why some country banned bitcoin? - page 19.

ross09

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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?

There are most reason why some countries are banning bitcoin. First bitcoin is not government regulated meaning, government can't put tax in bitcoin so what ever business that accepting bitcoin is free from taxes since bitcoin is digital currency. Second, they arr protecting their own countries actual currency like Ecuador since they are building their own eletronic cash system. And one country have made their law that using bitcoin is one serious offense and punishable by law like Bangladesh of course for only one reason too that bitcoin is not regulated by the government.and some country like vietnam banned bitcoin because they said bitcoin can be a tool for crime.

gundala

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Quote from: dyablo on February 06, 2018, 06:04:21 PM

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?

Some country banned bitcoin because their government can't impose any tax from it, because every transaction happen in bitcoin is anonymous. They are afraid that it will affect especially their economic financial stability. And they are afraid that some of their people will use it in some illegal activities.

Many argue that tax is one of the reasons. I do not think that's the main problem, the government can work with the exchangers to attract taxes. The main problem is that the government can not fully control and monitor bitcoin because the bitcoin is decentralized. In addition, the government wants to maintain the country's economic stability, protect its people and avoid the misuse of bitcoin that can be used for illegal activities.

weblouartisan

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Lets Go Adab

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?

Not every country does really like bitcoins, Cryptocurrency can affect the economy of the country either it is good or bad, now it is your governments decision if they want cryptocurrency to circulate in their area since they are the leaders of the country.

dyablo

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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?

Some country banned bitcoin because their government can't impose any tax from it, because every transaction happen in bitcoin is anonymous. They are afraid that it will affect especially their economic financial stability. And they are afraid that some of their people will use it in some illegal activities.

gabinsight

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Not being able to control it, they don't gain from it, they are afraid of the fact that it is a Ponzi Scheme, user anonymity, tax invasion, highly scam related and finally they it is a treat to their economy due to Bitcoins volatility and so on. These are some of the reasons why some countries ban the use of Bitcoin.

Daveeoff

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Because they can't tax it and because they "want to protect the people". Mostly because they can't tax it tho.

Akupuniard

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Bitcoins is something that making economy of many countries being worse than in others. So they are just baning bitcoin to recive more and more taxes from us.

otandelapaz

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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?

Some countries banned bitcoin or cryptocurrency in general because they cannot or will have a hard time to regulate it.
This is money we are talking about. Government needs to get something (tax etc) from any activities that involves money. They also need to have control of it because it can be use in illegal activities. They need to have some rules and regulation concerning crypto.
Now setting up new laws requires time and money, possible some countries don't want to spend their resources on something that will give them headache.

maryhansenn

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Countries and governments tend to believe what the social media writes. Sometimes it's bad info about bitcoin so they start to ban it. Also because the don't like the idea that bitcoin can not be tracked

cmacwiz

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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?

Bitcoin is boon for the planet and represents the economic status of future but still it has few limitations that made several countries to ban cryptocurrency. Bitcoin being independent cryptocurrency has no governing body over it, so this invites many illegal activities like terrorism and many more and obviously no country can put it's national security in risk but once bitcoin will centralized then there would be no such issues and then these countries could also remove ban.

megynacuna

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Quote from: chaukhchi on February 06, 2018, 05:49:29 AM

The main reason for this prohibition is really very difficult to control the price of Bitcoin. Bitcoin transactions are so anonymous why it is almost impossible to know the amount or price of the bitcoin if it happens how the government of each country will regulate the taxation that will be charged for bitcoin.

Well but there are many other means that people used to beat taxation long before bitcoin emerged on the scene and besides bitcoin isn't the only cryptocurrency out there and so any criminal can use other altcoins to beat taxes if the governments are so bent on banning only bitcoin.

chaukhchi

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The main reason for this prohibition is really very difficult to control the price of Bitcoin. Bitcoin transactions are so anonymous why it is almost impossible to know the amount or price of the bitcoin if it happens how the government of each country will regulate the taxation that will be charged for bitcoin.

bitcoinskyrocket09

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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?

Some country ban bitcoin because they think that it's a scum because bitcoin is a anonymous no one know where's the fund of bitcoin get and who is the one who start bitcoin. And some country ban bitcoin because they have not enough knowledge. We should help the other country to have a proper knowledge so that they'll understand well the importance and benefits that there country will get. We should spread a good news about bitcoin so that the other country will not ban bitcoin.

chikading2016

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Quote from: Kahoy01 on February 05, 2018, 07:10:03 AM

Bitcoin has been banned in some countries because they think it is not profitable with the government. Just like the reason China prohibited the use of bitcoin and exercising of other cryptocurrency-affiliated activities. They think that the government wouldn't profit from it and that it might make their own national currency obsolete.

Yes you are right. Because Other countries band Bitcoin maybe because they think that it might be a scam. And or possibly they might think that cryptocurrency will over power the the country's currency because cryptocurrency does not have tax. Whatever their reasons, they can not change peoples thought about bitcoin.

ggameon

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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?

Bitcoin isn't banned anywhere....no even north korea lol

VeganNation

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The reason that countries ban cryptocurrency is that they want to maintain control of the people. When crypto comes into play there may be a loss of control.

Spades77

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In my opinion, some countries are banning Bitcoin because they don't know how to control it, they don't know how to get taxes from it. That's why they are discouraging people to use it, more so ban it.

Kahoy01

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Bitcoin has been banned in some countries because they think it is not profitable with the government. Just like the reason China prohibited the use of bitcoin and exercising of other cryptocurrency-affiliated activities. They think that the government wouldn't profit from it and that it might make their own national currency obsolete.

monirmostafiz

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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?

I also want to know why some country banned bitcoin? if bitcoin is illegal?
although bitcoin is a digital currency,how it hampered the economy?

ivanandena24

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Some countries banned bitcoin because there is a risk that it could be used to fund illicit terrorist activity or crime since bitcoin transactions are encrypted and while they can be tracked by involved parties, bitcoin provides a way to keep money and transactions away from the prying eye of the regulators.

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