Topic: What are the reasons behind banning cryptos? - page 3. (Read 2117 times)
in some of countries the prohibition of cryptography is mainly due to fraud and illegal transactions related to the transfer of funds of prohibited goods. The state wants at any financial operations to control it, but people has a different opinion.
Any fear is based on ignorance or misunderstanding of something. The governments of most states are afraid of crypto because they do not understand anything and do not want to understand that much useful will be provided by cryptography for states.
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they cannot control the corruption that might happen in the cryptocurrency because once people send the money to the exchange or third-party service, the government cannot be able to stop the transaction. and it's more difficult when that person has converted the money to bitcoin and the government only can watch the transaction from one wallet to another wallet without know who is the person behind the wallet. besides that, they cannot get any tax from the cryptocurrency so they think that they cannot get the benefits of the cryptocurrency itself.
The government prohibits crypto because it is difficult to control and also crypto price instability. State banks feel that crypto is not needed and many of them think it will be detrimental to fiat later.
the most important is probably the connection with the tax that will be received. there are some prohibitions actually, some prohibit ico, some prohibit the use of crypto, and many more prohibitions. but there are no regulations that can strongly tie the circulation of crypto which makes the government strongly prohibit it. maybe if everyone who has crypto has valid data like we have money in the bank, maybe the government will give permission to crypto.Actually the government can also get the benefits from the cryptocurrency, and they can get another income too from the crypto. But the government is not ready to see the change of the new era from traditional to digital, and they cannot interfere with the process of the transaction, so they decide to ban the crypto. but, if they can learn (which they already did, I am sure about this), and maybe the governments want to stop the growth of the cryptocurrency before they can create new crypto by themselves and they will promote their coin to the public.
Some countries have already banned cryptos. But i am not sure behind the reasons. Could you please share your thoughts on the reasons of banning cryptos?
Regards
The main and main reason is not the ability to control the crypto currency from the government. Can you explain how you can counter a multi millionaire who has all the money anonymous?! This millionaire can not be found, you can not track his purchases and earnings, you can not withdraw taxes, etc. Which government will like this?! Regards
I think a lot of cryptocurrency is used for the wrong purpose.
Suppose to purchase illegal drugs on DeppWeb or DarkWeb.
And also used for smuggling money from corruption in several countries.
Suppose to purchase illegal drugs on DeppWeb or DarkWeb.
And also used for smuggling money from corruption in several countries.
Some of the countries banned crypto by the government because they don't have a control in crypto. Some government official in some countries still wanted to have a share of profit in the people who are using and earning in crypto and they cannot easily do that because they don't have a control so they banned it in their own country.
Government wants to kill this new technology because they are not capable to control this innovation of technology regarding money flow. Some countries are afraid of this technology because they cant specify or cant trace who are the owners of transactions because of the platform of the token like bitcoin, but i understand them too because terrorist ,drug lords, cindicate etc. might use this technology to easily do their transactions without meeting up and our mother countries are preventing this to happen. In other hand some say we need crypto to slip away from government money manipulation which is somehow true.
There is one reason: controlling money flow.
Cryptos if dont used on mass exchanges very hard to trace, big amount of moneys can be exported from countries where its restricted
Cryptos if dont used on mass exchanges very hard to trace, big amount of moneys can be exported from countries where its restricted
Some countries have already banned cryptos. But i am not sure behind the reasons. Could you please share your thoughts on the reasons of banning cryptos?
Regards
Regards
A country may not be too fond of crypto currencies or they may be afraid of being replaced by crypto currencies, therefore they prefer banned bitcoin rather than approve it. Because every country must have a different view.
moreover, they are afraid that crypto could cause instability to their economy so I think that really makes sense considering that a country need to stabilize the economy
Banning the use of crypto is happening in my country. In this case, the Government does not want to suffer losses because of it. The Government gave the reason that will happen with money laundering and the technology can be used to finance the terorris. The Government certainly does not want that to happen. So they ban the crypto for use.
