Why government announce bitcoin is illegal?

[Stopir070]

Never bitcoin will not accept all the countries. Why should they?  the state should regulate the currency turnover within the country. Here's what will be tokens inside the country, issued by the state - this is 100%

[Dreamrone]

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

e e


The government announced  it as illegal because  it does not come from the  central bank. It is non taxable. They can not monitor  such a  big coin if it is an asset or investment so that they can impose the owner to taxation

Most governments do that for the above reason and our government is going to do that for the same reason that bitcoin doesn't come through the central bank and the other problem is it doesn't even go through a private bank or an organization during transfers so it is always beyond government tax boundaries and there is no way to collect them and no way to trace and they announce as bitcoin is illegal   

[ongkok87]

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

e e


The government announced  it as illegal because  it does not come from the  central bank. It is non taxable. They can not monitor  such a  big coin if it is an asset or investment so that they can impose the owner to taxation

Most governments do that for the above reason and our government is going to do that for the same reason that bitcoin doesn't come through the central bank and the other problem is it doesn't even go through a private bank or an organization during transfers so it is always beyond government tax boundaries and there is no way to collect them and no way to trace and they announce as bitcoin is illegal   

it's true what you say. and what I know is that banks are afraid of bitcoin because most of the time they are investing in bitcoin which is a fear bank because the customers are going to bitcoin again, so the bank told the government to announce that bitcoin is illegal

[OSEIBOATENG]

Due to the decentralized nature of BTC of which fiat currency is an exception, they want to boy court it. It has a greater future and some of the reason they are rejecting it is that, they wont get anything from it when BTC is accepted to be legal and that's why they are fighting against it in some countries.

[sarungmen]

but in some non-illegal bitcoin countries like Germany and America, for example, in that country bitcoin is recognized as a legitimate payment instrument. For a government that prohibits the use of bitcoin because the government is worried about the negative impact of bitcoin on the country

[sinkfish]

bitcoin took the economy by storm. government have no time to counter or regulated them. the best way to stop the damage is ban them before any solid regulation is formed.

[Zalaster]

I think, in time, bitcoin will lose its anonymity, otherwise it will not be approved by the governments. The fact is that anonymity gives advantages to criminals who can finance activities while remaining anonymous.

[42K]

I think they want to end this whole blockchain technology which is far way impossible. They themselves are saying its illegal but they are the once investing into it the more. They frown at it because it has a decentralized nature.

[cyriljundos]

why the government declares bitcoin is illegal because they do not charge bitcoin taxes. it is also the right time bitcoin will be legal in all countries

[Tamim121]

Bitcoin is not legal in all the country. Government announce bitcoin is illegal because they don't control it. By bitcoin many crimes are held. Black money transferred from one country to another in a momen. Criminal use this for their protection. So government announce bitcoin is illegal.        

[princess22]

Technology made this bitcoin so theres no reasons of government to have his part for this like the taxation system, if someone earning or getting big profit from this government is out of this control thats why they announced that this is illegal..

[kemmycrypto]

Government is afraid of legally adopting Bitcoin because they felt it would end like MMM. They don't to get involve by legally adopting the electronic money for  fear of unknown.

[ReneFigaro]

There are many reasons for the government to issue laws about Bitcoin. That only adds to the confines of the crypto market with investors.

[Melon12]

Maybe because some people use bitcoin in illegal way  or in illegal transaction so that Government  announce bitcoin as illegal, and also scammers use bitcoin to scam many people.

[s31joemhar]

They didn't allowing BTC to be legal because of its outstanding amount. Basically computerized money or fiat in an market cannot be given a charge of tax. Taxation is the main reason why government didn't allow their country to be BTC free. BTC has its value, if BTC will surpass their money their money may have the chance to be useless and be more inflated. No one will be using their money and no one will be paying tax. This is only my theory and opinion though.

[anil_saini01]

Yes, the governments are afraid that bitcoin could be used for payments legal or illegal which could not be controlled by them. So governments all over the world are trying to regulate bitcoin.

[Fire316]

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

   Simply because Government has no control over it. People are freely using bitcoin and other digital currency without paying taxes in the government that's why they spread the news that bitcoin is illegal. But other countries already put a regulation on bitcoin.

[Helen1122]

many reasons that make the country not legalize the cryptocurrency in that country and all the reasons are negative and bad things, in my opinion the good and bad cryptocurrency depends on the intention and purpose of the investors

[Tashi]

It's illegal for some countries because their government sees cryptocurrencies as a threat for their currency and they also thought it provokes people to do crimes and illegal transactions.

[hitcrypto]

Some of county bitcoin is legal but some of country can't accept bitcoin. Bitcoin is legal but they are more facility when the govt accept bitcoin. Some of people are use bitcoin they are buy some product by bitcoin and withdraw bank bitcoin. Bank can accept bitcoin and they are save on butcoin.