REASONS OF ILLEGALIZING BITCOIN

[Proton2233]

Now governments are closely monitoring the development of the cryptocurrency market. They cannot ban the use of bitcoin so they try to lead its legalization and develop mechanisms to regulate it. If they succeed, there will be no need to ban bitcoin. But if the government will not be able to control it they will ban.

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[Thanasis]

Bitcoin can be used for illegal activities like drug or terrorism so they don't want bitcoin in their country.But the main reason is people can use bitcoin without taxes if they continue to do then all people will use crypto which leads to economical crisis in their country.

[MCVXYZ]

Bitcoin can be used for illegal activities like drug or terrorism so they don't want bitcoin in their country.But the main reason is people can use bitcoin without taxes if they continue to do then all people will use crypto which leads to economical crisis in their country.

I often follow to the news about how special investigate authorities investigate crimes related bitcoin and I don't understand why do people talk about that,first of all its not anonymous,bitcoin is pseudoanonymous which means when investigate authorities have doubts in bitcoin transactions they will investigate it easily..So we can say that its easier to investigate bitcoin transactions than in another situation.Also you said this process will cause economical crisis,its not true because there will be new,imported money,for example just imagine in X Country where is no economical progress, bitcoin maybe very effective for their economical,social and for other forms...

[tweetbit]

You’ve created a much detailed list, those three is will fitted. I can add one and for me the biggest reason why the government is not open in legalizing bitcoin and all cryptocurrency.

 *Greediness greedy
[gree-dee]
adjective, greed·i·er, greed·i·est.
• excessively or inordinately desirous of wealth, profit, etc.; avaricious:
the greedy owners of the company.
• having a strong or great desire for food or drink./*Money

From this word is enough to define what we created in this world in the persona of our elected government employees to servants. They don’t care about the people who are poor, but only to the rich and mighty.

[Biscutard]

In addition to this, I think Personal Interest can also be a reason why bitcoin becomes illegal. A lot of big personalities are making negative comment to cryptocurrency just to protect its company. We all know how good cryptocurrency is, and for sure even government know this thing but they are just afraid because its hard for them to collect taxes from this kind of technology.

Those big companies are just lucky because they already got the money and all they did was to hide it to everyone and put it on the bank which means it doesn't circulate well, whereas bitcoin can circulate well through the use of blockchain.

[brontosaurus]

There are so many reasons for making bitcoin illegal. And some of the reasons are listed as below:

-> Evasion of taxes by the citizens of the country is one of the biggest worry that makes the government of any nation to rethink about the legalization of bitcoin. It will make the processes much more tedious for the governments!!

-> Governments of many nations hold an opinion that the bitcoin, if legalized, the incidents of criminal activities in the country would scale up to a great extent!! This is the reason these countries end up banning bitcoin or declaring it illegal.

-> Due to anynoumous nature of the transactions in the crypto market, governments argue that the black market transactions would emerge in their country and it would lead to a depressed economy.

[marielbeckham]

Yes, there are the numerous points of view regarding this topic and your assumptions here are totally right too.

[DeadCoin]

Banks are the current competitors of crypto. As cryto currencies are ruling the currency market, as banks are running on fiats, banks are indirectly forcing the government to block cryto currencies get into the country as banks are the main source of a country. This is the reason a country hesitates in adapting bitcoin or any other cryto currencies or hesitates to legalize it. And yes, taxes and scammers are the other main reasons to hold back in legalizing the crypto currencies.

[Tigorss]

Not just bitcoin instead, but also other digital currencies. the government prioritizes transactions with the use of local currency that is the government-regulated dollar.

[Aikidoka]

Honestly, I am not going to support these corrupted governments. But sometimes, I think that they are right to ban the cryptocurrency. But I also feel that banning it is futile. So why not just legalize it and regulate it? They will get their taxes and I think people will pay taxes as long as it is not banned. So, people have to choose, either ban or tax. As for the scammers, I believe that it is not their fault. People are stupid who want to throw their money in the bin.

[BUK2016]

There are other reasons that could be attributed to the factors you mention above such as money Laundry from the developing countries of the world to the developed countries.

[Proton2233]

Honestly, I am not going to support these corrupted governments. But sometimes, I think that they are right to ban the cryptocurrency. But I also feel that banning it is futile. So why not just legalize it and regulate it? They will get their taxes and I think people will pay taxes as long as it is not banned. So, people have to choose, either ban or tax. As for the scammers, I believe that it is not their fault. People are stupid who want to throw their money in the bin.

