Why Cryptocurrency is not Legalized Despite the Many Benefits

[dimonstration]

The thing that makes cryptocurrencies difficult to get legalized is a decentralized system, when the government cannot control cryptocurrencies there will be many problems such as manipulation and of course hacking cases, this does not make us pessimistic about the future of cryptocurrencies as long as the global community is strong and continues to grow.

Cryptocurrencies also used widely that government can’t control it. Unlike in banks that they need regiatration to comply and to submit all the forms and details of each client, this thing is not applicable for crypto users who tend to apply only via email without the need to do KYC unless there is big money involve. Though this change when crypto becomes more popular and use by many. Little by little government putting rules to do KYC a lot and who knows in the future they might find a way wherein all countries will agree to do something about legalizing it but with many points to tackle first or for the new coins to appear in the future, there should be a system for them to be able to track it one by one.

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[DrBeer]

The main feature of cryptocurrencies is decentralization and anonymity. But governments want to know everything about their citizens, manage everything from a single state center and control all financial flows of people in order to collect taxes and prevent the financing of illegal actions. When the authorities find a way to fully control cryptocurrencies, then it will be legalized.

Decentralization is not only advantages but also disadvantages Theft, mistakes, failures - these are all incorrigible problems caused by decentralization. Anonymity is highly questionable. You make withdrawals to fiat through exchanges, exchanges will tell you a lot of information about you. Tracking transactions is not a problem ...

[South Park]

The main feature of cryptocurrencies is decentralization and anonymity. But governments want to know everything about their citizens, manage everything from a single state center and control all financial flows of people in order to collect taxes and prevent the financing of illegal actions. When the authorities find a way to fully control cryptocurrencies, then it will be legalized.

Decentralization is not only advantages but also disadvantages Theft, mistakes, failures - these are all incorrigible problems caused by decentralization. Anonymity is highly questionable. You make withdrawals to fiat through exchanges, exchanges will tell you a lot of information about you. Tracking transactions is not a problem ...

It is true that no solution is perfect, decentralization brings its own set of problems that can be easily solved with a centralized service, however we must remember why we are using decentralized currencies, governments have abused their authority and in fact are doing it right now by printing huge amounts of money out of nowhere, this creates inflation and this affects the ones that are holding their savings on that currency, so in order to avoid being subjected to this hidden tax we are choosing to use bitcoin which cannot be created at will by the governments.

[pelumi20]

The major reason why cryptocurrency is not legalised in most countries is because of its decentralized nature that is the Government have zero control over it. They cannot freeze it, tax it or since it. And it and it is obvious that the government will never legalize anything they can't control so it is hard for crypto to get legalized.

[lightning0]

The decentralization of cryptocurrency is an important reason why it is difficult to legalize.
The banking system is managed by the government and can control funds, and the government can also profit from it. The cryptocurrency is not subject to government supervision, and the funds are completely controlled by the user. It is difficult for the government to manage fund data and information, so cryptocurrency is easy to be used for some illegal and criminal activities. The government will also worry that using cryptocurrency to launder a large amount of money is not conducive to the national economic interests.

[pealr12]

@op you are a bit confusing with your question and the answer, why is btc not legalise despite the many benefits remains a mystery which only thr government of a country can solve, they are the power to accept btc or deny it, btc has great benefits and not so great benefits as well,  maybe the government don't see this great benefits as good enough for their countries economy or some other reasons, 
There is still a probability btc will be legalise in the future.

[kak uli]

there are still many governments in a country that prohibit the circulation of digital currency or bitcoin and ethereum in their country to be used as a medium of exchange in conducting transactions. and there are also countries that have allowed their people to use bitcoin as a medium of exchange. meaning that not all countries prohibit cryptocurrencies from circulating. The government's reasons for prohibiting the circulation of digital currencies in their countries are, among others, that Bitcoin has the potential to disrupt the country's financial stability due to high inflation and
Bitcoin is also vulnerable to being used for various other crimes, including money laundering and the circulation of money is also not tracked by the OJK system. this is the reason the government does not legalize digital currency

[romero121]

There were more other digital currencies even before the existence of bitcoin. Those didn't gain the attention of people. Those were also developed over some algorithmic platform, but bitcoin is the one that is much known to the people and has grown gradually through its phenomenal blockchain technology.

