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??
It is undeniable that the legality of crypto, especially bitcoin, is still often debated in many countries in the world. One aspect that raises debate about the legality of bitcoin is its fluctuating price, besides that the government cannot regulate and track it. The government cannot investigate your crypto activities, cannot freeze assets, and does not get taxes.
In my country, cryptocurrency trading is regulated by the Commodity Futures Trading Regulatory Agency. Crypto assets in my country are prohibited from being used as a means of exchange or transaction, but the government allows crypto as an investment asset. Legal as a commodity but illegal as a means of transaction. So it can be said that crypto in my country is included in the category of commodities traded on futures exchanges.