Topic: Why do some government ban bitcoin? - page 14. (Read 1492 times)
Bitcoin transactions are only done by both parties who collect Bitcoin, there is no other party to arrange it. The government has difficulty controlling the development of bitcoin, no income tax from bitcoin transactions. different from other currencies. So the government banned bitcoin in his country. The related government should quickly find a solution, because bitcoin will continue to grow and many people benefit from bitcoin.
A ban might be because of the governments inability to control crypto currencies. They feel it could take over their economy and would eventually make them slaves to Bitcoin.
Some of govt. dont know what is bitcoin , they think may be its like MLM
Also they cant protect to use bitcoin .. user dont need GOVT permission to use bitcoin or other currency ...
Also they cant protect to use bitcoin .. user dont need GOVT permission to use bitcoin or other currency ...
Again with this? Because they want to control you - and they can't do that with people going around free without paying them protection (taxes).
Bitcoin unfortunately has been linked with the silk road and it's where it got it's reputation from. Therefore governments ban it due to the things that it was linked with. Also they can't regulate it easy and can only tax it when converting bitcoin into fiat currencies. They don''t profit from you holding bitcoin at all.
the government does not want to increase the level of crime because often bitcoin is associated with negative things such as illegal transactions and money laundering. Therefore why the government forbids the use of bitcoin. But actually bitcoin is not monitored directly by the government because bitcoin is not owned by any country so the government does not control bitcoin. It's just a bank that may issue rules about bitcoin in a country.
Actually some people want to use their people for his own work in order to collect tax from them because tax is playing a very good role in revenue of any country but I don’t agree when some countries will be ban bitcoin I believe if they accept bitcoin in their countries so it can also play a very big role in their economy which can improve their economy and also it can reduced unemployment in these countries so they must accept bitcoin.
Government ban bitcoin because they see it as illegal money and because of its anonymity it's hard to know where it came from. So they think that it can be use to scam people and the least that they can do is release an order that bitcoin is illegal.
And thinking with this it makes me laugh that government is just so narrow minded and just see the the one side of the story.
And thinking with this it makes me laugh that government is just so narrow minded and just see the the one side of the story.
I think bitcoin was being banned in some country because they did not know the exact useful and the things that made them when they knew about bitcoin. And maybe because bitcoin will affect their economics so they have no choice unless to banned bitcoin.
There is one major reason that's why many governments are ban the bitcoin in their country like the economy will be shifted to the digital currencies and the people will have no physical money to be sure of their wealth. The other reason is the taxes if the money is digital then there will be no check and balance of the transactions of the people. So the governments is not allowing digital money in their countries.
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 why do some government ban the bitcoin in their country, because their knowledge about bitcoin is not correct. Like the bitcoin is unfair for some people who is working hard to earned money, but here in bitcoin by posting you can earned more money than the other people can earned. I want to be a billionaire someday because I want a prosperous life than others.
Because they do not get the transaction details done in the bitcoin
the government does not want to increase the level of crime because often bitcoin is associated with negative things such as illegal transactions and money laundering. Therefore why the government forbids the use of bitcoin. But actually bitcoin is not monitored directly by the government because bitcoin is not owned by any country so the government does not control bitcoin. It's just a bank that may issue rules about bitcoin in a country.
To a large extent because of money laundering with bitcoin, the government can not detect it or perceive that there is no solution to prohibit it. The core of the blockchain is decentralization, so it is easy to understand what the Chinese government is doing
Some countries ban cryptocurency due to its susceptibility to be used for illegal activities.
The main reason is the lack of control. At the moment, governments of all countries are not able to track transactions made with the help of crypto currency. Hence, there are other reasons. Mining requires a lot of energy, at the same time, there is no legislative base that regulates energy consumption, taxation. And, of course, this is an excellent opportunity for terrorists and scammers to commit their dirty deeds, which is unacceptable.
The government ban bitcoin because no one can control bitcoin. Aside from that banks will be closed and digital money will be used. Government cannot earn money from bitcoin through taxes.
I am unverifiable where this will go. In an extremely broad sense BTC could approach turning into a worldwide money. Not outright for the time being, but rather when general acknowledgment spreads more it will have the impact of seeming worldwide in strength. Obviously, nations with disintegrating fiat are seeing that BTC is propping up financial specialists in tremendous numbers. There are nations where the fiat you hold is winding up generally useless as the days pass by. The nations controlling those shocking fiat charges completely would prefer not to see BTC assume control in their nations. But then, on the off chance that I approached I wager the Gov authorities from those extremely puts are purchasing BTC to cover their
Here they come again, the last timr china did this act to bitcoin has great impact in the price but now I doubt this news would affect the price since investors now are wiser.
They ban it because they can't control it. Governments are in the Control business.
Well said, Basically Government are the institution which is mainly responsible to take care of its people, they are regulating everything they want. One thing we know that the economy is the main key to bring develop. that's why the government wants to regulate all sorts of economic institution properly. Similarly, Bitcoin is included in this list, so that a couple of government are trying to regulate or ban Bitcoin is those territories.
But I believe that in the future, All government will use and hold Bitcoin. Because day by day it's platform is creating.
Because they dont hold to much the bitcoin no one can hold it by itself even government and government dont get any tax from bitcoin itself thats why china ban bitcoin because many of users if bitcoin in china are not paying big rax even they get bigger money from people that are use bitcoin thats why china dont manipulate bitcoin they ban it but users on china can not be prevented.
On my own point of view some government ban bitcoin its because it has no tax and also they say that bitcoin is because use by druglords ans terrorist in their illegal transactions and they cant track it.
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