Topic: Why government announce bitcoin is illegal? (Read 6074 times)
Some illegal activities are carried out through bitcoin by people who are not responsible, money laundering and funding of terrorist activities carried out through bitcoin. this is one factor that causes the government to ban the use of bitcoin.
One reason given that criminals use Bitcoin as a currency for its illegal transactions and open governments are likely to find such deals, so they Banned for Bitcoin. The government has also made assumptions about the destruction of Crypto to prevent such illegal transactions.
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
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
To be honest, the use of bitcoin can be divided into two parts, as a currency and as an asset. It is true, in some countries, including in my country, bitcoin is prohibited from being used as a payment instrument due to its price volatility. But on the other hand, our government does not prohibit the use of bitcoin as an asset. We can still buy, store and sell our bitcoin in the same ways as any other assets which have existed. So, not all countries forbid the use of bitcoin.
Bitcoin is a cryptocurrency that is not issued, does not need the third party, and does not depend on central authorities such as the government.
Well, Government, the first thing they do is form a currency. They want to control the currency, they control through the central bank, they also want to know who owns it, where it is, etc. Obviously, this shows that this is precisely why many governments decide to make Bitcoin illegal.
However, Bitcoin / Cryptocurrency laws frequently update in many countries as the technology evolves and usage increases.
Well, Government, the first thing they do is form a currency. They want to control the currency, they control through the central bank, they also want to know who owns it, where it is, etc. Obviously, this shows that this is precisely why many governments decide to make Bitcoin illegal.
However, Bitcoin / Cryptocurrency laws frequently update in many countries as the technology evolves and usage increases.
The government regards Bitcoin as illegal because the government can not control Bitcoin transactions, but in some countries there are also countries that allow Bitcoin to pay for living. Legally licensed, that would be good news for Bitcoin users.
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 state wants to control its citizens, and control over finances gives powerful levers for this. Bitcoin, like the rest of the cryptocurrency, almost completely avoids such control and makes people more free. 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
Most of the world governments are hostile to Bitcoin, but only a few of them (such as Nepal and Kyrgyzstan) have actually banned it. They do realize that a ban is not practical due to the anonymity of BTC.
The government may prohibit Bitcoin, but the ban can not be effective. Therefore, they generally use other means to circumvent Bitcoin ownership and transactions. In some countries are beginning to feel Bitcoin as an opportunity more than a threat. There may be no need to prevent citizens from using Bitcoin, even if they save or spend it as actual cash is stored and not just a payment instrument.
Many institutions have fear towards everything new. Government can not regulate Btc. Therefore they are quite against it. But maybe in the future institutions will change their minds and start issuing their own crypto tokens.
many men many mind. i think government don't have income source by bitcoin.and they don't control.then government announce bitcoin is illegal.
Yes i agree with you. But the question we should ask is the question's authenticity. Did the government really said that? If its illegal, they can take it down immediately. The reason why bitcoin is persisting hecause its not illegal. Not all government bans cryptocurrencies, and the reason that it is impossible to control and therefore it is banned but washed away I do not see how anyone can freely use it as it is decentralized !
The government is divided into two groups, accepting bitcoin and rejecting bitcoin. There are interests protected by each group, especially the control of bitcoin. Because bitcoin is anonymous, it is a problem for countries that reject bitcoin, more detrimental than profitable. They think there is no added value to the country.
They don't want to lost a profit because bitcoiners are not paying much more taxes thats why people in the government don't want a lot of their people using bitcoin because of this scenario, that's why they announce that bitcoin is illegal and spreading a negative purpose of it.
if many governments declare it illegal because they are afraid that the control system they have is over and resides in people and not in institutions, they will be able to prohibit it but always open an illegal market that will subplant it so that there is no one to stop it. there are many banks that invest large amounts of money to give false bitcoin news also they compan and break into the market making attacks with massive sales to make you lose confidence in bitcoin but bitcoin is very strong
The number of misuse of bitcoin carried out by some people for their benefit has caused government anxiety so that there are several countries that prohibit the use of bitcoin. Often we hear about money laundering and so on done in transactions through bitcoin which ultimately damage the good name of bitcoin. My hope and hope that we are all bitcoin can be better in protecting its existence so that it can avoid misuse by some people who are not responsible.
I think the countries' governments are afraid the banks will no longer apply to society and bitcoin cannot be controlled by government. If bitcoin might replace the banks, the currency in that country can be worthless. With all these reasons, the government is illegalizing bitcoin. Also due to bitcoin was often used for misuse of transactions and payments, many countries may feel that bitcoin is illegal.
Could go many ways... Governments term bitcoin illegal because, a lot of times they are been used for fraudulent activities.. Again, the bitcoin is very volatile, and a lot of persons do not understand this, so the government tries to protect people like this... Bitcoin has been helpful for transactional purposes, and as time go by, people will understand this, and the government will have no choice but to lift its bad tag of the bitcoin.
Governments announces Bitcoin as illegal because of the anonymity feature of Bitcoin which makes it very difficult to track the persons behind a particular transaction. Because of this, the governments claim Bitcoin is involved in illegal activities such as drug trafficking, money laundering etc.
Regulations are happening as we speak. Once the cryptos are regulated cryptos are going to be a thing of all days. And AML BitCoin will be accepted everywhere and by everyone.
The government feels that bitcoin and cryptocurrencies can encourage illegal transactions, and can be used for money laundering. Because there are no rules to regulate them. But, I think, all this is not just about illegal transactions, money laundering, and others, I suspect they, the government, feel Bitcoin threatens their authority to control public money. Therefore, most governments announce bitcoin is illegal.
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
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
If this claim is true, probably it will be because Government is very competitive when it comes to this kind of scenarios, and the main reason for that is the power when it comes to distribution of investment is being parted between decentralized and centralized entities which maybe a barried for the government to creat a solid authority in the people and given that Bitcoin is anonymous it bides the law of the government.
Jump to: