Topic: why some country banned bitcoin? - page 13. (Read 10262 times)

Speaking of paying taxes you can't deny on that because when you cash out your fiat from bitcoin you need a remittance to claim your money upon claiming you have a transaction fee cost. So, at that time you have already paid your tax.
Banning Bitcoin of some countries are having a different reason, there are some countries afraid of bitcoin what can do it might be used to do crime such as buying prohibited drugs. Or they think that bitcoin is their big competitor when it comes banking system.

In my opinion, some country banned bitcoin because they don’t have any benefits that will get on it. They can’t get any taxes or any thing that can make them have any upperhand.

In most developed countries, Bitcoin is totally legal, the countries where Bitcoin is banned are mostly developing countries or underdeveloped ones. In developed countries government don’t interfere with the market and let things go according to the will of the market (more like the market is determined by Adam Smith’s invisible hand). This also is contributing to the national growth of their countries and also helping the GDP grow big. But in any case, Bitcoin doesn’t care about being legal or illegal, as long as there are people willing to do the mining, developers willing to continue developing apps or software, and people willing to accept it as money and trading happens, government can’t do anything about it. The best option for any government is just to accept Bitcoin and go with the flow, and enjoy the advantages which Bitcoin offers. In the near future the overall value of the cryptocurrency industry will become more than the value of a Trillion US Dollars and just imagine how many employment it will create. One of the core duties of every government is to ensure the employment of their citizens. Governments' from developed countries offer unemployment benefits to their citizens and underdeveloped countries would just let their citizens die from hunger, just accepting a technology will provide so many employment opportunities, which the people of those countries are currently missing because their governments refuses to accept Crypto as legal.

There are several factors why bitcoin is banned in some countries, especially in developing countries
The first reason is that cryptocurrency has a very high risk and can disrupt the financial stability of the country and there are other risks such as money laundering, terrorism financing, and can harm consumers.
That's just a bit of a reason why bitcoin is banned in certain countries

Some countries banned bitcoin because they didn't know much more about it. Also terrorist group can use bitcoin in there activity.  That is the main reason I think.

Some countries banned bitcoin because they don’t want the flow or how bitcoin works. We all know that there are news telling that bitcoin was used in illegal trades. Some articles also says that this was been the tool in funding even the terrorist groups. Well if I would be a president or the ruler of one country then I will know that bitcoin can be used for those transactions I will surely do the same. I will not take risk of letting this operate in my country if this will compromise the citizens.   

I think personally, sometimes the country forbids the existence of bitcoin because there is an element of disbelief and fear of fraud elements that some countries forbid the existence of bitcoin. Sometimes the government also prohibits the existence of bitcoin because it is most likely if bitcoin is widespread in some countries that prohibit it as if all existing companies could be closed or just no one wants to work because the people are distracting on bitcoin business because bitcoin business is very profitable and trustworthy.

Maybe because of tax issues, its major source of budget of the government is the collected tax, its really hard to monitor the flow of bitcoin, and its value is not yet stable, and for the security purposes, maybe they think that bitcoin will use in illegal transactions.

The development of bitcoin that is too fast makes everyone worry, even certain countries have legalized bitcoin so as to make the future bitcoin better, the other side of course is many countries that plan banned for fear that the use of bitcoin for illegal transactions such as money laundering, drugs and so on.

Because of the decentralization of bitcoin the government is unable to control it. It has no tax so much more people uses it. The popularity of bitcoin is used by other people to cheat to get money with others. So other countries have set up a law for bitcoin to be banned.

They banned Bitcoin to secure the value of their currency. We cannot deny that Bitcoin is indeed a threat to our Nation's fiat value. Just try to imagine: If people will dump their fiat and use only Bitcoin. Fiat will surely crash. It might lead to higher prices and collapse economy.

I think they prioritize their own currency to avoid loss of income to their country. Btc has high value people attracted on this that'swhy they chose btc than their currency

I think government doesn't like bitcoin because it can not be controlled. Government can tax bitcoin whenever people cash it out otherwise government is not able to tract it.

Crypto is based on the blockchain technology which relies on the principle of decentralization. Thus, as we all know that governments want to take control on almost everything, crypto is taking away the control from the hands of government and passing it to the users which creates trouble for the governments and hence it bans bitcoin/crypto.

It is not illegal, it is just not regulated (these are two different terms). Most of the countries just want taxes and regulations for bitcoin trading, to make sure that people don’t use it for illegal purposes. Otherwise, the general consensus is that bitcoin is illegal if its used for legal purposes. If I am not mistaken, only Venezuela has banned its citizens to use cryptocurrencies, so that they promote their own governmentally controlled oil-backed cryptocurrency called Petro (which sounds a bit like a nonsense).

Sometimes if is harmful for state economics, sometimes state government want to control everything within the country and it becomes uncontrolled with bitcoin, and sometimes the reason is increased number of crime, especially money laundering.

 In addition to tax concerns, there is also the fact that Bitcoin appears too underground with its anonymous and decentralized features. I think they should investigate more if they ban bitcoin.

Simply because they cannot take hold the authorities in every Bitcoin transactions. They don't have the power to manipulate the earnings of every individual because the identity of user who transact are anonymous. And besides, they cannot put taxes in every income for each Bitcoin holders. It seems that Bitcoin are their best competitor and a big threat.

Why are many countries banning the trading of digital currencies? This resulted in the value of Bitcoin decreased sharply enough. the ban is due to government concerns in some countries will tax fraud, worried about fraud Cryptocurrency, bitcoin hacking and avoiding money laundering. Tension in digital currencies is a crucial point of global demand for digital currency transparency. And The main reason is the fear of these countries will the volatility and uncertainty of digital currency. In addition, another reason is the fear that digital currency is used as a financing for terrorism.

Some country banned  Bitcoin because  the government can't control this currency & it's a threat to their economy  system. Bitcoin translation  is anonymous so it's not possible  to find out the owner of any transaction. So tha government dosen't get tax on the transaction. This cryptocurrency will reduce the transaction in the bank. Peoples will invest in Bitcoin. That's why the bank will be bankrupt. Virtual currency is convenient for criminals. Drugs, Terrorism, Money-laundering. Maybe this reasons  some country ban this crypto.