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Topic: Why do some government ban bitcoin? - page 4. (Read 1497 times)

newbie
Activity: 336
Merit: 0
May 11, 2018, 02:52:54 PM
They ban it because they can't control it.
countries with weak economic try to ban it because of some great amount of money that they could use (really waste) in their economic used in crypto market
and it is not a good phenomenon for them
jr. member
Activity: 154
Merit: 2
May 11, 2018, 02:47:44 PM
because some of the banks is controled by the government , they are afraid if bitcoin kill paper currency . and they afraid that many people invest in digital currency than to save it from banks .
sr. member
Activity: 1358
Merit: 261
May 11, 2018, 02:03:39 PM
Governments ban bitcoin because of the control, they cannot simply control it, people earn while they cannot control and benefit from it, this is one of the reasons whh they are banning bitcoin, and another reason also is that they cannot cover bitcoin and other cryptos through the taxes.
member
Activity: 336
Merit: 10
May 11, 2018, 01:25:29 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 Smiley Smiley Smiley

It is not because it is an illegal thing but because of the fact that the government can not control this kind of transaction. Which means, the government can not take something from it so they ban it.
newbie
Activity: 304
Merit: 0
May 11, 2018, 01:19:41 PM
For any Government to ban Bicoin it will be somehow impossible because it is decentralized,they can try to baning key players in their country i.e cryptocurrency exchanges,but to ban Bitcoin investment it can not be possible. Some government ban bitcoin because the expected returns on  Bitcoin to the Government cover are not forth coming and they believe that people may use it for moneylundring.
newbie
Activity: 55
Merit: 0
May 11, 2018, 12:22:41 PM
Government is a set of rules and regulation . To operate a country government must maintain all rules. Government ban bitcoin because it is out of control .Especially south Asia which is technologically behind such as Nepal,Butan, Bangladesh most of people  in those country don't know about bitcoin and those people know it they use it illegal way.
newbie
Activity: 154
Merit: 0
May 11, 2018, 12:03:16 PM
In some countries government ban bitcoin because some people use bitcoin in some illegal business. And many people don't know about bitcoin properly in some countries.
sr. member
Activity: 615
Merit: 258
May 11, 2018, 09:49:17 AM
The reason why some government ban bitcoin because its question the legality of the business, we are all familiar
that this kind of business deals through technology and some of the country cant accept because they are lack of technology.
full member
Activity: 323
Merit: 100
May 11, 2018, 09:19:14 AM
They ban it because they can't control it. Governments are in the Control business.

I think it's because government are threatened by bitcoin because bitcoin is being popular all over the world. Aside from that bitcoin is a decentralised currency so that government are being aware on what things that might happen it they will approve this to their country.
member
Activity: 178
Merit: 10
May 11, 2018, 08:32:21 AM
They do this because they can't control bitcoin, ICO and getting taxes from crypto. At the moment there is no necessary legislation to effectively regulate crypto and protect people from scam. I hope we will see a solution to this issue in the near future and China will be able to fully return to the market.
newbie
Activity: 210
Merit: 0
May 11, 2018, 08:31:22 AM
They’re not really banning bitcoin as much as exchanges. Those that have “banned” it are doing under the guise of protecting their citizens but in reality they are just concerned about bitcoins ability to disrupt their ability to print money and tax people.
And what they are afraid of is because some authorities have taken bribes and moved from cash to BTC to hold. That is why they are afraid of BTC development in their country. And they are afraid that the banking system in the country will be frozen, as investors poured capital into Crypto.
full member
Activity: 294
Merit: 100
May 10, 2018, 09:16:08 PM
It would be hard in government if they will totally ban bitcoin beacuse it is now being introduced and familiarized all over the world with the help of social media tge knly way they can do is to prevent and lessen it. Government are afraid on bitclin because it can be use in illegala activities like buy and sell or trading of guns, drugs and etc that will be a big threat tonour government because it can cause increase of crime ratws and terrorism.
newbie
Activity: 14
Merit: 0
May 10, 2018, 09:08:06 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 Smiley Smiley Smiley

I think it depends on what kind of government you are living in, like in our country we are in democratic form, so people has the full rights, the only thing is that bitcoin is not yet popular in lower market that's why the government is prohibiting the use of bitcoin, but if bitcoin starts to invade the lower market the government will eventually allow using it.
full member
Activity: 233
Merit: 100
May 10, 2018, 04:07:32 PM
incidents happen regularly everywhere, where the government simultaneously tries to limit crypto-currencies and maintain a rating among the electorate. Considering the fact that more and more representatives of the electorate are beginning to be interested in crypto-currencies, sooner or later officials are in a situation where one can not sit on two chairs and you have to choose - either to explicitly prohibit crypto-currencies or to allow. The prohibition of crypto-currency at the state level: is it necessary? Wink
legendary
Activity: 1120
Merit: 1000
May 10, 2018, 04:07:26 PM
They ban it because they can't control it. Governments are in the Control business.
No government never want something in their country which they cannot control. And in bitcoin is more likely that thing. Many government mainly ban it because bitcoin affect their economy growth. Bitcoin user doesn't pay tax their country which ultimately affect their financial status Shocked. And some time Bitcoin affects their country  currency in both direct or indirect way. In some country like Israel they ban bitcoin because it associate with many criminal activity like kidnapping, Anti money laundering, etc. So here some reason behind ban bitcoin in some countries.  Kiss
sr. member
Activity: 798
Merit: 250
May 10, 2018, 03:45:53 PM
I think some governments try to ban Bitcoin because they want full control of the financial transactions of their citizens, and also they want to support only their fiat and local currencies.
But they are falling, because Bitcoin is decentralized and people can trade it as long as they have Internet connection and some basical knowledge.
member
Activity: 103
Merit: 124
May 10, 2018, 03:37:05 PM
They’re not really banning bitcoin as much as exchanges. Those that have “banned” it are doing under the guise of protecting their citizens but in reality they are just concerned about bitcoins ability to disrupt their ability to print money and tax people.
full member
Activity: 257
Merit: 100
May 10, 2018, 03:35:18 PM
The problem is that it "encroaches" on sovereignty, the ability of special bodies to control financial flows.
member
Activity: 378
Merit: 10
May 10, 2018, 03:33:17 PM
Its very simple. Bitcoin is a decentralised currency, most of the governement wants to be in control of their currency which bitcoin does not allow. Its also a tax free transaction which the government do not support.
full member
Activity: 307
Merit: 102
May 10, 2018, 03:26:26 PM
I think because many states are afraid of its possibilities! As we know, the bitcoin has many advantages, thanks to which the world financial system will no longer need banks!
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