Topic: Reasons why government would like to ban Bitcoin? (Read 541 times)
The government banned Bitcoin only because of the uncontrollable nature of Bitcoin. Many news reports have reported that many people use Bitcoin to launder money and use Bitcoin to deceive other people's money. Attempt to ban Bitcoin by enacting laws. Bitcoin can protect people's privacy. Many countries have legalized Bitcoin and can use Bitcoin freely.
I would like to read your opinions about this topic, what are the reasons? Why is it Illegal? the fact that it is for earning & living? 
May this answers we have here nailed in everyone's mind in this forum. For learning and importance.
In my opinion, authorities consider crypto to be their rival, as we know that it can replace traditional financial system (banks and fiat money). It means for the government that they are not in control of the situation. They are used to controlling and regulating rates, prices, emission of currencies,but with crypto they will lose this control, so they can't let crypto develop freely. May this answers we have here nailed in everyone's mind in this forum. For learning and importance.
Some governments would like to ban Bitcoin or they already did this. Because they are afraid of the situation that they have no control over. They don't want their citizens to lose a lot of money in a cryptocurrency. But this is a totally wrong way to show it. Instead, they can let people do whatever they want. Because Bitcoin can't be restricted like this. This can cause people to get angry also.
I believe the main reason why most governments want to ban the usage of bitcoin is that they have no full control of its existence. Unlike with fiat, they know how much they are releasing to their system. And without full control, they don't know how to regulate it. This is like untraveled road for them, so they don't know how to take action also.
Some governments would like to ban Bitcoin or they already did this. Because they are afraid of the situation that they have no control over. They don't want their citizens to lose a lot of money in a cryptocurrency. But this is a totally wrong way to show it. Instead, they can let people do whatever they want. Because Bitcoin can't be restricted like this. This can cause people to get angry also.
I would like to read your opinions about this topic, what are the reasons? Why is it Illegal?
There several reasons why in certain jurisdictions it is considered to be illegal. And I think some of the reasons for this is - to avoid the disruption of the fiat money system
- to ensure people don't evade paying taxes as bitcoin and crypto in general is quite difficult to monitor
- the government is banning crypto because they are still trying to learn about it so to buy time for this process they have chosen to ban it
the fact that it is for earning & living? May this answers we have here nailed in everyone's mind in this forum. For learning and importance.
For starters bitcoin and the bitcoin forum should be treated as two different products all together as earning is not a primary reason for using bitcoin! May this answers we have here nailed in everyone's mind in this forum. For learning and importance.
The most obvious response to governments banning bitcoin. It is the control and power they have in their economies. In some cases, governments administer public goods and forget that they have a duty to promote the development of the nation.
If they have a government problem, they look for culprits and they do not attend to solve them effectively.
Time passes and progress does not come and the most vulnerable people are the most affected.
Bitcoin fixes it! But governments would have to relinquish control.
If they have a government problem, they look for culprits and they do not attend to solve them effectively.
Time passes and progress does not come and the most vulnerable people are the most affected.
Bitcoin fixes it! But governments would have to relinquish control.
There are some bad issues about this, likely:
- Government consider that crypto can be sued for money laundry very easily
- Crypto can be used for crime financial system more easily
- Crypto is like gambling that will be very risky
- They don't like the booming and popularity of crypto
- Because of political or certain interests by certain parties in the country
- Government consider that crypto can be sued for money laundry very easily
- Crypto can be used for crime financial system more easily
- Crypto is like gambling that will be very risky
- They don't like the booming and popularity of crypto
- Because of political or certain interests by certain parties in the country
There are lot's of reasons why I believe government is not in support of bitcoin firstly Bitcoin is decentralized the government those not have Power and control over bitcoin but if it is fiat now they can regulate it, Bitcoin is going to eradicate the use of banks and other financial institutions, they believe bitcoin is mostly used for illegal activities they believe it is been used by terrorists to purchase their arms deals and other hard drugs. They believe bitcoin volatility is very high, they are finding it difficult to get a way inwhich bitcoin holders will be paying tax.
Maybe because they don't want to lose control over you?
They basically want to completely have every citizen under full control(financially), and Bitcoin opposes that as it has taken out middlemen like the banks.
This obviously doesn't sound good to the government, so, they get jealous and want to ban it. But anyways, people still trade Bitcoin even with the Ban (but "illegally").
They basically want to completely have every citizen under full control(financially), and Bitcoin opposes that as it has taken out middlemen like the banks.
This obviously doesn't sound good to the government, so, they get jealous and want to ban it. But anyways, people still trade Bitcoin even with the Ban (but "illegally").
I would like to read your opinions about this topic, what are the reasons? Why is it Illegal? the fact that it is for earning & living? May this answers we have here nailed in everyone's mind in this forum. For learning and importance.
