No sensible government will support or recommend the use of virtual currency because they believed it is counterproductive against their monetary policies, the central bank of such a government cannot control it because it is decentralized and probably untaxable which is a disadvantage to their economy.
Every government will try and discourage the use of virtual currency.
Topic: Why Goverment is not recommending to use digital currency such a bitcoin? - page 11. (Read 2242 times)
October 15, 2017, 05:23:16 AM
October 15, 2017, 04:52:09 AM
i think its due to the cryptos are often connected to criminals such as money laundering and asset transferring, this will cause much problems to the finance and society development
October 15, 2017, 04:48:15 AM
Of course there is no possibility of regulation and taxation. This is the biggest problem.
October 15, 2017, 02:45:40 AM
I think it's because government cannot control those who use bitcoin. You can do almost everything using bitcoin without them knowing your identity. This is only my opinion though.
You are right government wants control over everything. Bitcoin being decentralized gives the government no power over it. If they can't control it they can't tax it, if they can't tax it they can't profit from it. The government always looks where there is profit for them, unfortunately for them they can't profit from it. legendary
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October 15, 2017, 01:19:15 AM
It' not that they're against digital currencies per se. They're against cryptocurrencies in general because they cannot control it. Historically, these same cryptocurrencies have been used as tools for money laundering, tax avoidance, and crybercrime, so they actually have reasons to justify not recommending them.
I'm fairly sure they're fine with digital currencies for as long as they're managed by central banks. There are a few countries which have already floated around this idea. It sucks, but such is life.
I'm fairly sure they're fine with digital currencies for as long as they're managed by central banks. There are a few countries which have already floated around this idea. It sucks, but such is life.
Yes. What some governments are doing is to create cryptocurrencies or at least planning to create them. At first, they ignored cryptos because they weren’t really important but as market cap is growing they have realized that they cannot ignore them any more so, as they cannot control bitcoin and other cryptos, the solution they have come up with is to create their own one. How this will affect bitcoin is another matter, as some people will only use the government backed ones.
October 15, 2017, 01:12:28 AM
You forgot the number one reason governments do not allow Bitcoin - because you cannot tax Bitcoin. The government needs too much resources to track every individual user of cryptocurrency.
Exactly! This above is one of the main reasons.
It will be tricky to tax Bitcoin and to track millions of blockchain transactions.
... which transaction is sale or just sending some money to a friend or family?
If gov. try to tax centralized exchanges (mean users) people gonna move to decentralized exchanges.
By the way, currencies based on debt are vulnerable to competition against "healthy" currencies like Bitcoin,
based on fixed supply.
October 15, 2017, 01:08:50 AM
I think it's because government cannot control those who use bitcoin. You can do almost everything using bitcoin without them knowing your identity. This is only my opinion though.
October 15, 2017, 01:08:11 AM
Government doesn't recommend to use digital currency such as bitcoins because bitcoins are anonymous in nature which hides the identity of the person during its transactions which can increase crime rates and also that the bitcoins are decentralised in nature that means governments has no power over bitcoins which of course government won't like.Government also think as an dangerous invest due to its volatile nature and discouraging us not to use bitcoins.
October 15, 2017, 01:01:46 AM
I think in time, they will recommend the use of digital currencies, just take a look what Japan is doing, it is revolutionazing the way they use digital currencies. As of now, governments do not recommend it yet, probably, it is still new to them, and they have to make new laws in order to look over cryptocurrencies this is what Russia is doing, and what Japan and already did, they must first find a way on how they can regulate it, to protect their people, second, bitcoin's enemy is still the banks, for it will ruin them, if banks recommend the use bitcoins probably, the central bank will be open to it. I think in time, all countries will be more like Japan in terms of using digital money, since it is the future, and we cannot stop it from happening, hopefully by that time, no more negativity will circulate around Bitcoin.
October 15, 2017, 12:11:48 AM
Governments are the central agencies for controlling all financial institutions, keeping this in mind bitcoin is decentralized hence not controlled by anybody.Till the banks decide to take the bitcoin/cryptocurrencies under them such will be the impact of not using it legally. Still i see many countries trying to float this agenda across & bring these coins on board as many countries having infrastructure will be able to support the system but on the other side there are poor and under developed countries who cant afford the cost , such is the case why bitcoin is not used in most of the countries yet, still i see ray of hope in the coming years as we are going to live in the digital arena and we can overcome these difficulties.
October 15, 2017, 12:06:20 AM
Yesterday I red article regarding digital currency. The article aim to discourage us in using digital currency as these currency is not recognize by our country moneytary institution. What do you think is the reason why some goverment are discouraging its citizen to use digital currency? Any thoughts.....
