The one and only reason - gives them less fiscal control over their citizens. A centralized currency means the government retains all the power, and it means they can control the money supply. Within an instant the government can essentially freeze all assets and lock you out of your finances.
Also means when they ruin the economy, they can retain even more power as they prop up fiat through reckless printing.
Topic: Reasons why government would like to ban Bitcoin? - page 4. (Read 541 times)
Why is it Illegal? the fact that it is for earning & living?
Each country has its own rules. For a digital asset, many countries already allow it because it doesn't break the rules on the countries. While for payment purposes, several countries don't allow it because it breaks the laws in the countries. In my view, Bitcoin is actually not banned totally, just banned for specific purposes. It is like in my country, our government is fair enough, they allow people to trade or invest in Bitcoin. But to use it as a payment tool in daily life is not allowed. Bitcoin has a very volatile value, it is possible to bring bad impacts. Also, our law stated only national currency can be used as a payment tool.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 many countries bitcoin is legal by law or legal by the fact no law prohibits it directly, however it is not difficult to see why bitcoin is not seen with good eyes by many governments of the world. May this answers we have here nailed in everyone's mind in this forum. For learning and importance.The most obvious is that bitcoin is a threat to their monopoly, before the advent of fiat currencies private companies known as mints could issue gold coins, however later on with the excuse to put a stop to bad practices from those mints the governments took control of this and eventually introduced fiat currencies which gave them too much power, bitcoin is a threat to that as we could go back to the days citizens minted their own coins, as it is the case in bitcoin, and governments do not want that.
Many bad issues associated with Btc. They said Btc is linked to the financing of terrorism, or unsafe systems, and is even a place for money laundering.
The government will provide this information so that people do not invest in Btc but stick to conventional banks. As we know the banking system is very profitable for them because of the system of interest-bearing loans. I think if the government legalizes Btc, conventional banks will lose their place and the government will lack financial assistance from there.
The government will provide this information so that people do not invest in Btc but stick to conventional banks. As we know the banking system is very profitable for them because of the system of interest-bearing loans. I think if the government legalizes Btc, conventional banks will lose their place and the government will lack financial assistance from there.
The government only makes the reason that Bitcoin is widely used for illegal activities as you have mentioned, to be able to ban Bitcoin. In fact,
the government is only afraid that the banking system that has been profitable for them will be threatened if they accept Bitcoin. Moreover,
Bitcoin cannot be fully controlled by the government, so the government prefers to ban Bitcoin. Although there are several countries that legalize
Bitcoin, usually on a limited basis, Bitcoin can only be used as a digital asset.
From what I remember, China did not ban Bitcoin nor cryptocurrencies altogether. They banned the mining of Bitcoin that's for sure. Other governments only want to regulate the Bitcoin apps and platforms that are being set up in their respective countries. But on the individual level, many bankers and people from the financial sectors around the world will stop at nothing to defame and destroy Bitcoin. For them it is a threat to their financial security.
Because bitcoin can be a tool of different scam activities or a fraudulent one.
Our governments were always hated fraudulent activities such as hacking and scamming people, to protect their people from those financial losses, governments want to ban it but they will realize that they cant. Plus another reason for banning is that they can't able to monitor their people's money activity against possible laudering money and even putting tax on large transactions online.
Our governments were always hated fraudulent activities such as hacking and scamming people, to protect their people from those financial losses, governments want to ban it but they will realize that they cant. Plus another reason for banning is that they can't able to monitor their people's money activity against possible laudering money and even putting tax on large transactions online.
I think that the main reasons can be listed like this:
- High volatility
- Being afraid of it thinking that Bitcoin would harm the economy
Some governments still don't want to accept Bitcoin or they even want to ban it because of its being highly volatile. They are warning their citizens about this situation many times and they don't want them to lose their money easily. It is good that they think about their people but there is no meaning in banning Bitcoin. Because Bitcoin exists with the aim of giving people the freedom of using itself freely. If governments continue to ban it, Bitcoin will not be able to fulfill its goal. They should just let people do whatever they want by monitoring the situation also.
- High volatility
- Being afraid of it thinking that Bitcoin would harm the economy
Some governments still don't want to accept Bitcoin or they even want to ban it because of its being highly volatile. They are warning their citizens about this situation many times and they don't want them to lose their money easily. It is good that they think about their people but there is no meaning in banning Bitcoin. Because Bitcoin exists with the aim of giving people the freedom of using itself freely. If governments continue to ban it, Bitcoin will not be able to fulfill its goal. They should just let people do whatever they want by monitoring the situation also.
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.
Everything which is opposing centralization would really be not appealing on governments eyes which it isnt surprising that they would really be seeing it to be that illegal or wont really be accepted. May this answers we have here nailed in everyone's mind in this forum. For learning and importance.We've seen several governments had accepted but not totally adopting it on general sense.Yes, i does really give out some opportunity for people to earn but not on making a living because
crypto earnings or gains cant really be make as a stable income considering that this market is really unpredictable.Thing here is that you do able to make some profits somehow which
is really helpful.
Because it's simply doesn't have to go through any government owned or produced medium of exchange.
That's why there are governments that are against to it and they don't like bitcoin that much because it's decentralized and against to the likes of the governments.
That's why there are governments that are against to it and they don't like bitcoin that much because it's decentralized and against to the likes of the governments.
