Topic: Why Governments Ban Cryptocurrency {Bitcoin} - page 5. (Read 796 times)

The use of cryptocurrency is for everyone, but smart individuals profit from it.


Not only the citizens transitioning to Bitcoin but if the government makes Bitcoin their main currency, the government will lose control over its economic activities since Bitcoin whales can manipulate their economy due to having a huge amount of Bitcoin in their stash.  Whales can easily crash the market thus creating a negative impact on a country's economic affairs.

The governments usually operate in 1 and 0. They have to take a stance for or against something and to them bitcoin doesn't carry enough weight to be worth their time.

-To an average politician bitcoin is difficult, takes time to master
-Bitcoin doesn't have enough supporters to fight for their votes at least in many poor countries. In the US or the EU the situation is different, but in some Arab countries the number of people interested in crypto is negligible.
-Bitcoin can be easily labeled as a money laundering tool and currency used by hackers, scammers and drug dealers, so it's easy to find arguments to support your stance against it. To support it you have to know something about it and that gets us back to the first point.

its decentralised nature is i believe the major reason why a lot of governments are not on this market. as they have no control of what's going on, what they can do is just regulate of its existence in the market.
and since the govt has no upper hand on this market, they can't totally ban the usage of this currency even if they want to.

The government will never allow Bitcoin to rule above their currency. Otherwise, they will lose control of the financial ecosystem. That's the main reason why the government doesn't want to adapt Bitcoin. It's true that even a lot of countries don't know Bitcoin very well. But those who are well aware of Bitcoin are worried about the decentralised power of Bitcoin. But I think Bitcoin should be usable for everyone. Because even the government wants to ban it officially, but they can't prevent people from using it.

China is already accepting BTC as it is, though not in a large scale or as a legal tender, but for payments and transaction and even mining purposes.
Government bans BTC or cryptocurrency because of many exchanges and coins that has failed or crashed and along with it goes all the investors funds. The government wants citizens to be careful and it is to also reduce the instance of money laundering which can be undetected in the decentralized network easily.

Another is to control the citizens by keeping them reliant on the government jobs or office jobs for survival instead of an individual having the financial freedom to overlook the importance of government.
El Salvador and some countries use BTC and it is a legal tender. Other countries not doing so are observing the doings of the countries doing so and in time will cue in when it has gained a reasonable amount of adoption worldwide.

^{#TBT Topic}
It is not about "prohibiting" because it is bitcoin, it is about transnational interests, that is, (1) they are interested in bitcoin, they remove the prohibition. (2) They have doubts about what they to do, is easy, they legislate, and! when they ignore it, they prohibit it.
Governments, Is not always that way acted thinking of " protect" its citizens.

What they do is "spin" their interests to the convenience of what was mentioned: remove the prohibition, legislate, prohibit.(1),(2),(3) or (3),(2),(1) and (1),(3),(2)...

There are already a few threads that discussed this topic, I'll leave some here.

https://bitcointalksearch.org/topic/why-is-cryptocurrency-illegal-in-some-countries-5468428
https://bitcointalksearch.org/topic/bitcoin-vs-the-government-5468635

Anyway, although in the country I live in Bitcoin isn't much given attention to by government, meaning there are no laws that cater to it, it is common knowledge and belief that the reason as to why governments ban crypto or bitcoin is due to how they are not able to control it. It is as simple as that. Something outside of their control is seen as a bad thing for them.

The Bitcoin had successfully completed the decade of survive in the investment.After the celebratory get into the cryptocurrency,the vast population get into the investment of cryptocurrency.So the country with less economy fear of the their economy will be covered by the cryptocurrency.If the trader uses the cryptocurrency and not involve in the stock trading,it will reduce the people paying taxes for the stock investment.Because most of the stock investors had their money in the cryptocurrency and they won't pay taxes to the government for the cryptocurrency investment.

The main reason governments hate bitcoin is because it sets them back in terms of financial traceability. You can't regulate a Bitcoin transaction, just as you can't regulate a transaction with cash (which was long hated). If a person wants to make an anonymous transaction in the Internet, they'd absolutely want to avoid everything the government controls of, so there you go; bitcoin is the effective solution to that problem.

Many scammers also make use of cryptography, computers, the Internet etc., but you don't ban those. So, cryptocurrency is clearly not the fault here. It's the scammers.

If it's about the financial advisers then that means that they've got some own agenda that they want to happen so they advise poorly and wrongly to the leaders, presidents, and prime ministers. But IMHO, let the finance department decide all of that and then with the help of their own SECs. The problem with some SECs, they don't really like it so the function they have is being followed and they think that they're doing the right thing of not allowing it. And for some governments, it is that there's really no way that they will like it because they don't understand it.

Well, Personally, I don't admire him as most of my community members do, as what I had experienced with him showed me a completely different personality, selfish, man of words not of action, and blah blah. For those people whom are you indicating I can assure are very well aware of this technology and for a long period of time they have been using the crypto market for their money laundering purposes.


They are ignoring this market to be undeveloped because they do not want to get trapped in their own net, as they are beneficiaries of this medium when they set up proper legalization there will be questions about their previous records, as it's not NAB, or FBR where they can change the whole investigation reports, its blockchain with proper analysis they can be tracked out how much they've laundered in last few years, Shity people. Simply they want it undeveloped and use this medium as long as they can because there i no rule of law. After a few years public will forget and they will get a clean chit from those idiots who think they are the smartest minds alive in the world.

You are right, the financial advisors of the countries that have banned it are not that aware of the cryptocurrency and blockchain technology. They just are following the books and rules they have studies and not getting out of there comfort zones to yes out new things. In simple words they are playing it safe and don't want to get involve in some extra activities because they are just passing there time in there government jobs.

