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.
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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.
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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!
The most obvious reason for the government to ban Bitcoin is that it is not regulated. This is due to the confidentiality of Bitcoin, which provides convenience for some illegal organizations to conduct transactions, money laundering and other activities, and may accelerate the development of illegal organizations! Have an adverse impact on the country's economic development.
The government should immediately ban everything illegal organizations may use for their villainous purposes. For example, roads. How do you regulate roads? How can you prevent criminals from driving automobiles? The only way you can do that is by prohibiting automobiles and the use of roads whatsoever. Honest people who used those in their everyday honest life are now punished too. What else criminals can use to launder their dirty money? Banks running by corrupted bankers! Let us prohibit the use of banks as well as the dollar itself because it is considered the most convenient currency to transact anonymously. It doesn't matter that honest people spend their entire life hard working to earn "dirty money of banks" to feed their family. We should ban the dollar because someone unwanted used it too. You are not, however, demanding to ban all of that. Instead, you want to ban the only currency that helps honest folks to save their hard-earned money, that protects them from inflation and corrupt bankers, who, as we learned, have been so far busy laundering dirty money.
The most obvious reason for the government to ban Bitcoin is that it is not regulated. This is due to the confidentiality of Bitcoin, which provides convenience for some illegal organizations to conduct transactions, money laundering and other activities, and may accelerate the development of illegal organizations! Have an adverse impact on the country's economic development.
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.
Bitcoin is a virtual payment system that is not controlled or regulated by any central government or private institution. Participants in the Bitcoin system can easily hide their identities, and the government cannot control the domestic economy. Many criminals commit crimes through anonymity (money laundering). 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.
The answers been the reason while government what to ban bitcoin is not really official or been to know to us individual , so everyone will portray he or her point of view while government is kicking of the Vital or generally development of bitcoin, from my perspective government really want to be in control of bitcoin and since the privilege is not giving to them, they are looking for means to abolish the adoption and potential usefulness of bitcoin across the nations, bitcoin can't manipulated because it's digital and it determine it's regulations by itself, by 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.
One of the main ways the government controls their economy(and their people) is through the money. Obviously, since Bitcoin is permission-less and decentralized, it's the opposite of what they want in a currency.
That, and the fact that it's going to be difficult for them to tax gains.
That, and the fact that it's going to be difficult for them to tax gains.
In other words, it doesn’t fit into the economic and financial structure. In my own opinion, for nations with a ban on bitcoin or any other cryptocurrencies, the cons exceed the pros that’s why they ban it. And until it is endorsed by IMF, World Bank or one of the world’s super powers, it is likely going to stay that way for a long time to come.
Different Countries have different views over Bitcoin. Very few take it on the positive side whereas the majority have a negative opinion over bitcoin. Now this has been gradually changing with the massive number of active participants on the cryptocurrency market. Even governments have begun to legalize its usage on all needs.
Most of the government that are against bitcoin usage at present believe on a statement, bitcoin will affect the country's economy. Maybe in the future these countries will realise on missing the right moment.
Most of the government that are against bitcoin usage at present believe on a statement, bitcoin will affect the country's economy. Maybe in the future these countries will realise on missing the right moment.
I feel like Governments will not fully embrace bitcoin. Even though they might allow for the use of cryptocurrencies in their country, there would be strings attached like regulations,rigorous KYC/AML requirements and a bunch of other stuffs and these things defeat the purpose of crypto because they were built to be open and decentralized but Govt will always wantvto be in charge.
Different Countries have different views over Bitcoin. Very few take it on the positive side whereas the majority have a negative opinion over bitcoin. Now this has been gradually changing with the massive number of active participants on the cryptocurrency market. Even governments have begun to legalize its usage on all needs.
Most of the government that are against bitcoin usage at present believe on a statement, bitcoin will affect the country's economy. Maybe in the future these countries will realise on missing the right moment.
Most of the government that are against bitcoin usage at present believe on a statement, bitcoin will affect the country's economy. Maybe in the future these countries will realise on missing the right moment.
