Topic: why bitcoin is banned by the government - page 5. (Read 2037 times)

why bitcoin is banned by the government. may be many reasons the government forbids it, bitcoin is not commonly controlled by the government, has a very high risk, making terrorist financing, and bitcoin can be used as money laundering. maybe that's the reason why the government forbids bitcoin

Yes, I agreed that bitcoin transactions are hard to track because of anonymous applied by blockchain, but I think there a lot of more effective ways for money laundering than bitcoin and other cryptocurrencies. I think the main reason, why Bitcoin is banned by the government is because government is not found any way of how to regulate it or levy taxes.

The government's reasons for banning bitcoin are that bitcoin may disrupt the country's economic stability, bitcoin can be detrimental to the state because the government can not benefit from the taxation of a bitcoin transaction, anonymous applied by blockchain technology can be indicative of money laundering

Bitcoin is a digital currency and most of countries are banning digital currency cuz it would be a rival for physical currency and need to ban.

Also with the unstable price of Bitcoin, government want to protect their people to not invest on them.

It's win to win actually but still smart people are there and they can't lose that money easily.

well i don't know about any other governamnet i just know about my country because bitcoin is supporting our economy and people lives are changing because of bitcoin and a good news about bitcoin is that it will be legal in our country very soon.

Bitcoin. Is banned by the government because many of people using bitcoin to scammed people so the government should do their jobs for the others to be alert for Bitcoin users .

Bitcoin or cryptocurrency is new industry in finance and I am believe that can disrupting banks bussiness. Crypto is revolutionary on monetary system because no one government or central bank can control crypto transaction. I think crypto industry will make economic world model will change

Those in high places that knows bitcoin won't favour them will want to do anything to want to ban it. The govt are part of those who wont want bitcoin to stay because they wont have access to other peoples account and take out of it.

The government is just only protecting there people to reduce the scam to there country because some of people using bitcoin to scam and they do it by there own country. Like the issue to the Philippines about 900 million pesos scammed by the couple using the site New G. By that issue it could also affect the bitcoin reputation to that country it could also affect the trust of the people to bitcoin.

the government wants to ban crypto because they want to know the front and back of it as of now they want to know how it works so they can pin point what should be regulated how can people benefit and how people can take advantage of bitcoins loopholes.. they are doing fine so peoples money would not be put in scams and where their hard earned money can be safe.

Now they have banned it for the reason that they still don't know it and they want some time to fully understand it. How can you regulate a thing you don't understand and government have the power to cease it use for the people to be not involve in its potential risk though it might give you rewards but to the government its still unknown so they will not support it as of now.

Any government has control over the release of money in their own country. Bitcoin delegates this function to all comers. On the other hand, transparency and nanniness. Two things that do not like in any ruler. In my opinion theer no other reasons to do not like bitcoin.

Bitcoin i still new thing for many people and very hard to create something that can control it. When you don't have enough time to think better to ban it.

Wow this is the best news that at some place people are really satisfied in their life with bitcoin, same as them I am really happy to have bitcoin as bitcoin has given me a lot of things that were just out of reach for me, now I am able to get even the most expensive things just because of bitcoin and my earning with bitcoin, so our government should promote and support bitcoin because it is best for us and for the people of our country.

There are a variety of different regulations that could put on cryptos, without outright banning them. However, make no mistake, any significant regulation will undermine the currency as a whole. The first regulation, that I believe will happen quite soon in the United States and Western Europe, will be a requirement to register your wallet. For most owners, this is easily accomplished by their hosting service, such as Coinbase. By doing so, some level of anonymity no longer exists. Yes, individuals could disobey this order. However, unfortunately, most would obey the law. This would make transfers between registered and unregistered wallets, quite risky for the "legal" individual.

The next level of regulation, which is largely impossible without anonymity removed, is taxation. As far as I know, profits on cryptos are only taxable if the individual takes them out of cryptos altogether. I suspect that this will change. If you profited in a new altcoin, and you want to park your profits in Bitcoin, I believe the government will begin treating that as a taxable investment profit. I'm not convinced the government is all that interested in this small chunk of revenue; I think they would institute such regulations in an attempt to squash high amounts of fiat being traded in for cryptocurrencies. To that end, I think it is possible that countries such as China, would limit the amount an individual could transfer into cryptocurrencies, in a certain time frame.

  Recently, I'm interested in an article about India.
  Take the case of the Indian Rupee. The Reserve Bank of India has expressed concern about the secretive system of Bitcoins being a conduit for illegal activities -(now that the Government has made a push in a large way towards tracking and digitisation of the economy) They are in no mood to allow Bitcoins to be the next hawala conduit so will as a first step ban them as legal tender in India.
  Almost all countries are beginning to be afraid of bitcoins. Probably because it is impossible to track the balance and payments - accordingly, the government can not impose taxes on its citizens. And this is not only in India but also in many countries around the world.

First, because the nature of bitcoin is fluctuating and it's like gambling so it does not convince the government. Second, maybe the bitcoin system is incompatible with the current system and working mode in government.

Bitcoin is already proven to make its users feel a better life. But the government's view of Bitcoin is very different. The government considers that Bitcoin is only a disservice to its people and the impact of Bitcoin is very bad. Though in fact not as bad as the Government imagines.

I think government use to banned bitcoin because of their own security banks that may beat by bitcoin. I mean many people will try to use now bitcoin as their banking place. That they can earn much better amount of money in a year. That's the things I see to it when I started joining here as the user's here in my country grows.

Yes it is true that the government is frightened and worried that Bitcoin is used for illegal acts prohibited in the country. It could be detrimental to the state and create an uncontrolled state. Especially when more and more people are using Bitcoin then the country will lose income tax. To overcome such a thing there should be a regulation that regulates the circulation of Bitcoin, it can make bitcoin and digital currency more controlled and can be managed properly.