May this answers we have here nailed in everyone's mind in this forum. For learning and importance.I have some possible reasons why government place ban on crypto:
1. Firstly, because of its anonymity: they believed it has no unique bearer and source
2. It's lack of regulators: they believed since it's not under government and no regulatory body monitoring it
3. Speculative asset: they believed it's not financially safe and secure, posing a high risk on investors,
To cap it all in a summary, the three notion is assumed an inferior objections because of their interest in a bid to centralize Cryptocurrency,. Firstly the first crypto emerged was Bitcoin by Satoshi Nakamoto
It's an individual's market discretion of buying a d selling price, while the crypto platforms pay tax to government but not regulated by them.
Lastly because of the volatility in Cryptocurrency pose a second thought on how risky it may be to invest in, which is wrong
With countries legalising bitcoin one by one, I think it’s a good sign that governments have started recognising that Bitcoin is here to stay and have started accepting it.
Government would like to ban Bitcoin because of cyber crimes. Many criminals use crypto currency to exchange black money into white money and there are money laundering drug trafficking cases are also happen on Bitcoin so government wanna control these crimes through ban Bitcoin.
The presence of bitcoin and cryptocurrencies with a decentralized concept of course makes the government unable to control transactions and assets, this makes the government afraid if bitcoin is used to hide money (money laundering), taxes and so on, the easiest thing for the government is banned bitcoin so it doesn't require much thought .
The reason the Indonesian government forbids bitcoin is because the Indonesian government considers Bitcoin to be detrimental to the Indonesian people. Because the circulation is not regulated at all and does not receive a guarantee from the Indonesian government. Especially by the central bank or BI. For other reasons, Bitcoin has the potential to disrupt the financial stability of the country due to high inflation in the value of money due to the Bitcoin trend. The government also cannot control bitcoin, so the Indonesian government prohibits bitcoin.
the reason the government wants to ban bitcoin,?? if I personally think they are afraid that bitcoin will replace their paper currency, the government maintains the paper money they have issued for a long time, and the government also can't control bitcoin, that's the reason why the government bans bitcoin, even though the emergence of bitcoin is not to weaken government paper money, In fact, the presence of bitcoin reinforces each other.
~
Different reasons to be honest. Most common that "it is illegal" to some countries is that how it is pseudonymous for the holder. The fear of having money launderers that are pseudonymous is one of the factors. This is why many countries that at least "regulate" the use of Bitcoin do their usual KYC implementation when it comes to people looking to use custodial wallets. They're pretty much strict to it to be honest.It's not that all about earning.
because there really is no control for the ownership of the pseudonym. money laundering can certainly happen and even in some countries there are already publicizing money laundering from the proceeds of corruption using crypto exchange platforms.
all countries know it is very likely to happen. and of course, the government is careful in determining policies on crypto-assets.
if government take over it, then it's obvious that it's accuracy will be reduce and their will be no liable source to invest with crypto.
But I make you understand that there are high impossibility for government to do anything close to taking over bitcoin or cryptocurrency. The reasons are that governments need to come together to agree on something about that at least before working towards such and from the world history, governments are not known to come together for a purpose because as they do in one union or convention, there are some convention disagreeing to it. There are friends and enemies in world governments, no permanent friends no steady enemies, allies and those to disagree with. And recently some started adopting it, it is no longer news and Ukrainian has also joined the league of those nations, US have not been also gone against it, they are progressives already. We know El Salvador already. Digital currency also have been highly adopted by must government, China, Nigeria and more working towards that.
~
Different reasons to be honest. Most common that "it is illegal" to some countries is that how it is pseudonymous for the holder. The fear of having money launderers that are pseudonymous is one of the factors. This is why many countries that at least "regulate" the use of Bitcoin do their usual KYC implementation when it comes to people looking to use custodial wallets. They're pretty much strict to it to be honest.It's not that all about earning.
I would like to read your opinions about this topic, what are the reasons? Why is it Illegal? the fact that it is for earning & living? May this answers we have here nailed in everyone's mind in this forum. For learning and importance.
May this answers we have here nailed in everyone's mind in this forum. For learning and importance.Let me enumerate some of the few reasons I know.
* Decentralisation, the government always want to put their hands over everything and have a control over it. Bitcoin cannot be controlled by someone even the government. Though they find an alternative and regulate cryptocurrency, but still they have no control over it.
* Threat to the traditional banking system. Though this issue has slowly died down and banks has slowly adapting to cryptocurrency, but this has been one of the few main reasons why Bitcoin has been banned to several places (which was lifted not for too long).
* Power issues for the Bitcoin miners. Happened in China where their local government tracked down miners and shut them down. Even local exchanges was reportedly being closed down.
* The fear of the cyber crime activities. Money laundering and other form of illegal transactions.
Though the government is well aware that It could always happen to any currency even fiat. So I guess this isn't gonna be the case today.
I'm not quite sure, but I guess every country today has slowly adapting and accepts Bitcoin and other crypto.
Many countries vigorously promote the issuance and use of their national currencies, but the decentralization of Bitcoin runs counter to the centralization strategy of multinational currencies. The price of Bitcoin is not controlled by people or the central bank of money, which poses a greater risk to its citizens. And Bitcoin can perfectly bypass foreign exchange, which is difficult for the country to supervise!
Jump to: