Governments ban Bitcoin due to concerns about its impact on the financial system, potential for illegal activities, loss of tax revenue, and volatility. However, enforcing such bans is often difficult and can have unintended consequences. As Bitcoin continues to gain popularity and support from individuals and businesses, it remains to be seen how governments will navigate the challenges and opportunities presented by this emerging digital currency.
This topic might be redundant but reasons may vary depending on countries implementing strict regulations to cryptocurrency specifically Bitcoin. We all know that there will always be pro's and con's regarding this issue but it is still up to us on how we are going to deal with cryptocurrencies even though things go against the tides.
Topic: Why Governments Ban Cryptocurrency {Bitcoin} - page 2. (Read 796 times)
Do you serve your government or work in government agencies? How can you know that they know nothing about bitcoin? We know where bitcoin comes from and they will also easily know bitcoin from the sources where we learn about it, knowledge about bitcoin is everywhere and it is not too difficult to find it. Furthermore, if they know nothing about it, how can they know it is harmful or widely used by criminals? That proves that your government also knows very well about bitcoin, but because they do not want to accept an asset, a currency that is not created and controlled by them. So they will give every reason to ban it.
What he meant you can't just understand Bitcoin on the surface only without critical thinking and deep learning.If you think Bitcoin is harmful or widely used by criminals, what's the difference with banks which can be used for money laundering?, why not ban fiat and shutdown banks?
If someone really understand about Bitcoin, you wouldn't think it's a dirty money, illegal money or related with bad activity.
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Regulating the economy and monetary policy is not something simple, in many cases the state sometimes needs to intervene so that money, goods and people's needs are balanced, if something is unbalanced it will have market consequences. So there are many things that need to be thought about and considered before a country dares to take a policy of legalizing bitcoin for payments.
Regulating the economy and monetary policy is not something simple, in many cases the state sometimes needs to intervene so that money, goods and people's needs are balanced, if something is unbalanced it will have market consequences. So there are many things that need to be thought about and considered before a country dares to take a policy of legalizing bitcoin for payments.
This is something not everyone understands, and many people think that regulating the economy is very simple, and that is why many people always complain about the government. It wouldn't be a problem if bitcoin were only legal as a commodity and strictly regulated, but if it became a currency, destroying a country's economy wouldn't be so difficult. The economy needs to be closely monitored and regulated and to do that, the government needs a tool to do that and that is fiat, which they can intervene in at any time to balance economy. There are actually a lot of things to consider and handle before accepting bitcoin as currency, which is not easy for the government.
Of course, the government needs to consider many things if it wants to implement Bitcoin as a payment currency because there will be many possible consequences. Until now I still like it if my country's government legalizes bitcoin as an asset and prohibits us from using bitcoin as a payment currency except for trading in the bitcoin/crypto market
The main problem that the country may consider is that the value of bitcoin is very volatile so it has a high risk if used as a payment currency. Imagine if I am a wood trader then I sell my wood for 1btc, I save 1btc for shopping next month but it turns out the price of bitcoin has fallen 30% so I can't buy any more wood because my capital has lost value by 30%
Maybe the president and politicians won't know about bitcoin because they have thousands of things to worry about but they have not just one but thousands of consultants and experts in every field working for them. It would be naive to assume they would introduce bans or regulations without knowing anything about bitcoin. I bet the government understands bitcoin better than you and I, let alone the fact that they don't understand how bitcoin works. If they were more stupid than us, they wouldn't be able to lead us.
I don't know about other countries. But I know about my country. The government doesn't know anything good about Bitcoin. They have experts in every field, and those experts use Bitcoin secretly. LOL. They think Bitcoin users are criminals. Only criminals use Bitcoin to pay for their crimes. Some ministers have good knowledge of Bitcoin. For example, the Bangladeshi IT minister knows about Bitcoin, and he always supports it. But others do not agree with him because others don't understand how it works and why it's good. Some government Anal-yst say Bitcoin will open the door to money laundering. They sounds like money laundering is not happening without Bitcoin.
Do you serve your government or work in government agencies? How can you know that they know nothing about bitcoin? We know where bitcoin comes from and they will also easily know bitcoin from the sources where we learn about it, knowledge about bitcoin is everywhere and it is not too difficult to find it. Furthermore, if they know nothing about it, how can they know it is harmful or widely used by criminals? That proves that your government also knows very well about bitcoin, but because they do not want to accept an asset, a currency that is not created and controlled by them. So they will give every reason to ban it.
