Why do some government ban bitcoin? - page 7.

tony kurniawan

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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

The reason why the government forbids bitcoin because the bitcoin system is decentralized, so the government can not control or impose a tax on ownership of bitcoin.

welegendary

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Quote from: clonedone on May 10, 2018, 04:44:50 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.

We hope that China will be able to return the Bitcoin to the market because China is the world's populous country. Many chinese people will be able to use Bitcoin and that is the big advantage, we also need investors from big country and also a people who have a great intelligent about business world.

welegendary

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Quote from: crzy on November 27, 2017, 05:40:43 PM

Quote from: rainbow169 on November 27, 2017, 05:35:50 PM

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.

Right, government can’t ban bitcoin easily because they need this technology. Government may regulate bitcoin but for them get some taxes, government will find ways just to control bitcoin that can never happen.

Government need to find methods to control bitcoin because government need this kind of technology. They don't have rights to ban Bitcoin easily because they do not know how it function and how Bitcoin is all about. Government should find first the effective way to get the advantages from Bitcoin

kasemin

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Yes they can not really ban Bitcoin but they can do some things to prevent people from using it publicly for example, just because they do not benefit from it so they ask for an exchange to stop receiving merchants from the area and possibly prevent the local store from receiving Bitcoin. But Bitcoin can not be stopped by it. Users can only switch to a decentralized trading platform and avoid the ban. Bitcoin is decentralized and can not be easily stopped.

clonedone

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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.

Jamjamz30

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The case in china they just put a ban on things related to cryptocurrency to regulate it. The government cannot fully ban cryptocurrency and bitcoin because its something huge and cannot grasp whole. Bitcoin is a currency that pose a threat to governments that's why they try to control it, it also can be a way to conduct underground activities which the government cannot supervise. Bitcoin is gaining popularity and is a huge help for many and governments cannot seem to accept that, that's why they put regulations because they cannot ban it.

Rustandy

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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.

Allura74

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Quote from: ir.yance on May 10, 2018, 04:25:18 AM

there are several reasons the government forbids bitcoin because buyers and sellers can not be known, in addition many criminals use bitcoin as an intermediary to buy weapons and drugs.
I suggest the government make a rule about bitcoin so no one uses bitcoin for crime.

Well, I think crime involving assets is everywhere and even fiat are no escape of that so even if bitcoin is decentralized then maybe they should not make that doubtful reason to accused bitcoin as crime related transaction. Bitcoin helps a lot of those good people living in a community and only few are making illegal, Maybe government will see the good side that bitcoin can bring to its people.

PM.coins

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Quote from: crzy on November 27, 2017, 05:40:43 PM

Quote from: rainbow169 on November 27, 2017, 05:35:50 PM

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.

Right, government can’t ban bitcoin easily because they need this technology. Government may regulate bitcoin but for them get some taxes, government will find ways just to control bitcoin that can never happen.

Several other reasons why some government banning bitcoin is try to avoid illegal use by people.It can be used to buy weapon, drug, terrorist funding and money laundry. These transactions are difficult to be traced by the government.It is not expected also that local currency is influenced and become unstable.

bajingluncat

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the government can not control the bitcoin currency. it is feared bitcoin is used for things that can harm the state such as money laundering, illegal fundraising

ir.yance

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there are several reasons the government forbids bitcoin because buyers and sellers can not be known, in addition many criminals use bitcoin as an intermediary to buy weapons and drugs.
I suggest the government make a rule about bitcoin so no one uses bitcoin for crime.

tikanurqaidah

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the government forbids bitcoin because Since it has no formal basis and regulatory authority, bitcoin is prone to be misused for illegal transactions, money laundering, and financing of terrorism. 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. but its real now many countries are starting to receive bitcoin

nanda1280

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Yes because Bitcoin can be juxtaposed with fraudulent MLM. The exchange rate bitcoin indeed continue to soar, but unfortunately the number is limited. There are only 21 million bitcoins to be contested by users around the world. Not to mention the bitcoin can only be obtained by deciphering complicated mathematical code that can not be done directly by humans.

For this reason, miners can easily sell bitcoins at high prices to those who are tempted by virtual investments. Moreover, many circulated stories about someone who managed to double the bitcoin that he bought several years ago.

In fact, India's Ministry of Finance calls bitcoin a ponzi scheme. This means a fake investment mode that promises to double profits.

Ponzi schemes often exist in cases of fraudulent MLM impersonation. The profit that investors get is actually the money of others who just invest, not the benefits of business or business management as promised.

This has a resemblance to the bitcoin investment chain. With a limited amount of bitcoins, each virtual money owner will resell it at a higher price. Meanwhile, the other buyer is a new player in the world of bitcoin investment that will also sell the money in the future.

fargoway

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It doesn't look like they simply consider bitcoin to be dangerous for people, I would even say, that it is dangerous to banks, so that's why they are trying to fight against it.

rokergila01

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Because bitcoin has no formal basis and regulatory authority, bitcoin is prone to abuse for illegal transactions, money laundering, and financing of terrorism. There is affirmed, all transactions conducted in the territory of NKRI must use rupiah currency. 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.

waqasanwar95

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They are some whales hidden behind of government they ban bitcoin for decrease the bitcoin price and when bitcoin will come down then they buy and allow bitcoin again

nguyentuanduongg1995

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Managers across the globe are not afraid of virtual money being abused for the purpose of money laundering and other malicious purposes of criminals. They are also worried about the impact on their financial system in the event of a burst of Bitcoin bubbles and the resulting bad effects.

Bitcoin price increases of up to 1,300% last year made many economists, investors and bankers worry about a large fraud.

zhuiyongliang8

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The impact of bitcoin, which is not subject to the government's control over the existing system, will be profound.

Governments are controlling and protecting their interests, and some governments can do something to prevent people from openly using bitcoin.

Ravenangel

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Governments have different policies governing their countries finance related activities. some favor bitcoins while others don't, those who doesn't support BTC has since come up with reasons such as the fact that its independent and therefore free of any controlling institution making it difficult to trace its transactions and tax it, the main claim here is that the governments are therefore denied a chance to earn revenue from taxes, some claim its crime oriented a criminals use it to make illigal transactions hence the ban

clarise123

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yes bitcoin ban government because once here no tax. so some country bans to think of others is scam it. the government should know the beauty of crytocurrency to be proven in every country.

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