Reason why other ban cryptocurrencies - page 17.

icecream sandwich

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Quote from: kenlyresuello08 on August 21, 2018, 02:13:27 AM

The main reason for prohibitions is very simple. Transfers in a currency different from the national one, lead to poor economic performance, including GDP (one of the main indicators). This way, it is easier to launder money or transfer funds outside the country. Neither banks nor payment processors will get their interest.
McCall Robinson a manager of Merchant Accounts, believes that most countries prohibit Bitcoin because it cannot be regulated and he said that. "Many governments do not like the very idea that there is another form of currency that they are not able to control. The supervision takes place on the Internet. Some countries consider it as danger to their society and government.

I think other countries ban cryptocurrency because of the negative thinking on their part. They still think that this crypto will give them a negative effect in their government.

suraza21

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The reason why crypto is banned by some countries is because their government is afraid that the crypto market is a bubble that could make their country's economy suffer and make their country lose control

bsce1-1

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Why they banned cryptocurrencies in different country, because they think in bitcoin is scam, like in digital money in our country that did not legalize by the government because they idea about the certain issue specifically in bitcoin is fraud or simply racket trick. But other country did not banned because they may help the certain country to improve the circulation of their economy. The main point that did banned crypto is they feel fear to enter because they did not sure weather it is real or not because of digital money.

escalante28

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Plus they can't collector taxes from there. Well maybe the main reason they strictly ban it because Crypto is so risky. We know that our government want to control everything that is why bitcoin was ban because they can't control it but believed me in the near future they can do anything to stop it. Peoples now are educated about cryptocurrency and I believed that some day there will group in every country to fight for it.

1NV3ST0NM3

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Quote from: kenlyresuello08 on August 21, 2018, 02:13:27 AM

The main reason for prohibitions is very simple. Transfers in a currency different from the national one, lead to poor economic performance, including GDP (one of the main indicators). This way, it is easier to launder money or transfer funds outside the country. Neither banks nor payment processors will get their interest.
McCall Robinson a manager of Merchant Accounts, believes that most countries prohibit Bitcoin because it cannot be regulated and he said that. "Many governments do not like the very idea that there is another form of currency that they are not able to control. The supervision takes place on the Internet. Some countries consider it as danger to their society and government.

Yes I completely agree with you on this. The cryptocurrencies are snatching the financial power from the hands of the government and giving it to the public. Therefore, the governments and banks are against crypto market. The cryptocurrencies and its underlying technology known as blockchain aims at establish direct contact between the financial parties thereby eliminating the intermediaries like banks. This puts threat to the very existence of banks.

Xenoph0bia

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Quote from: justspare on September 02, 2018, 01:12:40 AM

Quote from: BaraxLo on August 31, 2018, 02:09:41 AM

Quote from: ucingucingan on August 30, 2018, 05:12:31 AM

I think the reason why crypto currencies are banned by the government is because of the high risk that arises if you invest in this commodity, the simple example is when you buy crypto currencies at a certain price there is a very uncertain price movement. the opposite will make you experience losses...

You just hit another good point. Some government might be kicking against it because they think it is very risky and people might be losing their money through it.

But bitcoin is not the only risky thing there, it’s an investment and they should all know that investment has risks involved so anyone that is investing their money in it should be aware of that. Though another I have seen a lot of people complain about is the manipulation in Bitcoin, whales are now using it as an opportunity.

I do not see government thinking it is risky for the people, I see it more like it being a threat to them but obviously, we cannot expect them to come out completely to say, 'stop bitcoin or cryptocurrency because it is a threat to us' but would rather find other disadvantages surrounding it, push it out like it is something that cannot be solved and use it as a stone they can step on.

I wonder when governments really cared about their citizens most especially in some third world countries and undeveloped countries banning it. It is normal to see complaints with in an unregulated space which is why at this stage; the government can still come up with lenient regulations to make things work in everyone's favor.

The main reason is that these are decentralised and the central banks have no control over them at all.These are also very risky as they can get hacked very easily.Cryptocurrencies are also very volatile amd we do not know when will the prices go up or down as they do not follow any trend.Cryptocurrencies require internet connection which is not possible in every corner of the world.These also require some basic knowledge to get operated and are bit complex to understand.

kristineirene

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The main reason why they are trying to ban the crypto is it because they think that it will not be helpful for example in one country they might think that it will not gonna help in the country because it doesn't have a stable proc eon it not like a cash were it have a same amount that it can use right away with no hassle.

