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??
Bitcoin is not legal in my country because my country is a less developed country. If Bitcoin is legalized in this country, then its disadvantages will be more than its advantages. Because most of the people in this country are poorly educated, not very educated and most of the people do not have the right idea or knowledge about Bitcoin. In such a situation, if Bitcoin is legalized in my country, then the harm to the people will be more than the gain. Moreover, in such an environment, if the government of a country cannot control the people, then how will they control Bitcoin? But the best thing is, even though Bitcoin is illegal in my country, we are still using Bitcoin transactions from our country without any problem. However, if it becomes more known, then administrative hassles may arise in that case.