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  1. #1
    Join Date : May 2017
    Posts : 104

    Default Why Bitcoin is not regulated in some countries?

    Some says, Bitcoin is legal and few says it's not. May I know the reason why it is not legal to use Bitcoin in some countries, for example, in my country, we are not allowed to use Bitcoin to purchase any items or goods. Why they can't legalize it? What was the reason behind it?


  2. #2
    Join Date : Jun 2017
    Posts : 9

    Default Re: Why Bitcoin is not regulated in some countries?

    If its not allowed in your country then its illegal, there are many countries where there is no regulation for bitcoin, its legal there.

  3. #3
    Join Date : Jul 2017
    Location : United Kingdom
    Posts : 12

    Default Re: Why Bitcoin is not regulated in some countries?

    The legal status of Bitcoin—just like any other mode of payment or any action—varies from one country to another. There are still plenty of undefined or changing minds in this world. Since Bitcoin is a young mode of payment and a technology that many are only beginning to look into, a lot of people have different things to say about it. The regulations are also affected by different parameters like tax and how one uses the cryptocurrency. Some countries are open to accepting Bitcoin and making it a legal mode of payment while others do not because there are downsides to it. There are plenty of factors that come into play here.

    Remember that tax plays a huge role and remember that Bitcoin transactions are free of charge. This is a huge threat for the amount of tax one country gets.

  4. #4
    Join Date : Feb 2014
    Location : dangerous mother.com
    Posts : 437

    Default Re: Why Bitcoin is not regulated in some countries?

    Quote Originally Posted by Idreeskhan View Post
    Some says, Bitcoin is legal and few says it's not. May I know the reason why it is not legal to use Bitcoin in some countries, for example, in my country, we are not allowed to use Bitcoin to purchase any items or goods. Why they can't legalize it? What was the reason behind it?
    US Dollar, Euro, UK pound, Gold and Silver have got their value after 100 years of trade and business and exports and imports between 200 countries. In 2014, Russia and China have signed $400,000,000,000 business deals for next 10 years. Currencies are supported by tax and issued by Central Banks.

    How did Bitcoin get a value of $2000 when Bitcoin has never been used in exports and imports? $2 billion in nothing in international trade when daily forex trading amounts to $4,000,000,000,000.

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