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I don't think that's their reason and they know what the real reason is, so even when crypto experts explain, they ignore it. If you are them, try to think: did crime come first or did bitcoin come first? And before bitcoin was born, what did criminals use for their crimes?
I don't think governments are stupid enough to not know those basics.
I don't think governments are stupid enough to not know those basics.
You won't be able to convince them with this kind of explanation. Bangladeshi ministers use these things as an excuse. No matter what, what was born first. They think criminal activity will increase if they legalize Bitcoin here. Yes, they are stupid enough to give these excuses. They think Bitcoiners are criminals and only use Bitcoin to pay for their crimes.
Another reason is that the government always wants to control your money. They want tax from your every transaction. If they legalize Bitcoin and you start paying using Bitcoin, they won't know these things. They won't be able to control you.
First time my country have bad viewed with bitcoin transaction and many my citizen bad opinion with bitcoin such as not more valuable in the future until claimed as gambling kinds of bitcoin. But after huge transaction in daily day, my government have good viewed with bitcoin and get bigger opportunity to earn more taxes with huge bitcoin transaction in daily day. Have been two years with my country Indonesian adopted taxes for all cryptocurrency transaction when selling or buying in local exchange decentralized, we have to pay taxes not matter your position profit or loss during trade on local exchange must pay taxes.
For the future have good viewed with bitcoin in my country, first have bad mindset and right now bitcoin huge profitable with taxes income for government and they can earn much income when huge transaction in our local decentralize exchange.
Many governments, including Indonesia, change their minds quickly about Bitcoin and other cryptocurrencies when they realise they could bring in a lot of tax money. Initially, they avoid it, label it as gambling, and spread bad stories about it. Although, when they see a chance to make money, they change their tune, right? Allow us to now talk about how people act. With government views swaying the people, they get stuck in a mental tug-of-war. People are first told it's bad, but then it's suddenly seen as the next best thing because the government is making money off of it. What happened to consistency?For the future have good viewed with bitcoin in my country, first have bad mindset and right now bitcoin huge profitable with taxes income for government and they can earn much income when huge transaction in our local decentralize exchange.
But now that the Indonesian government has demonised Bitcoin, they see how profitable it is and start taxing every transaction, whether the buyer or seller makes money or loses money. In what way does that treat the people fairly? It's good that they're looking to the future of banking, but the change seems like a wasted chance. For people to be able to handle this new financial world, they need to be given clear information and maybe even rewards.
In addition, the governments ban crypto specifically bitcoin because they don’t see it as a real currency, but a tool for committing fraud and scams for criminal people. Their minds are closed to that certain way of thinking no matter how crypto analysts will educate them. And because of that, almost all the governments are against to the innovation brought by bitcoin.
I don't think that's their reason and they know what the real reason is, so even when crypto experts explain, they ignore it. If you are them, try to think: did crime come first or did bitcoin come first? And before bitcoin was born, what did criminals use for their crimes?
I don't think governments are stupid enough to not know those basics.
However, we all know that even if the government bans bitcoin, people will still find ways to access bitcoin. The fact that bitcoin remains a decentralized currency, then regardless if the government will legalized or ban bitcoin, still they can never control or traced all our bitcoin transactions.
This is exactly why governments dislike and ban bitcoin, because they cannot control and monitor us if we use bitcoin. But you're right, even if they issue a ban, it won't stop people from using bitcoin and its growth.
In addition, the governments ban crypto specifically bitcoin because they don’t see it as a real currency, but a tool for committing fraud and scams for criminal people. Their minds are closed to that certain way of thinking no matter how crypto analysts will educate them. And because of that, almost all the governments are against to the innovation brought by bitcoin.
However, we all know that even if the government bans bitcoin, people will still find ways to access bitcoin. The fact that bitcoin remains a decentralized currency, then regardless if the government will legalized or ban bitcoin, still they can never control or traced all our bitcoin transactions.
However, we all know that even if the government bans bitcoin, people will still find ways to access bitcoin. The fact that bitcoin remains a decentralized currency, then regardless if the government will legalized or ban bitcoin, still they can never control or traced all our bitcoin transactions.
Oh, you're totally right! It's a bit frustrating how the government views crypto. But people are resourceful. No matter what the officials say, people always find a way to get what they want. In our country, the government's stance on crypto, particularly Bitcoin, is quite skeptical. They see it as a tool for fraud and illegal activities however, the unique thing about Bitcoin is its decentralized nature. Unlike traditional currencies, it's not controlled by any government or financial institution and people can still engage in Bitcoin transactions even if the government tries to go against it.
In addition, the governments ban crypto specifically bitcoin because they don’t see it as a real currency, but a tool for committing fraud and scams for criminal people. Their minds are closed to that certain way of thinking no matter how crypto analysts will educate them. And because of that, almost all the governments are against to the innovation brought by bitcoin.
However, we all know that even if the government bans bitcoin, people will still find ways to access bitcoin. The fact that bitcoin remains a decentralized currency, then regardless if the government will legalized or ban bitcoin, still they can never control or traced all our bitcoin transactions.
However, we all know that even if the government bans bitcoin, people will still find ways to access bitcoin. The fact that bitcoin remains a decentralized currency, then regardless if the government will legalized or ban bitcoin, still they can never control or traced all our bitcoin transactions.
There are many reasons why a country bans Bitcoin, and most countries don't want to bring these reasons to the public. Some governments think that if Bitcoin is allowed in their country, they will not be able to control their country's economy, while some countries' governments think that if Bitcoin is allowed in their country, people will deposit their money through Bitcoin instead of keeping money in banks, which will result in their country's money going out , while some countries may ban bitcoins in the country considering their country's education rate. For example you mentioned China and Russia here, I know you all have very good economic condition of China and Russia, why they are not allowing Bitcoin in their country despite having good economic condition, there may be some reason behind it. Maybe they don't want another currency to rule their country.
Different countries generally play different roles in banning Bitcoin.
Different countries generally play different roles in banning Bitcoin.
To me, the government doesn't have too many reasons to ban bitcoin, they only have one reason, which is that it is decentralized. The decentralized nature of bitcoin is the only factor that makes it impossible for governments to be friendly towards it as it would destroy a host of government regulations and rules put in place to control us. But they never revealed that reason to the public and also gave hundreds of other silly reasons.
But government resistance to bitcoin is also gradually failing because they cannot stop people from using it and its adoption is gradually happening faster than in previous years.
I agree with your point, actually the government doesn't have too many reasons to ban bitcoin, the only reason is its decentralized nature and that makes them unable to control it. Besides that reason, I don't see any more reasonable reason like bitcoin related to crime, fraudulent activities...Let's not forget that crime and fraud predate bitcoin by hundreds of years so those reasons are really silly and stupid to me. They do not dare to admit that they have failed to control bitcoin, so they find every reason to hide that failure.
Governments of many countries have declared Bitcoin illegal and completely stopped all financial transactions and bank transactions on it. There are also many countries that are newly declaring Bitcoin as a legalized currency. Countries that have outlawed Bitcoin are mainly afraid of decentralized Bitcoin because decentralized currency cannot be controlled by governments and banks. Since Bitcoin is a decentralized currency, the government cannot control it. Moreover, banks do not want to accept Bitcoin transactions because Bitcoin does not depend on any third party. Moreover, the government is completely opposed to Bitcoin due to a fear of such a decline in the popularity of banks.
First time my country have bad viewed with bitcoin transaction and many my citizen bad opinion with bitcoin such as not more valuable in the future until claimed as gambling kinds of bitcoin.
A type of Bitcoin gambling, that's what I often hear.When I was in the crypto space there were many negative responses given to bitcoin or crypto in my place.
Even Bitcoin was seen as a toy currency that was no more valuable than Fiat money.
But that assumption has now started to lead to an interest in crypto and Bitcoin, and how such digital coins can make a lot of money.
But after huge transaction in daily day, my government have good viewed with bitcoin and get bigger opportunity to earn more taxes with huge bitcoin transaction in daily day. Have been two years with my country Indonesian adopted taxes for all cryptocurrency transaction when selling or buying in local exchange decentralized, we have to pay taxes not matter your position profit or loss during trade on local exchange must pay taxes.
For the future have good viewed with bitcoin in my country, first have bad mindset and right now bitcoin huge profitable with taxes income for government and they can earn much income when huge transaction in our local decentralize exchange.
