Why do some government ban bitcoin? - page 12.

nesty

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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

Country that bans bitcoin and other crypto currencies are those who wanted to regulate the use of crypto currency in their country with that regulation they could mandate taxable earnings from bitcoin and also they wanted to manage the circulation of bitcoinin their country.

khai29

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Because some people they use the bitcoin in the bad way that's why government aware the person to do that.

ice_man75

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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

Bitcoin is uncontrollable, it can not be taxed, it is peer-to-peer no governing party in between, it is untraceable and the list goes on. Governments must have control over the things that happen in their territory, whereas Bitcoin is not allowing them to have this privilege, thus they are banning it.

Ayaancool

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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

China regulated bitcoin to introduce their own crypto. Not only China and other countries that banned crypto are also to introduce their own crypto.

cahbagus555

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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

I think many country banning cryptocurrency because they dont undestand about blockchain or maybe just shock on how fast crypto market growing and dont know how to anticipated. Beside that many scam ICO and goverment want to protect their citizen investment

Cduff

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Cause they are afraid to lose taxes.

12tribes

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Quite a number of countries ban the bitcoin and the cryptocurrency market because they largely don't understand the principles under-girding it hence more of speculative or outright down putting of the market, the method and the digital currency is done by the naysayers. Another reason can stem from the greed and the avaricious nature of the officials who are supposed to correctly guide the decision makers fall into these nefarious tendency of taking bribes in order to speak contrary to the nature of bitcoin, thereby setting their people and economy on a journey to extinction and poverty.

natalagerman95

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The ban appeared due to the fact that the crypto currency may be more stable than the national money. In Ecuador, the situation looks like this - there the crypto currency was banned because of the creation of its own network, which does not need competition.

svetochka.yakovleva.93

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Forbid, I think because the capitals of their sponsors, and even the officials themselves, and a couple of these business owners themselves are now experiencing an outflow of capital, which affects the fall and lack of money in their businesses, if we want to develop, we must let go of the old and move in step with time! I think so))

Alamin2

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Some of country brand bitcoin because government don't know about bitcoin very well nowadays. Bangladesh government has stopped without knowledge about bitcoin value.Because they can’t control it.

astridplomp

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the most common reason why the government ban bitcoin because bitcoin is decentralized, so it can not be controlled or charged taxed from government. That is the reason why criminals can use bitcoin for illegal activities, and governments ban bitcoin as the the reason to protect people from bad effects from bitcoin.

jinxing

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In my country the government forbids because there was ever money laundering. And the existence of illegal goods transactions. Probably because the government forbids bitcoin. But now the government in my country does not prohibit or support. And the risk carried itself. The government can not help.

BennyOnions

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Governments want to ban crypto because they can’t control it. The whole idea of being decentralized goes against governments. Also, governments want to make sure they can tax cryptos to make their cut.

RicardoRicky

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I think it's a fear of the government that forbids bitcoin because it does not want to lose central banks and its effect in the economic turnaround inside the country. fear of losing state assets, but it could also be because not ready all the insrument to welcome and use it legally. or government will lose control if bitcoin is received in the country.

Spanopohlo

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Id Say they didn't ban it out of their own selfish reasons but they only want to regulate it so that it will not cause such harm to the markets and banks. They wish to get some tax from it, some extra cash and additional income for them to attain some money on their pockets. They will not shut down Cryptocurrency in their country because of the internet they need, So they just Ban some of its features but not all of them.

legok

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it is the policy of each country, maybe because the system and the law in that country can not yet be relevant to receive and run digital money like bitcoin .. we hope hopefully more and more countries can accept bitcoin, so bitcoin will be more developed

ungongbuotan

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Government can't control bitcoin and other cryptos. Bitcoin and cryptos can directly trade without the government in between. Imagine buying something without the government knowing it, so it means no tax and government hates it when they have no tax money. That is one of the reason why the government are against bitcoin and crypto cause they can't control it.

supelle.born

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Governments hate everything they can not control, can not tax and can not get rich. Governments are greedy and centralizing

joan26

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Bitcoin - and other decentralised cryptocurrencies - allow people to trade directly with each other, cutting out the need for a middleman which, in traditional commerce, is a bank.

And unsurprisingly, banks aren't happy about being made obsolete and - with help from governments - are trying to clamp down on cryptocurrencies after initially dismissing them out of hand.

CryptoJoshua

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Win $1,000,000 USD! @ BitcoinJackpot.Global

Here is an article about why banks specifically hate Bitcoin: https://www.mirror.co.uk/tech/why-banks-hate-bitcoin-cryptocurrency-11433562

Using that information, I think you can figure out why the governments hate it Cheesy

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