Bitcoin is decentralized cryptocurrency, it allows near-instantaneous transfers and it is without a middle man or regulatory body. There can no any Government can control bitcoin. But it can only be regulate in an actual procedure, like for Example: Australia. Australia is regulating financial services involving virtual currency. The digital currency exchanges in Australia will be subjected to registration and regulation, once the Anti-Money Laundering and Counter-Terrorism Financing Act of 2006 take effect. This is how possible that bitcoin could be regulated.