Why do some government ban bitcoin? - page 9.

SkustaClee

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Quote from: TanClan98 on September 07, 2017, 08:04:12 PM

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.

I think some of governments are focusing to the disadvantages of the bitcoin rather than to its advantages and it is the reason why they are not accepting and legalizing bitcoin as a medium of exchange.

gloriam5

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forbid will be until they see the benefit for themselves, probably it is necessary that the time passed

buternasek

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there may be various factors that cause the government to ban bitcoin and among them bitcoin system decentralization that can't be controlled by them so that it certainly raises suspicions of money laundering as well as the tax regulation on bitcoin so far not many of the countries that already have tax rules on bitcoins.

FaithNlove_24

newbie

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Quote from: TanClan98 on September 07, 2017, 08:04:12 PM

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.

The answer: power and fear. The government may deem it as "bad" because they don't have any control over it. They don't have power over cryptocurrency which also causes them to fear the unknown.

Englebabylove

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Quote from: TanClan98 on September 07, 2017, 08:04:12 PM

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.

Each government has its own freedom of choice. When they think bitcoin is a scam, they will ban bitcoin, which is understandable. Bitcoin is decentralized and anonymous, and it cannot be controlled by the government, so it will be banned by the government.

daduremi

jr. member

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Merit: 9

As per my theory, Some of the Government officials of a country are engaging in the crypto world. Basically, once a country accepts Bitcoin these people must show their assets as part of being public officials. Declaration of assets means a threat to them since as we all know in this industry one could really make a lot of money and somehow they can also transact without being caught. Bottomline, These officials are intentionally trying to give Bitcoin a bad name so that they could continue on to their businesses. Legalization of Bitcoin is a threat to their own personal interest

baldur odinson

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Bitcoin is not forbidden today but only governments are against Bitcoin. In only a few countries the purchase and sale of Bitcoin is prohibited by law. Governments are trying to prevent Bitcoin investments which is explained as economic risk. The bitcoin system can not be controlled by governments and there is a legal regulation issue for taxation problem.

Tias Indriani

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these are based on my opinion. Bitcoin is banned to some countries because the government believe that bitcoin is used to buy illigal things. Also they ban bitcoin because they cannot control it, they cannot put tax on it, another reason is because bitcoin is to unstable, its price suddenly goes up and down. These are my opinions why bitcoin are banned in some countries

Joemzz31

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Maybe the reason why other government banned bitcoin is because they cannot even get a source of fund to it.
There is no law in putting taxes if you are going to use bitcoin for your transactions so it means they can't get a benefits to it. Bitcoin doesn't have advantage to them.

spartanrules

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Governments are not prohibit bitcoin, they just create conditions for making big profit. Because with their big amount of money they easily could manipulate with cryptomarket.

Paycoinzzz

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Quote from: Seano on March 11, 2018, 03:40:23 PM

The bitcoin is forbidden for some countries because the government believes that the bitcoin is used for purchase of illogical things. Also they forbid bitcoin because they can't control him, they can't impose on him a tax, other reason that the bitcoin is unstable, its price suddenly is raised and falls. These are my opinions on why the bitcoin is forbidden in some countries.

The government always want to have permission to control the cryptocurrency system.
However, sadly, the nature of cryptocurrency is decentralized, no one can has power to control this system like centralized system created by the government.
The government can not do that, so, they think which best thing to limit this system is ban it.

Seano

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The bitcoin is forbidden for some countries because the government believes that the bitcoin is used for purchase of illogical things. Also they forbid bitcoin because they can't control him, they can't impose on him a tax, other reason that the bitcoin is unstable, its price suddenly is raised and falls. These are my opinions on why the bitcoin is forbidden in some countries.

shamimal93

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FRX: Ferocious Alpha

Some government ban bitcoin because they are not able to maintain digital currency. They have no advanced technology. That's why they are against bitcoin.

Rkss4

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Quote from: TanClan98 on September 07, 2017, 08:04:12 PM

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.

Some governments banned bitcoin because bitcoin trading governments get no taxes and fees. Online crime frequently occur by bitcoin.

shibisu

newbie

Activity: 26

Merit: 0

Quote from: TanClan98 on September 07, 2017, 08:04:12 PM

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.

From some sources in the media it appears that this ban is due to government concerns in some countries will tax fraud, worry about Cryptocurrency fraud, bitcoin hacking and avoid money laundering.
digital currency tension becomes a crucial point of global demand for digital currency transparency .

mitsuki

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The only countries that have banned Bitcoin are Bangladesh, Bolivia, Ecuador & Kyrgyzstan. Do you live in one of these countries? If not, what's your worry?

HERE is more detail on the legality of Bitcoin by country.

As long as countries can still collect taxes off the gains made from bitcoin investments they'll be keen to let it live in the fringe.

What we should be worried about is the long reach of law of some countries to indict people for fraud when that country doesn't have any jurisdiction over where the crime occurred. Not to say that criminals shouldn't be pursued, only that they should be pursued by the authorities that reign over the jurisdiction.

bts378

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Some countries prohibit its citizens to use 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 others prefer not to be involved with it.

bakulsandal21

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Point A government's sets bitcoin bann not because they know what bitcoin is and what the bitcoin is, the government is told what it is bitcoin and so on but the government keeps claiming bitcoin as a threat to banking.
Point B government claims bitcoin as a tool to launder money.
Point C government see unstable prices
Just opinion

rxthree

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Why won't some of them do, since it is a threat to their previous activities of controlling fiat currencies? In the past they have always been using central banks to do some of their evil work and controlling distribution which most times affects the downstream. And then a decentralised currency came all of a sudden which they can no longer control and is already disrupting usual methods. However, there are some who believes criminal activities will increase but I believe this can easily be curtailed.

kolitski

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Merit: 10

The government why they ban the bitcoin because they think bitcoin was using from illegal activities and it looks like using in money laundering, or the government cannot get any tax from bitcoin and some of companies are affecting by the bitcoin.

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