Why government announce bitcoin is illegal?

[Diane Ellis]

Bitcoin is involved in illegal activities and governments can't find a solution for it. Bitcoin may cause financial crimes because now law and policies for Bitcoin hasn't been completed.

[Henry Reis]

Governments have many choices other than Bitcoin - a volatile digital asset. They don't like Bitcoin because they don't inderstand about Bitcoin fully. But as far as I can see, not all nations outlaw Bitcoin. A few still allow it.

[Ronald Wilson]

Bitcoin can facilitate people to buy and sell illegal things. Drugs, weapon, even prostitution can be trade in Bitcoin. These actually happen when Bitcoin isn't allowed. So if Bitcoin is allowed officially in countries that have high rate of crimes and unstable politics, crimes will be easier to perform those activities, even money laundering.

[Jerry White]

I think government find themselves unable to control Bitcoin effectively like fiat money.  They're afraid that Bitcoin can result in high financial risks if they can not control Bitcoin. You know, finance has big impact on economy and everything related to finance  has to be strictly managed.

[FedorIzmailov]

most likely bitcoin at the moment simply can not help the government and they have declared it illegal or they do not yet understand how thanks to him you can make money

[T o x i c a l]

Bitcoin every day becomes an increasingly legal asset in many countries. I think that this is not a problem. Everything moves where it should be.

[Spontebob]

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 countries illegalize bitcoin. There are several countries like Japan, Korea, and many others who have left bitcoin behind. But in most Asian countries it is illegal against bitcoin. Why do they illegalize bitcoin? Because they are afraid that the FIAT currency will no longer apply to society and will be replaced by something new, bitcoin. If that happens then the currency in that country can be worthless and unused. To avoid that, the government is illegalizing bitcoin. And not only that, bitcoin is often used for misuse of transactions and payments. Examples include buying illegal drugs, supplying secret weapons and others

Probably because there’s a lot of people who uses it for illegal activities and that’s quite unfortunate knowing how helpful bitcoin is to our society.

[teosanru]

It is because government believes that Bitcoins are a threat to the nation's economy as a country's money goes abroad when people turn their coins into bitcoin and then send them abroad. This way, they are evading taxes that a country would have otherwise levied on them,
This obviously scares the government since they do not want their citizens to have so much control.

[Layers318]

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

The governments see Bitcoin to a giant resource for funding terrorism and also involved drug trafficking, money laundering and other illegal activities. There are no proofs yet the governments have such speculations about Bitcoin. It is now clear that the governments are only scared of the decentralized nature of Bitcoin which allows its users to become masters of their own finances and all its transactions.

[korkor]

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.

How well do you know about bitcoin being used for illegal transactions? I think the main reason behind some governments announcing that bitcoin  is illegal to use is the idea of decentralization of bitcoin system. The decentralized system of bitcoin has no central authority to control it.

[Ale88]

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

The governments that ban bitcoin in my opinion are too stupid to see its potential, in the next years the cryptocurrencies will become a part of our lives, ban them means remaining in the past.

[valkyrie_12Vl]

some people use it in illegal transactions hence the misconception of it being illegal. but it is not illegal worldwide. there are countries that prohibit the use/transactions of it maybe because of it being widely used in illegal transactions but that doesn't mean it is actually illegal.

[maxilopez]

I think it should take some time for the government to recognize bitcoin and make it legal

[Zalura]

some people use it in illegal transactions hence the misconception of it being illegal. but it is not illegal worldwide. there are countries that prohibit the use/transactions of it maybe because of it being widely used in illegal transactions but that doesn't mean it is actually illegal.

Illegal transactions also apply massively to fiat transactions, but the government really cannot monitor the circulation of transactions from bitcoin and this is in their opinion the climax of all acts of fraud and crime.

The opposite will happen if the government is able to make very strict regulations, but unfortunately, bitcoin was created to be free without any government policies so it is very difficult for the government to connect and moderate directly with a very unique blokchain system.

[Friskaadew]

maybe because in the beginning btc was used as a means of payment for illegal goods such as drugs, human trafficking, and so on that was done in the deep web maybe because of that the government still could not btc btc, added in btc the government itself could not collect taxes or administrative fees from btc, and enter into a country's GDP

[Vritesh]

Government announce bitcoin as illegal because being the digital currency government has no control over it. Government has no say on the transactions made in bitcoin. They want to control and administer it as the other currencies but this does not happen so they declare it as illegal. Government wants the stable economy which is not easily possible if bitcoin is in action so they want to end it. Other reason to kill bitcoin is that government do not want any scams or frauds.

[hotBriX001]

some people use it in illegal transactions hence the misconception of it being illegal. but it is not illegal worldwide. there are countries that prohibit the use/transactions of it maybe because of it being widely used in illegal transactions but that doesn't mean it is actually illegal.

In other words government announce that bitcoin is illegal because this is not controlled by laws. And there will be lots of investors who are succeesfully invested bitcoin without any tax payment because of decentralized profile that nobody could regulate it.

[Jombrangs]

So all on the country will pay the right amount of their tax. BTC is technological asset so government doesn't have any rules or law allowing them to pay if you have that much crypto in your wallet. They were not legalizing the BTC for people may stay paying their tax right and not to surpass their wealth as a government official. This is only my theory though but somehow maybe it is one of the reasons why they not allowing BTC in their country.

[Wipeout2097]

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

Government have threat that Bitcoin will have negative impact on economy of the country and it will encourage the illegal financial activities,But i think if government take initiative and make process to look after the Bitcoin transactions it will help for the betterment of the economy.Lack of knowledge negative rumors badly affect the image of Bitcoin.

[xyxyrizcah]

I think because they lack information about bitcoin and only see bitcoin from the point of view they know.