Topic: Why government announce bitcoin is illegal? - page 36. (Read 6074 times)

Sad but true, almost every government has the same reason, they are afraid of the decentralized and anonymous system of bitcoin
makes financial crime more prevalent in their country, that's what they say to ban the use of bitcoin

  Bitcoin is a decentralized digital currency it means no central authority like the government can't trace the real user since the identity of the user is not revealed and it is not necessary to reveal the identity of the user and dealer . Bitcoin can not be manipulated for banning Bitcoin several people gives different opinion they say that Bitcoin is used for criminal activities can we say that with fiat currency cannot do any criminal activities since it is centralized currency and it is traceable .

Bitcoin is a digital and decentralized cryptocurrency. It is not like Ripple ( a centralized currency). Govt have no control its transactions. They think it enhances Money Laundering thats why most govt think it is illegal currency.

Because they prefer not to be disturb of some future mess that Bitcoin might be bring in their country as Bitcoin can be use in illegal activities which are most common problem of all nations in which its hard to eliminate like money laundering, smuggling, terrorist funding and scam projects that will use Bitcoin platform therefore these government will prefer to ignore the benefits of Bitcoin that to deal with these negative aspects in the future.

Bitcoin is not illegal in every country. Only a few countries have announced it to be illegal while in some other countries, the governments are even supporting it like in Venezuela.

Maybe because other people use bitcoin in different illegal transactions and no one can stop them since bitcoin is not regulated by government. If that is their thoughts about bitcoin we cant blame them about that. Some government banned bitcoin in their countries and probably this one is the main reason why they ban it.

this is a strong reason that bitcoin is declared illegal because many criminal criminals are using bitcoin as their transaction currency and also bitcoin is decentralized, making it difficult for the police of every country to track crime transactions

Which government does not legalize bitcoin, then indeed there are still some countries that have not legalized bitcoin because they are afraid they cannot control or control how bitcoin develops, and one more thing is that the government does not want to swallow because previously it always insisted on rejecting bitcoin

Why would you say that Bitcoin is illegal worldwide? Claiming it illegal is not a good thing to discuss and it would only make FUDs for investors. I don't think it's illegal worldwide as you claim, it's just not introduced to the public due to it's high risk and volatility which the government doesn't want to misguide their people.

The fact that bitcoin is making waves does not mean there would not be any forn of challenge. Bitcoin as a digital crypto is a decentralised based system. Being a decentralised system means a lot, you can not trace a transaction, no refund of payments, no tax,  minimal charges etc  some of these  reasons are just the fact why government is against bitcoin. The government suspect criminals to be trading with bitcoin i guess this is the more likely reason why government is on the move to ban bitcoin so that every transaction could be monitored to know the status of the transaction, the parties to the transaction  and destination of the transfer. The government feels people evade tax payments by doing bitcoin and therefore tagged it criminal and want to put a ban on it with fines or punishment for the operators.

Based on research, I would say that the government of some other countries announce illegal and some will ban bitcoin and other digital currencies because of the following reasons:

A threat to financial stability. Digital currencies like Bitcoin operate with a decentralized system that is not regulated by central banks. This could create a great challenge for the financial system since digital currencies will not have a stable exchange rate that is controlled by the central bank
Experts warn that while the concerns posed by these digital currencies may be minimal at the current use level, more serious financial stability issues may arise as the currencies gain popularity and wider scale usage.

Empowering cybercrime. While digital currencies reduce the risk of money laundering, its usefulness for cybercrime is relatively higher.
Cryptocurrencies make it easier for criminals and online fraudsters to demand payment.

Weak control and irregular government regulation. An investigation showed that most digital currency companies in some other Asian countries are registered as shopping malls, but subject banks still do not have customer verification procedures and systems to recognize it. Investigations also revealed that funds deposited into cryptocurrency handling companies are irregular and can be identified as suspicious transactions as banks can hardly keep track in reporting these transactions. Also, financial regulators are finding it difficult to keep their own in line.

For as long as these irregularities are not checked and corrected, a number of countries will continue to increase in banning bitcoin and other digital currencies.

Not only China but which ever country have banned or declared illegal usage of crypto currency are giving the same reason of illegal money transfer which is used by terrorist and other illegal activities. Even lot of scam ICO are their due to which lot of users have lost their investment. So to protect the country economy and public from getting scammed they have declared illegal usage of cryptocurrency.

Nope. Not all countries announced that bitcoin is illegal. Majority of the countries worldwide are accepting bitcoin though few of them said that they are not interested of it and the other few has declared that it has to be illegal and not allowed to their country.

That's what bitcoin was created for. It was created to make a lot of transactions online quickly and safely without any chance of reversing the transaction. And it's unlikely that you will be wrong with your transaction since addresses are unique and long to be copied by anyone. In what country are you living?

Of course they didn't legalize it they don't want to the another currency and we know why government didn't legalize it because of they can't manipulate or control the value of the cryptocurrency. We know that if we say government it  corruption so that is why also. Some of country reason why they didn't legalize it because of those scammers that greedy in money so that is why.

In some countries, especially for the China they think that crypto will ruin their financial capabilities and support once people will start to used it which could lead them to decide for its closure to all of their crypto exchanger. I've never feel like that, in fact,  it helps us to be more productive than of before.

I think that's why government announce bitcoin is illegal because they found out that some people uses bitcoin are in the illegal transaction, they are afraid that the fiat currency will no longer apply to society and they can't control it well and they can't get a taxes to bitcoin.

Nope not worldwide there are so many countries are start to adopt  bitcoin as decentralized currency
Where country do you leave because herein my country bitcoin is legal and have a persimmon from the central and bitcoin is cover under the amla law in my country.

There are so many country bitcoin is  treated as money and some companies are accept bitcoin as payment so not whole world announced bitcoin as illegal.

I agree with you. There is always going to be misalignment between governmental bodies and the rest of the public due to inaccessibility for governmental control or in some countries even gov. corruption.

   That is normal that government announcing that bitcoin is illegal because they doesn't have any control on it. They can't collect taxes to the bitcoiners except if they were going to regulate it. Bitcoin is a decentralized digital currency that no single authority controlled it.

the answer is simple, because the government has not really understood bitcoin. if the government understands that bitcoin has many benefits I'm sure they will soon legalize bitcoin.