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    Author Topic: Why do some government ban bitcoin?  (Read 1525 times)

    • mickeybuddy27
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    May 08, 2018, 09:47:21 PM
     #141
    Quote from: Rooster101 on March 26, 2018, 08:12:53 AM
    Government can't effectively ban bitcoin or any cryptocurrencies because it is difficult to enforce and exchanges would go underground instead. Governments use to control currencies and uses their central banks to issue and destroy money and they have their own monetary policy to exert economic influence. Because it is centralized, they controls all functions and uses of fiat including tax collection and monitoring illegal use of currency like money laundering. Cryptocurrencies are opposite of government because they are decentralized which means no one controls them and banks are no longer needed for this kind currency. Government don't like the idea of decentralized currency and some considers that cryptocurrencies are not a currency with legal tender status in any jurisdiction.
    Usually government ban bitcoin in their country because the users of t used bitcoin in illegal transactions which is hard for them to find out who is liable for it. They cannot control the one who using it because it has anonymity. They do not like bitcoin because it is not controllable and they think that it cannot be taxed to help the government for the development of the economy.  

  • HiringYou
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    May 08, 2018, 09:54:52 PM
     #142
    The main reason due to which government ban bitcoin is it's decentralized nature.As Bitcoin is decentralized in nature so no government or bank is able to control the transactions made through Bitcoin.Due to which the people involved in the transactions remain unidentified.This make the Bitcoin transactions anonymous.Some people uses this feature of anonymous transactions in a wrong way.They know that they will not be identified so they use Bitcoin as a mode of payment for illegal dealings of drugs, ammunitions etc.This forces the government to take decisions against Bitcoin.

  • minhlee95
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    May 08, 2018, 09:55:36 PM
     #143
    Because bitcoin can not be controlled, it can not be taxed, that is, it will only add problems praivtelstvu and they just do not want to bother with it.

  • MyIdeas
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    May 08, 2018, 10:08:12 PM
     #144
    Quote from: Harrow30 on May 08, 2018, 09:45:47 PM
    The basic summary of governments banning bitcoin is to guard against its citizens from being swindled. Also, because the government doesn't have a full control of the Bitcoin/Cryptocurrency system yet. From my view of what my country's government hold is that they are not fully aware of its full potential, hence they are not that decisive of a ban or not.
    If your government do not know about this coin then there is also a fear that they will ban this coin as we faced a few countries which have banned it, the reason is that they do not know about the reality of that coin and they do not know about the future of their country with that coin and those countries who know about the future of that coin do not ban it but they try to support it from their governmental level.

  • jpnl0008
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    May 08, 2018, 10:08:33 PM
     #145
    Governments circulates money in a society, in order to stay in power, so they tax the public servants, investors and corporate bodies etc.

    Cryptocurrencies undermine most monetary policies of governments. For instance,

    1. Governments cannot print money to indirectly tax savings.
    2. Governments cannot control the exchange and interest rates

    Cryptocurrencies undermine fiscal policies of governments. For instance,

    1. Governments cannot readily check your current holdings, revenue of their tax base.
    2. Governments cannot freeze or seize the cryptocurrencies.
    3. Governments cannot track allegiance og the currencies.

  • Blackhammer321
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    May 08, 2018, 10:14:00 PM
     #146
    Quote from: abd000 on November 27, 2017, 10:22:44 PM
    China-based cryptocurrency exchange BTCC suspended all domestic trading in yuan last weekend. The decision came on the heels of a September 5 statement from regulatory authorities in China, which required all domestic cryptocurrency exchanges publish closing announcements, stop registering new users, and establish a schedule to cease yuan-denominated trading by September 15. Huobi and OKCoin — two other exchanges based in China — have announced similar plans to stop trading. To be clear: China has not banned the use of cryptocurrencies. It has banned cryptocurrency exchanges and initial coin offerings (ICOs). Even still, it has prompted some to consider whether a government might ban cryptocurrencies like bitcoin — and, perhaps more importantly, whether such a ban would be effective Smiley Smiley Smiley
    Some countries did banned cryptocurrency and cryptocurrency-affiliated activities in one way or another, But the reason for the illegalization of bitcoin most of the time is because they are thinking thst bitcoin would hurt their economy and their monetary system. They are locked onto thinking that once bitcoi  was implemented as a global currency this means death of the currency and the conomy of these countries.

