Topic: Why Goverment is not recommending to use digital currency such a bitcoin? - page 8. (Read 2242 times)
May 17, 2018, 05:33:51 PM
The States have not yet made a final decision on the activities of cryptocurrencies, and therefore try to suspend its activities by bans and other obstacles.
May 17, 2018, 05:30:51 PM
God will not want to recomend the use of digital currency such as bitcoin and other until there is a restructure of this currency. Some of the reasons why Government won't recomend this is because there is no regulatory body monitoring the inflow and outflow of it, no taxation yet and above all Govt. does not have control over it.
May 17, 2018, 05:23:28 PM
It's not good for the government. They can not control the cryptocurrency and it is much easier for them that it does not spread around the world, but in the age of information technology it is very difficult to stop.
May 17, 2018, 12:43:53 PM
I think they are not recommending it because of the price volatility of bitcoin and that is why they are just trying to regulate it since a lot of people doesn't understand the concept of bitcoin so if they will use it and lose money in holding bitcoin then they will complain about it and they will think that bitcoin is a scam even it is not.
The government are not recommended bitcoin cause some of the investors are lack of knowledge about cryptocurrency. We join in bitcoin without any training or seminar. And some of the investors they don't know the risk of investing in bitcoin if they lose there money they blame bitcoin even it is not. May 17, 2018, 12:30:47 PM
Simple answer . The cryptocurrencies are all descentralized and the goverment hasn't control over on them . Also most of them are implemented with Proof of work technology on their blockchain and need a lot of energy to stay alive the blockchain .
May 17, 2018, 12:28:33 PM
Because many Governments do not know how to control a new currency, they are afraid that many people will stop using paper money and then there really will be trouble for the Government
May 05, 2018, 06:26:55 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 monetary institution. What do you think is the reason why other governments are discouraging its citizen to use digital currency? Any thoughts.....
This is because they are afraid that it might be put their country into risks as Bitcoin currency is decentralize, they are afraid that they may not able to control it and be a threat to their country especially if Bitcoin will be use in illegal activities such as money laundering in which it is very difficult to trace every transactions.
May 05, 2018, 06:02:12 AM
There are many reasonable causes behind banning Bitcoin in some countries. One reason is that some countries don't have, till this moment, practical mechanisms to control and forbid the processes of money-laundering, and some people have manipulated Bitcoin for that purpose. Another reason is that there are some underdeveloped economies who can't manage the volatility of Bitcoin in line with other cryptocurrencies.
May 05, 2018, 05:41:13 AM
They do not want you to use it because you can potentially lose money with it. Governments are not yet sure about bitcoin and I think they don't have the time or resources top put people into researching its potential effects on the economy. In our country, they just leave us alone as they said bitcoin or crypto is not yet a threat to our economy.
May 05, 2018, 05:37:59 AM
For one thing, mainstream bitcoin adoption of citizens can hurt the economy of a certain country. The fact that bitcoin is decentralized means that the government will not have any control whatsoever. Bitcoin technology allows the users to transact all across the globe and hold values with bitcoin without having to convert it to cash, this affects the demand for fiat currencies. It takes a lot of effort and time for a certain government to fully adopt bitcoin into their system. Needless to say, since bitcoin is very young and volatile, governments are still reluctant about promoting bitcoin to their citizens.
April 18, 2018, 07:04:21 AM
You should hear obama speech https://www.youtube.com/watch?v=4w7nnkYoFmg. The main reasons is cause they afraid that they cant control it and there might be a crime from out of it so i think its make sense and thats why we do need a regulation for cryptocurrency.
April 18, 2018, 06:57:42 AM
Government always want to control each and everything to make economy strong and control the scams and illegal activities to control the inflation. Actually Bitcoin or any digital currency have own platform and no need of third party to control it and government unable to trace the transactions to charge tax and increase revenue.
Traditional banks declare all activities and government collect huge tax upon it annually,But if Bitcoin or any digital current allowed by the government and and handle it properly to charge reasonable it will also helpful for healthy economy and save expenditure of the government in different ares.
Traditional banks declare all activities and government collect huge tax upon it annually,But if Bitcoin or any digital current allowed by the government and and handle it properly to charge reasonable it will also helpful for healthy economy and save expenditure of the government in different ares.
April 18, 2018, 06:22:19 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 monetary institution. What do you think is the reason why other governments are discouraging its citizen to use digital currency? Any thoughts.....
Depending on the country there are governments that support cryptocurrency there are some that they do not support because the crypto currency is a decentralized they can not control and manipulate the cryptocurrency. The crypto currency can ship to any country, maybe they do not want to issue any money from their country without permission. So other countries are thinking of taxing the crypto currency that's just my opinion why other governments do not want to support the crypto.
April 18, 2018, 06:14:09 AM
It depends on what government you are talking to. Japan and Australia are open to using it and allow bitcoins to co-exist with their national currency. China and the US, however tend to still raise some major concerns about cryptocurrency in general. I understand where China and the US are derived from their negative attitude towards bitcoin, but again every currency can be used in an illegal manner or behavior and not just bitcoin, so I think somehow these countries need to be educated more about cryptos in general , and I hope that in the future the government will support cryptocurrecy and cryptocurrency for the better. 
March 26, 2018, 07:08:38 AM
The government does not recommend using digital currency bitcoin, Because the government can not control Bitcoin transactions. They think that Bitcoin is decentralized, And they fear that it's just used to run crime activities. Such as smuggling, drugs etc. They think about the welfare of the people of the country. But if they avoid these things and if I accept Bitcoin as legitimate then I think it will be beneficial for them.
January 22, 2018, 09:17:34 AM
There are many factors why your government is not recommending to use digital currency such as bitcoin. First is many are becoming a victim of online scamming using the name of bitcoin. Many people are being blinded by easy money which isn't the case in bitcoin. This is one of the misconceptions about bitcoin. Second is its transactions. Bitcoin as a transaction means it will be used online and cannot be tracked, which means no taxes can be charged on its consumers.
January 22, 2018, 08:40:29 AM
I guess because the government is afraid of what it can do and how it can affect the country and the economy. Also, because they can't control it. The government don't have any power here. They cannot also issue taxes and additional fees. For example here in bitcoin, it is a decentralized cryptocurrency. All the transactions made are only between the two users. The government cannot tracked the transactions made. Therefore, they can't be sure if whatever happened can be a threat to the country or just a simple transaction. Furthermore, it is prone to scams and illegal things. The government wants to avoid that.
January 22, 2018, 04:44:25 AM
Bitcoin transactions are encrypted and while they can be tracked by involved parties, bitcoin provides a way to keep money and transactions away from the prying eye of the regulators. Govts don't want this they want a currency they can control.
January 22, 2018, 04:42:45 AM
The reason why the government does not recommend the use of digital currency bitcoin, rather than market-proven bitcoin, because they want to issue their own digital currency, bitcoin can not be controlled by them, can not grasp the people's asset information, they think it is dangerous and that's not good for their rule.
January 22, 2018, 04:39:46 AM
Not like money on bank government can't control bitcoin that is in digital system, they can't also put proper tax on it since it's not declared assets by some investors and owners, and some reasons also that bitcoin can be use in some crimes and they can't trace it....
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