BartS

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Quote from: cryptocurrencyguru on August 29, 2018, 03:01:00 PM

Baning cryptocurrency is of no use there is no certain way of banning cryptocurrencies they can keep only certain rules every now then but cryptocurrencies are decentralised

We must not be so confident, there are a few ways in which bitcoin could be blocked, for example if governments find a way to differentiate bitcoin traffic from regular traffic on the web they could block the bitcoin network, I think the developers will solve that issue but that will prove to us that the governments are really looking to destroy bitcoin by any means necessary and that we must stay vigilant to all of their attempts since we cannot let them succeed.

localcrypto

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Most of the country ban cryptocurrencies the main reason is they fear the money coming through cryptocurrency are illegal money which cant be accountable but in reality if the county regulate then they can work smoothly with cryptocurrencies

nokat

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To some countries,the government makes the insinuation of getting some funds from every investment the citizens make on bitcoin transaction but they do not get. In that case,they intend banning any crypto related transactions since they do not get funds from them.

justspare

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Quote from: BaraxLo on August 31, 2018, 02:09:41 AM

Quote from: ucingucingan on August 30, 2018, 05:12:31 AM

I think the reason why crypto currencies are banned by the government is because of the high risk that arises if you invest in this commodity, the simple example is when you buy crypto currencies at a certain price there is a very uncertain price movement. the opposite will make you experience losses...

You just hit another good point. Some government might be kicking against it because they think it is very risky and people might be losing their money through it.

But bitcoin is not the only risky thing there, it’s an investment and they should all know that investment has risks involved so anyone that is investing their money in it should be aware of that. Though another I have seen a lot of people complain about is the manipulation in Bitcoin, whales are now using it as an opportunity.

I do not see government thinking it is risky for the people, I see it more like it being a threat to them but obviously, we cannot expect them to come out completely to say, 'stop bitcoin or cryptocurrency because it is a threat to us' but would rather find other disadvantages surrounding it, push it out like it is something that cannot be solved and use it as a stone they can step on.

I wonder when governments really cared about their citizens most especially in some third world countries and undeveloped countries banning it. It is normal to see complaints with in an unregulated space which is why at this stage; the government can still come up with lenient regulations to make things work in everyone's favor.

RavenHood

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The reason why other country ban cryptocurrencies because its decentralized and they can’t control it if you can’t control the currency that coming to your state you can’t get regular or can’t deduct the correct tax to your people. The other reason is some people are using the advantage to do their illegal work, like selling drugs and smuggled stuff. Another reason is maybe they are creating their own cryptocurrency like another country, and they don’t want to use the other cryptocurrency that they don’t own.

SpringfieldM1A

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Quote from: PlusOne88 on August 26, 2018, 07:56:43 PM

Yes, certainly this is correct as I have noticed that also. When people move money from their country out, the country loses that certain money and because it is done digitally there is little control of what and where will these money be used for. So it is like it is wasted if not used properly.

Do not forget the part where there could be inflow of money into the country as well. At least, if money is leaving somewhere, it is not just disappearing.
For instance, a lot of people have been doing well for themselves, some have been able to learn how to trade over the years, and make some pretty good returns on their trade, and looking at the fact that you will still need to convert to fiat to be able to spend at all at least for now, it makes it necessary to at least have a need for your currency which brings about demand for it.

FionaRice124

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Unlike other conventional currencies controlled by the government, major banks or investment funds, Bitcoin is regulated by private investors. You can access Bitcoin from anywhere connected to the internet, through companies that exchange or purchase products or services, although most people use Bitcoin as an investment. However, it is difficult to prevent Bitcoin from working. It is important for everyone to understand that converting Bitcoin to USD or GBP is illegal. Big companies like Microsoft, stock exchanges or real estate should not accept Bitcoin.

Diane757Clarke

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Many people use cryptocurrency for criminal purposes such as arms trafficking, human trafficking ... That makes the government prohibit Bitcoin operations.

moneyangel

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W12 – Blockchain protocol

Because it's more on decentralize currency and the government has no control of the supply and prices. They are afraid that this will be use for criminal funds and don't want their people be a target of those criminals.

enwi

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yes, there are several countries that prohibit crypto currencies because the government cannot regulate the use of crypto and currently many use crypto for crimes and that will harm the state

wendiar19

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I think that making cryptocurrency is often banned because I think cryptocurrency is too open and the price is too terrible because it can't be stable.

valentine401

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Quote from: kenlyresuello08 on August 21, 2018, 02:13:27 AM

The main reason for prohibitions is very simple. Transfers in a currency different from the national one, lead to poor economic performance, including GDP (one of the main indicators). This way, it is easier to launder money or transfer funds outside the country. Neither banks nor payment processors will get their interest.
McCall Robinson a manager of Merchant Accounts, believes that most countries prohibit Bitcoin because it cannot be regulated and he said that. "Many governments do not like the very idea that there is another form of currency that they are not able to control. The supervision takes place on the Internet. Some countries consider it as danger to their society and government.

In my own opinion, there are government who hates cryptocurrency because their own country cannot handle the grow of bitcoins and there are more people who prefer trading in the market rather than working in the corporate world.

edisystem

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Free Crypto in Stake.com Telegram t.me/StakeCasino

Also it's hard to control the bitcoin if a country accept bitcoin as a payment or a currency. I think the government banned cryptocurrency with a reason, not because of scared or anything. It's hard for now for cryptocurrency to be accepted on some countries, maybe we will see it in the future, who knows.

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