why bitcoin is banned by the government - page 13.

ankylotic

sr. member

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Quote from: copypaper5 on February 02, 2018, 12:30:59 PM

Actually is very helpful once the small community economy ..
The reason the state forbids is to apply the principles of prudence, safeguarding business competition, risk control, and consumer protection.

I think any government of any country wants every thing under their control so, its obvious for the government has no control over a decentralized cryptocurrency. Regulating or monitoring all transactions is merely impossible; and they can’t really shut it down because there is no central location to make that possible. Hence the best they could do is ban cryptocurrency and implement penalty for possible offenders.

1Bang T JOE

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The reasons vary. Starting from the issue of fraud cryptocurrency, to hacking. In South Korea, a number of trading offices are allegedly abusing virtual money in order to avoid taxes.

Triyavam

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In early 2018, the government began to take decisive steps to suppress bitcoin development, as a financial regulator, regarded crypto as an illegal and unknown currency,
Because it has no formal basis and regulates authority, bitcoin is vulnerable to abuse of illegal transactions, money laundering, and terrorism financing, It is affirmed that all transactions conducted in the region must be in rupiah currency, The circulation of bitcoin is also illegal because it is not covered by the Central Bank.

Remaka

newbie

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If you are very conversant with the news, the common reason why different government have ban cryptocurrency is because people use it to transact illegal businesses and because of the high fraud rates. If fraud can reduce on Bitcoin and other cryptocurrencies, the government will most likely lift their bans or if the government finds a way to catch illegal transactions made on Bitcoin, they will likely lift their bans. Again, the bank industries are threatened with how crytocurrency is getting wildly accepted and they are getting scared for their business. As the central banks of most counties are run by their government, the government have to protect their interest and impose these bans.

DIAH PERMATASARI

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Quote from: Hydrogen on January 21, 2018, 05:34:13 PM

Quick attempt @ summary:

#1 Wealthiest demographics wield the most powerful political influence.

#2 Wealthiest demographics generally do not want young, hungry, upstarts starting a business in their garage which turns out to be the next apple or google.

#3 Small businesses have the potential to upset the status quo and could dethrone giants in banking, finance and other sectors. This implies those living on the top of the mountain could make some effort to maintain their reign while preventing others from climbing up the mountain after them.

#4 To some extent its in the wealthiest demographics self interest to maintain thire status quo, which implies keeping things like bitcoin which have potential to overthrow banking cartels, in check.

they should be able to think logically, this era has advanced not as it used to be that still can be arranged the same above, precisely the downcurrent can make them down the mountain therefore, so my advice for them to be able to give up the opportunity for the young to work by using the new method of transparency and decentralization, all have the same chance I think it is new fair but in fact they do not think it's just that their only ego is in priority

Sled

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Bitcoin- in bullish time

Quote from: Anco_Marzio on February 02, 2018, 05:32:22 PM

Bitcoin is not officially banned (actually, it's impossible, because you had to shut down the internet), but of course governments can make very difficult to cash it, and here is the real problem.
Actually, governments started to act histerically because they see that they are losing the control, and they don't know exactly what to do.
When they'll find a way to connect any bitcoin address to someone, and to tax him, there won't be ban anymore.

Bitcoin is officially banned in some countries because their government can't stand with bitcoin since it is fully decentralized so there is nothing that they can do in bitcoin to fully regulate it but to just ban it as a currency. Government will not have any chance to control bitcoin and that gave them a mindset to just ignore the cryptos and ban it because they can't get benefits for themselves.

icons6

newbie

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The Bitcoin wouldn't ban the government.Why?
Because the records of the Bitcoin network including all balances and transaction are stored on every computer helping to maintain the network.
If the government made it illegal to participate in this network,the computers and people keeping the records in other countries would still be able to continue.The decentralized nature of Bitcoin is also one of the qualities that have made it popular with people who are suspicious of government authorities.

Anco_Marzio

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Bitcoin is not officially banned (actually, it's impossible, because you had to shut down the internet), but of course governments can make very difficult to cash it, and here is the real problem.
Actually, governments started to act histerically because they see that they are losing the control, and they don't know exactly what to do.
When they'll find a way to connect any bitcoin address to someone, and to tax him, there won't be ban anymore.

copypaper5

newbie

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Actually bitcoin is very helpful once the small community economy ..
The reason the state forbids bitcoin is to apply the principles of prudence, safeguarding business competition, risk control, and consumer protection.

rowel21

member

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Government aimed for taxex and btc is using crypto and blockchain no government can handle this when all people use btc in a country wich the government has no control where do they get there funds for all the projects that they want to do that's why they have fear in the crypto but in Korea they put taxed in trading and they can put some bigger charge in all remittances where we cash out our money

Cryptomagnus

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It's not still officially banned (actually, bitcoin doesn't "exist" as money, until it's not changed in fiat money), but for sure there is a bloody campaign against bitcoin, and we see daily the results.
We'll see, I'm very positive that bitcoin will resist.