Governments in our country are now fully aware of how big the transactions are in crypto and are trying to provide proper regulation.For the future have good viewed with bitcoin in my country, first have bad mindset and right now bitcoin huge profitable with taxes income for government and they can earn much income when huge transaction in our local decentralize exchange.
It is also because they want to benefit from the transactions made by imposing trade tax rules for crypto.
But at least there is recognition of cryptocurrencies and the government is facilitating for crypto users.
We should only use it as a commodity asset and should not be used as a means of payment other than rupiah.
A government that has an open mind will not completely ban technology that will have a big impact in the future.
This should be utilized and used as a stepping stone to gain more benefits and support the progress of a country.
First time my country have bad viewed with bitcoin transaction and many my citizen bad opinion with bitcoin such as not more valuable in the future until claimed as gambling kinds of bitcoin. But after huge transaction in daily day, my government have good viewed with bitcoin and get bigger opportunity to earn more taxes with huge bitcoin transaction in daily day. Have been two years with my country Indonesian adopted taxes for all cryptocurrency transaction when selling or buying in local exchange decentralized, we have to pay taxes not matter your position profit or loss during trade on local exchange must pay taxes.
For the future have good viewed with bitcoin in my country, first have bad mindset and right now bitcoin huge profitable with taxes income for government and they can earn much income when huge transaction in our local decentralize exchange.
For the future have good viewed with bitcoin in my country, first have bad mindset and right now bitcoin huge profitable with taxes income for government and they can earn much income when huge transaction in our local decentralize exchange.
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Regulating the economy and monetary policy is not something simple, in many cases the state sometimes needs to intervene so that money, goods and people's needs are balanced, if something is unbalanced it will have market consequences. So there are many things that need to be thought about and considered before a country dares to take a policy of legalizing bitcoin for payments.
Regulating the economy and monetary policy is not something simple, in many cases the state sometimes needs to intervene so that money, goods and people's needs are balanced, if something is unbalanced it will have market consequences. So there are many things that need to be thought about and considered before a country dares to take a policy of legalizing bitcoin for payments.
This is something not everyone understands, and many people think that regulating the economy is very simple, and that is why many people always complain about the government. It wouldn't be a problem if bitcoin were only legal as a commodity and strictly regulated, but if it became a currency, destroying a country's economy wouldn't be so difficult. The economy needs to be closely monitored and regulated and to do that, the government needs a tool to do that and that is fiat, which they can intervene in at any time to balance economy. There are actually a lot of things to consider and handle before accepting bitcoin as currency, which is not easy for the government.
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Maybe the president and politicians won't know about bitcoin because they have thousands of things to worry about but they have not just one but thousands of consultants and experts in every field working for them. It would be naive to assume they would introduce bans or regulations without knowing anything about bitcoin. I bet the government understands bitcoin better than you and I, let alone the fact that they don't understand how bitcoin works. If they were more stupid than us, they wouldn't be able to lead us.
I don't know about other countries. But I know about my country. The government doesn't know anything good about Bitcoin. They have experts in every field, and those experts use Bitcoin secretly. LOL. They think Bitcoin users are criminals. Only criminals use Bitcoin to pay for their crimes. Some ministers have good knowledge of Bitcoin. For example, the Bangladeshi IT minister knows about Bitcoin, and he always supports it. But others do not agree with him because others don't understand how it works and why it's good. Some government Anal-yst say Bitcoin will open the door to money laundering. They sounds like money laundering is not happening without Bitcoin.
Conclusion:
Countries ban bitcoin for different reasons, some, the government (president) didn't even know anything about crypto but the financial advisers gave the wrong information or they advise the government wrongly on cryptocurrency.If the financial advisers gave the right information on cryptocurrency many countries would have adopted bitcoin in their countries. Some of them were trying to prevent their citizens from internet fraudstars and scammers probably because of the previous experienced in the country.
I'm not sure even if their economics department knew the concept of bitcoin properly, they would just use and legalize it. Bitcoin is a decentralized currency and cannot be manipulated or interfered with. For countries this is a problem because they cannot organize and do something if the price of goods rises, there is too little money, and there is too much money in the market.
Regulating the economy and monetary policy is not something simple, in many cases the state sometimes needs to intervene so that money, goods and people's needs are balanced, if something is unbalanced it will have market consequences. So there are many things that need to be thought about and considered before a country dares to take a policy of legalizing bitcoin for payments.
