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

    • Nurul_
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    May 10, 2018, 03:21:04 PM
     #221
    if the Indonesian government still considers the bitcon is illegal. but the government
     nor does it prohibit its people to invest in bitcoin. but the risk of loss must be borne alone can not report to the authorities (police). and should not be used for goods purchase transactions. maybe the government is afraid that the currency of the country and the central bank is less in interest again .
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  • kencot
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    May 10, 2018, 04:45:14 PM
     #222
    Based on what I know that there are terrorists or criminals who use bitcoins to fund spatial groups, it is because the system in bitcoin where transactions are made can not trace the identity of the owner. It is natural that the government forbids bitcoin, because terrorists can seriously destroy a country. Regardless of what it is, if bitcoin is abused then it is most likely if the government forbids bitcoin.

  • tvtoan1994
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    May 10, 2018, 04:51:17 PM
     #223
    Because many countries feel that BTC is what makes investors lose money, they fear that their people will lose their money.

  • crystalworld
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    May 10, 2018, 05:01:59 PM
     #224
    The government and other firm like insurance, bank, e-marketing and more are scared of losing power, they know that ICO and token and airdrop is transferring power to the citizens. And making the common man have financially free.

  • zarintasnim
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    May 10, 2018, 05:12:08 PM
     #225
    Every Government has won strategy to lead their economy. Government has no control of bitcoin and it lot of effect off economy.And also no need to pay any tax for bitcoin.For this reason i think  some government ban bitcoin. 

  • a_t_e_e_b
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    May 10, 2018, 08:09:42 PM
     #226
    every government tries to control something or the other and crypto is decentralized and the government has no control over it so many governments have put a ban on them so as to protect their own paper money

  • t39
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    May 10, 2018, 08:19:03 PM
     #227
    Bitcoin, like any other electronic currency, can be used for money laundering or tax evasion. The system does not have a control center, so it will not be possible to appeal or crank the transaction in reverse. This is why Bitcoin has been banned in many countries.

  • elpsycongro
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    May 10, 2018, 08:26:26 PM
     #228
    I think because many states are afraid of its possibilities! As we know, the bitcoin has many advantages, thanks to which the world financial system will no longer need banks!

  • conceivedspoon2
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    May 10, 2018, 08:33:17 PM
     #229
    Its very simple. Bitcoin is a decentralised currency, most of the governement wants to be in control of their currency which bitcoin does not allow. Its also a tax free transaction which the government do not support.

  • jump4ever
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    May 10, 2018, 08:35:18 PM
     #230
    The problem is that it "encroaches" on sovereignty, the ability of special bodies to control financial flows.

  • Ben K.
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    May 10, 2018, 08:37:05 PM
     #231
    They’re not really banning bitcoin as much as exchanges. Those that have “banned” it are doing under the guise of protecting their citizens but in reality they are just concerned about bitcoins ability to disrupt their ability to print money and tax people.

  • djkyno
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    May 10, 2018, 08:45:53 PM
     #232
    I think some governments try to ban Bitcoin because they want full control of the financial transactions of their citizens, and also they want to support only their fiat and local currencies.
    But they are falling, because Bitcoin is decentralized and people can trade it as long as they have Internet connection and some basical knowledge.

  • Epimetheus
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    May 10, 2018, 09:07:26 PM
     #233
    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.
    No government never want something in their country which they cannot control. And in bitcoin is more likely that thing. Many government mainly ban it because bitcoin affect their economy growth. Bitcoin user doesn't pay tax their country which ultimately affect their financial status Shocked. And some time Bitcoin affects their country  currency in both direct or indirect way. In some country like Israel they ban bitcoin because it associate with many criminal activity like kidnapping, Anti money laundering, etc. So here some reason behind ban bitcoin in some countries.  Kiss

  • Mwalshe89
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    May 10, 2018, 09:07:32 PM
     #234
    incidents happen regularly everywhere, where the government simultaneously tries to limit crypto-currencies and maintain a rating among the electorate. Considering the fact that more and more representatives of the electorate are beginning to be interested in crypto-currencies, sooner or later officials are in a situation where one can not sit on two chairs and you have to choose - either to explicitly prohibit crypto-currencies or to allow. The prohibition of crypto-currency at the state level: is it necessary? Wink

  • seafoodgirl
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    May 11, 2018, 02:08:06 AM
     #235
    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

    I think it depends on what kind of government you are living in, like in our country we are in democratic form, so people has the full rights, the only thing is that bitcoin is not yet popular in lower market that's why the government is prohibiting the use of bitcoin, but if bitcoin starts to invade the lower market the government will eventually allow using it.

  • SingAlong
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    May 11, 2018, 02:16:08 AM
     #236
    It would be hard in government if they will totally ban bitcoin beacuse it is now being introduced and familiarized all over the world with the help of social media tge knly way they can do is to prevent and lessen it. Government are afraid on bitclin because it can be use in illegala activities like buy and sell or trading of guns, drugs and etc that will be a big threat tonour government because it can cause increase of crime ratws and terrorism.
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  • DonateBB
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    May 11, 2018, 01:31:22 PM
     #237
    Quote from: Ben K. on May 10, 2018, 08:37:05 PM
    They’re not really banning bitcoin as much as exchanges. Those that have “banned” it are doing under the guise of protecting their citizens but in reality they are just concerned about bitcoins ability to disrupt their ability to print money and tax people.
    And what they are afraid of is because some authorities have taken bribes and moved from cash to BTC to hold. That is why they are afraid of BTC development in their country. And they are afraid that the banking system in the country will be frozen, as investors poured capital into Crypto.

  • Charity07
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    May 11, 2018, 01:32:21 PM
     #238
    They do this because they can't control bitcoin, ICO and getting taxes from crypto. At the moment there is no necessary legislation to effectively regulate crypto and protect people from scam. I hope we will see a solution to this issue in the near future and China will be able to fully return to the market.

  • zhopas
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    May 11, 2018, 02:19:14 PM
     #239
    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.

    I think it's because government are threatened by bitcoin because bitcoin is being popular all over the world. Aside from that bitcoin is a decentralised currency so that government are being aware on what things that might happen it they will approve this to their country.

  • harbin55
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    May 11, 2018, 02:49:17 PM
     #240
    The reason why some government ban bitcoin because its question the legality of the business, we are all familiar
    that this kind of business deals through technology and some of the country cant accept because they are lack of technology.
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