In a country like Nigeria where cryptocurrency and anything affiliated to it has been banned, this step by the government wasn’t backed by genuine reasons. Poverty is a card for these set of people. They hate to see the masses liberated. They understand clearly how powerful it is to not be at the mercy of the government when it comes to personal finances.
At the moment but different countries have accepted bitcoin legalization. Again some countries did not legalize bitcoin. However, in countries where bitcoin has not been legalized, there are many problems.You have given very little in the least developed countries. And has given legitimacy to bitcoin, especially in developed countries. And in all the countries where legitimacy has not been given, there is a problem
Here are some reasons why government would like to ban bitcoin:
1) Decentralized : Bitcoin is a decentralized currency that cannot be control by the government. Government need a currency they can control at anytime they want in the country.
2) Unpopular: Fiat money is more popular than bitcoin in the country, and many citizens are finding it difficult to make use of it in some community.
3) Negative trust: Government are looking at bitcoin as a currency that came to eliminate their fiat money. It increases and decrease anytime, any day without the concept of the government.
The 3 reasons you mentioned why the government banned bitcoin are true.1) Decentralized : Bitcoin is a decentralized currency that cannot be control by the government. Government need a currency they can control at anytime they want in the country.
2) Unpopular: Fiat money is more popular than bitcoin in the country, and many citizens are finding it difficult to make use of it in some community.
3) Negative trust: Government are looking at bitcoin as a currency that came to eliminate their fiat money. It increases and decrease anytime, any day without the concept of the government.
But regarding the popularity of bitcoin, it may not be popular as a substitute currency because it has a higher risk than Fiat. Fiat remains the primary means of payment.
Actually, several state governments are reviewing whether bitcoin can be optional as a payment currency other than Fiat. However some heads of state are legalizing bitcoin only as a commodity trading and will not go beyond 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.BTC was being used as a bridge for other people like drug dealers and terrorists to make illegal transactions in which the government won't be able to stop them. With that being said, online transactions made through blockchain technology is out of the government's hand so they cant properly monitor and intervene with such illegal activities
The government is a leading organization of all countries and they always want to control all transactions as well as legal buying and selling activities through paying taxes, but because BTC was born for the opposite purpose. with their regulation that's why they don't want to accept BTC and want to ban it from all of us.
it's true as you said, the reason the government doesn't accept bitcoin, is because against the government, the government can't control bitcoin, and can't control bitcoin, the new government accepts bitcoin, if they can control bitcoin, and everyone who adopts bitcoin, is under government supervision.
The government is a system designed to govern subjects who happen to live on the territory the government has control over. To effectively govern those living on the territory, the ruling class has an exclusive right to exercise violence. This is essentially a monopoly on the use of force, which the non-ruling class obviously shouldn't have. As we all know, monopolies aren't a good thing because the lack of competition leads to worse products and services. Moreover, no one can protect you from the government itself: you're not allowed to use force. No one can, except bitcoin. Bitcoin is not a violent force nor an aggressive means. It is purely defensive technology that makes you self-sovereign, monetary independent, and free. Governments don't like such a state of affairs, they don't like the idea of you having a defensive tool to lower their influence. They want you to be dependent on them, otherwise, they won't have full control over you. They are trying to ban bitcoin so that you can't use it to escape.
The government is a leading organization of all countries and they always want to control all transactions as well as legal buying and selling activities through paying taxes, but because BTC was born for the opposite purpose. with their regulation that's why they don't want to accept BTC and want to ban it from all of us.
It's not the transactions that they're trying to control but the people. For me, that's the only reason why they will ban bitcoin or restrict it and mask that restriction as a regulatory policy to protect the people when it's not really the case. 
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.
Simple answer is .. May this answers we have here nailed in everyone's mind in this forum. For learning and importance." If they cannot control then they will Deny" that is simple reason why Governments are banning and not allowing the use.
because those countries that already accepting bitcoin and there are already adopt bitcoin as legal tender knows the betterment of their economy can be helped by Bitcoin .
Let them ban bitcoin but let others welcome it thats all.