First of all, Bitcoin is decentralized, anonymous and no bank fees. That is why the government and banks are afarid of Cryptocurrency. What they need to is create laws to mandate Cryptocurrency especiall those ICOs who are just showing up without clear function, which may be scam and not legit 
October 14, 2017, 11:28:40 PM
I think the main reason is that we all know that most government have corrupt officials. if bitcoin will be legalize then corrupt officials can use bitcoin for transaction and if they do that the transaction will be anonymous. If bitcoin will be legalize there will be a lot of cyber crime that may happen.
October 14, 2017, 11:14:56 PM
Simply because of technology bitcoin is using.. decentralization
Unstable value price
Can use to crimes
There are limiting factors why government don't legalize them.. and also the hardware or whatever machine they need to support the virtual money to locate and to add taxes.
This cryptos can travel whole wide and can be used in crimes etc...
Unstable value price
Can use to crimes
There are limiting factors why government don't legalize them.. and also the hardware or whatever machine they need to support the virtual money to locate and to add taxes.
This cryptos can travel whole wide and can be used in crimes etc...
October 14, 2017, 06:45:41 PM
Probably one of the reasons why the government does not support bitcoin users is because of its fluctuating nature that can change over time and the government can not manage its price.
Bitcoin's volatile nature doesn't bother governments at all, its decentralized nature does. Governments use the volatility as excuse in the hope to discourage Bitcoin usage. The same basically goes up for AML and KYC, which is an attempt to localize who and what is involved in crypto, etc. Regulations are the only way for the government to remotely control something that in reality can't be controlled at all. This market needs time to mature and eventually become more stable than what we have seen in the last years, everyone with a basic form of understanding should know that.
October 14, 2017, 06:42:48 PM
Yesterday I red article regarding digital currency. The article aim to discourage us in using digital currency as these currency is not recognize by our country moneytary institution. What do you think is the reason why some goverment are discouraging its citizen to use digital currency? Any thoughts.....
first as you say. because most of the virutal currencies have an anonymous nature. difficult to set, and have very unstable vulnerabilities. that's why so many countries are hard to legalize crypto in their country
I look at it from a different angle, it's rather because the governments and central banks see Bitcoin and cryptocurrencies as rivals to their respective local fiats and should they promote its usage within their domain they'd stand a chance of loosing revenue as the citizenry would prefer the cryptos due to their anonymity and ability to skip taxes.
October 14, 2017, 06:42:22 PM
the government think that it would be hindrance on their actual money, and to think that they can control it specially the people who use it they will usw bank for it because of the low security and high payment when you widraw on it and sometimes money in the bank lost without any reason so it is not recommend to store huge amount of money on it.
October 14, 2017, 06:34:45 PM
Yesterday I red article regarding digital currency. The article aim to discourage us in using digital currency as these currency is not recognize by our country moneytary institution. What do you think is the reason why some goverment are discouraging its citizen to use digital currency? Any thoughts.....
first as you say. because most of the virutal currencies have an anonymous nature. difficult to set, and have very unstable vulnerabilities. that's why so many countries are hard to legalize crypto in their country
October 14, 2017, 05:39:23 PM
Probably one of the reasons why the government does not support bitcoin users is because of its fluctuating nature that can change over time and the government can not manage its price.
October 14, 2017, 05:24:58 PM
Yesterday I red article regarding digital currency. The article aim to discourage us in using digital currency as these currency is not recognize by our country moneytary institution. What do you think is the reason why some goverment are discouraging its citizen to use digital currency? Any thoughts.....
They discourage us in using bitcoin because they cannot control the digital currency. They can't control the in/out or the daily transactions.
October 14, 2017, 05:23:19 PM
I think why other government not encouraging to use hitcoin because they dont have a power to handle this . They want a business who handle so they can esrn money. Not all government are corrupt but most of the governement are corrupt.
IN MY COUNTRY PHILIPPINES LAST FEW MONTHS AGO THE AGENCIE OF THE GOVERMENT OR THE BANK CENTRALO OF THE PHILIPPINES RELEASE NEWS ABOUT BITCOIN AS PAYMENT AND THATS GOOD FOR US BECAUSE THEY PROMOTE BITCOIN.
IN MY COUNTRY PHILIPPINES LAST FEW MONTHS AGO THE AGENCIE OF THE GOVERMENT OR THE BANK CENTRALO OF THE PHILIPPINES RELEASE NEWS ABOUT BITCOIN AS PAYMENT AND THATS GOOD FOR US BECAUSE THEY PROMOTE BITCOIN.
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