Topic: Why do some government ban bitcoin? - page 2. (Read 12625 times)
most countries forbid bitcoin because they fear bitcoin is growing rapidly and can not be controlled. they are also afraid of anonymous bitcoins used for crimes such as terrorism networks, drug trafficking, and money laundering. Decentralized bitcoins are not favored by the government.
Some economists believe the Bitcoin phenomenon has the potential to cause bubbles. They argue that speculative virtual currency value transactions are not only detrimental to society later on, such transactions can also disrupt the stability of the country's financial system.
It is basically because its operations threatens the economy of many nations. Because bitcoin doesn't tax and government generates income through tax s they do not want the existence of any currency or program that will interrupt their operations. And the control of bitcoin is not in the hand of any country or body(ies) so, nations do not like what they cannot control.
Hi, here's a list of some countries that prohibit Bitcoin:
1. Nigeria, since 17 January 2017.
2. China, since January 8, 2017. Reason: will issue its own digital currency.
3. Colombia, since 31 December 2016.
4. Taiwan, since November 3, 2015. Reason: bitcoin hacking.
5. Ecuador, since March 24, 2015. Reason: will issue its own currency.
6.Bangladesh, since 22 September 2014. Reason: avoid money laundering.
7. Kyrgyzstan, since August 4, 2014.
8. Bolivia, since 19 June 2014.
9. Vietnam, since February 28, 2014. Reason: can be used for crime and high risk for investors.
10. Russia, since February 9, 2014. Reason: bitcoin is used for illegal activities.
11. Thailand, since July 30, 2013. Bitcoin is not a currency.
12. Morocco, since November 2017.
13. South Korea, since December 13, 2017. Reason: to control its finances.
14. Singapore, since 29 September 2017. Reason: arising constraints between financial companies.
15. Nepal, since 2017.
16. Indonesia, the ban applies 2018. Reason: high-risk natural bubble.
17. Israel, starting 2018.
1. Nigeria, since 17 January 2017.
2. China, since January 8, 2017. Reason: will issue its own digital currency.
3. Colombia, since 31 December 2016.
4. Taiwan, since November 3, 2015. Reason: bitcoin hacking.
5. Ecuador, since March 24, 2015. Reason: will issue its own currency.
6.Bangladesh, since 22 September 2014. Reason: avoid money laundering.
7. Kyrgyzstan, since August 4, 2014.
8. Bolivia, since 19 June 2014.
9. Vietnam, since February 28, 2014. Reason: can be used for crime and high risk for investors.
10. Russia, since February 9, 2014. Reason: bitcoin is used for illegal activities.
11. Thailand, since July 30, 2013. Bitcoin is not a currency.
12. Morocco, since November 2017.
13. South Korea, since December 13, 2017. Reason: to control its finances.
14. Singapore, since 29 September 2017. Reason: arising constraints between financial companies.
15. Nepal, since 2017.
16. Indonesia, the ban applies 2018. Reason: high-risk natural bubble.
17. Israel, starting 2018.
Because government don't want to improve their technology and they are thinking the Bitcoin as a negative side. Many governments like Japan, Russia, South Korea are showing interest because they find innovative technology behind the Bitcoin.
below I am expressing some of my opinion....
some countries think that it would be threat to their centralized financial system because it is out of control under their central bank.otherwise they have no way of controlling and trace it.government can't get any tax from bitcoin.they think that bit coin can be used in money laundering as a result it effects in the domestic economic.
that's why some government banned to bit coin
some countries think that it would be threat to their centralized financial system because it is out of control under their central bank.otherwise they have no way of controlling and trace it.government can't get any tax from bitcoin.they think that bit coin can be used in money laundering as a result it effects in the domestic economic.
that's why some government banned to bit coin
It is because if bitcoin or another cryptocurrency become widely adopted, the entire banking system could become irrelevant. While this may sound like a wonderful concept in light of the recent behavior of the banking industry, there are two sides to every story. Without banks, who will you call when your mortgage payment gets hacked? How will you earn interest on your savings? Who will provide assistance when a transfer of assets fails or a technical glitch occurs? While the financial crisis gave bankers an even worse reputation than they already had, there is something to be said for institutions that oversee timely, effective, and trustworthy asset transfers and their associated recordkeeping. There’s also the issue of the fees banks earn for the services they provide. Those fees generate a lot of revenue and a lot of jobs across the global banking industry. Without banks, those jobs disappear, as does the tax revenue those banks and their employees’ paychecks generate. Money transfer business would also disappear in a virtual world. Nobody needs Western Union or its competitors if everybody is using bitcoin.
