Topic: Why do some government ban bitcoin? - page 15. (Read 1492 times)
bitcoin could more easily be a crime, bitcoin has a system that can provoke crime, because the transaction is anonymous, can make a person commit money laundry and bitcoin users do not pay taxes to the state, and even then one of the reasons
China will not ban crypt o currency as it is only a currency which is giving competence to US dollar. Indirectly, Chinese will support it but they will accept it openly as US is their big trade partner. so, no need to worry about bit coin. It will go up and up.
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 again? lol
I think this will no longer be a topic that will make many people will be restless. or would be a big rumor, I think maybe that will feel harmed is a community that is in the country of China. not us outside of china.
anything that china will do on crypto and bitcoin, will never be able to stop it
Reason why other countries are so skeptic when it comes to bitcoin is because of the fact that they can't control it. If Bitcoin will be fully implemented in the future then governments will not have control on the currency that is being used in their countries and they hate that.
Yes, maybe that is the best reason. In my country, bitcoin is not prohibited but also not officially accepted. Government regulate the use of money, people in my country only can use IDR as medium of exchange. I don't know why this regulation is created but there must be a good reason for this.
The reason is simple, they can monitor you but can't interfere with your business and Bitcoin makes it difficult for them even to track your activities. However, understand that governments can not ban bitcoin in any way due to an advanced technology model based on the blockchain. They can only prevent us from doing any Bitcoin-based business and convert Bitcoins into fiat currencies and vice versa. However, in the case of a Bitcoin-friendly market environment (which is on the way and taking its shape), there is no need to convert Bitcoin in any other currency to spend it.
Reason why other countries are so skeptic when it comes to bitcoin is because of the fact that they can't control it. If Bitcoin will be fully implemented in the future then governments will not have control on the currency that is being used in their countries and they hate that.
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.
China wants to make its own virtual money
It is not impossible that China wants to create its own cryptocurrency that can be government legality. During this time many things are banned in China, in the end they make their own.
It is not impossible that China wants to create its own cryptocurrency that can be government legality. During this time many things are banned in China, in the end they make their own.
They have a different kind of how the government works and it seems like they didnt like people having free will to control their money or have privacy. Transparency is what they want so that they can tax everything you own or have a share of it.
That could be one of the main reason.
That could be one of the main reason.
A Bitcoin banned state must be for a good cause. For example, a country forbids Bitcoin one of them to avoid the many free investments in the high-risk Crypto world. And again the government is also not responsible for the loss of crypto currency assets.
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 mean, Governments may be interested in crypto and bitcoin, but a major issue comes with how it's being used. For all they know, it can be used for illegal purposes and that may scare the governments because it leads to a dangerous country. However, another reason that bitcoin makes governments nervous is that it can be used to dodge fees and taxes that go straight to them to fund their own projects and whatnot. It makes sense that they're nervous about it, but I believe that there are better solutions that they can come up with.
Everything is having an issue as to how they are used. It is not just Bitcoin or any other cryptocurrency for that matter. As we look at the current situation, fiat money is widely used for so many illegal activities. Fiat is the one fueling drugs, terrorism, guns, alcohol, and so on and so forth. All these happened even before Bitcoin was invented. And even before fiat was invented, silver and gold were also used to support illegal activities. It is not on what really. Everything is on how.
No, China has not banned Bitcoin, they just ban the ICO. They make a decision to ban ICO because so many ICO became a scam and steal money from the investors. I think it's a good policy for their country and i agree with China government, they must save the people before something bad happened to those people.
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
Because goverment felt like if bitcoin keep arising they it may attack their integrity.
No. If they really then they should have banned it along with banning crypto-exchange and ICOs. What does this imply? It simply means that they recognize the opportunities that the crypto industry is giving. If they ban it, automatically the mining farms there would shut down hence the money pouring in to their country would reduce and it would be a waste. Stict KYC is the key.
I think to ban the bitcoin trade it is necessary to think very hard decisions, bitcoin currency is not controlled by the rules of a country, and bitcoin is very useful for the crowd, should not bitcoin forbidden, but to be developed with the advancement of advanced technology to simplify public welfare.
Like most other people have said in this thread, I think they ban it because they're afraid of it. They're afraid of this technology overtaking their own national currency. And what do you do when the government itself runs out of money? It's scary to think about. They wouldn't have control over anything much less anyone. You'll see soon governments try to regulate these crypto coins and we'll see how far they can get with that.
Government bans bitcoin because it is a big threat for their financial security. government controls the money flow in their country (interest rate etc..). bitcoin is different, no one controls bitcoin no government or group of people. it is purely decentralized.
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. 
they can't totally ban bitcoin but they can do some things to prevent people from using it publicly for example , simply because they aren't profiting from it
so they ask exchanges to stop accepting traders from that area and maybe prevent local stores from accepting bitcoin , but in general no government can totally ban crypto
it's just like gambling where you can find some countries are totally ok with gambling while others are totally strict
so they ask exchanges to stop accepting traders from that area and maybe prevent local stores from accepting bitcoin , but in general no government can totally ban crypto
it's just like gambling where you can find some countries are totally ok with gambling while others are totally strict
First, any link in this news so we can validate?
On topic, it is just natural for a government to ban or at least limit cryptocurrency in their country. Governments are all control and protecting their interest. If cryptocurrency, particularly bitcoin, is weakening yuan in china, their government is just acting on it that is why they want to close exchanges.
But bitcoin cannot be stopped by that. Users can just swich to decentralized trading platforms and evade those bans. Bitcoin is decentralized and cannot be easily stopped.
On topic, it is just natural for a government to ban or at least limit cryptocurrency in their country. Governments are all control and protecting their interest. If cryptocurrency, particularly bitcoin, is weakening yuan in china, their government is just acting on it that is why they want to close exchanges.
But bitcoin cannot be stopped by that. Users can just swich to decentralized trading platforms and evade those bans. Bitcoin is decentralized and cannot be easily stopped.
Jump to: