Why government announce bitcoin is illegal?

[hubballi]

We know Bitcoin is one of the powerful and top coin in marketplace.
But world wide all county are announced its illegal.
I personally think that bitcoin is very help us for paying any payment.
Its has many facility.
But our government are announced its illegal

In some countries, especially for the China they think that crypto will ruin their financial capabilities and support once people will start to used it which could lead them to decide for its closure to all of their crypto exchanger. I've never feel like that, in fact,  it helps us to be more productive than of before.

Not only China but which ever country have banned or declared illegal usage of crypto currency are giving the same reason of illegal money transfer which is used by terrorist and other illegal activities. Even lot of scam ICO are their due to which lot of users have lost their investment. So to protect the country economy and public from getting scammed they have declared illegal usage of cryptocurrency.

[Limar0]

Based on research, I would say that the government of some other countries announce illegal and some will ban bitcoin and other digital currencies because of the following reasons:

A threat to financial stability. Digital currencies like Bitcoin operate with a decentralized system that is not regulated by central banks. This could create a great challenge for the financial system since digital currencies will not have a stable exchange rate that is controlled by the central bank
Experts warn that while the concerns posed by these digital currencies may be minimal at the current use level, more serious financial stability issues may arise as the currencies gain popularity and wider scale usage.

Empowering cybercrime. While digital currencies reduce the risk of money laundering, its usefulness for cybercrime is relatively higher.
Cryptocurrencies make it easier for criminals and online fraudsters to demand payment.

Weak control and irregular government regulation. An investigation showed that most digital currency companies in some other Asian countries are registered as shopping malls, but subject banks still do not have customer verification procedures and systems to recognize it. Investigations also revealed that funds deposited into cryptocurrency handling companies are irregular and can be identified as suspicious transactions as banks can hardly keep track in reporting these transactions. Also, financial regulators are finding it difficult to keep their own in line.

For as long as these irregularities are not checked and corrected, a number of countries will continue to increase in banning bitcoin and other digital currencies.

[dgreat]

The fact that bitcoin is making waves does not mean there would not be any forn of challenge. Bitcoin as a digital crypto is a decentralised based system. Being a decentralised system means a lot, you can not trace a transaction, no refund of payments, no tax,  minimal charges etc  some of these  reasons are just the fact why government is against bitcoin. The government suspect criminals to be trading with bitcoin i guess this is the more likely reason why government is on the move to ban bitcoin so that every transaction could be monitored to know the status of the transaction, the parties to the transaction  and destination of the transfer. The government feels people evade tax payments by doing bitcoin and therefore tagged it criminal and want to put a ban on it with fines or punishment for the operators.

[ylnar123]

We know Bitcoin is one of the powerful and top coin in marketplace.
But world wide all county are announced its illegal.
I personally think that bitcoin is very help us for paying any payment.
Its has many facility.
But our government are announced its illegal

Why would you say that Bitcoin is illegal worldwide? Claiming it illegal is not a good thing to discuss and it would only make FUDs for investors. I don't think it's illegal worldwide as you claim, it's just not introduced to the public due to it's high risk and volatility which the government doesn't want to misguide their people.

[ucok_aball]

Which government does not legalize bitcoin, then indeed there are still some countries that have not legalized bitcoin because they are afraid they cannot control or control how bitcoin develops, and one more thing is that the government does not want to swallow because previously it always insisted on rejecting bitcoin

[131tc01n]

We know Bitcoin is one of the powerful and top coin in marketplace.
But world wide all county are announced its illegal.
I personally think that bitcoin is very help us for paying any payment.
Its has many facility.
But our government are announced its illegal

Maybe because many people used bitcoin in illegal transactions that is why they think its illegal. Well if that is their opinions and thoughts about bitcoin , we cant blame them. But we believed that bitcoin is very helpful to us.

this is a strong reason that bitcoin is declared illegal because many criminal criminals are using bitcoin as their transaction currency and also bitcoin is decentralized, making it difficult for the police of every country to track crime transactions

[Baby Dragon]

We know Bitcoin is one of the powerful and top coin in marketplace.
But world wide all county are announced its illegal.
I personally think that bitcoin is very help us for paying any payment.
Its has many facility.
But our government are announced its illegal

Maybe because other people use bitcoin in different illegal transactions and no one can stop them since bitcoin is not regulated by government. If that is their thoughts about bitcoin we cant blame them about that. Some government banned bitcoin in their countries and probably this one is the main reason why they ban it.

[Cryptoville247]

We know Bitcoin is one of the powerful and top coin in marketplace.
But world wide all county are announced its illegal.
I personally think that bitcoin is very help us for paying any payment.
Its has many facility.
But our government are announced its illegal

Bitcoin is not illegal in every country. Only a few countries have announced it to be illegal while in some other countries, the governments are even supporting it like in Venezuela.

