Topic: Why do some government ban bitcoin? - page 10. (Read 1492 times)

Because many countries feel that BTC is what makes investors lose money, they fear that their people will lose their money.

many influences from chinese countries but many countries support bitcoin investments :
Japan
Japan in April 2017 began receiving Bitcoin as the legal currency. Then the electronic retail giant, Bic Camera accepts payments using Bitcoin one week after the cryptocurrency is passed.

Quoting CNBC, Bitcoin's trading using the Japanese yen is the second most liquid after the United States dollar (US). It was mentioned by a trading platform of Gatecoin cryptocurrency.

"The act of legalizing the Virtual Currency in Japan has the potential to have a big impact, because there have been many rumors about Bitcoin's endorsement," Gatecoin Founder and CEO Aurélien Menant said as quoted by CNBC, Friday (8/9/2017).

United States of America
The US is the number of countries that use the highest cryptocurrency in the world. Citing bitcoin.com is reflected in the high trading volume of Bitcoin.

The high volume of trading occurs due to the support of Silicon Valley which is home to thousands of start-up [Suspicious link removed]panies. The US also has the largest number of Bitcoin ATM machines in the world. The country has always been a leader in digital money.

Denmark
Not only become the most technologically advanced country. Denmark is also the most vigorous country in encouraging the elimination of cash and using digital currency.

Although friendly against the use of Bitcoin, the Danish financial authorities belim recognize Bitcoin as the official currency. But Bitcoin remains usable, because Denmark is home to a number of cryptocurrencies.

South Korea
South Korea today can be regarded as the world's largest technology producers call it very famous products such as Samsung and LG.

The country has the highest smartphone penetration and mobile payment rates in the world, not surprisingly South Korea is rapidly embracing Bitcoin as both an investment and payments or money changers.

Citing bitcoin.com, Bitcoin services are considered safe by using Korbit. In South Korea, people can also buy Bitcoin at 7-Eleven outlets all over Korael.

The country has also hosted a regular Bitcoin conference and has created a friendly climate for the Bitcoin user community.

Finland
Like its neighbor Scandinavia, Finland is also one of the leading countries in terms of technology. The country has also exempted taxes for the purchase of Bitcoin.

Finland already has a very large number of ATMs to meet the needs of the country. From the coinATMradar this country is the most Bitcoin exchange place.

In January 2016, Bitcoin was used to buy a Tesla S series car for € 140,000.

Government - is the power and control. Everything new is always perceived by people as a threat. Bitcoins are difficult to control, more precisely, almost impossible. It is very difficult to track payments. According to the Central Bank, the anonymity of the bitcoin system makes it a convenient tool for money laundering and terrorist financing. It's easier to forbid something and block it than to adapt to the new one.

I don't think the banning of the cryptocurrencies would be more effective and the best option i think we should be applying is that we better make some ways to manage those crypto coins because crypto coins cannot be banned suddenly and also banning cannot give you ways to stop the bitcoin trading in your country. For complete ban, you need to stop the internet around your country which is not possible and so you better make some way to manage them with tighter security.

Governments ban Bitcoin because they are concerned about taxation and their lack of control over the currency.

Perhaps one factor that affects a country forbidding bitcoin is that a country does not impose a tax on bitcoin, so there is no additional income to the country. Hopefully the future in all countries can legalize bitcoin.

Government can't effectively ban bitcoin or any cryptocurrencies because it is difficult to enforce and exchanges would go underground instead. Governments use to control currencies and uses their central banks to issue and destroy money and they have their own monetary policy to exert economic influence. Because it is centralized, they controls all functions and uses of fiat including tax collection and monitoring illegal use of currency like money laundering. Cryptocurrencies are opposite of government because they are decentralized which means no one controls them and banks are no longer needed for this kind currency. Government don't like the idea of decentralized currency and some considers that cryptocurrencies are not a currency with legal tender status in any jurisdiction.

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.
Those who see governments banning ownership of bitcoin are ignoring the political power and influence of those who are ... Indeed, paying taxes inoculates them to some degree from social disorder and political revolt.

i do think those were the reasons why some of the countries banned bitcoin while some are still planning to implement such laws. Whether it will be legalized or not, they must first examine and study how and what will be the effects during and after legalization of bitcoin to a certain country.

I definitely agree with you, aside from they can't control it, they also can't get taxes with it because bitcoin is not connected with the government.

Because from bitcoins they cannot demand taxes.Bitcoins have security threats.Bitcoins may destroy banking system.

For me the main reason is that the government is afraid of Bitcoin, they can't control it and track it. It is difficult to implement tax on bitcoin, so they don'y have any profit and for government it's completely unappropriate

First of all, I think they ban it because they are afraid of it. Secondly, security reason - it can be used in some illegal actions or activities. And of course they don't have any profits from it as bitcoin do not have any tax.

I think it is related to the security reasons.
The government see bitcoin and other cryptocurrencies can use anonymously,
so they cannot track the users that use cryptocurrency.

In the age of paper money, the cost of printing money was negligible, and the government had a monopoly on printing money, so it was able to get all the seigniorage.

The government can buy any assets, goods and services by printing them without cost, so they are a very important income for their government. It would be unthinkable for the government to give up the revenue, and the virtual currency such as bitcoin.

In fact, no government has any reason to let that happen.

i think government has the power to control the big or huge crypto market in their country thats why they banning some cryptocurrency. and maybe they also see something bad in crypto like illegal transaction because illegal transaction is possible.

governments are greedy and want to control the huge crypto-market that they saw so they forbid that bitcoins do not defeat their national currencies...

Bitcoin will always be the main cryptocurrency in any case. Just a lot of countries, where world banks and ordinary money are concentrated, do not want to let it into their territory – then there will be no sense in their wealth.

Being decentralized digital currency is the main reason of why Government ban bitcoin. Government is The body with the power to make and/or enforce laws to control a country, land area, people or organization. However the Government wanted to regulate bitcoin, is impossible, they can't controll it, but the only thing they can do is banning the organization, group of people in a certain country. And issuing a regulation in using Bitcoin.

The goverment ban bitcoin because they don't have any profits and bitcoin don't have any tax that's why goverment ban bitcoin in other countries and i think bitcoin popularity my not control the increasing number of bitcoin user's.