Some developing countries that I know do not completely ban bitcoin, but rather to control bitcoin, because the high risk of bitcoin makes the government worried that it will affect economic development.
when bitcoin reaches the highest hype as it is today, of course the government's strong desire to control bitcoin is getting bigger. Even countries like China blatantly prohibit bitcoin.
bitcoin can not be regulated by anyone even the government, they can only manipulate and some other things that will bring bitcoin down. Bitcoin pros and cons will always be there.
when bitcoin reaches the highest hype as it is today, of course the government's strong desire to control bitcoin is getting bigger. Even countries like China blatantly prohibit bitcoin.
bitcoin can not be regulated by anyone even the government, they can only manipulate and some other things that will bring bitcoin down. Bitcoin pros and cons will always be there.
To be precise, Bitcoin cannot be completely banned at all. Because Bitcoin does not belong to a certain company or organization, it can be said to be closed. Bitcoin belongs to the tens of thousands of people who own Bitcoin. As long as there is a network, Bitcoin can survive.
To prevent money laundering and prevent illegal transfer of assets.
Bitcoin is a currency that cannot be regulated, so it must be killed in the cradle. However, Bitcoin has been banned again and again in many countries, and it has come back again and again, becoming more powerful.
Many countries have already recognized the reality and know that the wheel of history is constantly moving forward. Instead of being abandoned by the times, it is better to learn to keep up with the pace of the times.
To prevent money laundering and prevent illegal transfer of assets.
Bitcoin is a currency that cannot be regulated, so it must be killed in the cradle. However, Bitcoin has been banned again and again in many countries, and it has come back again and again, becoming more powerful.
Many countries have already recognized the reality and know that the wheel of history is constantly moving forward. Instead of being abandoned by the times, it is better to learn to keep up with the pace of the times.
The government is a leading organization of all countries and they always want to control all transactions as well as legal buying and selling activities through paying taxes, but because BTC was born for the opposite purpose. with their regulation that's why they don't want to accept BTC and want to ban it from all of us.
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.In some countries people are using bitcoin as their earning and they tend to save money for their own good which is good but some of the this countries they dont have a law for taxing cryptocurrency. So in their perspective, its like you are committing tax evasion although it is legal.
Today, fewer countries are still against Bitcoin, governments have finally legalized Bitcoin or cryptocurrency in general, but from the remaining governments that have not yet legalized BTC, since BTC is decentralized, no government can actually take control of it, some of these governments want power over Bitcoin but they cannot, this is not the only reason why but possibly one of the many reasons why they will not legalize Bitcoin on their country.
There is country as for now does not support the use of the cryptocurrency and the bitcoin itself we know that its decentralized and the bitcoin does not have any taxes and many investors and large amount holders using this coin to prevent the taxes, some of the country banned due to different reasons might possible such as the illegal action using bitcoin. If they cannot regulate this coin some of they banned that transaction. But still not all people know already the use of cryptocurrency investments.
The war behind the ban must be due to currency. If a lot of money enters the crypto market, the stock market will be affected,Companies will be affected, and the country will not allow money from the stock market to enter cryptocurrencies,It is even more unlikely that cryptocurrency will replace legal currency,Behind the legal currency is the government.If everyone uses cryptocurrency, the legal currency will lose consensus. Without the consensus of the people, the legal currency situation will be a waste of paper.
The main reason maybe they won't their citizens are not reporting their wealth to hiding from tax and this could affect a country economy crashing. They are still not find the way how they could manage their people if they are legalize cryptocurrency so right now it's the best way to ban it.
Also not all people in a country are smart enough to own cryptocurrency which the price sometimes fluctuative so fast, maybe for some people will drive them crazy to see it's price if they hold crypto and these won't be govement's responsibilty
Also not all people in a country are smart enough to own cryptocurrency which the price sometimes fluctuative so fast, maybe for some people will drive them crazy to see it's price if they hold crypto and these won't be govement's responsibilty
The government banned crypto because they can not control the circulation of crypto in the market and are worried that people can use crypto for illegal things. Maybe the government is not ready to see their people get wealthy from the way that they can not know and their people can avoid paying the tax of having crypto. If they can open their minds and integrate their system using blockchain, maybe that can give them a solution to reduce the corruption in their country. Maybe many benefits that the government can take from the blockchain that they do not know yet.