Emitdama

sr. member

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Merit: 328

Quote from: maydna on January 30, 2018, 11:23:46 PM

I think the government now will thinking more about bitcoin because they see that the people still want to invest their money in bitcoin and perhaps the governments will not ban bitcoin and will allow bitcoin to be used by the people. but I see that there are a country that still bans bitcoin and I think if the other country giving their permission to bitcoin, then that country will release the ban and will allow people to still use bitcoin.

Bitcoins are banned by governments mostly, only few countries are there who legalized it to be used within their country boundaries. Governments know the advantages of these crypto currencies and especially bitcoins but the only reason they don’t want to let it legal that they will not be controlling the economy produced by them. As they are decentralized so no one can control them.

lvincent

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Maybe because it is decentralized and something they can't control, some countries ban bitcoin even though they're seeing it's potential but they are scared because bitcoin is decentralized abd there are a lot of other reason why government is banning bitcoin they just don't want the public to know about it.

Barbarian

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Quote from: Semosuchi Tesongrato on January 27, 2018, 07:05:58 PM

It's simply impossible for any government to ban or punish the POSSESSION of bitcoin: the are just points of a strange videogame.
But, of course, governments can make very hard to exchange bitcoin with fiat money, an this is what happens now.
But with a little attention, any ban in this sense can be bypassed.

It is very easy for them to ban it what it is going to be difficult is to enforce those laws that ban bitcoin, however make no mistake if bitcoin is banned in your country and you are found being in possession of it you are going to be punished that is why if bitcoin ever becomes illegal in my country I will sell it since I do not want to have any problem.

daarul50

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Quote from: GoodLuck2 on February 01, 2018, 02:57:21 PM

Quote from: Chikitita2004 on January 31, 2018, 03:37:22 PM

The user benefit but not the crocodile government officials, and the country also does not benefit from it, not even tax, so the government decides to eleminate something that does not benefit them. And another thing is, because of bitcoin’s characteristics, they say the government is protecting its people from possible fraud, loses and risks of loses. But for bitcoin users all their point of views are all useless. Grin

Those governments that are sincere with their public and are honestly working for their welfare have made bitcoin legal soon after its creation such as Japan, USA and so on. But those whose government personnel are just concerned about fulfilling their bank accounts and are involved in nepotism, corruption like evil deeds, they are reluctant to make bitcoin legal. Bitcoin is the currency of future and we should not ignore it.

I wonder, why until now only developed countries that can legalize bitcoin for use by the community? Whether other countries do not want to go forward like the two countries already mentioned above? I think if other countries do not immediately follow the two countries to legalize the bitcoin it will not affect the bitcoin users in the country because even if the government declares banning bitcoin then its users can still use bitcoin so banned the government would be in vain if they not to legalize bitcoin.

GoodLuck2

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Quote from: Chikitita2004 on January 31, 2018, 03:37:22 PM

The user benefit but not the crocodile government officials, and the country also does not benefit from it, not even tax, so the government decides to eleminate something that does not benefit them. And another thing is, because of bitcoin’s characteristics, they say the government is protecting its people from possible fraud, loses and risks of loses. But for bitcoin users all their point of views are all useless. Grin

Those governments that are sincere with their public and are honestly working for their welfare have made bitcoin legal soon after its creation such as Japan, USA and so on. But those whose government personnel are just concerned about fulfilling their bank accounts and are involved in nepotism, corruption like evil deeds, they are reluctant to make bitcoin legal. Bitcoin is the currency of future and we should not ignore it.

Trivelius

sr. member

Activity: 344

Merit: 250

Quote from: Janademir4 on January 31, 2018, 07:28:10 PM

there are a lot of reasons the government in various countries to ban bitcoin such as, the government taku bitcoin in use for money laundering of corruption

May be it is true, but i think that it cannot be the only reason for that but i think that there may be so many other reasons which ca cuase the price to be banned by the governemt. I think still most of the states do not passed any law against bitcoin and still they may be thinking about to passed a law about bitcoin and turn it as legal currency .

kurt1212

newbie

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Quote from: stevano on January 21, 2018, 10:51:19 AM

is not that bitcoin able to change the state of its users which effects also on the state of the country's economy, why even banned hemzzz Grin

Their are government implement their law about Bitcoin because some of their people abused using Bitcoin. They don't think that be responsible in everything and anything.

Zabrielle

full member

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Merit: 105

I think the reason why the bitcoin is being ban in some other countries maybe because the government cant have a full control over it. Since bitcoin is decentralized and the anonymity of the user cant be trace up by the authority incase of any illegal transactions. I guess the government is also afraid that bitcoin might be use in terrorist attack since the user or owner of cant be traced up.

Ikay

full member

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I dont think so why they banned bitcoin from there country. What I can say is they banned it because they cannot hold bitcoin by their self and they cannot get the full amount of tax from bitcoin and to the users so it will happen to any country if they want to control bitcoin and they cannot do it. thats base on my opinion.

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