Why government announce bitcoin is illegal?

[elisabetheva]

Many things have to be thought of by a government because it will be seen as a profit and a loss if you want to legalize. because it might affect trade in that country or also to keep the government from being blamed if there are negative impacts that occur later. but usually even though it is illegal, it does not prohibit transactions other than transactions as legal payments.

[adzino]

I don't think any country (accept few underdeveloped countries) actually announced bitcoin illegal to be used or anything like that. Most of them just states that they are not a legal tender and is not recognized as a legal currency by them. This does not mean that using bitcoin is illegal. You can still use them without any issue as long as you are reporting your tax or not committing any crime.

[Underlord]

the government thinks that bitcoin can threaten the national financial system, because its dominance can defeat fiat money that has been used.
In addition, there are many criminal issues caused by the misuse of bitcoin as a cause of money laundering and terrorism financing. How can the government believe in bitcoin if the system used is decentralized, this will trigger a circulation that cannot be fined by the government

[bsce1-1]

As we all know,crypto market have a powerful or topcoin in the marketplace. But government announce in the world that bitcoin is illegal doing because it is decentralized or more all unknown, they are apprehensive as a result of what I said previously, they can not control it. And another reason why they call bitcoin is illegal because they can not manipulate or control the process of bitcoin. Lastly, based in my knowledge, because of anonymous owner or users they can not identify who the human used this so that they can not control it.

[Viendong6158]

Yes, bitcoin until now was illegal, not accepted and adopted to some countries because they afraid the fastest scattered of bitcoin and they thought that people was using illegal transaction by bitcoin.

[brooklynian]

Governments felt that the only way to stop people from using cryptocurrency is to pronounce it illegal and prohibit it completely within their territory. Fortunately for the cryptocurrency world, the community is overwhelmingly strong and they remain firm. The good news is that some great countries are now adopting cryptocurrency.

[bocah cilik]

Because bitcoin is a private currency that the Government cannot regulate, when there is no accountability or transaction tracking, it will create a field of black market economy of corruption, money laundering, illegal arms trading and increased crime by using bitcoin.

[kyledavid]

because government are afraid that if people use cryptocurrency rather than a fiat currency it will be a big problem for the economy since the if more demand over supply price will increase so probably it will lessen the people who holds fiat currency that might affect the price of paper currency . So they use media to report negative information about bitcoin

[Friskaadew]

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

i dont know why maybe because the bitcoin not cover with gold like a money, the money is cover by gold.
or the goverment is can take any tax from transaction from bitcoin worldwide trade

[Caubethamaner]

This is not a general information to be worldwide announcement yet, and it's only specific for those countries who prevent or didn't want to adopt bitcoin.

[mickeybuddy27]

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.

We are all responsible on it. Bitcoin can really help us and we have to help the government see it for them to give freedom and make it legal. Crime might increase because they cannot control every transaction going to happen with the block chain and even cybercrime going to increase. We have to follow and apply the regulation of the law even using the internet for us to be safe.

[Apiapik]

we can't say anything about this. They will investigate about this. Maybe some users are very bad at bitcoin. That's why the government is doing this.
This is very unfair with bitcoin. Maybe the government doesn't know much about bitcoin.

[Boromon]

The Government has not legalized bitcoin because of bitcoin are Decentralized. As we know the Government can't accept something can't be regulation. And according to Government bitcoin can interfere with a country's economic growth.

[resty]

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

they announce that bitcoin become illegal because no transaction connected by government remember if the items doesn't approved by government of course this is automatically an illegal if no taxes generated from the said crypro currency.

[dmamigo]

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

they announce that bitcoin become illegal because no transaction connected by government remember if the items doesn't approved by government of course this is automatically an illegal if no taxes generated from the said crypro currency.

In a few countries, it is not illegal, I mean Bitcoins or Cryptocurrency is not an illegal thing, but using them, accepting them in stores or trading for fiat is illegal as of now. Bank are majorly restricted to directly serve any agencies or companies dealing with cryptocurrencies as of now.
This is mostly done because the government fears any illegal transaction, as they have no control and many people are getting duped by fraudsters which contribute to the reason it's being restricted for use. And also taxes is I also think an important reason.

[ahmad21]

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

There are many reasons which are forcing the governments of various countries to ban the cryptocurrencies. The Bitcoin can be used for implementing illegal activities like drug dealing, weapon dealing, terrorism and money laundering activities, etc as it allows the users to stay anonymous. Also Bitcoin eliminates middlemen thereby posing a threat on the existence of banks.

[bigblackdeck45]

Bitcoin has a bad reputation because it was first commonly used in darkweb as means of payment. I have known about bitcoin while I was researching about the darkweb. Also bitcoin is bad for those who are in banks for every transactions made with bitcoin it will not require any middle man such as banks.

[arienna23]

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

Not all  government make Bitcoin as illegal. Only few countries make it as an illegal for transactions. Many of them are still reviewing the implications of this technology if they acknowledge it to their country. For example Iran where they already declared that they acknowledge cryptocurrency as legal.

[tkaush]

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

Governments announce Bitcoin is illegal through many media sources these days because still BItcoin is known as an non legit currency and when it comes to the formal financial world and unlike reputed currencies like united states Dollar and many well known fiat currencies we see today in the world Bitcoin has no centralized organization to take any responsibility in any case  

[quocsi]

You should understand that bitcoin is not dependent on government. It does not have to pay any taxes. These factors have enabled criminals to use it to carry out illegal activities. Countries that banned bitcoins are protecting their economies from the negative effects of bitcoins.