why some countries are prohibit BTC...

popolite11

sr. member

Activity: 882

Merit: 250

Quote from: warunacrypto on November 22, 2017, 07:56:00 AM

speciall some arabic countries are stop to market with crypto currency that people thinking BTC are damaging there bank system...you can give your opinion with me...i would like to know lot of senior members what there thinking about this

Many countries are afraid of unstable bitcoin prices and do not want to recognize it as currency. They also want to control all the money of their citizens, and with crypto-currencies it will be very difficult to do it.

Bitcoininspace

sr. member

Activity: 574

Merit: 250

Quote from: ?? on ??

The State Bank sends a press release to confirm that Bitcoin and other similar virtual currency is not a legal means of payment in your country.
Many players believe Bitcoin is a virtual currency, not a government and a country. Thus, banning public transactions can be easy, but underground trading is difficult to control. And it involves money laundering, inflation, crime

True that, I think the same way. The government just can't control a cryptocurrency so they're banning it to hold the situation in their hands. However I don't believe that may lead to anything that a losses of the government. It's better if the government would allow cryptocurrency or find a consensus.

joshy23

sr. member

Activity: 1078

Merit: 256

Quote from: ?? on ??

Because new things come out, it will take the place of some old things. BTC they can't control it. They can only be destroyed. They like to control.

Controlling the economy is the big threat of bitcoin in any country, with how bitcoin works it will be an easy access to bypass taxes and if that will continue then it can break government system, if more people will use this system then the country will suffer, I think proper knowledge and better understanding is really needed to ensure the stability of any system that will be introduce.

oegarod

sr. member

Activity: 602

Merit: 252

Bitcoin is prohibited in very few countries. Some countries where bitcoin was banned once has taken away the ban experiencing the goodness. Now more countries have made plans of regulating bitcoin to avoid misuse of the technology. Furthermore expect more adoption to take place in the further years.

jerlen17

full member

Activity: 532

Merit: 100

I think and in my opinion, some countries prohibit bitcoin because the government do not have the control to it and they cannot tract every transaction of every investor to deduct the taxes from their profit or investment.

Bastime

sr. member

Activity: 519

Merit: 250

Quote from: pksingh on December 08, 2017, 04:32:33 AM

The prohibitions will be lifted soon as futures market have come in.
China would try to still prohibit it as BTC futures may act as equaliser against synthetic manifulation of the currencies by chinese banks.

China is the biggest influence of Crypto-Currency although the country is banning any cyrpto-currency exchange but the fact is there are so many Chinese businessmen that are currently making business with Crypto-Currencies that they actually operating in other countries that has been seeking permits in Japan and Russia for the few countries that are not making boundaries and boarders away from digital currency or assets.

Bastime

sr. member

Activity: 519

Merit: 250

Quote from: Oakey22 on December 08, 2017, 04:38:40 AM

Eventually you will see Bitcoin become regulated, they are already on there way to it with KYC at all major US exchanges. For the normal person this means nothing but to tax dodgers it will be a great shock when they get a tax bill.

This Bitcoin and Crypto-Currency toleration must be stopped by regulating the upcoming ICOs that must be suppose to carry the standards to avoid failure and confusions to market and to ensure investors that they invested the good ICO and crypto-currency that will give them good profit in the future.

Bastime

sr. member

Activity: 519

Merit: 250

Crypto-currency is just like an intangible thing that is created to transform tangible money into digital and some countries are thinking it will affect their local sovereign money and their economy will be affected.
But strong countries doesn't build any boundaries from the future monetary for economy because they're seeing good advantage in using it instead of using central monetary like dollars and euro for trading and international funding.

