why some countries are prohibit BTC... - page 3.

WUUEX79

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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

Because ,There are risks that can harm the state.
In terms of the use, bitcoin could be used to ilegal operations, such as :
Money laundering,
to fund crime or illicit terrorist activity,
Other reason is that it can be a route to circumvent capital controls and tax.

Hichi

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it's fear basically, all these governments are afraid that BTC will take over and no one will trade their useless FIAT printed money. It kinda makes sense for regulators to be afraid with it, because they use money to basically adjust the economy, they can print more money and bring more cash to circulation to adjust inflation/deflation, and with Bitcoin they don't have these kind of options, because Bitcoin is decentralized and generally can't be adjusted (the supply is limited). There is a good chance that governments will issue their own cryptocurrencies, but adopting BTC is something that we will never happen, maybe they will legalize it but it will never replace the government issued money (most likely it will just change form, it will become digital money/crypto coin - but still controlled by the government).

Frizz23

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I think they are afraid of their assets, Bitcoin is something new, something that they don't understand and maybe dangerous for traditional business.

Gloria_16

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Because, crypto currency is not required by the state, state banks become unnecessary, it is not profitable therefore some countries are against)

modtakels

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Because banks believed that crypto will poison them,eventually people wont care about banks and will put their money to cyptos thats why other countries banned it.

cryptoalfs76

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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

Some other countries probihited btc,because they thinks it is competition of there traditional business and they thinks bitcoins can ruin there local business while the government cannot take income tax in bitcoin because it not regulated, unlike in the traditional business that government can control the market price value,this is the reason why they did not allowed bitcoin to work in there country.

junjunsalsalani

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Because cryptocurrency like BTC is a killing poison for the banks,cryptocurrency was made for decentralization of currency to give us free will and to reversing what fiat currency is doing to the world.

A L I E N

legendary

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Cryptocurrency is prohibited in many countries as it is the mechanism that can easily ruin the bank system. If people use altcoins and BTC to pay for services, they do not pay taxes. Who will like it? However, each country has its own bans of crypto.

https://www.cryptocoinsnews.com/top-10-countries-bitcoin-banned/

NEERAJ ANAND

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Many countries are banning bitcoin because they are afraid from his high growth as no investment can match its growth and it is now first choice of people for long term.

leea-1334

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From your statement alone it seems pretty evident that you do not fully understand geography, geopolitics and therefore should be very careful with the statements you make. You say Arabic countries (I guess you mean Middle East nations) but the biggest one of them all, Saudi Arabia, is extremely Bitcoin friendly. Dubai is trying to be one of the international hubs for blockchain, crypto, and therefore Bitcoin.

You have to understand the caution and suspicion for new tech that the banks and finance ministries are still trying to understand. Well, even here on this forum 99% of us are trying very hard to understand Bitcoin!

zchprm

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They say that some people use cryptocurrency in shady transactions and terrorism.

WeedGoW

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Because BTC threaten the fiat currency issues by the state or the country. Think about that, it was no different if some one try to print a new money and everyone to use it instead the state's fiat. It will cause inflate and collapse of the economics of that country or state.

Tantlizbat

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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

Exactly! There are some countries in the world who actually think of bitcoin as the economic disaster for their paper money. The thing is it is just a matter of time. Things will be changed and that too in a significant manner in the next few years.

I am very much hopeful that bitcoin will be able to change the minds of such people and the governments will take positive steps in order to declare this bitcoin as legal currency.

w5pn73

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Countries see they are slowly losing grip on the situation with the growing value of btc. They will do what they have to to protect their fiat currency.

rudox

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They are all wasting their time the earlier their banking system adopts Blockchain the better for them all. Blockchain is the future of all financial transactions be it governmental or corporate organisations.

bitcoinisbest

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Quote from: babsjoe on November 22, 2017, 09:43:10 AM

Any country that believe and founded on the rule of law and openess will not prohibit bitcoin rather it will embrace it. Bitcoin can help many Government all over the world to curb corruption and excesses

This does not form true in many countries which are based on rules and regulations and have the constitution in place. Many countries are still left undecided about the cytpo currency in what form if they need to legalize it how can they do it and control it. Else they are left with a ban option if they go in a negative way.

rudolfaxl

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I can't say exactly why, but there is a fact that BTC and crypto at all spread much better in those countries which try to prohibit crypto Wink

Elby

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They just want to control it, but they can't so then they decide to ban it. LOL They just want to make money out of it like getting tax of it, they will never have control over it so some countries will try to block it. Which countries have a block or ban? I heard that Bitcoin was never allowed in China? But there was a stock exchange there?

criticoflife

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they are scared that they might lose there unfair monetary system. All the wealthy people must hate crypto too in case it takes over from the fiat they cling on to so preciously. Well too bad for them, crypto is unstoppable like a snowball gaining momentum. Fiat's time has passed.

Dorky

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Of course every country or government that prohibits bitcoin shopping has their own reasons.
The biggest reason is that the Bitcoin exchange is used for informal and money laundering purposes.

As long as people demand to invest in Bitcoin, governments will have to solve and regulate these bans.

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