Topic: Why do some government ban bitcoin? - page 8. (Read 1492 times)
Some country is banning bitcoin because they can not control the blockchain. What governmemnt can not control they will normally destroy such. Bitcoin has proved otherwise.
Some government bans bitcoin because it is rapidly growing all over the world and due to this, it is a dangerous sign for government's financial sector.
China just ban ico and exchanges they can not ban crypto many contury ban,s bitcoin reason they can not handle the power of crypto.
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 government ban bitcoin because bitcoin doesn't have tax. Just like what other said government accept only bitcoin when they put a tax on it but everyone against in that because in the first place bitcoin doesn't have tax so who are they to put it. They also saw that there's a chance that bitcoin can replace our real money so that they didn't want it to be legal in their country.
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 Bitcoin is uncontrollable, it can not be taxed, it is peer-to-peer no governing party in between, it is untraceable and the list goes on. Governments must have control over the things that happen in their territory, whereas Bitcoin is not allowing them to have this privilege, thus they are banning it.
Bitcoin has been a revolutionary factor in the finance industry that has come with lots of changes. Its independence and freedom tends to intimidate the governments as its impossible to track the activities and transactions its involved in, The governments would like to tax these transactions but they cant, his they believe denies them revenue hence a threat to the national economy. Some governments also claim that BTC is used as a form of pay by criminals hence fueling the crime rate in countries hence the ban
The government does not actually prohibit the circulation of Bitcoin or other digital currencies. But they only forbid Bitcoin to be used as currency in their respective countries. That is all
Governments control fiat currencies. They use central banks to issue or destroy money out of thin air,
using what is known as monetary policy to exert economic influence. They also dictate how fiat currencies
can be transferred, enabling them to track currency movement, dictate who profits from that movement,
collect taxes on it, and trace criminal activity. All of this control is lost when non-government bodies create their own currencies.
using what is known as monetary policy to exert economic influence. They also dictate how fiat currencies
can be transferred, enabling them to track currency movement, dictate who profits from that movement,
collect taxes on it, and trace criminal activity. All of this control is lost when non-government bodies create their own currencies.
Reason is simple, when our government looks at bitcoins, they are incapable of tracing any person or
company holding responsibility for Bitcoin not only in their jurisdiction, but in the entire planet!
Legal Implication : In order to recognise any medium as authorised payment and settlement system,
they should have proper licences from Reserve/Central Bank of the respective country.
So that government can ensure all the preventive measures against fraud , money laundering and any antisocial activity .
When a case is filed against Bitcoin, not the people transacting bitcoins, inside the jurisdiction,
governments cannot be able to perform their legal obligation to the society !
This is the first part that makes the government to take hostile approach to crypto-currency.
company holding responsibility for Bitcoin not only in their jurisdiction, but in the entire planet!
Legal Implication : In order to recognise any medium as authorised payment and settlement system,
they should have proper licences from Reserve/Central Bank of the respective country.
So that government can ensure all the preventive measures against fraud , money laundering and any antisocial activity .
When a case is filed against Bitcoin, not the people transacting bitcoins, inside the jurisdiction,
governments cannot be able to perform their legal obligation to the society !
This is the first part that makes the government to take hostile approach to crypto-currency.
Because they think bitcoin would surpass their national currency. And some thinks bitcoin is a scam an can harm 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
Although bitcoin is a good asset for a person and also for a country, some countries banned bitcoin at their places. Why? I think they ban bitcoin at their country because they think that it can result for a further problems on their country such as bitcoin usually use in deepweb and darkweb to sell illegal drugs. 
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 thinks that the bitcoins i s a threat into them because it can be a start of a rebellion for some of theur perspective because people can now have a freedom in currency so whats next is freedom into everything. However, bitcoin is strong enough to withstand that banning in some countries and managed to stay on the top.
Bitcoin is tax-free, No tax, No Vat Digital Currency! That's why some county's governments are planning to stop bitcoin. Because they won't get profits from it 
Besides it, Some county's government think that bitcoin is very harmful to the economy. L
Besides it, Some county's government think that bitcoin is very harmful to the economy. L 
They ban it because they can't control it. Governments are in the Control business.
That is true, the government wants to be the one controlling their people but with bitcoins we can have a freedom because they are decentralized so no government can be involve which means there are no taxes to be made. That is why some government thinks that the bitcoins i s a threat into them because it can be a start of a rebellion for some of theur perspective because people can now have a freedom in currency so whats next is freedom into everything. But if they just team up wuth this thing it cannot be a threat at all.
Some government are scared because they think of the fact that they might be overrun by the power of Cryptocurrency and may lead into further conflict inside the country. China is a very business minded country in which you can see every Chinese owns at least one business that they run and gain profit from this industry. Bitcoin may become a asset for some Chinese people if they know how to utilize the use and use it carefully and not abusively. Maybe this is why some country bans Bitcoin or other Cryptocurrency but if they set rules and regulations about this matter, then maybe everybody can profit from the Cryptocurrency Industry.
The answer is simple. It threatens their existence. A government that can't control its people is not a government. Note, money is not the only thing that your government controls. The moment they realize another entity (especially one that is completely independent) is threatening their existence, they will crack down on it.
perhaps the government is still afraid of bitcoin. if the public is to transact via bitcoin rather than through the Bank. even I always think maybe in Indonesia the central government forbade bitcoin to be made a tool of transactions (buy something goods) to keep the community using the Bank as a means of transaction. and paper currency to keep it running in the environment of Indonesian society .
Some governments don't necessarily ban Bitcoin per say, but rather choose to regulate it and even make it taxable.
Back in the days when Satoshi created what is to day Bitcoin, I wonder if he thought it would ever get to this point where we need to share our earnings w/ the gov.
Back in the days when Satoshi created what is to day Bitcoin, I wonder if he thought it would ever get to this point where we need to share our earnings w/ the gov.
They do so simply because they want to continue manipulating and controlling their peoples' lives.
Probably because they could not get total control over it. We all know that governments love to take control of anything that generates profit. And Bitcoin surely is one of those things. And so they come up with strategies to regulate, control, manipulate, or have total control of the crypto system. Something that is quite difficult to accomplish even for governments. And so they would resort to banning Bitcoin or the entire system so that no one would benefit from it.
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