Why government announce bitcoin is illegal? - page 3.

arienna23

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Quote from: emrul1996 on August 31, 2018, 02:13:51 AM

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

It is not true that all countries announced that Bitcoin is illegal. Only few country makes Bitcoin as illegal. Even the top most powerful country in the world didn't get make it as illegal. It all depends on how you use it.

Bennix

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The government does not want anything that will interfere with its national currency,and also the decentralization of bitcoin is one of the reasons why government says bitcoin is illegal.
According to reports,there is no clear evidence showing the founder behind bitcoin physically ,and government is not comfortable about it.
Government thinks fraudulent activities can't be traced,but if it is in centralized system,they can use bank verification number attached to someone account to trace fraud even if the person has different account numbers.

NorihiroName

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Many governments have specific position towards BTC and we should understand the reasons, crypto is still too volatile and laws about it are not worked deeply enough yet as well.

balamuda

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Of course the government announces that bitcoin is illegal because the government considers bitcoin to be bad for fiat, bitcoin is so anonymous that the government can't apply taxes on bitcoin.

Hira1995

copper member

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Bitcoin is a strong digital currency in the market.The government can not control it, the government thinks it as a black market economy, because it has no impact on tn the government.Hence the government can not benefit from this and the government thinks it is committed by any criminal it is easy to work.So the government thinks it is illegal.

ShiroThe5th

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Not all country bitcoin is illegal, Some of the country still have the access bitcoin. I think why some government illegalize bitcoin because they think that they cannot earn. Like there is no kickback to their country. Every money coming in a country it has a tax for the government while if you invest or sell bitcoin, there is no tax for the country even it is overseas transaction. But still i didnt know the economic industry so that is only my prediction. And another think that bitcoin is illegal because you can use it to buy some illegal things and thats true.

ParveZ219

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Quote from: emrul1996 on August 31, 2018, 02:13:51 AM

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

It is because some illegal works like drug smuggling and gun peddling are done using Bitcoins only because Bitcoin transactions are anonymous and they can't be traced so government is telling that Bitcoin is illegal as it is not in the hands of the government but they are not thinking that if those transactions done by the normal flat currency national currency then they will also become illegal.

basici

jr. member

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now the government sees the danger in the bitcoin and yet do not understand how you can make money on it therefore and accuse it of illegal

arhivol

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Fear and nothing more. What to do with such an unmanageable economy is not clear. It is also not clear how one can limit the freedom to dispose of funds for dangerous classes of people. Plus, we must not forget about the lobby, which firmly sit on their businesses and posts. Their interests do not include a large-scale economic revolution

bangkecol

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Quote from: emrul1996 on August 31, 2018, 02:13:51 AM

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

It seems that if it is said that all countries are illegal, that is not entirely true, because we know countries like Vietnam, Japan, Singapore, have also legalized bitcoin as an alternative payment tool, not as a primary payment instrument.

But other countries may also have a lot of considerations that need to be studied more deeply about bitcoin, just as bitcoin is an easy thing for transactions in crime, why is that? because there is no data from the owner, and that will definitely be the biggest obstacle in a country to legalize bitcoin.

Manuel05

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Quote from: Javed zaman on September 22, 2018, 01:55:26 AM

Only some countries have banned bitcoin. Many people think that it is illegal because they don't know its legal.

Yeah some countries ban bitcoin, the question why the hell will anybody ban this ground changing technology. Bitcoin is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.”
Did you read the “No central authority” to me thats the main reason governments all over the world have put a ban on bitcoin.

Your right that people are ignorant of the value of bitcoin but the country don't give them the option to use bitcoin as a means of payment, even if the govenment didnt come out officially to ban bitcoin.

Raufjoze

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even though the government announced bitcoin was illegal but the government could not cut crypto currency movements, the government banned bitcoin because the government did not benefit from bitcoin holders

ocid

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the decentralized system that is owned by bitcoin is the reason why governments in some countries state that bitcoin is an illegal financial system. because with the decentralization system this causes the government cannot regulate the existence of a banking system as well as fiat currency in general so that there is no tax system that can be applied to bitcoin.

MoonLouis

newbie

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To what i know, it is because the government can not control bitcoin. That's why the government want to kill bitcoin and now they announce bitcoin is illegal

sulec70

sr. member

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Merit: 250

You need to clarify which government you mean. Because some countries have accepted and legalized bitcoin as payment or investment. But I know there are still many countries that do not legalize or even ban bitcoin. most of them do that because they want to protect their citizens.they think that Bitcoin is a very high risk investment, and I can't blame them for that. I am sure that as soon as this method is found, the government will start saying that crypto currencies are legal, that is very good. for people to deal with crypto currencies and pay taxes. Because if the government legalizes bitcoin, people are easier to make payments and make other transactions .

Viper_Unleashed

sr. member

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Crypto can only be regulated and also hard to regulate.
Any government will really have to think twice before making it legal because it will/can give rise to criminal activities , moreover making it legal gives the financial freedom to people and there lies the problem it will hamper the banking system present in that country.
Also many times making it legal would also lead to evading tax by many people.
In future we are only hoping that government must take steps to regulate it only that way it can bring good or else dark web/hawala and many other things are already operating,people will have to take such routes.

Javed zaman

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Only some countries have banned bitcoin. Many people think that it is illegal because they don't know its legal.

project_delta

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Quote from: emrul1996 on August 31, 2018, 02:13:51 AM

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 simple answer is that,it is really difficult to regulate. Thus many criminal activities are done using bitcoin.

gogrowglow

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Activity: 308

Merit: 5

I beg to disagree Sir, not all countries announces that Bitcoin is illegal, in our country Bitcoin is not legal but not illegal. It means that government did not recognized it but they have no way to make it illegal. Many people here are Bitcoiners, I am 100% percent sure of this because my friends, officemates and acquintance are joined here and they are really high ranking people here. Maybe in some countries Bitcoin is illegal because I think their government is afraid and not ready for changes that Bitcoin brings. The biggest reason is that they cannot control cryptocurrency.

ngalamunan

full member

Activity: 332

Merit: 100

Quote from: kamilah147 on September 21, 2018, 06:04:24 PM

Quote from: thevlox on September 21, 2018, 04:16:43 PM

According to the government bitcoin illigal. Government could not put tax on bitcoin. So bitcoin is the illigal blay government. And bitcoin has no right to government. bitcoin has run its own rule unexpectedly.

indeed the government is difficult to set a tax in bitcoin, because the rules are not yet established, and the bitcoin cannot be monitored by the government so the government has difficulty dealing with it. moreover, the longer the user becomes more and more, so the government says that bitcoin is illegal.

in my opinion this is unfair because the government will hamper the way to work or invest in bitcoin users in their country. so as not to develop in that country.

Topic: Why government announce bitcoin is illegal? - page 3. (Read 6074 times)