Because cryptocurrency is anonymous, we can't know who own crypto and who're behind the crypto transaction. Because of that, the governments can't control finance and tax. Bad guys use crypto to money laundering, terrorist financing, illegal weapons sales.
It seems to me that everything here is hidden on the surface. It is not the cryptography itself that is prohibited, but its use for civilian purposes. If you look 15-20 years ago, cryptography was only a privilege of the state that used it to protect information. Now, when everyone can use it in any areas, it is much more complicated ways to protect information and everything goes to the fact that crypto-hackers become more and more, which in its turn gives negative consequences.
There are many reasons behind banning crypto.
Government think crypto could be used for illegal activities like pushing drugs,fraud and terrorism due to the decentralization of crypto.The government think that crypto could compete and outperform its embattled traditional currency especially now many countries are in huge debt.
Banks want crypto to be banned because crypto does not need a middle man,and they think their jobs are no more at safe side.They have fear that crypto will change the world of financial transaction the way internet change the world,and this is not a welcome development for them.They also anticipate that controlling the financial status of everyone will soon be in dust bin of history if they allow crypto.
They also look at the fund that might move out from their banks if crypto is allowed.
Many fraudsters defrauded people that bought their icos with huge amount of money,and this ugly trend contributed toward banning crypto.
Government think crypto could be used for illegal activities like pushing drugs,fraud and terrorism due to the decentralization of crypto.The government think that crypto could compete and outperform its embattled traditional currency especially now many countries are in huge debt.
Banks want crypto to be banned because crypto does not need a middle man,and they think their jobs are no more at safe side.They have fear that crypto will change the world of financial transaction the way internet change the world,and this is not a welcome development for them.They also anticipate that controlling the financial status of everyone will soon be in dust bin of history if they allow crypto.
They also look at the fund that might move out from their banks if crypto is allowed.
Many fraudsters defrauded people that bought their icos with huge amount of money,and this ugly trend contributed toward banning crypto.
The cryptocurrency harms the interests of some potentates, and then they are using the grandiose reason of protecting consumers to ban crypto.
Many scams that exist within the crypto makes this a bad thing. hacking, cases of theft, fluctuations and many more bad things about crypto and crypto makes the bad in the eyes of some countries. even though it also has a positive impact but it's not enough to make crypto can be fully accepted by society.
it being use for criminality or illegal transactions, another would be money laundering, and then there's the volatility.
Some countries have already banned cryptos. But i am not sure behind the reasons. Could you please share your thoughts on the reasons of banning cryptos?
Regards
Regards
No countries have completely banned bitcoin. They can say that they ban bitcoin but you can never really ban something as decentralized as bitcoin or cryptocurrencies. Anyway, addressing your main point, the reason governments are releasing statements is because the media sensationalizes news and only reports cases where cryptocurrencies are misued negatively. Did they ever report news when bitcion helped people send money from different countries with a very low transaction fee? NO.
The government prohibits crypto because it is difficult to control and also crypto price instability. State banks feel that crypto is not needed and many of them think it will be detrimental to fiat later.
the most important is probably the connection with the tax that will be received. there are some prohibitions actually, some prohibit ico, some prohibit the use of crypto, and many more prohibitions. but there are no regulations that can strongly tie the circulation of crypto which makes the government strongly prohibit it. maybe if everyone who has crypto has valid data like we have money in the bank, maybe the government will give permission to crypto.
The government prohibits crypto because it is difficult to control and also crypto price instability. State banks feel that crypto is not needed and many of them think it will be detrimental to fiat later.
I think a lot of cryptocurrency is used for the wrong purpose.
Suppose to purchase illegal drugs on DeppWeb or DarkWeb.
And also used for smuggling money from corruption in several countries.
Suppose to purchase illegal drugs on DeppWeb or DarkWeb.
And also used for smuggling money from corruption in several countries.
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