Why bitcoin requires approval from countries ?

[Scratchcatch]

One thing we have to notice is that before the coming of bitcoin, all countries had their own medium of exchange. Government is able to control this money, impose taxes to generate revenue and so on. But when it comes to bitcoin it wont be so and no country will like to lose it revenue which might be possible if a lot of people hook on to bitcoin after it approval in a particular country.

Absolutely! It's their revenue Every country wants more for itself and less for its people, I guess

[MartinAK]

Actually bitcoin does not require any jurisdictional and geographical approval before it can function. When countries banned bitcoin is a matter of it legalization within such country but ideally an individual can use to trade their national currency. So in that case when its legally approved in a country it can be used as without restriction within that country.

[Barcode_]

I think crypto-currencies exchanges that are planning to operate its services in that country and retails merchants which are planning to accept bitcoin as payment for their goods and services are most likely require to apply for a proper license from the authorities in that country, the purpose might be related to tax issue and also confirmation to ensure those companies are legit and real.

[Singwala]

Of course this is a kind of money that is also used. So the government needs to know it to see if it is safe for the people. It is therefore imperative that it first go through the government's investigation before being approved.

[jademacoy]

USA is one of the most strict countries when it comes to the approval of cryptocurrencies. The reason is very simple and that is to avoid the use of system into illegal transactions that might bypass the USA rules and regulations and could not trace people who will going to involve in illegal activities and for the illegal transactions. That is why KYC is needed in all ICO projects being introduced on USA.

[shashkova]

this just means bitcoin will can be used to buy and pay for services in the country. Crypto Merchants will be allowed to operate within the country.

[DisWhale]

Bitcoin was created to be decentralized yet needs the approval of the governments of various countries in other to make its transactions legal among the citizens of that country. This will also remove all FUD created by the fake news that might pop up along the way.

[soikot0012]

Bitcoin calls for approval from nations method it became prison to apply bitcoin for the transaction. Many humans do it privately as for his or her investment regardless of the approval or not of their international locations.

[Yatsan]

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

Because most of the time the national server of a country is in the hands of the  authorities in the government. That's why they could ban any site or any program they deem is violating the human rights of their constituents or something they deem is harmful for the country's well being. That's why some countries approve bitcoin first before it could operate.

[Silberman]

The reason for Bitcoin approval in the countries is very simple. It's about being allowed and legal. When a government of a state approves a cryptocurrency, it's legally permitted for use. Then all actions by the residents are legal and they do not have to fear about consequences or look for other solutions. Bitcoin approval gives its users the freedom to use it.

Completely false, this is the problem with people they need government approval for everything, just look at all the warnings that a plastic bag contains as if that will somehow stop all of those people that are dumb enough to put it in their heads, 99% of the population does not need those warnings and we do not need approval from the government to use bitcoin since we know why we decided to adopt it.

[Yeahnoh]

Because we are too nice. Crypto doesn't need approval and this is what showed me how much power government thinks they actually have. It's something completely anonymous and untraceable, so even if it's illegal how would they be able to persecute a bunch of unknowns?

[Luigieee]

I think it was not asking about the approval of any country ,its was being popular because of its characteristic ,like its has a good quality and you can use it as an alternative bank,and most of all you can earn trough investing on it.

[ralph_0608]

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

Countries approve bitcoin or crypto currency in general to be legalized in their country and they want also to regulate the usage of it to ensure that their citizen who invest may not put risk on their investment. that is why most countries require KYC to ensure that bitcoin or crypto coins will not be used  for money laundering and other illegal business.

[ov3rflow9x]

Every country is trying to see if there is any economic damage to be done to their economy when they approve cryptocurrency in their  various countries. If after consultation and there is no real harm to be done to their national economy that country will approve the use of crypto in the space. Bitcoin will now experience wider usage in Germany.

Yep, they are all feeling fear about their own economy. All the countries want to claim their bitcoin and crypto world, but they don't know how to do it to get some profit from it. So they are doing that very carefully.

[lexkiee28]

In other countries, bitcoin need the approval to make it legalized and it can use as an alternative currency in a different country.

[nellakarisma]

of course. because the goal in creating bitcoin is to become digital money for the world community. therefore it must be with the consent of the state. because the bitcoin world is a newcomer. and something new must ask for approval .

[tubig123]

I think all countries requires need approval for legalized purposes that every country will be earned paying permit before operation starting but mostly of the countries denied to approved clearly because of a team will not  be united.

[Serious475]

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

Approval of Bitcoin is not required. It only shows that Bitcoin is trusted and there is nothing bad in spending/using/earning Bitcoin. Not approving Bitcoin can give people doubts because the government don't trust on it.

[Virtual miner]

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

Here Approval in the context of the countries means their acceptance for the bitcoin and giving a part to the same in their national economy. They may be talking about legalizing the digital market so that the residents of the country can use the same, hold the coins, invest and trade, etc. openly with fewer restrictions. Also it may mean imposition of rules and regulations because of the creation of a rational and controlled market. It may further imply imposition a taxation regime for the crypto market, so that bitcoin income of the people does not escape from the government purview.

[Nakakapagpabagabag]

Every country is trying to see if there is any economic damage to be done to their economy when they approve cryptocurrency in their  various countries. If after consultation and there is no real harm to be done to their national economy that country will approve the use of crypto in the space. Bitcoin will now experience wider usage in Germany.

Yep, they are all feeling fear about their own economy. All the countries want to claim their bitcoin and crypto world, but they don't know how to do it to get some profit from it. So they are doing that very carefully.

I think government officials of some country knows that it can help their economy, but because some of them are owner or having an investments using fiat money, i think that they scared because bitcoin is threat to their fiat investments, so that they wont approved using of crypto in their country. The most promising country in terms of using bitcoin is japan, because their government see bitcoin as a help to their country economy, and as what we can see, their country are becoming more richer.