Why do some government ban bitcoin? | Bitcointalksearch.org

gantengmaksimal2017

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Quote from: abd000 on November 27, 2017, 05:22:44 PM

China-based cryptocurrency exchange BTCC suspended all domestic trading in yuan last weekend. The decision came on the heels of a September 5 statement from regulatory authorities in China, which required all domestic cryptocurrency exchanges publish closing announcements, stop registering new users, and establish a schedule to cease yuan-denominated trading by September 15. Huobi and OKCoin — two other exchanges based in China — have announced similar plans to stop trading. To be clear: China has not banned the use of cryptocurrencies. It has banned cryptocurrency exchanges and initial coin offerings (ICOs). Even still, it has prompted some to consider whether a government might ban cryptocurrencies like bitcoin — and, perhaps more importantly, whether such a ban would be effective

good question. I want to answer your question. in my opinion, why some government banned Cryptocurrency? because cryptocurrency dont have organisation or something who handle full of cryptocurrency, so maybe the government scare if group of teroris use cryptocurrency for the fund.

Cryptoreflector_666

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Quote from: abd000 on November 27, 2017, 05:22:44 PM

China-based cryptocurrency exchange BTCC suspended all domestic trading in yuan last weekend. The decision came on the heels of a September 5 statement from regulatory authorities in China, which required all domestic cryptocurrency exchanges publish closing announcements, stop registering new users, and establish a schedule to cease yuan-denominated trading by September 15. Huobi and OKCoin — two other exchanges based in China — have announced similar plans to stop trading. To be clear: China has not banned the use of cryptocurrencies. It has banned cryptocurrency exchanges and initial coin offerings (ICOs). Even still, it has prompted some to consider whether a government might ban cryptocurrencies like bitcoin — and, perhaps more importantly, whether such a ban would be effective

Such prohibitions (let's say a similar story with telegrams) only actively develop the sphere of personal security on the Internet, as programmers are finding more and more ways to bypass these locks. The blockchain system can not be banned in principle in the light of its decentralization, but official enterprises will be very difficult to accept payments if the ban does come into force. It is sad, but I hope humanity will still go in the direction of personal freedoms.

rameshrajan1000

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The bitcoin transaction is very secret and secure. The government is unable to monitor and control it. Some governments prohibit it because it can easily assist the transaction of crime network.

patykuprova

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Quote from: Mentari78 on May 12, 2018, 05:54:20 PM

I think the government is worried about Bitcoin, because if cryptocurrency is widely adopted, then the entire banking system can become irrelevant, bitcoin can also be a virtual crime, because its untraceable financial transactions facilitate crimes such as Drugs, Money Laundering, Terrorism, and other illegal activities.

They do have the basis to worried about it because according to the reports from banks and bankers. Bitcoin is represented for a freedom financial which mean the price is totally controlled by the market and noone can do anything about it, the system is totally controlled by a blockchain which mean there will be no cheats, no corruptions.

Mentari78

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I think the government is worried about Bitcoin, because if cryptocurrency is widely adopted, then the entire banking system can become irrelevant, bitcoin can also be a virtual crime, because its untraceable financial transactions facilitate crimes such as Drugs, Money Laundering, Terrorism, and other illegal activities.

Elerntta

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China often something prohibited in relation to cryptocurrencies. This does not mean that the state intends to act seriously. Most often it is just the work of the media.

Amisagor

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The government of every country thinks they will lose huge revenue if they support the Bitcoin. Moreover, there is no control over Bitcoin because of which terrorist activity may increase. I think. Both of these reasons are the most effective.

mayukus4life

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Some governments are banning bitcoin because they are scared when it goes mainstream it might affect their currencies, though some are also worried that it might be a way of moving illegal funds or funding terrorism since funds cannot be traced. They have different concerns but I think with regulations bitcoin and other altcoins should be allowed.

Majharul Saiif

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There are many country's government already accepted the Bitcoin as their currency.On the other hand, some government ban this.In my opinion,I want to say against this matter that in this forum government can't handle this because this forum totally handled by forum staff and moderator.Forum don't give any tax or vat for using this.That's why government don't get anything from it.Its transaction system is too secured and government can't track this.For those reasons,some government ban Bitcoin.

snuggleGuru

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Fear is the mind killer -Frank Herbert Roll Eyes

ogini

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They say it is illegal because it has no approval by the government, to this reason they consider it fraudulent and closing account of investors and exchange operating in some countries

BillyTalent

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They greatly change and spoil the entire established economy of any country, because with the arrival of a new coin and even more so cryptocurrency, will begin the problems associated with the economy.

Welhell

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Governments ban it because they can not control it. They are trying to get rid of it in any way they can, when there is something they can not manage. Now, the only thing they can do: ''ban''.

mudasarali43

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I think some country government ban bitcoin because of it is decentralized currency and they ban it because they can't control it and because of some other reasons some illegal activities have done with bitcoin that is why some government bitcoin,

Ismat Morshed

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Bitcoin ban by government it because there are lot of news of scamming and triking people on bitcoin..It's something that can't be controlled like banks.

Sandeep24

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They believe Bitcoin will be take place their local currency but I know Bitcoin is one of the most powerful crypocurrency in the world and it would be accepted by every country of the world.

filtyfrank251

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Some governments banned bitcoins because they did not really understand bitcoin. They do not know the benefits that bitcoin brings to the cryptocurrency market. Most undeveloped countries are not using bitcoin. I think they should join the cryptocurrency market in order to grow even further.

Hulh

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Quote from: angelolazaro on November 27, 2017, 07:19:45 PM

Quote from: abd000 on November 27, 2017, 05:22:44 PM

China-based cryptocurrency exchange BTCC suspended all domestic trading in yuan last weekend. The decision came on the heels of a September 5 statement from regulatory authorities in China, which required all domestic cryptocurrency exchanges publish closing announcements, stop registering new users, and establish a schedule to cease yuan-denominated trading by September 15. Huobi and OKCoin — two other exchanges based in China — have announced similar plans to stop trading. To be clear: China has not banned the use of cryptocurrencies. It has banned cryptocurrency exchanges and initial coin offerings (ICOs). Even still, it has prompted some to consider whether a government might ban cryptocurrencies like bitcoin — and, perhaps more importantly, whether such a ban would be effective

I think one reason why bitcoin is being ban by some government in some countries is because, it can be used in some illegal activities like buying illegal guns, drugs, hiring a hitman and many more. Because of that capability of bitcoin, the crime rate of a certain country may increase thats why some government are against it.

Government ban bitcoin because they dont hold on it. As this moment ,government cannot control bitcoin. Bitcoin is also currency only that it is digital. They might afraid that cryptocurrency has a big impact on the government , so the only solution they think to stop any possible challenge they encounter is to ban bitcoin.

bcoin01

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Money transfers made with Bitcoin and other coins can not be tracked. The governments are against it because it is not clear who they are going to. Terrorist organizations are also believed to have transferred money in this way. Because the crypto money market is blockchain-based, they are laundering money. This is also the most important reason for governments.

JRDuran

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Quote from: Brookie on May 12, 2018, 02:59:50 AM

I think the government blocking the bitcoin is also thinking of the country as well because they think bitcoin only disrupts the economy. And in the end they do not dare to take risks that will disrupt the economy or finance of the country.

I think such responsed occurs not because of the lack of understanding, I believe they know it fully, the very reason of banning btc is because they can't find a way to control it.

Topic: Why do some government ban bitcoin? (Read 1492 times)