Why Governments Ban Cryptocurrency {Bitcoin} - page 6.

lombok

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Quote from: yhiaali3 on October 07, 2023, 10:21:29 AM

This is wrong, basically in most countries decisions and regulatory laws are made by the government and not the president, but regardless even countries with a president will get the same result because the government and the president love centralization and control and hate decentralization.

Bitcoin has unique characteristics that make all governments ban it, such as decentralization and privacy. This makes citizens’ financial transactions far from the eyes and hands of the government, so it is rare to find a government that accepts Bitcoin.

The only exception is perhaps El Salvador because of the major economic problems that the country suffers from and the lack of a national currency in the first place, which prompted the open-minded president to adopt Bitcoin.

Actually bitcoin is not very private, because everyone can see transactions on the blockchain as well as wallet addresses.

Responding to OP

There are several main reasons why Bitcoin is not legalized in that country, namely because if Bitcoin is legalized as a means of payment or transaction, the value of that country's currency could be disrupted. If Bitcoin is legalized as a means of payment, many export and import sectors will use Bitcoin and the country's currency will decrease in value because its performance decreases. A currency gets stronger if it continues to be used/circulated to revive the economy. If this does not happen then the currency will not move and demand for the currency will also decrease resulting in excess supply while there is no demand.

Please correct me if I'm wrong.

tbct_mt2

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Simple.

They want to defend their fiat currencies and in future their CBDCs.
They try to reduce access of their citizens to Bitcoin and cryptocurrencies as much as possible because they see those currencies as threats for their fiat and CBDCs.

Some reports to help you have some insights
Cryptocurrency regulations around world
PwC Global crypto regulation report 2023

Kakmakr

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Why would you allow a technology that gives governments less control and more freedom to people? The governments that are banning Crypto currencies like Bitcoin are control freaks and they monitor and control their citizens.

Bitcoin gives people financial freedom.... Example : Citizens can donate to Wikileaks and sites like this are used to hold governments and large corporations accountable to it's citizens. (Governments hate that, because they cannot block those payments) Wink

Aanuoluwatofunmi

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From your topic, a little correction to be made is that governments go against other cryptocurrencies and are getting to recognize bitcoin as the only digital currency that is valid and acceptable, dome governments are already making this known to the public, which also means that they have realized that bitcoin is not the problem but a number of altcoins in which a large number of them were shitcoins, part of the reasons we are having scam in cryptocurrency, bitcoin is not the problem and they are getting this straight already unlike before when it was all been made hard on bitcoiners.

yhiaali3

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This is wrong, basically in most countries decisions and regulatory laws are made by the government and not the president, but regardless even countries with a president will get the same result because the government and the president love centralization and control and hate decentralization.

Bitcoin has unique characteristics that make all governments ban it, such as decentralization and privacy. This makes citizens’ financial transactions far from the eyes and hands of the government, so it is rare to find a government that accepts Bitcoin.

The only exception is perhaps El Salvador because of the major economic problems that the country suffers from and the lack of a national currency in the first place, which prompted the open-minded president to adopt Bitcoin.

kingvirtus09

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If there is a country that has banned Bitcoin, it's simply because they haven't researched the good that Bitcoin can do in their country. Because they always think that they have nothing to gain from it, but the truth is that they can gain a lot from Bitcoin.

That's why the other countries that previously banned Bitcoin also withdrew it, right, like El Salvador, Russia and others. Why? because they realized in the end that it would be a great contribution to their country and even to their constituents and also establishment businesses to be honest.

PX-Z

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For obvious reason, cryptocurrency is the opposite of how government wants to fiat, it's a matter of how they can control it which is they can't over crypto. For those countries who accepts bitcoin (crypto-friendly) are those government who understand y really well and used it for their advantage.

aylabadia05

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It's not real because they can't physically hold Bitcoin like they can hold coins or banknotes that are printed in large quantities every year by the state. Opposition to Bitcoin is because he cannot get a share like the share that is obtained from the amount of currency owned by the state.

The ban and opposition to Bitcoin by countries and other organizations is nothing new that has shocked the Bitcoin-loving community, despite the various reasons given by countries or governments that oppose Bitcoin. Bitcoin continues to circulate amidst the strong opposition carried out by them because Bitcoin will not die because of their ban on clowns.

Despairo

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Quote from: Miles2006 on October 07, 2023, 09:22:34 AM

Bitcoin and cryptocurrency are banned in most countries, China, Russia and many more. Because the government is afraid of bitcoin

Even though China is ban Bitcoin, but Sanghai e.g. one of city in China is recognize Bitcoin now [1], so the citizen can come to visit this country if they want to buy Bitcoin.

Russia isn't ban Bitcoin, they only forbid banks are associated with Bitcoin [2], so it's not a problem if you trade via P2P without link to bank.

[1] https://bitcointalksearch.org/topic/bitcoin-recognized-as-digital-currency-in-shanghai-5468382
[2] https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory#Russia

Fivestar4everMVP

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Just as you have mentioned or said rather, the countries that banned bitcoin did so for several reasons, but for me, what I have always believed is that, the government will always hate what they cant conquer, and try to destroy that which they do not understand that seem like a threat to them and their centralized financial system.

But its still very unfortunate that they ban bitcoin simply out of lack of understanding, bitcoin to me is the most friendly currency in the entire world, it does not discriminate, and neither does it have a selection of where it will work and where it wont, Bitcoin is ready to cooperate and work hand in hand with fiat to provide for the people, the kind of financial system they need, if only the government will come down from their high hills and understand that the solution to the fiat problem they have been tryin to solve for years now is Bitcoin.

All they have to do is, allow those who want to transact in bitcoin to do so peaceful, as they also allow those who choose fiat to also do so peaceful, they can not force every one of us to go the fiat way with them when we have a better alternative like Bitcoin around.

romero121

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Bitcoin vs the government
Why is cryptocurrency illegal in some countries?
Government vs Bitcoin
Bitcoin can be banned or stopped by governments
If you were the government, how would you fight against bitcoin?

Above are few threads that discussed much about the governments, their plans, and why they want bitcoin to be banned. Rather than discussing again on the similar topic it is good to discuss in the opposite way, what benefits bitcoin can bring to a country when adopted as legal tender as we don't have countries other than El Salvador.

Miles2006

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Former European central bank President once said bitcoin is not real, he also said he is against bitcoin, so many people saying there own opinion towards bitcoin. But have you ever thought why?, from my own point of view

Bitcoin and cryptocurrency are banned in most countries, China, Russia and many more. Because the government is afraid of bitcoin
knowing that bitcoin is a decentralize currency, the government cannot control and monitor your funds.
As bitcoin continues to grow most people continue to adopt bitcoin as there currency, the increase population of bitcoin has become global, business owners, traders, now use bitcoin so the government is scared of loosing there value of money. The more people use bitcoin in saving there money the more the government loose control of there currency.
they see bitcoin and other cryptocurrency as not trustworthy, as the value changes.

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.

Topic: Why Governments Ban Cryptocurrency {Bitcoin} - page 6. (Read 809 times)