  • De Suga09
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    May 08, 2018, 10:15:30 PM
     #147
    Quote from: abd000 on November 27, 2017, 10:22:44 PM
    China-based cryptocurrency exchange BTCC suspended all domestic trading in yuan last weekend. The decision came on the heels of a September 5 statement from regulatory authorities in China, which required all domestic cryptocurrency exchanges publish closing announcements, stop registering new users, and establish a schedule to cease yuan-denominated trading by September 15. Huobi and OKCoin — two other exchanges based in China — have announced similar plans to stop trading. To be clear: China has not banned the use of cryptocurrencies. It has banned cryptocurrency exchanges and initial coin offerings (ICOs). Even still, it has prompted some to consider whether a government might ban cryptocurrencies like bitcoin — and, perhaps more importantly, whether such a ban would be effective Smiley Smiley Smiley

    This news has already been done. China including India already banned any bitcoin business and bitcoin related transactions. They do it because bitcoin is a decentralized currwncy which means noone can control it, even the government. With that mentioned, they fear what they cannot control and if not controlled, all that is left to do is eliminate. However, bitcoin is strong enough to withstand that banning in some countries and managed to stay on the top.

  • coinholic
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    May 08, 2018, 10:27:29 PM
     #148
    Probably because they could not get total control over it. We all know that governments love to take control of anything that generates profit. And Bitcoin surely is one of those things. And so they come up with strategies to regulate, control, manipulate, or have total control of the crypto system. Something that is quite difficult to accomplish even for governments. And so they would resort to banning Bitcoin or the entire system so that no one would benefit from it.

  • Ishiro5
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    May 08, 2018, 10:28:17 PM
     #149
    They do so simply because they want to continue manipulating and controlling their peoples' lives.

  • jeremypwr
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    May 08, 2018, 10:33:42 PM
     #150
    Some governments don't necessarily ban Bitcoin per say, but rather choose to regulate it and even make it taxable.
    Back in the days when Satoshi created what is to day Bitcoin, I wonder if he thought it would ever get to this point where we need to share our earnings w/ the gov.
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  • karloscimot
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    May 08, 2018, 10:34:36 PM
     #151
    perhaps the government is still afraid of bitcoin. if the public is to transact via bitcoin rather than through the Bank. even I always think maybe in Indonesia the central government forbade bitcoin to be made a tool of transactions (buy something goods) to keep the community using the Bank as a means of transaction. and paper currency to keep it running in the environment of Indonesian society .
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  • laserfocused
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    May 08, 2018, 11:23:53 PM
     #152
    The answer is simple. It threatens their existence. A government that can't control its people is not a government. Note, money is not the only thing that your government controls. The moment they realize another entity (especially one that is completely independent) is threatening their existence, they will crack down on it.

  • melekseverce
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    May 08, 2018, 11:25:49 PM
     #153
    Some government are scared because they think of the fact that they might be overrun by the power of Cryptocurrency and may lead into further conflict inside the country. China is a very business minded country in which you can see every Chinese owns at least one business that they run and gain profit from this industry. Bitcoin may become a asset for some Chinese people if they know how to utilize the use and use it carefully and not abusively. Maybe this is why some country bans Bitcoin or other Cryptocurrency but if they set rules and regulations about this matter, then maybe everybody can profit from the Cryptocurrency Industry.

  • icecream sandwich
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    May 08, 2018, 11:35:17 PM
     #154
    Quote from: johnatunum on November 27, 2017, 10:23:59 PM
    They ban it because they can't control it. Governments are in the Control business.