The major reason for the lack of legalizing cryptocurrencies is the fear of control. Even before legalizing the usage is big, if the same is being legalized automatically the adoption will increase drastically. Governments fear, this might make the economy go out of their control.

[travwill]

What advantages are you talking about and for whom?
You understand that for the ordinary population, cryptocurrency is essentially an opportunity to break out of fiat slavery, but what does it give states?
No good, because the main element of control over the population is money.

[OnlineCasinoBoard]

To my knowledge the first cryptocurrency was Bitcoin. Do you agree?
Since 2009 Bitcoin was launched by a person on behalf of Satoshi Nakamoto (aka) there have been very many positive things that have been obtained by people in the cryptocurrency space. Because Bitcoin has a limited stock, thus making the price of BTC expensive and then in anticipation of people being able to invest in crypto, Altcoins were born as an alternative.
Please give suggestions if my post is not correct.

Their are lot of politics in it. Because if the cryptocurrency legalized all over the world, it will conquered the world economy. Then,no use of bank in the world.Some developed country hold the developing country by the mean banks and loan. So the cryptocurrency will spedaway the control of the developed country on developing. This made huge difference in the legalizing and non legalizing economy.

[Aurorra]

Cryptocurrency brings us many benefits and values, changes our thinking and helps realize wealth freedom, and can be quickly traded all over the world. However, its price fluctuations are unstable and difficult to use in daily life. Its decentralization makes it difficult for the government to supervise it, and it is likely to be used in criminal activities. It is easy to adversely affect the stability of the national economic system.

[mulia sabee]

This cryptocurrency has been given legitimacy in different countries. However, there are some countries where cryptocurrency has not been legalized. And in those countries where no legitimacy has been given, there are many problemsSo there is no legitimacy in all those countries.

[indo1]

It is still questionable the responsibility of bitcoin itself. Who is the founder of Bitcoin? Who is their core team? Bitcoin developer? It's all unclear in the eyes of the government. Therefore even like we who have jumped here feel many benefits. However, the government is still reviewing it all before making it legal.

[imamusma]

This cryptocurrency has been given legitimacy in different countries. However, there are some countries where cryptocurrency has not been legalized. And in those countries where no legitimacy has been given, there are many problemsSo there is no legitimacy in all those countries.

Only developed and developing countries make it legal for cryptocurrencies, while for countries whose financial systems are still not developed or developed for the economic sector it will be difficult to make cryptocurrencies legal.

[dhemasm]

Cryptocurrency brings us many benefits and values, changes our thinking and helps realize wealth freedom, and can be quickly traded all over the world. However, its price fluctuations are unstable and difficult to use in daily life. Its decentralization makes it difficult for the government to supervise it, and it is likely to be used in criminal activities. It is easy to adversely affect the stability of the national economic system.

Well said, even we need transparency but sometimes it's have some backwards too we still need government to maintain the national economic system as you said it's going to hard control it all since it's was anonym and can hard to track, I think crypto much better to become an commodities like today and stay on gray zone and maybe government can utilize the Blockchain technology for the better system.

[Ever-young]

The simple answer to your question is:
Because they think crypto currency threaten the value of their fiat.
Most countries see crypto currency as a threat to their economy and has they also think its promote spam as its decentralized and anonymous which makes it hard for them to track the exact owner of a particular wallet.

[Bombbi]

• Some countries still oppose cryptocurrency, which has not been accepted by all countries in the world.
• Cryptocurrency brings a lot of benefits to people. Its biggest beneficiaries are users rather than government agencies, and it is difficult for the government to profit from it.
• The price of cryptocurrency fluctuates and is unstable, and its decentralization is difficult to monitor and can easily be used for illegal activities.

[usaha jaya]

Actually not why not, but not yet. In your curious times, the government has actually studied it and is preparing space for Cryptocurrencies, and there are even some countries that are ready and just waiting for the time to make it official.

[Rufsilf]

Simply because the government or bank doesn't trust cryptocurrencies. The government or bank has no control of these cryptocurriences because it's decentralized and they can't be the middle man who control/maintain the blockchain. Thanks to Satoshi Nakamoto who invented it.

Even if it has many benefits still other countries doesn't legalize it mainly because they can't oversee it. But this won't be long and there are already other countries that are starting to legalize bitcoins.

[A BLackPearl]

Many countries are to issue digital currencies in their own country, and the Government will consider more. The legalization of the Bitcoin is just a problem. Perhaps there is a better currency than Bitcoin technology.