Why government announce bitcoin is illegal?

[cryptocurrencyguru]

some of the underdeveloping countries say bitcoin is illegal and they fear bitcoin is used for criminal activities it is their fear and lack of knowledge but in reality, bitcoin is portrayed initially for the negative aspect

[BlackandRed654]

As there is no option of regulation and control over bitcoin government of mainly the Asian countries imposed legal issues of BTC. May be they are afraid that digital currency will rule more over traditional one.

[hirngespenst]

Could you please mention what is your country name? Is the government of your country announced cryptocurrency illegal in recent days? There are a few countries who banned bitcoin in their country. I think your government announced it illegal because bitcoin has no tax fee, so it is not benefitable for the governments! Therefore, cryptocurrency is too much volatile, so it can create panic in the country and there have other reasons to ban cryptocurrency.

[Luckycoins999]

I think numbers of scams, misusing and illegal transactions of BTC is getting high which cause it to be illegal for many countries. There is nothing wrong with btc it is the people who are misusing it.

[riyarana1123]

Because they have(government) a fear in their mind that if they start bitcoin in their own nation it will some where effect the market value of their own fiat currency which is actually they do not want,that is the main reason that some nations gives bitcoin a tittle of illegal currency but some nations understand that with the growth of world a digital currency is important which can be use any where in the world and at the same time the currency is not regulate by any single nation or the government.

[maskeffec]

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

Everyone has the right to judge Bitcoin, including considering it illegal, because I think they don't use Bitcoin as currency or assets but they only hear news from wrong sources, it's true there are some cases that use Bitcoin as a tool for money laundering or illegal transactions, and I think it's only a small part, many of the benefits that Bitcoin produces include being a new livelihood, and helping reduce unemployment.

[koincik]

Many countries did not take a stand against Bitcoin and cryptocurrencies. Which countries have illegally identified Bitcoin?

[Mudah_rezeki]

Basically, every single country has its own reasons regarding the bitcoin delegation, of course for different reasons, but in general it is because of fear of harming the country.

[dreammoney710]

I think one of the reason is the difficulty of government to trace audit transactions and perform their obligations. Govt has no way to get tax from it and that’s why they don’t want bitcoin to be banned.

[airdrophunter]

Every government has their own perception towards bitcoin/cryptocurrencies and maybe they think that when the embrace the technology it might just cost them their economic growth. There are so many reasons why these governments are banning bitcoin/cryptocurrencies where in fact, some other countries already admitted that their economy has improved when they adapt the blockchain technology.

[maculeth]

because bitcoin is created by individuals and not through government approval. and also, bitcoin is prone to be used for illegal transactions because of its anonymous nature.

[Cloak1]

Because the government made it illegal. And because of the decentralized nature of Bitcoin, governments fear that their fiat currencies, trade and taxation are at threat (for those with an obtuse outlook) and hence they try to declare any trade (on or off) from the existing fiat currency onto/off-to Bitcoin as illegal.

[AimHigh]

Not all government but some of them i think one of the reason why they declared as illegal because they can't manipulate or they don't have any control of value we know if we said government we always thinking corruption and i think this is one they can use for i their own but also here in my country before when the bitcoin was illegal the main reason was those scammers especially when the value was rise up to $20,000 so that is why.

[liseff3]

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, the government considers:

• Bitcoin has no formal foundation.
• There is no authority governing bitcoin.
• Bitcoin is often misused for illegal transactions, money laundering, and terrorism financing.
  
• Bitcoin cannot be reached by the Central Bank.
• Bitcoin can potentially cause value inflation, because the value of bitcoin is very speculative, which in the end, will only harm the public later.
• Bitcoin can disrupt the stability of the country's financial system.

That's their words which I still remember to this day.

[kucritt]

all government and all economny institution is afraid because of bitcoin, we can see that bitcoin is not trackable and i think it is the main reason why government banned bitcoin, government and bank can't trace about the circulation of bitcoin in a country, they banned it because afraid if inflation happen in their country

[triciaa478]

Bitcoin transactions are anonymous and can't be traced to a particular entity and hence government can't make people responsible for their actions in case they use bitcoins to facilitate any illegal trades like drugs  or financial terrorism ,as a result government banned it for this reason.

[Jerrycryptofield]

To tell the truth, This is not any centralised coin or currency systems.Govt doing it because they, can not control it. So they are fearing its controll on countries economy. This is not true that every govt making it illegal. Very few like asian country making it illegal.America, Europe it is still valid.

[salinaangel]

This is news is partially correct. Every govt is not.Europian and American govt. makes it legal and acceptable.There are many reason for making it illegal. Many people Use bitcoin in illegal transaction.But after all pf that, i believe that, bitcoin is very usefull.

[Fika15]

I don't know much about government reasons even though I also agree that bitcoin will facilitate various transactions but unfortunately bitcoin is known as the currency of criminals

[Teriyanone]

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

Some Governments officials think and claim corruptions and criminal activities could increase with Bitcoin use and that is a major issue many countries face at the moment and even these criminal activities using Bitcoin are not done in large scale by criminals up to certain level Bitcoin is used to support such criminal activities