Bitcoin is not legalized in some countries for several reasons, mainly due to concern over financial stability, government control and regulatory issues.
What are the reasons why some government had banned or restricted Bitcoins??
One of the main reasons why governments do not legalize Bitcoin is their failure to regulate it. This is also one of the main reasons why Bitcoin will be used illegally, Bitcoin price volatility, Money laundering, etc., etc. are irrelevant because the government of a country is very cautious about legalizing Bitcoin.