[KrishaBitcoin]

We know Bitcoin is one of the powerful and top coin in marketplace.
But world wide all county are announced its illegal.
I personally think that bitcoin is very help us for paying any payment.
Its has many facility.
But our government are announced its illegal

Because they prefer not to be disturb of some future mess that Bitcoin might be bring in their country as Bitcoin can be use in illegal activities which are most common problem of all nations in which its hard to eliminate like money laundering, smuggling, terrorist funding and scam projects that will use Bitcoin platform therefore these government will prefer to ignore the benefits of Bitcoin that to deal with these negative aspects in the future.

[Stac]

  Bitcoin is a decentralized digital currency it means no central authority like the government can't trace the real user since the identity of the user is not revealed and it is not necessary to reveal the identity of the user and dealer . Bitcoin can not be manipulated for banning Bitcoin several people gives different opinion they say that Bitcoin is used for criminal activities can we say that with fiat currency cannot do any criminal activities since it is centralized currency and it is traceable .

[Pattart]

We know Bitcoin is one of the powerful and top coin in marketplace.
But world wide all county are announced its illegal.
I personally think that bitcoin is very help us for paying any payment.
Its has many facility.
But our government are announced its illegal

In some countries, especially for the China they think that crypto will ruin their financial capabilities and support once people will start to used it which could lead them to decide for its closure to all of their crypto exchanger. I've never feel like that, in fact,  it helps us to be more productive than of before.

Not only China but which ever country have banned or declared illegal usage of crypto currency are giving the same reason of illegal money transfer which is used by terrorist and other illegal activities. Even lot of scam ICO are their due to which lot of users have lost their investment. So to protect the country economy and public from getting scammed they have declared illegal usage of cryptocurrency.

Sad but true, almost every government has the same reason, they are afraid of the decentralized and anonymous system of bitcoin
makes financial crime more prevalent in their country, that's what they say to ban the use of bitcoin

[Renal]

bitcoin really helps us when we jump into the world of crypto starting with transactions, the costs are very low too, and if some people say that bitcoin is legal, they also use bitcoin because bitcoin is a digital currency that is talked about everywhere.

[MochaDeny]

there are several reasons why until some countries use bitcoin as something illegal to block it. The status of bitcoin legality varies by country. Everything depends on each of the regulations set by the government. Until now in just a few countries that have legalized transactions using bitcoin alone still do not have clear regulations.

[serjent05]

We could not really say that bitcoin is deemed illegal per se. As much as there is much connotation surrounding our favored cryptocurrency, it really varies from country to country.

Majority of countries does not declare the usage of bitcoin as illegal, though its usage has regulatory hurdles and restrictions making it sound illegal in some ways.

The system of bitcoin able to exist effectively and securely without a central authoritative government control makes it difficult for the government to actually treat bitcoin as an accepted money or legal tender.  Without government backing and regulation, people became skeptical of its legality.

But all in all, bitcoin is not illegal per se.

[farukahmed]

The government should have to all of the county are accepted the bitcoin and legal the project. The United States is taking tentative steps to follow Japan in regulating finch though the endgame is far from clear. The Importantly bitcoin does not need to win every battle to justify a sky-high price. Japan is the world’s third largest economy has an extraordinarily high currency for next project. govt should the proper way to use in bitcoin so its a good think of all of member.

[Bitcoinislife09]

We know Bitcoin is one of the powerful and top coin in marketplace.
But world wide all county are announced its illegal.
I personally think that bitcoin is very help us for paying any payment.
Its has many facility.
But our government are announced its illegal

Yes, some countries and their government banned cryptocurrency because of such issues. But I do believe its is not bitcoin that makes crypto illegal. It is the mindset of the user and how he will use bitcoin. Being a deentralized type of system, tracing the user and knowing his identity is not too possible. And so, people might simply use it for illegal activities. I think that is why government is against it. But I know, a lot more true and good users are in here.

[DenSamui]

We know Bitcoin is one of the powerful and top coin in marketplace.
But world wide all county are announced its illegal.
I personally think that bitcoin is very help us for paying any payment.
Its has many facility.
But our government are announced its illegal

Well, not all countries forbidden bitcoin, but in many, of course, very negatively related to it. I think that the governor simply can not control the transactions and do not receive taxes from this.

[KimmyF]

There are so many people now that are using crypto currencies all over the world. Because of the fast growing community of the Bitcoin, people have a different knowledge regarding what Bitcoin really is. Some have the thought of Bitcoin as illegal because some other people use Bitcoin in some illegal matters that shouldn't be which make this government to banned it or announce as an illegal.

[Sanjida]

Bitcoin is a digital crypto and top coin in the marketplace. some countries government announced bitcoin is illegal.because they maybe bitcoin is the decentralized and anonymous system.but majority of the countries worldwide are accepting bitcoin.the only reason they understand bitcoin value.that's it.

[cryptoanarhist]

bitcoin is anonymous. through it, many are engaged in illegal activities. therefore, many countries are gostkow policies against bitcoin and other cryptocurrencies.  but I don't think it can go on.  the same crimes are committed for cash. bitcoin has nothing to do with it. therefore, I think some States will reconsider their attitude to bitcoin.