Every country has its own lame excuses for not adopting Bitcoin. Someone is making false claims due to its volital nature that Bitcoin is harmful due to its decentralized nature. Bitcoin cannot be monitored to see how many and who are still engaged Bitcoin users. This means that every country has presented its own lame excuses for banning or restricting Bitcoin. I will tell you about my country that the government of our country has put restrictions on Bitcoin because they say that it is a money laundering asset, and it is a straight-forward way for money laundering used in an easy way. But this claim is based on such a weak argument that anyone can raise objections to it.
Now, new software has been introduced for this money laundering, AML, through which they can check transaction details and also account details based on assets to prevent money laundering, but now they are not obeying. In the same way, every country has its own excuses regarding Bitcoin, but the fact that the reason for the ban or restrictions on this Bitcoin, in my opinion, is only the fait currency, which gives these government officials money in the centre of the fait (banks). Making decisions against and banning Bitcoin
Now, new software has been introduced for this money laundering, AML, through which they can check transaction details and also account details based on assets to prevent money laundering, but now they are not obeying. In the same way, every country has its own excuses regarding Bitcoin, but the fact that the reason for the ban or restrictions on this Bitcoin, in my opinion, is only the fait currency, which gives these government officials money in the centre of the fait (banks). Making decisions against and banning Bitcoin
Governments do not want to receive any type of benefits to the people who reside in their countries because they are the only ones who want to keep the benefit of having a lot of bitcoin, and in fact they cannot do so, because they have more resources than the people, they can regulate Because prohibiting there will come a time when they will not be able to resist all that pressure, the eprsoans will seek to have a better vision and will look for countries where they are not prohibited from having bitcoin, because bitcoin is a way to get out of the FIAT money system where they want to do something like that to everyone. like slaves, where they give you little to do a lot.
There are many reasons why a country bans Bitcoin, and most countries don't want to bring these reasons to the public. Some governments think that if Bitcoin is allowed in their country, they will not be able to control their country's economy, while some countries' governments think that if Bitcoin is allowed in their country, people will deposit their money through Bitcoin instead of keeping money in banks, which will result in their country's money going out , while some countries may ban bitcoins in the country considering their country's education rate. For example you mentioned China and Russia here, I know you all have very good economic condition of China and Russia, why they are not allowing Bitcoin in their country despite having good economic condition, there may be some reason behind it. Maybe they don't want another currency to rule their country.
Different countries generally play different roles in banning Bitcoin.
Different countries generally play different roles in banning Bitcoin.
To me, the government doesn't have too many reasons to ban bitcoin, they only have one reason, which is that it is decentralized. The decentralized nature of bitcoin is the only factor that makes it impossible for governments to be friendly towards it as it would destroy a host of government regulations and rules put in place to control us. But they never revealed that reason to the public and also gave hundreds of other silly reasons.
But government resistance to bitcoin is also gradually failing because they cannot stop people from using it and its adoption is gradually happening faster than in previous years.
The government can do whatever they want to do, especially with businesses, whether they approve it or not, as long as they benefit from it. Of course, they will prioritize their personal interests over the benefit of the government.
And any government will not really agree if they have no benefit to gain from it. Especially since they own it. But this kind of behavior by the government is normal, so many countries have banned Bitcoin, and eventually they also revoked it because they realized that it has benefits for their country.
And any government will not really agree if they have no benefit to gain from it. Especially since they own it. But this kind of behavior by the government is normal, so many countries have banned Bitcoin, and eventually they also revoked it because they realized that it has benefits for their country.
The very main reason why I believe some countries have negative approach towards bitcoin is that this market is decentralized.
So the government has no hold or no control on this currency and that they don't want to deal with such uncertain market.
Also, the point that most of these officials up until now are not really educated to this market, hence, their hesitation to include this in their financial plans.
So I guess, learning this market will give them more insights and be more open mind as this market will continue whether they will participate or not.
Exactly these features of Bitcoin cannot be accepted immediately by a government, so even when the impossible is not possible for them, that is why Satoshi Nakamoto is so talented, and he thought of doing it for people who don't just have financial problems, but also for other entrepreneurs who will be open to it.
Because the government cannot manage Bitcoin, they created another alternative to control other digital currencies, thus the government created restrictions on other cryptocurrencies that they can control in some way.
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