Topic: What are the reasons behind banning cryptos? - page 7. (Read 2065 times)
This happens in many countries. They forbid to use crypto transaction. However, there are some countries that currently provide the regulations for using Bitcoin. But that became the main reason in my country banned the Bitcoin for fear of use for terrorist funding or money laundering.
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.
I think there are many reasons why cryptocurrency is constantly banned in states. Governments do not want Cryptocurrency to affect their economies. Banks can not control the circulation of Bitcoin or similar coin. Bitcoin users for the transaction can hide their personal information, making the management of the bank more difficult.
The main reason is to being decentralized of crypto, meaning no one in your country can take over or manipulate the price of crypto, this is the main reasons why they banned it,and also because most of the time you can break the law like money laundrying, and avoid paying taxes.
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
Because the blockchain technology or the decentralized system of cryptocurrency can easily be used by anyone for illegal purposes or transactions which is very dangerous for a country of course.
Crypto is quite dangerous and certainly, it is the reason many citizens do not want their citizens would lose money because of this problem. In addition, the most feared even also because crypto can be used as funding for the war. It would be quite dangerous if used and certainly many countries banned because of this.
There are a lot of fuss and threats from government of different countries about crypto, some have banned crypto and some are still debating or deliberating whether to ban crypto or not. Some reasons include:
1. Crypto uses a decentralized block chain technology which renders government not have a centralized authority
2. It is very easy for wicked people to use this decentralized platform to perpetrate evil like money laundering and some illegal transactions
3. Because government do not have a decentralized authority, their is not way they could impose tax on all of the transactions in crypto
4. It is not backed up by any legal institution. So anyone can just come with a fake project, gather some money from investors and run away.
1. Crypto uses a decentralized block chain technology which renders government not have a centralized authority
2. It is very easy for wicked people to use this decentralized platform to perpetrate evil like money laundering and some illegal transactions
3. Because government do not have a decentralized authority, their is not way they could impose tax on all of the transactions in crypto
4. It is not backed up by any legal institution. So anyone can just come with a fake project, gather some money from investors and run away.
Crypto is a competitor for some countries. For them, citizens must be under financial control, and crypto violates their control. Therefore, they come up with all sorts of negative news for their part.
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.
then what function do we do for the KYC / AML process if the government doesn't believe it? 
I think the reason is very clear if the governments of countries that reject crypto do not benefit from crypto so they forbid it.
The reasons for the bans are due to allegations, a possible ban on projects announced by suspects from the government's point of view. On the other hand, there are projects that use anonymity for profit or gain, and this can be considered one of the claims for government oversight.
I am sure that each govenment in the country have diffirent reason why they banned the cryptocurrency and their country. The mlst common reason i think is because it can be an number one enemy by the banks. If the benefit of cryptos was knew by the people i am sure that many of the people would after the cryptocurrency and left behind the banks.
The reasons for the bans are due to allegations, a possible ban on projects announced by suspects from the government's point of view. On the other hand, there are projects that use anonymity for profit or gain, and this can be considered one of the claims for government oversight.
The reason for banning crypto is because the federal reserve and central bankers have a monopoly on money printing. These individuals also apparently control the military as they are allowed to steal from our countries openly.
Now who do you think created Bitcoin?
Now who do you think created Bitcoin?
There are a lot of reasons why few countries have declaring banned cryptocurrency in there respective cities this are fluctuation rate that cannot be controlled by the government authority, be the basis of criminality funds and many others forms of activities against in there country.
Password hierarchies are a major issue for any country because people use these platforms for criminal activities such as money laundering and government officials can not track them because the transaction is form. That is why the government does not support the mobilization of funds from the community.
I think the major reason for banning cryptocurrencies is that governments hardly understand them, but most glaring is the hype about them taking over traditional fiat money and monopoly from banks. The government won't allow intimidation from something it can't control. The last bull run in December also worsen things, a lot of scammers entered the space, and people decided to make ponzi schemes out of the whole crypto idea, hacks of exchanges, money being stolen and a lot of people being fleeced of their hard earned money is making people who lost tounes of cash pressure governments into banning them. Overall government want total control and if it can't have it then it considers cryptocurrencies an evil that must be killed
There are various motives for banning cryptocurrency in some countries. One of the most popular reason is because of the lack of regulation which has made it possible for some people to be extremely rich, thereby posing a threat to the government. Most of the cryptocurrency whales don't pay taxes and the extent of their wealth is unknown. Another reason for placing a ban on cryptocurrency is to protect the citizens from the volatility and scam dominated industry. It's obvious that there are various schemes in the cryptocurrency space that are dubious and established to rob citizens of their investments.
Country is a state run by a head. Crypto is a decentralised system meaning it will be difficult to check and regulate it if allowed. Countries are always scared this will disrupt their convention's system
According to my understanding, that is on account of the experts can't track how much money is exchanged out of the nation and how much cash comes into the nation with the goal that they confront issues in the economy. The other reason is, its use for criminal exercises.
The reasons for the prohibition of crypto are clear to everyone: the state can’t control crypto, it can’t have a tax from crypto trading (mining). The state doesn’t like this position, when someone gets big money and doesn’t share it. The state imposes a ban on such actions or seeks solutions to the issue in its favor.
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