Topic: why some country banned bitcoin? - page 18. (Read 10262 times)

Some country banned bitcoin because their government.
They do not want the banks on their country is replaced by crypto currencies.

 Every country gets a big amount of money as vat fir each transaction of money. People have to give this money. As bitcoin is free transaction system, people are using this coin vastly. And for this the banks and the countries are at loss. As bitcoin system doesn't need any real identity of the user, the security issue for the country harms. Actually, I think that Governments just ban ICOs in short-term. They just need more time to regulate Cryptocurrency and tax from it.

All bad guys can transfer and receive money easily. Taxes is also the reason that why they banned them only bitcoin wallets can pay the taxes but the holder cant.Its not banned anywhere from what I know of, can they stop people to buy it, sell it, I don`t think they can. Before commenting search a bit more about topic and then make a comment, like this you just create mess and fill the forum with unnecessary informations, that are not truth by the way.

The bitcoin creates an opportunity for anonymity of payments and if it is impossible to monitor payments, then there is nothing to lay over a tax. The budget of any country is replenished at the expense of taxes. If there are no taxes - development of economy in the country will slow down. I guess they banned bitcoin because they think it is a scam even though its not a scam.

In my country bitcoin is banned for money laundering.We all know bitcoin transaction is untraceable and bitcoin is not handled by anyone.That's why some bad people are taking advantages of it. This step was taken by China to ensure the security of money for their people. That’s what written in the articles if you read over the internet. So may be that and also another reason says those countries don’t want to loose control over their national economy just because the nations money is driving into decentralised system.

I think some countries prohibit the existence of bitcoin because the government feels unpaid for taxes, and also the government is not going to blur the community in droves using bitcoin and then for some sort of real work like the existing baprik factories are getting less demand then the government forbids the existence of bitcoin. As if the existence of a crypto can damage which good company company exists if 90% of people use crypto.

With so much to do in btc and many who benefit from it have even made a search for a day job, it will be hard to forbid it to work.
indeed every country has its own policies to ban, but more probably because taxes are difficult to implement.

Because they can not control it! It's very simple. Only private companys are actually doing something with BTC...

Well, some countries' reasons are mostly because they think of only the negative and disadvantage of Bitcoin and as it was used by many scammers as their front for their Ponzi Scams which leads to public awareness of Bitcoin.

some country banned the bitcoin because some people didnt work they do job and earn bitcoin the economic of some country will fall down.

That is definitely one of the reasons why some countries banned bitcoin. And perhaps because Bitcoin is a decentralized mode of payment transaction, they must be afraid that aside from them receiving nothing in return, the banks that are the ones backing up governments will become useless in the future. That is a normal reaction from something that is threatening their entire system. More so because the people are beginning to show strong support for bitcoin instead of banks.

Many Countries have banned Bitcoin. Either the countries have thought that if Bitcoin is conformed to their country if currency is depleted in their country. those countries that banned the Bitcoin are thinking that their bank will stop and their people will not take interest in their banks, Bitcoin translation are also hard to track so they fear that Bitcoin will be used in illegal doing and financing terrorists. Whilst the majority of countries do not make the usage of bitcoin itself illegal, its status as money (or a commodity) varies, with differing regulatory implications. While some countries have explicitly allowed its use and trade, others have banned or restricted it. Likewise, various government agencies, departments, and courts have classified bitcoins differently. While this article provides the legal status of bitcoin, regulations and bans that apply to this cryptocurrency likely extend to similar systems as well. 

I think because Bitcoin is decentralized and therefore governments can not control it and it is very difficult to control Bitcoin even more so because its unreliable or fluctuating price bitcoins are also feared by many fraud related to bitcoin, embezzlement, the purchase of illegal weapons and of course there are many others.

Bitcoin is a Tex free Currency. And some Militant Groups use for buying Weapons and other things.

Because some countries still consider bitcoin to be a nuisance to the country's economic stability and its government still thinks that bitcoin can not benefit the country's revenue because the decentralized system of bitcoin technology makes the state government unable to control bitcoin so the government can not apply taxes on every bitcoin transaction. I think that some countries that forbid bitcoin are countries that have no desire to advance their country's economy.

Well I think Bitcoin is banned in many countries. Like my country is banned. Bitcoin is banned in my country because Bitcoin is free. It can not control any country. So my country also. My country's government thinks Bitcoin will have a bad effect on the economy if everyone uses the country. And they also think that if you use it, the country's currency will be trafficked abroad. People will do illegal work. But I do not think that will happen. Bitcoin will reduce the unemployment of a country and they have a need to control their currency as a means of controlling their people, others might not be able to deal with an influx of currency and need to keep their currency at an exporter or importer level of exchange. Other countries want to go after it to get tax money from it and properly make whatever they believe they're owed

i think some countries think that bitcoin is a false internet buzz. But according to some of the news, bitcoin is crazily increasing its demands and reviews! Some countries may think its a threat to their internet exploration, but no, bitcoin? as we can see? its amazingly successful.Bitcoin is an international used currency but it's not issued by a government and the system is totally different to the government issued fiat system. Bitcoin is from people for people while fiat is from governments or banks to rob people. And as bitcoin is for many governments a thorn in the eye they think that they can defeat bitcoin and protect their fiat system with banning it. But they are of course wrong as you can't defeat an international and decentralized system.BTCBTCBTC

Probably because the government is afraid of people who continue to rely on bitcoin as a means of transactions so they immediately forbid the existence of bitcoin currency which at any time able to threaten the original currency later.

Bolivia: Back in June 2014, the Bolivian central bank officially banned any currency or coins that aren't regulated by the government. Included in its list of examples was bitcoin. Bolivia's central bank also prohibited its citizens from denominating prices in any currency tha its national institutions haven't previously approved.
Ecuador: Not long after Bolivia's central bank banned bitcoin, Ecuador also removed its welcome mat in July 2014. The country's National Assembly of Ecuador banned bitcoin and other digital currencies while laying the framework for the creation of a new, state-run currency. In other words, the government has the permission to make payments in electronic money, but other digital currencies, like bitcoin, are banned for its citizens.
Kyrgyzstan: In July 2014, the National Bank of the Kyrgyz Republic made it crystal clear that using bitcoin, or any digital currency, as a form of payment is illegal. The only legal tender in Kyrgyzstan is the som, the country's national currency. The Kyrgyz National Bank cited that bitcoin's lack of governmental backing makes public or private regulation almost impossible.
Bangladesh: Bangladesh also followed suit in September 2014. The Bangladeshi central bank cited bitcoin's lack of a central payment system as the reason behind the ban, which it believes would allow people to be "financially harmed." Long story short -- if you're caught trading in bitcoin in Bangladesh, it could lead to legal trouble under the Foreign Currency Control Act of 1947 and the Money Laundering Control Act of 2012.
Nepal: Though it might not be a well-known fact throughout the country, bitcoin is illegal in Nepal, according to Kedar Prasad Acharya, the deputy director of Nepal Rastra Bank. The Nepalese government banned bitcoin on account of not being able to track its transactions, and it has gone so far as to arrest individuals suspected of trading bitcoin.
Morocco: The newest ban, coming as of November 2017, was in Morocco, which ironically came just days after domestic digital services provider MTDS announced that it would accept bitcoin as payment for the first time. Like the other countries before it, Morocco's central bank cited "a hidden payment system that is not backed by any financial institution" as its reasoning for banning bitcoin and other digital currencies.

I think the reason why the government forbids bitcoin because the decentralization of bitcoin makes it impossible for the government to control bitcoin transactions. The government needs to regulate and control the national economy, so it is impossible to accept an uncontrolled economic media.