In general, they can't control the market. I'd some time to think that the government that supports crypto is a planned trick for us. Once we fall in on their trick that is the time to take advantage and imposed taxes as their main goal. Probably, this will be going to happen in El Salvador.
The government will surely find a way to make us pay taxes, if it is not today, that might happen by tomorrow. That is the SEC is urging developers to list their projects as this will be the way to get in. Well, I appreciate their hard work but this might lead to losing our freedom.
If the government really wants us to pay taxes, they need to smoothly approach their people and explain why they need the taxes. So far, the communication between the government and the people are not too details, especially if the media act as a bridge between them.
Most countries ban the usage of cryptocurrency/Bitcoin because they don't know what it is and they can't control it that's why most of them make their own cryptocurrency just like what China did a crypto that they have full control. It's like they own your bank account so no matter where you are what you are doing they can easily shut down all of your money in one go.
If they didn't ban crypto in your country then it may have a lot of rules and regulations because that's what they could only do to an asset that they can't control.
If they didn't ban crypto in your country then it may have a lot of rules and regulations because that's what they could only do to an asset that they can't control.
The government gives freedom to the people but wants to control and manage their finances in a cage by of regulation and formality, banking… while bitcoin offers boundless freedom and is completely impossible controllable. The government wants to ban bitcoin because it goes against their undesired interests and certainly the government fears the power of bitcoin. And I think this is a pragmatic idea and will increasingly undermine the system of government, banks will collapse to the way they are currently operating.
Here are some reasons why government would like to ban bitcoin:
1) Decentralized : Bitcoin is a decentralized currency that cannot be control by the government. Government need a currency they can control at anytime they want in the country.
2) Unpopular: Fiat money is more popular than bitcoin in the country, and many citizens are finding it difficult to make use of it in some community.
3) Negative trust: Government are looking at bitcoin as a currency that came to eliminate their fiat money. It increases and decrease anytime, any day without the concept of the government.
1) Decentralized : Bitcoin is a decentralized currency that cannot be control by the government. Government need a currency they can control at anytime they want in the country.
2) Unpopular: Fiat money is more popular than bitcoin in the country, and many citizens are finding it difficult to make use of it in some community.
3) Negative trust: Government are looking at bitcoin as a currency that came to eliminate their fiat money. It increases and decrease anytime, any day without the concept of the government.
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.Government like to rule his area.
Same happens with Bitcoins too.
The main reason for which the government treats bitcoin as illegal is due to it’s decentralised nature.
As the government cannot control it therefore they consider it as illegal in it’s nation.
Moreover they also banning bitcoins because of it’s anonymous nature and many hackers using it.
Hope this helps you now OP.
Do you mean reasons that are being thrown around by different authorities or legit reasons? Restriction of Bitcoin can be explained by protecting investors (due to volatility and many crypto-related scams) or the environment (while not moving to eco-friendly sources of energy and continuing coal mining, of course), it can be simply restricted on the ground that it's not issued by proper authorities and cannot be properly regulated. But the only true reason I see is fear of not being in control. Fiat is relatively easy to control, and Bitcoin is not something you can play with so easily. So restricting or banning Bitcoin ensures that your coins stays in power on a certain territory, that people use banks on a regular basis and don't get any ideas about decentralization. I can understand why people who live in fear of losing their power might restrict Bitcoin this way, but I don't think there are any truly justifiable reasons for banning Bitcoin.
Probably out of spite that they can't tax crypto entirely or probably out of their childish reason to control the people and what they want. I think there's really no good reason to ban bitcoin besides those things because what's going to happen if they ban it, it will only get much more expensive and people will want them more.
One word - control. Anything that the government cannot control, they are going to be against it. Bitcoin gives people anonymity and that people can do all these borderless transactions without the need of the middle man that would take away more value out of their money. It is then totally expected of these governments to be against Bitcoins since they cannot control it. Though I must say the government is slowly trying to inch their way so that they can eventually control cryptocurrency.
