why some country banned bitcoin? - page 44.

nethan1btc

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Quote from: automail on November 01, 2017, 10:49:06 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?

I think they are afraid that it might hurt their economy someday. I was researching about this topic and base on what I have read, there's only one reason why they banned bitcoin. TAX is the reason why they banned it.It is not classified as a foreign currency or e–money but stands as “private money” which can be used in “multilateral clearing circles”.Thus, it makes it harder for other countries to monitor and create a law where in they can charge tax for bitcoin users. Also, another issue was raised where in bitcoin can be used for money laundering. I don't agree with that so I just stop reading the article.

I agree, tax is one of the reason why some countries getting banned of bitcoin because they think it is a big threat of their economy. And I think the government is afraid that they can not controlling bitcoin. Beside that they don't want to make bitcoin as an illegal thing that can be free to use by bad people or some group. If bad people transact using bitcoin, then they can not be track of the government.

saedasda

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Government cant put taxes to it and some people use it for Black Market.

automail

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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 think they are afraid that it might hurt their economy someday. I was researching about this topic and base on what I have read, there's only one reason why they banned bitcoin. TAX is the reason why they banned it.It is not classified as a foreign currency or e–money but stands as “private money” which can be used in “multilateral clearing circles”.Thus, it makes it harder for other countries to monitor and create a law where in they can charge tax for bitcoin users. Also, another issue was raised where in bitcoin can be used for money laundering. I don't agree with that so I just stop reading the article.

onifla

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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?

why some country banned bitcoin? because maybe it can be use in for declining new currency are terrorist and cyber crimes financing potential, alongside illegal drug traffic and using cryptocurrencies in money-laundering or Ponzi schemes.

poging alfino

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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?

for me why some country banned bitcoin it is because As it marches through the world, and more merchants accept it, each country decides whether it is on the supporters' or the contradictors' side of this battle. Reasons why Bitcoin is banned are different, while the reason to adopt it is always the desire to follow the progress and obtain new technologies.

weredo911

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Because they can't control Bitcoin. It's a kind of anonymous money. People use it don't have any information. Government can't know and tax from them. Therefore, they ban it.

rayneh

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Quote from: btcbrother on October 31, 2017, 03:50:26 AM

Governments are going to ban Bitcoin here and there. There are always the fringe who do not accept new technology for whatever reason.

So of the nations restricted the bitcoins in light of the fact that they have not a thought that how bitcoins is the most gainful and most quickest approach to acquire cash yet soon they will understand that it is the most productive cryptocurrency in the universe and after that they will begin bitcoins in there nation and every individual will wind up plainly tycoon due to bitcoins

Lovelybittycoin

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Well it's been said that a lot of online scammers used bitcoin as a tool to finance their activities

Pfizer

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Quote from: cinchin on November 01, 2017, 08:24:53 AM

Quote from: Rasel5209 on November 01, 2017, 06:30:24 AM

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 am highly interested that why my country GOVT don't accept bitcoin. I think many country don't accept cause he don't want to come in world currency and digital currency. many country think bitcoin effect her money lander.

- Not accepting the bitcoin is probably correct, they need to do this because bitcoin has an impact on the economy, the government can not accept it, if accepted, money laundering will occur frequently, many people will evade taxes and harm the economy of the country
- In my country, they are also banned bitcoin but they banned the use of it as a payment method, I can buy, sell, hold the bitcoin freely, but I can not use it in real life, in short bitcoin is out of control, the government wants to ban Bitcoin also because they want to avoid illegal actions may occur

They don't want uncontrolled economy for their citizens. They want more tax from their citizens. They want the usage of their national Money. So therese are the obvious rasons for ban of bitcoin.

Notcalculator

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Other than the issues regarding the problems on anonymity and control that has already been pointed out in the previous posts, Bitcoin is new technology. Governments has yet to understand this technology and asses if it's a threat to them. I am speculating that the bans are purely temporary and experimental. Because they have not yet came up with a set of regulations, they issued bans to give them time to study how it's going to impact them.

Vritesh

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Some countries banned bitcoin because bitcoin is decentralized and government has no control on it. Moreover it is used in crimes such as drugs and weapon dealings which give another reason to government for banning it.

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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?

Is it Bitcoin that is being ban or ICO by some of these countries? Please let us get it right. Bitcoin is private and decentralized and internet based.
Is it possible for it to be banned.

Rishabh riyz

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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?

No country till now has actually ban bitcoins , like there is no country where using btc is illegal .
People usually misread situations like this , the ban is on transfering the BTC balance into bank account and then converting it into their native currencies (this is implemented in China ). Or the government would freeze all the bitcoin sellers , so that people don't buy it .
But still the miners are free to one and the people can use it .

No nation can ignore the tremendous advantages offered to us by BTC, so their is no question of banning BTC.

Hell-raiser

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Quote from: ORiN on November 01, 2017, 08:38:36 AM

they are afraid that BTC will affect their fiat stability

Yeah, that likely explains why countries with shaky economies and faulty currencies are so afraid of cryptomonies. People don't want to lose theirs savings, and while Bitcoin and other cryptoes are risky when compared to main currencies like the US dollar or the Euro, they are still a better choice versus hyperinflating local currencies like the Venezuelan bolivar or Zimbabwean dollar. Though the latter has already been done with.

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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 they believing that bitcoin currency will become scam and also here in my country they saying that bitcoin is scamm because of the investment website showing up that they will give 10 to 15% of your investments and after a months your money will disappered

ORiN

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they are afraid that BTC will affect their fiat stability

De Suga09

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Quote from: AntonDrobot on October 20, 2017, 02:12:41 PM

In Russia it is not forbidden: no law describes coproevaluations as such, in particular, does not equate to surrogates or anything else

Bitcoin is a free economy. Users are not paying taxes so it means the government does not have any profit from it. This could be a reason why other countries does not want bitcoin also,like South Korea,they don't want bitcoin because they say this could be a way for illegal transactions.

cinchin

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Quote from: Rasel5209 on November 01, 2017, 06:30:24 AM

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 am highly interested that why my country GOVT don't accept bitcoin. I think many country don't accept cause he don't want to come in world currency and digital currency. many country think bitcoin effect her money lander.

- Not accepting the bitcoin is probably correct, they need to do this because bitcoin has an impact on the economy, the government can not accept it, if accepted, money laundering will occur frequently, many people will evade taxes and harm the economy of the country
- In my country, they are also banned bitcoin but they banned the use of it as a payment method, I can buy, sell, hold the bitcoin freely, but I can not use it in real life, in short bitcoin is out of control, the government wants to ban Bitcoin also because they want to avoid illegal actions may occur

thesmallgod

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countries that have banned Bitcoin have almost similar reason for doing. some believe bitcoin will have negative effect on their economy since the technology is purely decentralized and government can not control it which make it difficult for them to collect tax and other dividence. also some believe BTC is just a bubble and not actually a currency, some called it asset while some countries that have little or no understanding of BTC call it Scam.

D2R2

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because they cant controll bitcoin . no taxs, no infromation about users . Now they hang over to exchanges . to many exchanges accept their rules to verification users

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