Topic: Why do some government ban bitcoin? - page 6. (Read 1492 times)
One of the main reason is because the government tax officials of some countries are finding it extremely difficult to tax their citizens for selling away crypto-currencies online, so the easiest method for the government officials would be banning crypto-currencies in their countries.
Many government officials are abusing power to do bad things so the government prohibits the sale and purchase of bitcoin and also affects the value of the country's currency.
according to the article I read, the government bans bitcoin on the grounds that it has no formal basis and regulatory authority, bitcoins prone to misuse for illegal transactions, money laundering, financing of terrorism and bitcoin circulation as well as being illegal as they are unreachable by the Central Bank.
The government ban bitcoin is it's decentralized nature.Bitcoin is decentralized in nature so no government or bank is able to control the transactions made through bitcoin.People involved in the transactions remain unidentified.Some people uses this feature of anonymous transactions in a wrong way.This forces the government to take decisions against Bitcoin.The future of their country with that coin and those countries who know about the future of that coin do not ban it but they try to support it from their governmental level.
Old issues, as of today China is opening their country when it comes to Bitcoin issues and matters, they are looking forward now to be one of the most crypto trader among other countries as we can read on some news that theu are working fast when it comes to development.
Now if you'll excuse me, kindly lock this old thread of yours.
Now if you'll excuse me, kindly lock this old thread of yours.
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 believe that governments are really afraid of bitcoins growth in the community since there are a lot of people who are earning a huge amount of profit and people are preferring to invest on cryptocurrency more than placing their money on banks.
The government of some countries in the world banned Bitcoin. Because they can not control Bitcoin or can not. Again, the government of some countries consider Bitcoin trading illegal. For example, the government of China has not banned cryptocurrency, they have banned ICO exchange.
Yes thats what i think also, the government is not ready and has no capability to impose taxes because their system to control the transactions in using bitcoin is not yet ready.
Because it has no formal basis and regulatory authority, bitcoin is prone to be misused for illegal transactions, money laundering, and financing of terrorism. The circulation of bitcoin is also illegal because it is not reachable by the Central Bank. This has the potential to cause bubble. Therefore, the transaction of speculative virtual currency values. Not only harm the society later, such transactions can also disrupt the stability of the state financial system.
It is true that bitcoin is being used by drug traffickers, money launderers and other illicit activities and it is one reason why countries banned bitcoin. Other banned bitcoin because the government has no control over bitcoin and they are afraid of what negative effects it may bring to their economy. While other countries banned bitcoin is because they are still studying how to adopt bitcoin and what regulations are they going to place so that it will help and protect the people while developing the economy.
China has not banned cryptocurrency. They just banned ICO and exchanges. Peer to Peer trading is still available and actually quite popular in China. I don't think there is an effective way for government to ban bitcoin anyway.
I think the reason why the Government is against bitcoin is about "TAX/TAXES". Why? Because, bitcoin has no tax. So, the government is against about it because they can't get money (Tax) form bitcoin. Also, government
About China, I think your right. They can't just banned bitcoin because it work in internet. As long as there are internet connection, bitcoin can't be banned. I think he government will find more ways to get bitcoin to control it also, because government controls every transactions that involves money.
Beacuse i am belong to india. Indian government minister said bitcoin is not ban but if you can buy its your resposibilities and your own risk. Some government ban beacuse bitcoin value very high and control in own curruncy.
I like what India did to their people and by not totally banning bitcoin and i hope that the government from other countries should also give the responsibility to their people to choose if they get involved in crypto business.
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
Although bitcoin has a good rate it is risky and dangerous to invest and to be involved into it because if you have bitcoin you might lose at any time. Also bitcoin might remove some government jobs because it has a big potential of being the future currency and might as well take over the currency that countries give. Despite the fact that it is banned to other countries desperate investors still invest because of the high rate because they know how to control bitcoin. 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.
Government bans bitcoin because it is decentralized, direct tax cannot be implied and also it gives privacy to the users which makes the transaction private which can be used in illegal things and to avoid that government bans bitcoin.
Beacuse i am belong to india. Indian government minister said bitcoin is not ban but if you can buy its your resposibilities and your own risk. Some government ban beacuse bitcoin value very high and control in own curruncy.
The government of some countries in the world banned Bitcoin. Because they can not control Bitcoin or can not. Again, the government of some countries consider Bitcoin trading illegal. For example, the government of China has not banned cryptocurrency, they have banned ICO exchange.
The plausible reason why the government forbids bitcoin is that the government does not want other currencies to use for its people other than their respective national currencies and they feel that bitcoin poses a threat to the economy of the country so they think bitcoin will create destruction for the national currency in the country. Such governmental thinking would be different if they tried to accept bitcoin as another currency option for their community use. With their prohibition asserting that the government does not accept the technology created as a solution to the problems of the existing economy.
becuase bitcoin is a none controled crypto currency . other country banned bitcoin bacause bitcoin are not controled of a goverment .
They ban it because they can't control it. Governments are in the Control business.
On my opinion, bitcoin was banned because the government can not benefit from it. They can not charge or put tax on it that is not good for the government.
Some governments may worry that they will affect the economic order of the whole country. If we push forward encryption, many banks will disappear.
Because bitcoin is decentralized currency type and government cannot control the money flow within the country and between the countries. At the same time government doesn't have any income through bitcoins, since they cannot charge taxes from bitcoin and its transactions. Also bitcoin can be used for terrorist activities, since those moneys doesn't have any central authority
bitcoin claims that it is the first decentralized peer to peer payment network that is powered by its users with no central authority or middlemen . that lack of central authority is the primary reason goverments are afraid of the crypto currency. to understand this fear, it is important to know a little bit about governments and conventional currencies.
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