why bitcoin is banned by the government - page 17.

syahdurindu

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Quote from: stevano on January 21, 2018, 11:51:19 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

Maybe because the government can not control the digital currency, and the government will not make money from digital currency, so the government does not let bitcoin in my country, but still people in my country much access bitcoin though can not use it as a tool for transactions , we buy bitcoin for profit..

Pjoh ie

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Quote from: stevano on January 21, 2018, 11:51:19 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

maybe they are just afraid with the presence of bitcoin can disrupt the local currency and the effect on the economy of the state,whereas parties of bitcoin already declared one-party bitcoin Indonesia that bitcoin is just a virtual currency and will not replace the currency of rupiah.

Pasaway2701

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Quote from: HTHP on January 27, 2018, 08:31:07 PM

They say because of price fluctuation. But I think the main reason it's because it's t the main concurrent of traditional banks.

Banks cannot be vanish just because bitcoin exist and online wallets where can store your savings and funds. Most of people believing that it is more secure to save your money on the banks. I think the reason why bitcoin was being banned by the government because they cannot control it and the people who use it. Maybe they found bitcoin is use for illegal doing and their identity was hard to track.

carelessboy

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many country,s government bitcoin not accept .same my country. in my country bitcoin not accept government.but i think very soon bit legal in my country .

Fatmoo

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Some government banned Bitcoin because it could affect individual security and world economy. In terms of security, a person can buy a drugs or illegal stuff without giving his/her personal information using Bitcoin. So, it easily for a bad guys like terrorist to transact across the world.Government afraid that Crypto Currency like Bitcoin will replace the fiat money or Central Bank anytime soon. People can earn money by investing, buying, selling, and build their own business without paying right taxes. In that case, government fund that support government workers and maintenance of public road and places will be affected.

Carlsen

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I would even consider that some governments really want to protect their citizens from losing money.
There are really many ways to lose money when you invest in crypto currencies.
Especially beginners can make wrong moves very easy.
Every life insurance or investment plan given out by banks is regulated by laws. In most countries that is missing completely when it comes up to crypto currencies.
And because it goes much faster to simply ban something than to work out guidlines how to deal with it, some governments take the quick way.

Noctis Connor

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I think it is because some of the money that flows in our society is been stocked and keep inside the bitcoin society. Thats why they want to explode and spread the money that is inside of it.

Magister Magus

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Out of bombastic declaration, these are not real bans: of course they try to scare the population, and they can make difficult (and may be illegal) to exchange bitcoin with real money.
But to its very nature, bitcoin can't be controlled, and any try in this sense will be easily bypassed.

Quote from: lyledark10 on January 27, 2018, 08:25:43 PM

List of Countries that have Banned Bitcoin
Thailand– The Thai treasure banned bitcoin outright.
Chinap– The Chinese treasure enacted policies on bitcoin that pretty much restricted the use of the virtual currency.
Taiwan – The country’s Financial Supervisory Commission (FSC) blocked efforts to install first-bitcoin-atm-installed-bostons-south-station Bitcoin ATMs in the country and restricted its use as an alternate currency.
India – The Indian’s central bank published a lengthly document against the use of bitcoin. If the country is not accepted by the central banking system, it’s pretty much useless.
Germany – The German government and central bank formally accepted bitcoin as a private virtual currency but not as a public currency.
Bolivia – The developing country claims bitcoin was created by the United States government to wage financial warfare on other countries!
Russia – The Russian Prosecutor General’s Office says “Systems for anonymous payments and cyber currencies that have gained considerable circulation — including the most well-known, Bitcoin — are money substitutes and cannot be used by individuals or legal entities.”

We all know that we're lucky if our own country recognises bitcoin instead of getting banned.

HTHP

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They say because of price fluctuation. But I think the main reason it's because it's t the main concurrent of traditional banks.

lyledark10

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List of Countries that have Banned Bitcoin
Thailand– The Thai treasure banned bitcoin outright.
Chinap– The Chinese treasure enacted policies on bitcoin that pretty much restricted the use of the virtual currency.
Taiwan – The country’s Financial Supervisory Commission (FSC) blocked efforts to install first-bitcoin-atm-installed-bostons-south-station Bitcoin ATMs in the country and restricted its use as an alternate currency.
India – The Indian’s central bank published a lengthly document against the use of bitcoin. If the country is not accepted by the central banking system, it’s pretty much useless.
Germany – The German government and central bank formally accepted bitcoin as a private virtual currency but not as a public currency.
Bolivia – The developing country claims bitcoin was created by the United States government to wage financial warfare on other countries!
Russia – The Russian Prosecutor General’s Office says “Systems for anonymous payments and cyber currencies that have gained considerable circulation — including the most well-known, Bitcoin — are money substitutes and cannot be used by individuals or legal entities.”

