Where Bitcoin Is Illegal and WHY?

[sirty143]

Bitcoin is actually a widely accepted cryptocurrency on an international level. However, there are some nations that take exception to the risks that it poses, contending that its extremely volatile behavior and decentralized setup are a major threat to the prevailing monetary system. Now, could you share with us these nations that are officially opposed to the usage of Bitcoin within their shores?

[sugarchrisp]

It's illegal mostly because the governments of those areas don't have any idea how to regulate it.  Bitcoin is something governments largely can't control, and that scares the shit out of most governments, especially some of the more authoritarian ones.  When you control every aspect of your citizen's lives, you generally want to keep things like bitcoin far away because there's no way you can realistically control it or it's influence on people.

It's probably also illegal in those areas because the banking industry either lobbies to create laws that prevent it or they already control the government in the first place and create laws to prevent it.  Bitcoin scares the shit out of banks too.

[flyaccount]

In my country, bitcoin is still illegal. The government prohibits the use of bitcoin on the grounds that bitcoin is vulnerable to crime. The government worries that bitcoin is a means of money laundering, ISIS funding and other criminal activities.