Why bitcoin requires approval from countries ?

[Frederickkk]

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. It can not be monitored by special services and bitcoin does not pay taxes, so countries are asked to legalize the currency.

[Cj29]

I think bitcoin is not required approval by a government order to use it. But it will be goood if the government will legallize bitcoin

[tronghai12345]

Because it is a virtual CURRENCY.
To be accepted to use for trading and accepted to deposit money from your bank accounts into those bitcoin exchanges, the governments need to know the purpose or benefits of having that currency. If it is harmful, they wont allow anything.

[jemerson1420]

to registered in the country to use people bitcoin.

[memyselfandi]

No not totally need some approval. Every country and everyone of us can do cryptocurrency even if it is not approved by our government. Maybe some of the country are doing that for the formality purposes and in order for them to support by their own government. Yes it is better if the crypto are supported and regulated by the country but if it is not, then you can still do it without any permission or approval.

[pedropenduko001]

It doesn't really need any approval it's already been used in many country even though they didn't sign or approve, they just approve it to legally used it for merchant 

[bentive]

Bitcoin in most countries are considered to be digital asset which is mostly monitored and controlled by the SEC. This is to protect private and corporate investors and also monitor money laundering and various complexities with taxation laws of the particular countries such as VAT, CIT and WHT. It's a complex issue than you might think !!

[willybacem]

I think because the Bitcoin has value selling is very high so that people who follow the business was, of course, the result is incredible. And why there should be a permission from the Government because they wanted any income must pay taxes. Whereas during this income from taxable Government yet Bitcoin.

[Jedabucol]

After an approval from a country of course people can freely use bitcoin locally. BTC actually doesn't required approval to be used anywhere.

[Hallmader]

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

Actually, Bitcoin does not need approval. The problem with countries is that they want to control everything. They want to regulate everything. Freedom, in this sense, is something that may be allowed but falls well within their authority and control. Of course, they need to do that since they are the caretaker of the country and its people. However, they oftentimes go aboveboard.

[markleal]

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

Hi there BTC.Turtle! The approval is not actually, an approval to use bitcoin in that country. It is an acknowledgment that there are people in that country that could use, mine, trade bitcoins. If you have heard about sanction, that is the opposite of that. The government could issue a sanction to a specific item product it could even be a flower or toothpick. That sanction is a ban in order to protect their citizens from untorrow incident or bad situation. The government of Germany, sees that bitcoin could use a form of currency which then be used as a payment for a product or service.

[jess04]

Approval also means accepting. It is really important that a certain country will give approval before using bitcoin so that later they won't became angry with Bitcoin. Like Germany, they approved Bitcoin, it simply means that Germans can use Bitcoins in every transactions such as purchasing and as payment without the hesitation that bitcoin will be banned since their country approved Bitcoin. On the other hand, if a country doesn't approved Bitcoin yet there's a possibility that Bitcoin will be no longer acceptable in that country. Better to know it early.

[kl8847]

It is mandatory to be because the country needs don't approves bitcoin as a currency will not allow people to use it on the governmental level to pay for a medicine services, to pay insurances and etc.

[beliveinsomeone]

Merchants accept it as a payment method. For example, Germany allows ATMs to be set up, so this news may be a step towards allowing them. Bitcoin turns out to be a brand called fiat or usually an electronic currency, which we all recognize. It's all about country control talking about bitcoin that often becomes its very own issue.

[gokudera]

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

Bitcoin requires approval from countries because they think that bitcoin can make their country dizzy. Actually they need approval because there is a chance that bitcoin can make their bank disappear so government will blame if it happen without their knows.

[seramania]

bitcoin does not currently have a corporation or institution sheltering, but bitcoin is now a threat to money in the country. that is why bitcoin should get approval and learning first from the country of the country to be addressed. it aims to provide a rule for bitcoin so bitcoin can be used and used properly.

[myasniko]

This is because governments have to protect their own currency. Thus, they have to make laws for other payment options like Crypto.

[Bitcoinislife09]

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

Of course it is needed to have approval to be legalize in the country. One of the major problems of bitcoin is its acceptance by the government itself. Being a threat to the economy and currency of the country and also involving in illegal or illicit activities and fraudulent acts. Once approved it means the coubtry accepts the use of cryptocurrency or bitcoin on the daily activities of its people. That it can be used for exchanging with other people.

[RolandoBTC]

In legalization bitcoin needs an approval so the country really accepting cryptocurrency, but in the philippines i think its hard to legalize here because government protecting the piso and its hard to get the taxation of value.

[Catch-22]

Approval means legitimacy. Most people don’t want to invest in something that is not government-regulated. Consumers want protection from scammers. Some forward-thinking government has already started legislation to regulate cryptocurrency, more to follow.