You nailed it mate it's a very precise word that would define why other government would like to ban bitcoin or let say cryptocurrency-and it is the word "control". Government would really wanted to take control on things that they would going to allow to be operated legally in the country because they said that they care for their people's concern if ever there's a complaint that would link to a blockchain they could not resolve it because crypto is a decentralized finance. In short, the government couldn't control a crypto transaction but I do believe that many countries were now studying to adopt this digital finance.
It is quite simple why govt. wants to do it. These are just some of the reasons:
- Govt wants to completely control the flow of money and let it go into the hands of the people it wants to send it to
- It wants the powers to be polarized and centralized in it own hands
- It doesnt like rebelling or revolutionary citizens
The government banned crypto because they can not control the circulation of crypto in the market and are worried that people can use crypto for illegal things. Maybe the government is not ready to see their people get wealthy from the way that they can not know and their people can avoid paying the tax of having crypto. If they can open their minds and integrate their system using blockchain, maybe that can give them a solution to reduce the corruption in their country. Maybe many benefits that the government can take from the blockchain that they do not know yet.
In general, they can't control the market. I'd some time to think that the government that supports crypto is a planned trick for us. Once we fall in on their trick that is the time to take advantage and imposed taxes as their main goal. Probably, this will be going to happen in El Salvador.
The government will surely find a way to make us pay taxes, if it is not today, that might happen by tomorrow. That is the SEC is urging developers to list their projects as this will be the way to get in. Well, I appreciate their hard work but this might lead to losing our freedom.
I have also asked myself this question and there’s nothing reasonable enough that can make them to ban Bitcoin except that the government always wants to be in control. The government wants to be in control of everything, and since Bitcoin cannot be controlled due to the fact that it is decentralized it has made the government to dislike it. Although a lot of them do come up with excuses such as Bitcoin can be used by criminals and terrorists to transfer money around the world, but things like this has been happening even with Fiat, and there has been a lot of people being scammed till this day with the use of fiat.
So, if people have been using Fiat to scam others then what's the difference? Business server insert that I’ve made, Bitcoin is less likely to be used for such illegal activities. So, I think the main reason that the government doesn’t want us to use Bitcoin is because they don’t want us to have freedom. Although in some situations I’m not really going to blame them because people tend to misbehave when they are given freedom.
So, if people have been using Fiat to scam others then what's the difference? Business server insert that I’ve made, Bitcoin is less likely to be used for such illegal activities. So, I think the main reason that the government doesn’t want us to use Bitcoin is because they don’t want us to have freedom. Although in some situations I’m not really going to blame them because people tend to misbehave when they are given freedom.
The government will always want to be against Bitcoin because they are not in charge of it, they can't regulate it. Whatever government is not in charge of the government will not always stand with it.
The government banned crypto because they can not control the circulation of crypto in the market and are worried that people can use crypto for illegal things. Maybe the government is not ready to see their people get wealthy from the way that they can not know and their people can avoid paying the tax of having crypto. If they can open their minds and integrate their system using blockchain, maybe that can give them a solution to reduce the corruption in their country. Maybe many benefits that the government can take from the blockchain that they do not know yet.
China doesn't ban Bitcoin (holding, trading, etc) but they only ban Bitcoin mining, just like another misconceptions China's can control Bitcoin since they has over 51% Bitcoin hash rate.
Don’t you know that China banned all crypto exchanges back in 2017, and shortly thereafter announced that the same fate awaits crypto mining in the coming years? It is true that possession is not illegal, which has already been proven in some court rulings, but there are no legal ways to trade crypto in China.
Earlier this month, the People's Bank of China (PBOC) which is the central regulatory authority that regulates financial institutions and drafts the monetary policy of the country, issued a statement that “it would block access to all domestic and foreign cryptocurrency exchanges and ICO websites.”
As per the news, China aims to clamp down on “all cryptocurrency trading with a ban on foreign exchanges.”
As per the news, China aims to clamp down on “all cryptocurrency trading with a ban on foreign exchanges.”
