why some country banned bitcoin? - page 10.

coinluisa

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Quote from: rajuahmed763 on October 19, 2017, 09:26:17 AM

why some country banned bitcoin?
is there any problem? i know that bitcoin is international crypto currency. but why some country banned this cryto?

Because all country have a law that need to follow some of country needs to protect their people because we all know that bitcoin is risky it comes to investment mostly if the person is lock of knowledge about this cryptocurrecy.

echo11

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The government has never been in support of a program that would bring financial freedom to the public. Remember: "whoever controls your income controls your life" some sets of fraternity call themselves politicians; either by deceiving the masses or rigging elections in most cases and then they get to control our economy... How else would it have been?
Bitcoin protocol is the way out and they would never be in total support.

daduremi

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Because they don't receive any taxes.some country thinks that people will avoid bank and they will use bitcoin for money.Also some country thinks btc only use for crime thats why they don't support btc. My country not support cryptocurrency

freesia_pnp888

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wait, there's no solid proof that bitcoin/crypto will be international's currency yet though. back to your concern, yup i know there're plenty countries that officially banned it, no more of anything related to crypto, not really but i think they're scared, as you can see the banks all over the worlds are against it as much as they can, since they think if they can't control it, it's such a huge risk

dexterbit

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It's simply because Bitcoin is not a legal tender of any country.Any transaction through Bitcoin or any cryptocurrency is punishable offense..It is illegal to use any currency that is not issued and controlled by a government or an authorized entity.

paragon07

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i think why bitcoin was banned in different kind of country to their popularity on there states and currency.

noelanora99

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It's because they don't have a relatively firm power and authority over it, so without proper control on how it operate and holdings on which trend it's heading to.

buternasek

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many reasons, countries that prohibit Bitcoin. for example china, china banned the bitcoin on the grounds the country wanted to create their own digital currency

thinknow11

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Some country are banning bitcoin and other cryptocurrencies for the following reasons:
1. They believe bitcoin is use by terrorists
2. To stop anti money laundering
3. It look like a ponzi scheme to them
However, I think all this are some of the misconception government are having against bitcoin and cryptocurrency is general.

lionjuvs08

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Quote from: rajuahmed763 on October 19, 2017, 09:26:17 AM

why some country banned bitcoin?
is there any problem? i know that bitcoin is international crypto currency. but why some country banned this cryto?

Maybe bitcoin will affect their daily living especially in economic aspect, or maybe because they do not know how to use it and they don't want to know about it. But sooner or later for sure those country who banned bitcoin will accept it if they see the good result on the other country because of bitcoin.

rokergila01

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Quote from: rajuahmed763 on October 19, 2017, 09:26:17 AM

why some country banned bitcoin?
is there any problem? i know that bitcoin is international crypto currency. but why some country banned this cryto?

The main reason some countries ban bitcoin is the fear of some countries will be the volatility and uncertainty of digital currency. In addition, as quoted from bitcoinbans.com, another reason is the fear if the digital currency is used as financing of terrorism. A number of countries such as China are also reasoned, banning other digital currencies because it will issue its own currency.

Luizrosevelt

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The reason behind such bans imo is simply to have and maintain absolute power and keep such powers within the reach of the elites. If you check the history of money and how who controls the money controls the power, you would understand that bitcoin threatens to shift that and change peoples' perception and the way they view themselves.
With that said, most government thrive by the job of the "TAX MAN". The technology underlying how bitcoin works does not make the job easy for the tax man. Who does what and when have been made difficult and almost impossible for government to discern. Atm, those stringent government with such aggressive approach to ban bitcoin, tbh, haven't really done a great job studying the technology.

Snaic

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Bitcoin is now banned in five countries - Indonesia, Bangladesh, Bolivia, Ecuador and Kyrgyzstan. The reason for the prohibition of crypto currency by individual states is that some states are afraid of uncontrolled withdrawal of financial resources outside the country, are afraid of the anonymous and decentralized nature of the crypts, which can be used for any unlawful purpose. In general, crypto currency is prohibited in countries with a weak economy and with an authoritarian form of government, where the violation of the rights of citizens is common.

arienna23

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This concern stems from the age old principle of whoever controls the transaction controls the economy. Now for ages governments had control due to having the reigns of finance in their domain. But Cryptos are not like that. Here the code works as designed and once out in the public space, it is simply not possible to amend it. Governments do not like this. Hence they are banning bitcoin.

joshua05

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Different countries are responsible on the thing they would provoke and indulge their country, as for bitcoin, they might be still doubtful on how bitcoin can do its works in the means of internet banking fields. But, let us not look on the negative side, instead, why don't we look at the side where, some countries gladly accepted bitcoin and made a great effect by loving it. As for my country we accept bitcoin gladly, that is why, people who loves it and uses it and made it their finance machine, resulted good effects to their lives. We see, we are very lucky, that bitcoin is accepted in our country.

Jerzzz

sr. member

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Because the bitcoin cant help their country some of the country want to take taxes to bitcoin to help on their plan for development of the country. But bitcoin is a online currency. no bank have access here thats why they cant get tax for bitcoin. Thats why its banned for other country.

Ryan1212

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In my humble opinion on this, Even though there are a lot of good things Bitcoin has to offer, some governments are still not very welcoming to it maybe because they are not getting anything from it and they don't know how they can get taxes from it since it is decentralized in nature.

satecream

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i think some country banned bitcoin is because they don't know anything more information about bitcoin
and some strange is, when development country can't provided the infrasturcture of the quality for internet and low in power supply
i think kind of that are mentioning for the goverment too,

V-t.Ester

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People from our government always say that bitcoin can destroy the economy of our country that’s why it should be banned. Still don't understand how bitcoin can destroy the already destroyed economy, but our government believe it can.

GreenPowerRanger

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Most of these countrys are third world countrys who can not understand crytocurrencies. They have stron gouverments who want to regulate everything and even censor the internet. Cryptocurrencies are kind of anarchy. So they can not controll that. They are scared to miss some taxes and then they bann them instead of try them to understand and use them to make profit. I dont think that first world countrys like usa or countrys in europe will bann cryptocurrencies.

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