Why bitcoin requires approval from countries ?

[Dod Ong]

Germany recently approved bitcoin, why exactly is the approval required and what will happen after approval ?

Simple, because they want to become safe their country and they will secure it. Some countries against bitcoin because of some countries against also, they have a negative thoughts because of some countries that against to bitcoin. Also they want to know if it can help the country's economy.

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[smartemo]

germany is developed country and they know how to develop their country in many unique resourse,that why they approved

[rindayle]

Because bitcoin is not a controlled currency that can be used in criminal cases. It can not be monitored by special services and bitcoin does not pay taxes, so countries are asked to legalize the currency.

[luckyluigi]

Germany recently approved bitcoin, why exactly is the approval required and what will happen after approval ?

Bitcoin works only on the Internet. Therefore, all operations are performed on the Internet. besides this bitcoin, is a decentralized currency, so that no one regulates or controls the institution. then the bitcoin is free. The government should examine the effects of cybercurrencies on an agreement that is used in the country for transactions and make rules for bitcoins make progress and benefit the country.

[Scoremaster]

Germany recently approved bitcoin, why exactly is the approval required and what will happen after approval ?

I do not understand why governments are so eager to control the cryptocurrency. I think that this is the fear of the government and control of citizens' incomes. But people will still find a way to gain access to cryptocurrencies with the approval of the government or without it.

[raviuda]

But there are so manu governemnt invoking unfair restrictions on using cryptocurrency even when the advantages of using them are huge

[stellaekun]

Countries giving approval for bitcoin use simply means there are no legal restrictions to the use of bitcoin either as a means of payment or as an asset class.They can access banking facilities with ease

[stellaekun]

The government don't usually get in the way of you making money online. But when something goes in the millions of dollars worth then they take notice and take action. They also take notice when people complain about scams. On one end, they just want to protect their citizens from scams. On the other, they want their share through taxes.

That is also true, the presence of regulation invariably provide a legal frame work or guidelines that help protect the citizenry from unwholesome practices and scam projects.

[Caxton10]

Germany recently approved bitcoin, why exactly is the approval required and what will happen after approval ?

Approval of bitcoin by countries is necessary so that it can be used as a mode of payment in these countries. As this happens demand for bitcoin and its adoption increases.

[ghost07]

Germany recently approved bitcoin, why exactly is the approval required and what will happen after approval ?

They need to approve bitcoin in order to use it as a mode of payment in their country and to make it legal. When this is already happened bitcoin demand will increase and they can receive a big profit later

[Rustamm]

Germany recently approved bitcoin, why exactly is the approval required and what will happen after approval ?

This is not approval. This is the so-called process of legalization and regulation of bitcoin. It is necessary in any state to officially fix its legal status in any normative legal acts, to determine the basic conditions and rules for its circulation in the country, and also to determine with taxation. Without this, the state bodies, courts and other institutions will not know how to treat it.

[Mariela]

If one nation approved. It means it is the way to become legally use for their citizens.
It means you can use bitcoin to their country with no hesitation or freely.
You can use it whatever and whenever you want.

[metallikingz]

Actually, there are a lot of countries that are against bitcoin and there are others who are considering to block or ban bitcoin in their jurisdiction, that is the reason of why there are a lot of countries thinking about this, because it is not healthy to their economy

[ansarose1]

I think, this will depend on the rules or norms of the country. Some country allows bitcoin and some are not because they dont know yet this type of coins. For example, some country not allowing this because it may affect their beliefs on how the rulling of their religion takes place to it.

[wilburwilbur]

Oh that is because the country has a rule to follow set by the government, if there are no law about bitcoin in country then it might not be illegal yet or the government is either researching the uses of it to benefit the country or the do not care at all
So the thing is, there is always a government intervention when the concern is a country. The government decides for the sake of their own country thus bitcoin needs approval from the gov

[charlzyeby]

Bitcoin only needs approval from its users. Once you are a holder of bitcoin, it behoves you to spread the good news about bitcoin. You should be able to explain bitcoin in simple terms to anyone at all. This is the best and only approval bitcoin needs. Governments may not openly support this groundbreaking technology because it seemingly gives too mush power to the people.

[Blackrain13]

Germany recently approved bitcoin, why exactly is the approval required and what will happen after approval ?

   Bitcoin is a decentralized digital currency that no single authority controlled it that's why it doesn't need an approval to use it from a country. Those country that needs approval are the countries that makes bitcoin legal and their country regulate it. They have the rules to follow regarding bitcoin and they are obliged to pay taxes.

[Rooster101]

There are some countries that did not require the approval of their authority for the use of bitcoin and other cryptocurrency like here in my country. Presently, my government has not yet approve the use of bitcoin in any transactions but it did not restrict its citizens to use cryptoctocurrencies in their transactions. The central bank approved the use of bitcoin in the remittance only but they are studying the possibility of legalizing it someday. They are already giving licenses for the qualified cryptocurrency exchanges in this country so the next step would be the regulation or the legalization.

[Nasonn]

Bitcoin doesn't need approval from any cental authority for it to be used. Instead having the government trying to exert a level of control over bitcoin will lead to it being regulated in some way.

[AlexAtom]

Germany recently approved bitcoin, why exactly is the approval required and what will happen after approval ?

Because you are in your country and must follow the regulations there. The government may doesn't allow bitcoin but they cannot fully ban it.
You still can own bitcoin by mining it directly to your wallet. The approval of government only allow you to buy and sell bitcoin in your country freely.