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 mind, mostly because they not want their fiat interupted by anything. Like in my country, although we can use it as an assets, people can't use it as currency or payments. Not only crypto, even marketplace's coin like balance that named by the marketplace must be changed to fiat currency. May this answers we have here nailed in everyone's mind in this forum. For learning and importance.
Which government do you mean exactly? If you are talking about China you will need to read more about how communism works and don't expect more from China as communism. However, since bitcoin is providing anyone anonymous accounts and people can have borderless transactions without any third paty included in the transaction, that's completely normal to see the governments and some related organizations are against it but since they see the demand and popularity of bitcoin between people, they usually will not act against it or better to say they can not complete ban it.
Government is all about control and they don't have any control over Bitcoin so that is the reason they will try to ban it first, when they understand this is not really possible they will join Bitcoin.
China banned Bitcoin mining because they want to push their centralized digital yuan but I know that people of China is still using Bitcoin, and many mining pools are still from China.
Your digital yuan account can be switched off whenever you are not being good citizen or when your dictator wants to cut you off from economy for whatever reason, that is impossible to do with Bitcoin on your own wallet.
I think there is a race in the world currently after Venezuela added Bitcoin as legal tender and currency, and Panama announced they will do something similar like that.
China banned Bitcoin mining because they want to push their centralized digital yuan but I know that people of China is still using Bitcoin, and many mining pools are still from China.
Your digital yuan account can be switched off whenever you are not being good citizen or when your dictator wants to cut you off from economy for whatever reason, that is impossible to do with Bitcoin on your own wallet.
I think there is a race in the world currently after Venezuela added Bitcoin as legal tender and currency, and Panama announced they will do something similar like that.
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.Why is it illegal? It is not illegal in most countries and it tends to be authoritarian countries where it has been banned. These kind of governments want full control of their citizens in order to exert pressure, if people within these countries have the ability to hold cash outside of the control of government then they are less vulnerable to manipulation and sometimes even officials have been known to hold cryptocurrency as a way to move currency overseas. There are very few situations where it is "for earning & living", it is mostly used as a currency for moving cash around without banks, a tiny almost insignificant amount of people are currently paid in the form of Bitcoin for their salary, so that is a moot point.
First of all please try to use the forum search button when you are going to make a common question. Most probably hundreds of times have been discussed about this matter. However, almost all answers will be similar here. Just keep in mind, centralized and decentralized systems are conflicting with each other always. Those governments like to ban Bitcoin means they are strongly want to control their economy. If they legalize Bitcoin then it's quite impossible to control by governments. That's the reason, but the government simply will not admit that, they will make thousands of excuses to ban Bitcoin.
They want to retain and monopoly to their own paper money. They don't want people prefer any decentralized currency over their paper money. They blames that Bitcoin is evil for a single reason, they say that Bitcoin is a tool for money laundering. But I am amazed that the lion's share of money laundering and bank robberies in the history of the world has been due to banks. In fact, they want to manipulate the economy, they want the rich will die as rich, and the poor will live like poor forever. They do not like decentralized systems and principles of justice for everyone.
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.
for them there's a lot of problem with bitcoin, even though we all knows how good and life changer it is nowadays. in fact not just bitcoin wherein they are very against to the whole crypto currency and you know the common problem? They said that crypto will increase the black market trade in the country and of course the word "freedom" which for them are not good to implement.. Lol government wants to control each one of us, and it's very obvious tho.. so there's no way they will let bitcoin exist even how useful it's right now.. They are useless if that times happen.. Probably lol May this answers we have here nailed in everyone's mind in this forum. For learning and importance.
The Sharia LAW of Muslim countries I guess. This had been discussed in the forum for a while I see no reason for the Bitcoin ban this time since it's been regulated already. China use to ban Bitcoin but it had changed now.
Most countries will just follow what US is doing so if US isn't banning BTC, it's likely not going to be banned also to most countries.
Most countries will just follow what US is doing so if US isn't banning BTC, it's likely not going to be banned also to most countries.
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.
Bitcoin is a decentralized cryptocurrency. Because of its decentralization behavior no one can trace its transaction. For this reason bad people use it illegally and use it for laundering money. For this reason a countries economy face huge trouble. Also criminal use Bitcoin for buying illegal things. No government can control Bitcoin. Also government don't get any tax from it. For those reason government ban Bitcoin. May this answers we have here nailed in everyone's mind in this forum. For learning and importance.
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.
For the one reason, because all governments want revenue from their people and Bitcoin involve money that is considered taxable but in fact, people can hide their asset through Bitcoin and since it has a decentralized nature, they can't force their people to pay tax. So now, banning Bitcoin is a fool decision by the government, how they can ban valuable numbers that only can be found in computers running with different nodes and holding by different people anonymously or pseudonymously, IIRC May this answers we have here nailed in everyone's mind in this forum. For learning and importance.Another factor is we know from the start government fighting with different fraudulent activities and since Bitcoin is prone to this activity, they want to manipulate their people or else prohibit them to use cryptocurrencies including Bitcoin.
Bitcoin is also considered to be detrimental to the people of Indonesia. This is 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. Another reason is that Bitcoin has the potential to disrupt the financial stability of the country because of the high inflation of the value of money due to the Bitcoin trend.
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