    That is true, the government wants to be the one controlling their people but with bitcoins we can have a freedom because they are decentralized so no government can be involve which means there are no taxes to be made. That is why some government thinks that the bitcoins i s a threat into them because it can be a start of a rebellion for some of theur perspective because people can now have a freedom in currency so whats next is freedom into everything. But if they just team up wuth this thing it cannot be a threat at all.

  • AshikurRahmanKhan16
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    May 08, 2018, 11:46:44 PM
     #155
    Bitcoin is tax-free, No tax, No Vat Digital Currency! That's why some county's governments are planning to stop bitcoin. Because they won't get profits from it  Grin  Besides it, Some county's government think that bitcoin is very harmful to the economy. L

  • m.mendoza
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    May 10, 2018, 07:03:28 AM
     #156
    Quote from: crzy on November 27, 2017, 10:40:43 PM
    Quote from: rainbow169 on November 27, 2017, 10:35:50 PM
    China has not banned cryptocurrency. They just banned ICO and exchanges. Peer to Peer trading is still available and actually quite popular in China. I don't think there is an effective way for government to ban bitcoin anyway.

    Right, government can’t ban bitcoin easily because they need this technology. Government may regulate bitcoin but for them get some taxes, government will find ways just to control bitcoin that can never happen.


    government thinks that the bitcoins i s a threat into them because it can be a start of a rebellion for some of theur perspective because people can now have a freedom in currency so whats next is freedom into everything. However, bitcoin is strong enough to withstand that banning in some countries and managed to stay on the top.

  • assyla
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    May 10, 2018, 07:06:07 AM
     #157
    Quote from: abd000 on November 27, 2017, 10:22:44 PM
    China-based cryptocurrency exchange BTCC suspended all domestic trading in yuan last weekend. The decision came on the heels of a September 5 statement from regulatory authorities in China, which required all domestic cryptocurrency exchanges publish closing announcements, stop registering new users, and establish a schedule to cease yuan-denominated trading by September 15. Huobi and OKCoin — two other exchanges based in China — have announced similar plans to stop trading. To be clear: China has not banned the use of cryptocurrencies. It has banned cryptocurrency exchanges and initial coin offerings (ICOs). Even still, it has prompted some to consider whether a government might ban cryptocurrencies like bitcoin — and, perhaps more importantly, whether such a ban would be effective Smiley Smiley Smiley
    Although bitcoin is a good asset for a person and also for a country, some countries banned bitcoin at their places. Why? I think they ban bitcoin at their country because they think that it can result for a further problems on their country such as bitcoin usually use in deepweb and darkweb to sell illegal drugs.
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  • freakdust123
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    May 10, 2018, 07:17:23 AM
     #158
    Because they think bitcoin would surpass their national currency. And some thinks bitcoin is a scam an can harm people!

  • Timok Abiodun
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    May 10, 2018, 07:20:42 AM
     #159
    Reason is simple, when our government looks at bitcoins, they are incapable of tracing any person or
    company holding responsibility for Bitcoin not only in their jurisdiction, but in the entire planet!

    Legal Implication : In order to recognise any medium as authorised payment and settlement system,
     they should have proper licences from Reserve/Central Bank of the respective country.
    So that government can ensure all the preventive measures against fraud , money laundering and any antisocial activity .

    When a case is filed against Bitcoin, not the people transacting bitcoins, inside the jurisdiction,
     governments cannot be able to perform their legal obligation to the society !

    This is the first part that makes the government to take hostile approach to crypto-currency.

  • Playmode Kreative
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    May 10, 2018, 07:23:32 AM
     #160
    Governments control fiat currencies. They use central banks to issue or destroy money out of thin air,
    using what is known as monetary policy to exert economic influence. They also dictate how fiat currencies
     can be transferred, enabling them to track currency movement, dictate who profits from that movement,
    collect taxes on it, and trace criminal activity. All of this control is lost when non-government bodies create their own currencies.
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