What are the reasons behind banning cryptos? - page 6.

stefany101

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Quote from: ClaytonLWils on May 28, 2018, 12:33:17 PM

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

Like you, I also don't know why there are still some countries who banned cryptocurrencies in their area even they already know the technology behind it and how it can help people who are really needing money. There are also new published ICO's which have a restricted countries to buy tor use their tokens.

fastrabbit

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Sure, governments can try and ban cryptocurrencies but what's stoping me from memorizing my private keys?Crypto doesn't reside on your hardware or software wallets, THEY ARE ON THE BLOCKCHAIN, we just use software or hardware wallets to interact with the blockchain(s). Once governments understands that concept, they will take even more drastic measures to try and stop us, but as always we will prevail!

Catswold

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Even if some countries will try to ban cryptocurrencies, that will only create black markets. There is no way that government can stop people from downloading Bitcoin wallets and sending each other cryptocurrencies. Governments can declare cryptocurrency illegal but it will have no affect as they can't control it due to the decentralized nature. That's why in my opinion governments will not even try to ban cryptocurrencies as it is pointless and it would bring even more attention to crypto world.

swati123

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In my opinion, as it is difficult to track all transactions which are taking place in crypto is a main reason for any country to regulate it. Once there will be a solution to track the transactions governments will work on regulating it.

avonka

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The main reason behind banning Crypto is that transactions are not trackable and it
is difficult for them to have control on the financial markets. They would like to regulate it
but not exactly know how to do it.

VPScreator

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One of the official reasons is that cryptocurrencies can be used for illegal purposes and it is impossible to track it, as well as the fact that the government by this law is trying to protect people from scams that conduct ICO. I think that this is complete nonsense.

pidobir

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There are different opinions for example that governments do not want to give people the opportunity to earn outside the country.

Snake9999

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Some countries believe that Crypto may bring confusion to their finances, which may lead to legal risks such as illegal fund-raising, money laundering, tax evasion, etc.

lady Royal

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The very most and common reason is that it cannot be tracked, Identity is not required for it and can be used by anyone, can be used for good purpose or for bad without any track of it, so that is why they ban crpytos.

Pattart

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Quote from: chipprobtc on August 24, 2018, 03:20:51 AM

The other reason what makes Crypto is not accepted in the world is that the government still want to control and manage as well as implement the financial market.

of course they want everything under the control of the government so that anything can be intervened according to the wishes of the government and the bitcoin system cannot be changed, thats why the government prohibits it, but there are actually many other reasons such as the threat of bitcoin for local currency..

BartS

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Quote from: ClaytonLWils on May 28, 2018, 12:33:17 PM

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 reasons are clear if you think about them for some time, for a long time governments have been printing pieces of paper without any real value and they can do that with impunity and any attempt to create a private currency without the interference from the government was quickly destroyed, many speculate that this is the main reason of why satoshi decided to never reveal his identity since he feared incarceration, in any case cryptocurrencies are a threat to that model and they know it.

Fedoracoins

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I think that some countries prohibit cryptocurrency because they are worried about the safety of their citizens. Just a lot of people have invested in ico and now a lot of scams and people just lose their money. I think this is the main reason why some countries prohibit cryptocurrency. I hope that soon the situation will change.

Lady Coquet

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Quote from: ClaytonLWils on May 28, 2018, 12:33:17 PM

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 reason of banning cryptocurrency is because of false news that are spreading in social media's that they think cryptocurrency is just a waste of time if you try to invest your money, which is is not really true. That is why many coins today do not have a good price.

SHawk

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Quote from: CoinFoxs on May 28, 2018, 12:52:42 PM

Decentralization of crypto is the main problem to any country because people use these platforms for criminal activities like money laundering and government officials are unable to trace them because transactions are invisible. That is the reason why government don't support crowdfunding.

Yes, I agree strongly with you on this suggestion because to me, this is one of the main reasons why crypto is banned in some countries. The rate of criminal activity is so much and crypto is used for some of this activity and when this happens, criminal will not be traceable because crypto is decentralized but I am sure in future, the government will see the better side of crypto and accept it as means of exchange.

great.crypto.finansist

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Cryptography is forbidden, because most of the leaders of the countries and their ministers do not know cryptography at all and especially can not imagine the future of the country with cryptography.

fimtuao

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Many countries may think that cryptocurrency is a bubble, or that cryptocurrencies may affect their control over the economy!

prukerohen

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Different strokes for different folks. A lot of government authorities believe however that cryptocurencies are used for dubious acts, and supporting it would only mean that they are supporting these criminal activities, hence they have chosen to ban it from their countries. I think that this is greatly a limitation to the growth of the cryptocurrency industry.

pidobir

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I do not even know why some countries prohibit crypto currency is the same technology of the future. I'll try to understand the reasons.

azzag0000

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Every country has a different policy but I think there is no good reason to ban cryptocurrency, you must know that cryptocurrency is being used so much on the black market and by crime.

Noctis Connor

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Quote from: ClaytonLWils on May 28, 2018, 12:33:17 PM

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

I taught because government can control the bitcoin they cannot have tax on it they are afraid to loose their income came from taxes so that they are not accepting bitcoin and they afraid to loos the paper money think of it when bitcoin became universal currency there is just only few people will going to use paper money because bitcoin was convenient and easily to use this are the reason that i easy why they keep banning bitcoin.

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