I think some governments banned bitcoin because of its price and it is so in demand the whole world. Also they can't earn taxes from bitcoin that's why they banned it and don't accept it as a currency.
Because it has no formal basis and regulatory authority, bitcoin is prone to be misused for illegal transactions, money laundering, and financing of terrorism. The circulation of bitcoin is also illegal because it is not reachable by the Central Bank. That's some of the reasons why Bitcoin is opposed in many countries.
Some countries prohibit the use of Bitcoin because it is decentralized and cannot be controlled. Other reasons may be that it is used to illegally trade drugs and ammunition. Since transactions made through Bitcoin are inherently anonymous, it is impossible for the government to track the personnel involved in the transaction, which is why people find Bitcoin more secure against these illegal transactions. Perhaps it is because Bitcoin is becoming a threat to banks. Because people choose to invest in bitcoins in banks, transactions, etc., some governments are prohibiting Bitcoin.
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.
According to some articles, in South Korea, a number of trading offices are allegedly abusing virtual money in order to avoid taxes. For that, the Minister of Justice of South Korea is preparing a draft ban on the type of cryptocurrency trade. That's one of the reasons why the government forbids cryptocurrency. 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.
I think some government ban bitcoin not because of the error factor in bitcoin, actually bitcoin is very useful. The government is trying to protect the public from scams that are vulnerable to online investment.
The government forbids bitcoin because it is a threat to a centralized government debt-based system designed to suppress Bitcoin in order not to undermine a country's economy, exploit and control those who will not allow digital currencies to undermine the government in their much better moneymakers and that's all there is to be with their feminine currency. Because it allows telhem to send payments globally, guaranteed, low cost decentralized. That's why they forbid bitcoin in their country so that the economy of a country that looks unlikely to use Cryto will be safe and controlled later, ....
The government can not control bitcoins and wants to ban it so that people are not free and can not dispose of their finances peacefully. I think in the future, crypto currencies will be tied to banks to control them. Of course any country will concider bitcoin as a threat since it's not under their central banks control and they cant track transactions.
Honestly Bitcoin is not a bad thing to invest and also other countries tries to invite their community to invest on it. But other countries don`t see Bitcoin as a reliable invesment because of its unstable price of the market. So thats what i think is the reason that government banned Bitcoin.
The first thing that they do that is because they can't get any tax from bitcoin. It is decentralized so no one can contol bitcoin from their own sake. And also bitcoin affects the large markets that is connected to their economic growth this happens because many are investing in bitcoin so definitely the funds in many businesses in their country can have a less capital stock.
In my country, bitcoin is not banned but is promoted by the government
well maybe some places and not all are banning bitcoin for some reasons
1. Bitcoin was used for criminal acts, because of its anonymity the transactions can be traced but they users aren't
2. Government can't find a way to tax it
3.No use in the prosperity of the government
well maybe some places and not all are banning bitcoin for some reasons
1. Bitcoin was used for criminal acts, because of its anonymity the transactions can be traced but they users aren't
2. Government can't find a way to tax it
3.No use in the prosperity of the government
Because of its anonymity, some people who do something unlawful prefer to use it instead of payment option that is traceable and that's why some media also emphasize more the negativity of using bitcoin and other crypto that's why others prefer not to be involved with it.
Because the government does not like that bitcoin passes by the side of the tax system
The main reason that they prohibited it because bitcoin has been use before in illegal activities that was uncovered by the authorities and they are afraid that its citizens will have an idea of using it for the same purpose. Because of its anonymity, some people who do something unlawful prefer to use it instead of payment option that is traceable and that's why some media also emphasize more the negativity of using bitcoin and other crypto that's why major governments prefer not to be involved with it.
Some government ban bitcoin in their country because many people in the world use bitcoin in their illegal activities than why some government want to ban bitcoin in their country.
I think there are some main reason why bitcoin is ban by some government in the world one is some people use bitcoin in the underworld activities and second is some country has not made income from the crypto world that why they are planing to destroy bitcoin in their jurisdiction.
Noted.
Source of Information: Based on personal perception.
I think there are some main reason why bitcoin is ban by some government in the world one is some people use bitcoin in the underworld activities and second is some country has not made income from the crypto world that why they are planing to destroy bitcoin in their jurisdiction.
Noted.
Source of Information: Based on personal perception.
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