It's the open freelancers who I think have to work for such things, against such bans. In our country Waqar Zaka is the main player against the ban on crypto but he was threatened by those who are against the crypto. But still he is standing for all of the crypto community.

In short, governments of developing countries do not want to test new technologies because they know at the end they have to spend money and have to hire professionals for the implementation of the system. That's why they are banning crypto. In my opinion they should at least get some education first about crypto then make such decisions.

Government are not afraid of Bitcoin, the main reason other countries are banning cryptocurrency because they don't have control over the cyrptocurrency system and the government does not want to let decentralized project to take over their financial system.  Aside from that, many scam companies make use of crypto to scam their investors and the government saw it and wanted to prevent it from happening by banning cryptocurrency


Bitcoin blockchain is transparent, if you happen to accidentally link your identity to a certain address, then your cryptocurrency holdings  can easily monitored and the government are making way to control peoples fund and that is through the report of the exchanges to the government.

Can you tell me why someone hate something? The answer is that thing is harmful for them and can cause them trouble. That's a single human hatred the governments are not controlled by a single person but a group of people with same mindset. The governments main motive is to have complete control over the citizens and something like Bitcoin won't allow them to control the citizens in way they wanted to. That's why the governments are trying to add competitor to Bitcoin in the form of CBDCs.

The CBDCs are digital like Bitcoin but they are 100% centralized and governments can control those. No-one can control Bitcoin because it's decentralized and is supported by a huge community of miners and nodes. The public controls Bitcoin the governments doesn't, not even the creator of Bitcoin has control over it. If the governments can't control Bitcoin then in similar way they can't control the ones who use Bitcoin, but surely they can't hide their negative intentions and that's why they are banning Bitcoin.

I'm not against governments but that a reality which we will have to accept. The Bitcoin is really a huge threat to governments and they try to do everything to suppress its growth. The launching of CBDCs is the first step that they took against Bitcoin and surely in future they will make more plans to stop the growth of Bitcoin. But, I highly believe that they will not be successful because Bitcoin is supported by the humans of the whole world not from a single particular region.

1. Bitcoin isn't banned in "most" countries like you think. China and Russia isn't the "whole" world.

2. They are already doing it through different laws and by forcing crypto financial services to do KYC on their customers.

3. Not true. Most people are still using fiat currency. Even those "business" that accept bitcoin, later ends up converting their coin to fiat currency. They need to pay the bills too after all.

4. Not trustworthy because the value changes? Are the price of precious metals stable? Nope. And the government trusts them too.

Few governments that placed a ban on using crypto currencies is because they don't know how crypto currencies work. They don't have proper framework. People might be able to abuse this and launder money at will and ease.

The governments want more control over people. Bitcoin takes this ability and gives it back to people. When people use bitcoin, they are semi anonymous as long as they don’t use any centralized exchanges. Privacy is the enemy of the governments. It is a basic human right but the govs don’t see it that way. They want to know everything about you. What you watch, what you buy, what you eat… Bitcoin is driving them crazy. For this reason, the govs don’t like bitcoin one bit. Right now some govs don’t ban it because they think they can control it but we know that it is impossible. Sooner or later though bitcoin will have fight these assholes. Hopefully later.

Governments or Countries does not hate Bitcoin, in fact they are very open with it, but it gets problematic to fully adopt this cryptocurrency because it gives so much financial freedom to its user that defeats the purpose of the government. Bitcoin or cryptocurrencies in general does not have a governing body, its government is its people so it get less interest from the government and they don't want it to just throw them away and be taken over.


The principle is basic, cryptocurrencies are nothing without fiat, that's the very problem with it, government making the fiat currency and being injected to cryptocurrencies is more of bypassing the banking institutions they have build in a century.

So far, they are all losing, and if things keep going like this, governments around the world will have to become friendly with Bitcoin sooner or later, with the way things are looking right now, I think for the first time in history, Bitcoin will defeat them all, and bring them closer too.

They have no choice for real, if you can't beat you join them, this is what will happen in the end, if not why is ETF now a thing? Exactly, Bitcoin is the solution to the problem of many countries, they lack wisdom that's why they are still banning it, the few smart ones are going after Bitcoin as their rescuer now, so I am not surprised. 

So there you have it, the ban is happening because the government lacks the wisdom and only focuses on power, they are looking at the disadvantage and that's decentralization, they fail to look at the advantage side of Bitcoin, but it's only a matter of time.

No government will give up without a fight against the decentralization. They will always want control, that's what government do otherwise its chaos. But still BTC survives because people know that it a hedge against the inflation and authorities has no dominion over BTC.

Government claiming they are just protecting their citizen from scams is fair. No denying there are lots of crypto scam as well. But BTC will be preferred by the people for its for the people and not owned by authorities.

You are right but to some extent only, because those who have accepted btc or not banned it yet, they also can not control the BTC because BTC is also decentralized for them. All they are doing is getting benefit from the new technology and earning money. For example. BTC is banned in our country why?. source
While this issue is also faced by those countries who have accepted or not banned BTC yet. Instead of banning BTC they try to find ways that could avoid or stop the bad use of decentralization factor of btc-->Money laundering

To be honest, this is the shitiest accuse I have heard. Well what we can do. Nothing.

Governments can find out who is using btc and can tax them and earn money from the crypto (btc) users. So we should not say that every btc users can not be observed by governments. The thing is those who have banned btc, they don't want to spend time in another sector of investigating such cases involved in btc so at the simplest scenario they banned it. [/list]