Any question that starts with "why would any government ban BTC?" in fact it has an answer in the very essence of what Bitcoin represents, and it can be read already in the first sentence of Bitcoin Whitepaper
Quote
A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.
If we know that the modern world is based on controlling people through financial institutions (banks, IMF, World Bank), and through the supervision of everything we do in life - why is anyone surprised that Bitcoin is something that interferes with this system?
One word - control. Anything that the government cannot control, they are going to be against it. Bitcoin gives people anonymity and that people can do all these borderless transactions without the need of the middle man that would take away more value out of their money. It is then totally expected of these governments to be against Bitcoins since they cannot control it. Though I must say the government is slowly trying to inch their way so that they can eventually control cryptocurrency.
Most likely the reason that bitcoin has this kind of problem with the government is because the government has some friends in sectors in the economy that's going to be affected by crypto because of their ability to give people financial freedom and those friends of the government doesn't want that kind of freedom achieved by their demand which is the public.
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.The decentralized nature of Bitcoin which empowers people and gives them control over their money/wealth which no government likes because it challenges their authority to control money and people. Governments will ban Bitcoin when it becomes too important and threatens national sovereignty. At least these critics understand Bitcoin’s importance and the power that state currency monopolies .The second reason is extreme volatility of Bitcoin which benefits some smart traders but majority remains in loss but if you are long term investor then most likely you get huge reward of your patience.
https://bitcoinmagazine.com/culture/why-governments-cant-ban-bitcoin
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.
Also means when they ruin the economy, they can retain even more power as they prop up fiat through reckless printing.
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.
China are the major player in restricting the usage of everything that is not China made and they have banned Bitcoin before because of the problems with people using it to not store money in Chinese banks.
This is misconceptions,China doesn't ban Bitcoin (holding, trading, etc) but they only ban Bitcoin mining, just like another misconceptions China's can control Bitcoin since they has over 51% Bitcoin hash rate.
In addition from other users mentioned above, another reason is :
1. Volatility, many people scared of volatility and prefer to hold Fiat even though Fiat always inflate, but it's more safe in price term.
2. Not tech savvy, most of people doesn't want to learn tech because it's hard to understand especially for old ages.
3. No physical appearance, they no have any idea what those number came from and just thinking it's only a random number that could be faked.
The term ban Bitcoin is just temporary, sooner or later we will see another countries will legalizing Bitcoin as legal tender and it makes other countries follow it especially the countries was successful after legalizing Bitcoin,
One of the main ways the government controls their economy(and their people) is through the money. Obviously, since Bitcoin is permission-less and decentralized, it's the opposite of what they want in a currency.
That, and the fact that it's going to be difficult for them to tax gains.
That, and the fact that it's going to be difficult for them to tax gains.
What government has banned Bitcoin recently? I think the only countries which banned Bitcoin were those with dictatorships and want to control their population and their spending habits. If they allowed Bitcoin they would be allowing their citizens more freedom than they would like to give. China are the major player in restricting the usage of everything that is not China made and they have banned Bitcoin before because of the problems with people using it to not store money in Chinese banks. I think that is the major reason why governments would ban Bitcoin...to limit their freedom.
I love this answer, this is true one of the main reason. Chinese don't deposit their money(big amount) in bank, they're going for crypto investments instead.
I don't know any other reasons why bitcoin can be illegal besides the government believing that it's still being used by malicious entities for financing crimes and money laundering, anything other than that one is already much absurd than the already absurd one that I can think of. Other reasons that might include is that it gives freedom to people to some degree and the government in question wants to be in control then they might ban it.
If you read macadonian comment, I think it's one of the main reason don't you think so?[moderator's note: consecutive posts merged]
What government has banned Bitcoin recently? I think the only countries which banned Bitcoin were those with dictatorships and want to control their population and their spending habits. If they allowed Bitcoin they would be allowing their citizens more freedom than they would like to give. China are the major player in restricting the usage of everything that is not China made and they have banned Bitcoin before because of the problems with people using it to not store money in Chinese banks. I think that is the major reason why governments would ban Bitcoin...to limit their freedom.
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.
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