Why do some government ban bitcoin? - page 9.

De Suga09

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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

This news has already been done. China including India already banned any bitcoin business and bitcoin related transactions. They do it because bitcoin is a decentralized currwncy which means noone can control it, even the government. With that mentioned, they fear what they cannot control and if not controlled, all that is left to do is eliminate. However, bitcoin is strong enough to withstand that banning in some countries and managed to stay on the top.

Blackhammer321

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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

Some countries did banned cryptocurrency and cryptocurrency-affiliated activities in one way or another, But the reason for the illegalization of bitcoin most of the time is because they are thinking thst bitcoin would hurt their economy and their monetary system. They are locked onto thinking that once bitcoi was implemented as a global currency this means death of the currency and the conomy of these countries.

jpnl0008

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Governments circulates money in a society, in order to stay in power, so they tax the public servants, investors and corporate bodies etc.

Cryptocurrencies undermine most monetary policies of governments. For instance,

1. Governments cannot print money to indirectly tax savings.
2. Governments cannot control the exchange and interest rates

Cryptocurrencies undermine fiscal policies of governments. For instance,

1. Governments cannot readily check your current holdings, revenue of their tax base.
2. Governments cannot freeze or seize the cryptocurrencies.
3. Governments cannot track allegiance og the currencies.

MyIdeas

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Quote from: Harrow30 on May 08, 2018, 04:45:47 PM

The basic summary of governments banning bitcoin is to guard against its citizens from being swindled. Also, because the government doesn't have a full control of the Bitcoin/Cryptocurrency system yet. From my view of what my country's government hold is that they are not fully aware of its full potential, hence they are not that decisive of a ban or not.

If your government do not know about this coin then there is also a fear that they will ban this coin as we faced a few countries which have banned it, the reason is that they do not know about the reality of that coin and they do not know about 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.

minhlee95

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Because bitcoin can not be controlled, it can not be taxed, that is, it will only add problems praivtelstvu and they just do not want to bother with it.

HiringYou

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The main reason due to which government ban bitcoin is it's decentralized nature.As Bitcoin is decentralized in nature so no government or bank is able to control the transactions made through Bitcoin.Due to which the people involved in the transactions remain unidentified.This make the Bitcoin transactions anonymous.Some people uses this feature of anonymous transactions in a wrong way.They know that they will not be identified so they use Bitcoin as a mode of payment for illegal dealings of drugs, ammunitions etc.This forces the government to take decisions against Bitcoin.

mickeybuddy27

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Quote from: Rooster101 on March 26, 2018, 03:12:53 AM

Government can't effectively ban bitcoin or any cryptocurrencies because it is difficult to enforce and exchanges would go underground instead. Governments use to control currencies and uses their central banks to issue and destroy money and they have their own monetary policy to exert economic influence. Because it is centralized, they controls all functions and uses of fiat including tax collection and monitoring illegal use of currency like money laundering. Cryptocurrencies are opposite of government because they are decentralized which means no one controls them and banks are no longer needed for this kind currency. Government don't like the idea of decentralized currency and some considers that cryptocurrencies are not a currency with legal tender status in any jurisdiction.

Usually government ban bitcoin in their country because the users of t used bitcoin in illegal transactions which is hard for them to find out who is liable for it. They cannot control the one who using it because it has anonymity. They do not like bitcoin because it is not controllable and they think that it cannot be taxed to help the government for the development of the economy.

Harrow30

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The basic summary of governments banning bitcoin is to guard against its citizens from being swindled. Also, because the government doesn't have a full control of the Bitcoin/Cryptocurrency system yet. From my view of what my country's government hold is that they are not fully aware of its full potential, hence they are not that decisive of a ban or not.

qtronix

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Bitcoin is a decentralized currency, which means that the government cannot control it and exert any influence. And they don't want to allow on its territory, something that cannot be controlled.

Bugcoin5

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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

Because they can use for illegal activities that is anonymity of transactions makes Bitcoin a good ally of criminals and could be used for drug trafficking, prostitution, terrorism, money laundering, tax evasion and other illegal and activities.

MallyVogue

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Simple, China wants to ban bitcoin because they want to be in control. They want to replace USA and be the dominant country. And since Bitcoin is decentralized, they cant control it. For example, the islands that they are stealing are not even near their country. I mean if you will just use your eyes and check the world map why would China even try to get these islands far away from them. They are hungry for power and that's why they ban Bitcoins, they can't control it.

total.room

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Ada kemungkinan kepemerintahan melarang bitcoint,karna pemerintah mengganggap bitcoint itu akan menghancurkan masa depan warganya

icomap24

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Today I have written the Reserve Bank of India has a circular stating that all bodies operating under the purview of the RBI should stop any kind of operations with cryptocurrency players like wallets and exchanges.

Harrisonimo

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Government as it were are a set of body putting the affairs of a country under their control. The major reason why the ain't happy with the Bitcoin is because it can't be controlled; decentralized. Hence the government ban on Bitcoin as they dont have control over it and it is somewhat making the citizens to be at liberty without the government's interference.

Boysen

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We see news of a number of countries illegalizing the use of bitcoin in their territory, what could be their motives for exercising such bold yet devastating attempt? It is mainly be ause of the lack of knowledge over bitcoin. They aren't that knowledgeable with bitcoin's internal functions and they might've wven read bitcoin news and articles from news sources that are biased or doesn't really reflect what the graphs say.

xraisers

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This could be as a result of the fact that At the moment, governments of all countries are not able to track transactions made with the help of crypto currency. Hence, there are other reasons. Mining requires a lot of energy, at the same time, there is no legislative base that regulates energy consumption, taxation. And, of course, this is an excellent opportunity for terrorists and scammers to commit their dirty deeds, which is unacceptable.

malah

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I think the government has decided to ban the use of bitcoin in a country because they fear bitcoin will be used for crime and fluctuating bitcoin prices can cause harm so the government takes action to ban the use and circulation of bitcoin

DreezHoly

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Most governments consider Btc a threat to their economic growth, the independence of BTC from regulatory institutions means that it cant be taxed, thus denying most government income tax returns

gordeevaverona

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I think that the infrastructure does not allow them to participate in the development of their currencies and make bitcoin a multifunctional digital currency definitively its own.

wpc143

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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

In my own opinion, many country whose government are banning bitcoin or even all cryptocurrencies because they are against it, the government can't earn from people who are earning in bitcoin because bitcoin has no tax.

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