We all know that we're lucky if our own country recognizes bitcoin instead of getting banned.

Semosuchi Tesongrato

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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.

@minajeryll

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Quote from: stevano on January 21, 2018, 11:51:19 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

Because they don't want the poor people or other people outdo them in terms of wealth. Because if everyone in a certain country are rich, they cannot control anymore their people. Sad to think that the government is having this kind of mindset.

Rollex

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Quote from: stevano on January 21, 2018, 11:51:19 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

Maybe the reason why Bitcoin was banned by the government is because they see it as a threat or bad figure to keep their people united because admit it or not, there are really instances that using Bitcoin makes people greedy and make bad actions just to satisfy their cravings and needs when it comes to earning money. So to prevent and stop this actions, government ban Bitcoin for good purpose.

Barbarian

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Quote from: Sled on January 26, 2018, 10:12:14 PM

Quote from: Oggy Pogi on January 26, 2018, 06:47:10 PM

Quote from: stevano on January 21, 2018, 11:51:19 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

Government will not do such action as banning of Bitcoin if they do not have such valid reason to do such thing as that. It is just the government is just trying to keep its people safe and united so if they see that using Bitcoin will be a threat on it although it was highly profitable and beneficial, they will ban it to avoid its people to fight with each other because of being greedy with money.

They are not trying to keep people safe because if they want to keep the people safe then they will not totally ban bitcoin and they will just implement a regulation order where the people under their government will follow for the sake of their safety but totally banning bitcoin just mean to me that they are afraid of the decentralization that the bitcoin has.

They are not doing this so they can help people they only care about protecting themselves and no one else, this is why I think we are going to see more countries banning bitcoin, but the problem is they are going to lose a huge amount of money that could be invested in their countries if they just adopted bitcoin.

copypaper5

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In Indonesia, Bank Indonesia [BI] as the financial regulator in Indonesia took firm steps to suppress the development of bitcoin and the rise of virtual currency in Indonesia.
[BI] considers cryptocurrency as illegal and unrecognized currency.

SMSabuj

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I am a professional Web Designer and Developer

Government Banned Bitcoin because they are afraid. Because the government thinks that if Bitcoin is legal then money laundering will come out in the country. Militancy and terrorism will increase. Illegal transactions will increase. So the government has declared Bitcoin illegal.

Leane Lee Natividad Cuenc

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Quote from: stevano on January 21, 2018, 11:51:19 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

Yes im agree to that..well said..not really the bitcoin to change the state but it depends upon the users how they effects of their countries economy otherwise it wont be worthy and it will banned by the government.

Bryan_12

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If a government decides to make illegal trade or possession of Bitcoins, questions will be asked about how exactly such a ban will apply. It is impossible for a government to take advantage of their Bitcoins, unless they decide to hand over their private keys. However, most citizens and institutions like to remain on the right side of the law. So the Bitcoin demand would collapse if the government decided to ban it. All the bureaux de change in that country would also be closed and the purchase / sale of Bitcoin would be difficult and risky. This could stifle Bitcoin in that country and the government's objectives could prevent the commercialization of btc in that country.

--DarkSecrets--

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Quote from: pathapoddo on January 27, 2018, 12:01:22 PM

Bitcoin is a online currency. It has no administration that can control it. For that who are using bitcoin they are not controlled by anyone. They are not showing their earning or income to the authority that's why the users of bitcoin has not to pay tax. Otherside bitcoin has a scandal about crime. Few days ago police has caught some criminal who were buying weapons by using bitcoin. So, government think bitcoin can increase crime. Government also think if bitcoin accepted by them then the fiat money or paper money can also disappear. I think government think these three issues about bitcoin. Thank you.

Actually I think, there are two main reasons that make them ban bitcoin or any other usage of cryptocurrency. First is that, it can affect the whole governemnt since it isn't controlled by the government. They do not hold anything that can help their constituents if ever any fraud or laundering happens. Second is that, they by be envious because they want to make profit from these coins.And istead of them not having power over the cans, they opt to colose and ban it instead.

pathapoddo

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Bitcoin is a online currency. It has no administration that can control it. For that who are using bitcoin they are not controlled by anyone. They are not showing their earning or income to the authority that's why the users of bitcoin has not to pay tax. Otherside bitcoin has a scandal about crime. Few days ago police has caught some criminal who were buying weapons by using bitcoin. So, government think bitcoin can increase crime. Government also think if bitcoin accepted by them then the fiat money or paper money can also disappear. I think government think these three issues about bitcoin. Thank you.

Topic: why bitcoin is banned by the government - page 17. (Read 2037 times)