I think that this view is the main reason that we see a significant outflow of capital from bitcoin. Why do you need government permission to use bitcoin? Are you worried you won't be able to exchange your Satoshi for $ 100? Lol. The price of bitcoin rests on the capital of millionaires. They are attracted to bitcoin anonymity and deregulation. Legalization will lead to the fact that bitcoin will cost $ 1.

[TheDagger]

It depends on their country rules.. There is not necessary to legalize the cryptocurrency.. Because it is not like a fiat currency.. it only a online currency we can only use with electronically .. And also it's price is not stable like other..

[seven2smoke1]

It depends on their country rules.. There is not necessary to legalize the cryptocurrency.. Because it is not like a fiat currency.. it only a online currency we can only use with electronically .. And also it's price is not stable like other..

That's true, The legalize or illegalize of bitcoin depend on the country rules, so now, you can see that they're only few countries legalize bitcoin officially, I said officially because there is some countries, which people didn't know yet if the bitcoin is legal or not. I think the reasons of Illegalize this crypto, because of the high potential of it or maybe because the high volatility of the price.

[hassick]

Yes, you right Sir. I think they forbid bitcoin to make the country better.

[HereisTommy]

Can happen that some countries are afraid of Bitcoin and other tokens. They are pretty innovative, the technology isn't obvious and the concept of not having physical banknots and coins is scary.
The other possible reason - corruption. Possibly crypto and blockchain make corruption harder to survive

[kimochidesh]

Major reason which I had analyzed is its decentralized and anonymous nature. Being anonymous, it is used to for many illegal activities like money laundering, illegal trades, terrorism and tax evasion etc. So govt is confused towards its legalization as it may shake the whole economy.

[MCVXYZ]

I am sick and tired seeing thread here on legal about the reasons why bitcoin is illegal on other countries. Its about a hundred same topics. So here are my assumptions hope this would help.

*TAXES
- I think its the main reason of all these. Government didnt know how to categorize bitcoin for their taxation whether it would be on a passive income or not because BTC is also a currency. Thats why its better for them to ban it.

*BANKS
- Crypto becomes a threat to them leading investors to invest on cryptocurrencies rather than them. The monetary system also will change if Bitcoin becomes more popular than fiat. Central banks, which is a part of the government would make some inforcements to stop this.

*SCAMMERS
- This is the good side of all this illegalizations, to protect people from increasing number of scammers on the internet. But if that so, its not a reason why they would stop people from achieving all opportunities bitcoin would give.

Correct me if im wrong, but these three are the main reasons why i think bitcoin is illegal on other countries

What you said about taxes for me its not an argument.I think solution is court,Every goverment's judges must define of its fundamental structures and aspects,they need to define its legal definition,After this legislative bodies will easily create regulative norms,Which I think need good enforcement mechanisms.
I've just seen International revenue's statement about this issue and I think they will regulate it more easily.By this statement citizens of America will be obligated to present crypto transactions because they think that crypto currency is not different form of money,Its so simple but also its another issue how good is this definition for the future and whats about mechanisms there will be fine(250000$ or jail)

[Snarks]

Whether or not taxation is the reason behind banning Bitcoin, I think tax on crypto trading has had a large influence on the price since January. Especially in the US, where many people didn't realize there was a capital gains tax until Trump's new tax law.

[astrid.uchiha24]

I am sick and tired seeing thread here on legal about the reasons why bitcoin is illegal on other countries. Its about a hundred same topics. So here are my assumptions hope this would help.

*TAXES
- I think its the main reason of all these. Government didnt know how to categorize bitcoin for their taxation whether it would be on a passive income or not because BTC is also a currency. Thats why its better for them to ban it.

*BANKS
- Crypto becomes a threat to them leading investors to invest on cryptocurrencies rather than them. The monetary system also will change if Bitcoin becomes more popular than fiat. Central banks, which is a part of the government would make some inforcements to stop this.

*SCAMMERS
- This is the good side of all this illegalizations, to protect people from increasing number of scammers on the internet. But if that so, its not a reason why they would stop people from achieving all opportunities bitcoin would give.

Correct me if im wrong, but these three are the main reasons why i think bitcoin is illegal on other countries

if you please to correct me about the classification of bitcoin, bitcoin on the point of view of most governments it is not a currency but rather a security or investment, so the principle of taxation must be under gain on holdings rather than the value of the bitcoin itself.