Topic: Why do some government ban bitcoin? (Read 12625 times)
Actually government have thereat that Bitcoin will badly effect the financial system of the country but i think it is not a reality Bitcoin have positive impact on country economy system. Government big fear is that Bitcoin have own platform and based blockchain which is not possible for government to regulate or analyze the exact calculation of Bitcoin transactions.
The main reason why the bitcoin is banned in some countries is because governments in some countries that the bitcoin have a disadvantages if they will legalize it. For them, bitcoin has bad effects.
Some government ban bitcoin because they think that bitcoin is a threat to their economic financial stability, because they don't have any control in it. And they think that bitcoin is used in doing illegal activities, such as money laundering and buying drugs.
The owner of these scam coins spread some promises, as x5 x10 x100 after complete crowdsale and list on exchange.
Some scam projects said ICO is simply a part of the road to IPO while the fact is ICO = IPO unverified through blockchain. (Ifan, a fake project said these words to take advantage ICO to scam the investor)
Evem, some projects promised profits every month can up to 50% through lending, lol
Therefore, when the government can not manage the ICO market, they can only ban all things related to cryptocurrency in order to limit the likelihood of similar occurrences.
The government banned bitcoin because the government considers bitcoin as a tool used by terrorists to conduct banking transactions unnoticed by the government and with bitcoin as well as money circulation as a means of payment will decrease.
Its clear that some countries ban bitcoin because they either don't understand it or they don't want anything thing to disrupt the present status quo. there may be officials profiteering somewhere.
The main reason why the bitcoin is banned in some countries is because governments in some countries that the bitcoin have a disadvantages if they will legalize it. For them, bitcoin has bad effects.
Some government ban bitcoin because they think that bitcoin is a threat to their economic financial stability, because they don't have any control in it. And they think that bitcoin is used in doing illegal activities, such as money laundering and buying drugs.
Mostly because bitcoin was used on illegal activities like money laundering , since it was anonymous it's very hard to trace the culprit resulting to make a bitcoin ban , if bitcoin will just be used for legal activities that will help for the economy of a country I don't think that the government will found a reason to banned it.
Bitcoins and other crypto currency are prohibited in countries with a weak economy, since the government is afraid of leaking significant amounts of capital from the country through the crypto currency, as well as in countries with an authoritarian control system, since the actual dictator is afraid to give the people relative freedom, even in finance. In addition, some countries are simply afraid of financial calculations in the crypto currency, because they did not investigate all possible consequences of its implementation in their economies.
there are some governments of a country that prohibit bitcoin because they consider bitcoin dangerous because it has a fluctuating price and can be used for crime and the government can not control the use of bitcoin
One of the biggest demerit due to which most govt are against bitcoin is it promotes illegal activities. Moreover it fosters lack of accountability. Not to count that its volatile and absolutely decentralized. Not demerits but these are a few things that governments dont like about bitcoin.
My thinking about banning bitcoin is
1. that bitcoin is considered a money laundering device
2. for the purchase of illegal goods in the country
3. The government may still be confused with the law on bitcoin
4. The government is afraid of threatening the real currency.
I think that's the basic prohibition of bitcoin in some countries.
1. that bitcoin is considered a money laundering device
2. for the purchase of illegal goods in the country
3. The government may still be confused with the law on bitcoin
4. The government is afraid of threatening the real currency.
I think that's the basic prohibition of bitcoin in some countries.
because it is feared, used for dangerous things. whether it is terrorism and money laundering
Super power entity buys the core developers and stalls the coin. There will be eventually better tech from another team. People move to better tech. Shut down operation fails.
Some countries have banned bikoyun because it could affect their state income tax, and could also affect economic services.
They believe that banks no longer have the power, and this will be a change in bitcoins
They believe that banks no longer have the power, and this will be a change in bitcoins
Because it does not have a central server and no regulation is regulated, bitcoin transactions can be done at will. Of course as long as you have a bitcoin virtual account or wallet. No taxes will be charged to us, like when transactions through a particular financial institution. Perhaps taxes are one reason why digital currency is illegal in some countries.
Because they do not trust Bitcoin that they do not have control over it. Or they just don't have any idea about the new technology. Or possibly, they just say that they will ban it but after a while, they will buy some to get an advantage. There are many reasons and only them can answer that.
Sokme governments consider BTC a threat to their National Economy, but the truth is that they are afraid of the fact that BTC cannot be controlled, and they cant account for all the transactions so as to tax it, so they come up with excuses such as BTC fuels crime to restrict it's use
Government or central bank always make excuses why they ban bitcoin but I think because they can not control supply and control data transaction. Data transaction in bitcoin is very transparant and data spread all over the world and almost unhacked.
Some countries do not allow the use of Bitcoin because they have no way to control it. You know about it. Most people do things that break the law. Some of the government's impression of Bitcoin is that it is mostly used in money laundering and crime which is why they forbid it in the Cryptocurrancy world.
I See topics about banning and I want to ask.
Is botcoin really that bad? To banned by other countries?
Do the other government in other countries see something bad?
Can bitcoin be used to locate us?and see what we are doing? In short a Spyware.
Like some other Asian countries, Chinese authorities have banned on the grounds of investment risk on the virtual currency. The Chinese government says the virtual money could be used for illegal funding and money laundering. Indeed financial authorities in different parts of the world have the same concerns. The UK for example calls it a "high-risk and speculative investment." Is botcoin really that bad? To banned by other countries?
Do the other government in other countries see something bad?
Can bitcoin be used to locate us?and see what we are doing? In short a Spyware.
The rules of each country are different. including with bitcoin. today many countries are studying about crypto. most likely prohibit to avoid negative things. and the country is studying first
I See topics about banning and I want to ask.
Is botcoin really that bad? To banned by other countries?
Do the other government in other countries see something bad?
Can bitcoin be used to locate us?and see what we are doing? In short a Spyware.
Is botcoin really that bad? To banned by other countries?
Do the other government in other countries see something bad?
Can bitcoin be used to locate us?and see what we are doing? In short a Spyware.
every country has a currency, maybe they are panic. bitcoin is more popular than their currency.
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