Bitcoins operate off central Banks meaning the government can not control its supply or influence its value like they do with fiat currencies. This threatens their ability to manage national income. Also since Bitcoin can be pseudonymous, the government worries that people may use it to evade taxes, launder money,Or finance illegal activities.
Why are some embracing it while others seek to regulate or restrict Bitcoin??
Almost Every government and country around the world have varying views and concepts about Bitcoin value and Cryptocurrencies in general. Meanwhile,while some governments have regulated and adopted Bitcoin into the system,others are boldly refuting and restricting the impact of Bitcoin.
The debates about government over Bitcoin doesn't seem to be ending soon even if the results of some other countries are visibly beneficial.Taking cautious approach is a major concern to them;the impact of cryptocurrencies is a winning score but they view it as a competition.