Oakey22

sr. member

Activity: 489

Merit: 322

Eventually you will see Bitcoin become regulated, they are already on there way to it with KYC at all major US exchanges. For the normal person this means nothing but to tax dodgers it will be a great shock when they get a tax bill.

coin-continuum

newbie

Activity: 49

Merit: 0

Because they are no regulated, and countries economies rely on tax payments, yet how could you monitor a financial instrument that is completely decentralized and untrackable. Its all about the money and taxes.

pksingh

member

Activity: 218

Merit: 10

BCT Manager

The prohibitions will be lifted soon as futures market have come in.
China would try to still prohibit it as BTC futures may act as equaliser against synthetic manifulation of the currencies by chinese banks.

kolbalish

member

Activity: 627

Merit: 14

Crypto Article Sharer!!!

Bitcoin prohibition in any country is totally handled by this country government sweet will.Many government don't like this and they are not sincere about this forum.Moreover, actually they don't know properly about this forum. For those reason,some countries are prohibited Btc.

supermine

hero member

Activity: 826

Merit: 518

Quote from: Avaemily on December 08, 2017, 04:10:17 AM

Cryptocurrency will kill and maim their banks... And it will probably affect their collection of governmental charges like taxes, etc....
They can't support what seems to be a threat to them

Yeah,as you said bitcoin growth will stop their revenue such as taxes because no tax can be made on bitcoin,there are some other reasons maybe it can make their country with full of illegal activities because bitcoin transactions are anonymous.So some government decide to ban bitcoin in their country.

Cnut237

legendary

Activity: 1904

Merit: 1277

Quote from: warunacrypto on November 22, 2017, 07:56:00 AM

speciall some arabic countries are stop to market with crypto currency that people thinking BTC are damaging there bank system...you can give your opinion with me...i would like to know lot of senior members what there thinking about this

Governments ban partly because they are scared and see crypto as a genuine threat, and partly because as the market grows they need to put regulation in place. So some bans are temporary until the legislation is ready.

But all the FUD from banks is pure fear.

housebtc

sr. member

Activity: 588

Merit: 252

From experience it is better for them not to act at all, because from experience the people of the nation will now tend to pay premium for BTC and will drive the adoption up the more

Avaemily

newbie

Activity: 32

Merit: 0

Cryptocurrency will kill and maim their banks... And it will probably affect their collection of governmental charges like taxes, etc....
They can't support what seems to be a threat to them

Direwolve735

full member

Activity: 448

Merit: 232

Some countries prohibit the turnover of Bitcoin due to the fact that they do not fully understand how it works. They are not sure whether it will damage their bank system. And if it will - they do not know how to stabilize it again. The leaders of some countries don`t know how the legalization of the crypto currency will affect their local economy, how this will affect the level of unemployment and crime.

btcdepo

full member

Activity: 322

Merit: 100

Quote from: CrowdFunder on December 08, 2017, 03:13:32 AM

Quote from: warunacrypto on November 22, 2017, 07:56:00 AM

speciall some arabic countries are stop to market with crypto currency that people thinking BTC are damaging there bank system...you can give your opinion with me...i would like to know lot of senior members what there thinking about this

I don't think governments are really afraid it will affect banking, more like they are afraid it will affect their ability to collect taxes and control the economy. Regardless of the reason though I don't think bitcoin really competes with traditional banks or fiat currency because they serve different purposes.

I also think governments doesn't really think about bank. I believe main reason why governments want to ban cryptocurrencies is all about tax as it is all governments' favorite meal to eat which they cannot do it as they want with bitcoin.

CryptoBuds

legendary

Activity: 2100

Merit: 1042

HODL

Countries which prohibits cryptos are silly enough not to understand that prohibition of something makes it more in demand than if it would be allowed. Ofcourse people want to use the tools like crypto which couldn't be taken away by banks, governments or someone else. It's natural! I suppose that sooner or later any governments will be forced to allow BTC.

m. yasir

full member

Activity: 420

Merit: 100

There are various reasons for countries to ban bitcoin. Countries that may not be able to control the economy in crypto. If prices go down there is certainly a big economic upheaval in the country

Topic: why some countries are prohibit BTC... (Read 936 times)