments and centeal banks feel obliged to warn people about new risky investment like cryptocurrencies and thus they actualy want to protect themselves. On the other hand significant amount of anonimity related to bitcoin and other cryptocurrencies prevent the possibility to monitor the transactions and prevent possible money laundering or some criminal activities. And people are still very naive, some of them enter into suspicious fraudulent scheems and then say that the government hasn't warned them although government actualy doesn't have anything to do with that.

[natsu_koo]

Because they cant control bitcoin that is one of several reasons why some government in other countries are not recommending bitcoin, but It only depends in the country's government. If the government of a particular country knows the advantages of bitcoin and how usable its is they will certainly recommend bitcoin, by the way other countries such as japan and australia, i guess, are already recommending bitcoin.

[fiulpro]

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.....

Hey
Since there are many National banks operated by the government and since there are many enterpeuners who runs the government , maybe the main cause ... Also you know sometimes bitcoins and other things tend to give rise to illegal activities thus governments want to take steps to stop what they aren't able to stop already.
I have heard about people doing drug dealing through bitcoins and much more. Government wants to stabilize everything nothing else
Well now slowly the government is accepting bitcoins and the tension is a little bit eased.

[InBTC4years]

First, which government? The most hostile governments are the ones that seem to be the most hostile toward their people. That should tell you something about their advice.

[osasshem]

The government of most countries see digital currency as a treat to their economy and a way for fraud act in the country that cannot be tracked, and many other reasons.

[Larva14]

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 reason is simple: because they have practically have no control over it. And they won't try to deal with or try to use bitcoin because they think it is too risky for them. They virtually cannot track the transactions through bitcoins so they got paranoid over it. So they did what they can do best, run a propaganda against to something that they cannot control or make money with.

[synapsisxxx]

Governments and by extension financial institutions lose control over people's money if crypto comes into play.

[olubams]

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.....

This is an issue that has been discussed over and  over again. Government don't need any reason to want to shut down anything or discourage its use. Its basically whatever they wanted that would play out every reason they gave is just because they want it to look acceptable and nothing else. With all the policies put in place can they say crime or money laundering have increase the more or reduced after the advent of bitcoin, I guess the issue still remain the same.

[pitiflin]

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.....

Obviously not the first time such a thing has happened, governments are very much concerned about the welfare of their citizens and I believe they didn't know much about it until the mid 2017, the period when bitcoin started to boom and it came into people's minds and they started their study and they understood that it's legit and they also came to one of the conclusion that they will be using the block chain tech soon in possible aspects.

[CrypticGambit]

because it is not regulated and can be easy lost

[buwaytress]

Governments and centeal banks feel obliged to warn people about new risky investment like cryptocurrencies and thus they actualy want to protect themselves. On the other hand significant amount of anonimity related to bitcoin and other cryptocurrencies prevent the possibility to monitor the transactions and prevent possible money laundering or some criminal activities. And people are still very naive, some of them enter into suspicious fraudulent scheems and then say that the government hasn't warned them although government actualy doesn't have anything to do with that.

Precisely. I think there has been an overreaction sometimes whenever a government issues even the most innocuous statements that simply distances itself from Bitcoin and advises citizens of that.

Given that so many people fall prey to scams and the inability of the state to protect them as laws are inadequte and always lagging behind technology, these measures are simply preventative, not restrictive.

[matrixjohn]

Its country has its own law with regards into the listed currency that is allowed to used. that is the one reason why they discourage their people to use it as public currency.

[btcprospecter]

Governments will try and discourage peoples use of bitcoin and other crypto currencies as it directly affects their taxation also other problems arise when people lose money through crypto currency and it is pretty much untraceable.

[cynical]

i cannot believe people would think any government would use a decentralized currency and unregulated instead of their existing fiat currency which is totally controlled by them and their banks

[darkangel11]

because it is not regulated and can be easy lost

Bitcoin can't be lost that easily. It's much less vulnerable than cash! You can't burn it or hack it, you can't lose it if you're smart with backups and no bank or any other agency can seize it without your consent.

Government will always back their fiat and will want people to transact in fiat because it gives them VAT and excise profits. Bitcoin doesn't do that, the only tax you can impose on its users is income tax.

[barabarian1]

government think bitcoin to dangerous.
they dont have institution, so bitcoin can be everybody with no rule. when you loss your coin it your vault, you cant come to institution to do something. and maybe they wont get problem from bitcoin

[xBitHodler]

It's simple. They can't control it. It means that they can print more if they need more money for goverment's expenses. That's something really good but unfortunately politicians won't change national currency to cryptocurrency probably because of that. Why people are looking for money so desperately? There should be limit.

[Pab]

If govs will recommend crypto maybe it will be signal to sell.Bitcoin is hedge to all that debt fiat
But IMF director Mdm Legarde gave very positive views about crypto.Bankers dont like her,thay call her communist

[Fulmand]

It's simple. They can't control it. It means that they can print more if they need more money for goverment's expenses. That's something really good but unfortunately politicians won't change national currency to cryptocurrency probably because of that. Why people are looking for money so desperately? There should be limit.

There are lots of reasons why the government will not recommend to use digital currency because they think it is hard to control and manipulate. Such many illegal tools was uprising like scammers, money laundiring, tax avoidance, cybercrime. This are all affect by the funds of the government.