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

[gabbie2010]

No sensible government will support or recommend the use of virtual currency because they believed it is counterproductive against their monetary policies, the central bank of such a government cannot control it because it is decentralized and probably untaxable which is a disadvantage to their economy.
Every government will try and discourage the use of virtual currency.

[quan52395]

There is an article that says "many people do not trust the government's money and want to use Bitcoin as a barrier or an alternative payment instrument when the government money does not perform these functions in a effective."

[Okuman]

I cannot control Bitcoin by the government.
I think that I cannot follow an own country.
It will be easy to receive the digital currency of the own country.

[Basmic]

The government recommended people not to use cryptocurrency because it is really very risky. Not every person can evaluate the degree of risk in transactions and to destroy your destiny. In addition, the government used to control its citizens through Fiat and therefore don't want cryptocurrency to lose this opportunity.

[StephanoMetolol]

They can't control us this way, that is why!

[phpartisanmaster]

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.....

In my own opinion, I do not really like that the government will use bitcoins since it has a very high value and they might place a tax on it and the value will decrease and it will lead for the market price to drop.

[n4poleon]

It's a direct competition of the currency that they're peddling in the economy. Nevertheless, times are changing fiat system can't keep up with the tsunami of innovation. People will choose what is useful for them based on convenience in terms of banking and accounting. And bitcoin showing what's possible that it can never be on fiat system.

[princesocapuyo]

Government is not recommending using digital currencies such as Bitcoin because they are scared of Bitcoin. Watch in 5-10 years they're going to issue their own digital currencies.

[Terry05]

I think one reason is poor technology structure,but even though there's
No  formal recommendation from the goverment ,still many people are still using it whiout restriction.

[xanxus.kun]

Conflict of interest, they can't control you or your money if you use BTC, Bitcoin is decentralized, and the governments can't accept the fact that they can't control it, well except for the countries who adapted and made some Adjustment for BTC.

[Pedro18]

For me because of the tax. Government can't get much tax if we are using bitcoin or any other crypto currency. That's why some countries banned bitcoin.

[ss890]

Because they don't want to disturb there own monetary system and get collapsed on there own decision to give permission to use crypto currencies. That's the simple reason for that. No one would recommend alternate system to be used because the user base will get distributed completely leading to distributed profits as well. The profits? Well the system we use incurs the charges, the service charges which we pay in the form of taxes, which are not really applicable to bitcoin or digital currencies. Hence this will drain the national treasurers account leading to increased economic instability. The topic is very serious in terms of national economy so may be that's why they don't allow to use it simply.

[ss890]

Would there be enough money in the exchanges? Would bitcoin fail?

Obviously the price will fall to zero but bitcoin will not fail. Because if the prices of bitcoin falls to zero then people will rebuy at dust prices and the things will restart again. Just think, you are given chance to buy bitcoin at the rate of cents and pennies won't you buy tons of it before it gets back to the original prices. ;-)

Hope so nobody does this, and I don't think anyone would want to sell all the coins. Lols. That would be stupid world and I will be shitting the digital currencies in my wallet if that happens.

[danggoron]

in my opinion, one of the reasons is that the Government considers that bitcoin has the potential to be used for money laundering crime. beside that, Its tendency to be anonymous without a name, anonymous identity will be vulnerable to fraud.

[leonix007]

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.....

Some Governments try to conceal its true purpose why they don't recommend it to its own people, they're like preachers pretending a very well concern to its members but in true form, they only want your taxes, they can't control bitcoin transactions and so with identities from which to which, they only want to tie rope and with your neck and forcely do tax in every fiat's movements.

[Lykslyks]

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.

You nailed it! Hahahah! It does not really matter if they endorse/recommend it or not as long as they recognize and accept bitcoin as a payment system in their country that would be enough. Aside from that if they recommend to use digital currencies to people and people shows interest in it, it will cause harm to their countrries currency and its monetary system.

[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.

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.

That is the easiest way but first thing they must do is legalized it and in that area alone they can’t be fast enough. Because if they legalize bitcoin more investors will come in and bankers will be mad at the government. This will not be permitted by greedy bank owners and officials to happen.

How can they tax a unknown person at the same way would everyone of us will be paying this or hide from it. For now they’re must be abplanning being done by those associated with banks and government for this matter and due time we will hear bad news simultaneously.

[rasmadisulaiman]

As you explain, the government does not recommend digital currencies such as bitcoin for sure there are certain reasons. May want to protect its citizens from fraud, not ready with digital currency, want to fully control a country's finances without digital money mate.

[Bakemat]

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.....

digital currency such a bitcoin is not recommending to use by the government because every country there was a called money country and i think if they used bitcoin in their country it can affect their economic especially in the small country. and one of the reason too is because not all people will know about the bitcoin so they can't recommend it.

[Visbay]

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

Yes it’s true that it’s not regulate by any government but I think most of the countries like china, America they don’t to see any currency to replace their economy from their country and also they don’t want to loss hold in market trade bitcoin is one of the fast growing digital currency and which is accepted by some develop countries.