why some country banned bitcoin? - page 47.

CuriousGeorge

sr. member

Activity: 1498

Merit: 251

KUWA.ai

Quote from: Mumbeeptind1963 on October 31, 2017, 04:12:44 AM

Quote from: Miniel on October 30, 2017, 05:00:41 AM

Quote from: hurain on October 28, 2017, 02:35:05 PM

Quote from: hyunee on October 26, 2017, 11:25:41 PM

Quote from: macartem on October 20, 2017, 01:29:18 PM

because they don't know how to demand taxes from this, and still fear for the economy of the country

They also fear that people would really put all their money to bitcoin not on the bank. As they cannot touch bitcoin they would probably banned this. Since it is a decentralized organization and government can't really touch them all they have to do is banned them. I'm afraid when it comes to our country as well.

In case of paper money there are different types of tax which are implemented on money of the people like withholding tax, sale tax or other taxes but in case of bit coin it was a fear that the people will keep all their money in the shape of bit coin so their banks will stop working.

I have to pay taxes in my country if i want to cash out my bitcoins it is not that bad for me because if you cash out a huge amount it does not seem like anything when you pay the taxes form it and it is not only the taxes.

Because some of them used it in illegal activities and its easy of use for criminal purposes like transaction by bitcoin is highly anonymous so bitcoin can become a tool for crimes like money laundering, drug trafficking, tax evasion, illegal payment and many more.

The blockchain from my very own perspective is rather transparent, all the transaction can be traced by simply using blockchain explorer, many people also said that bitcoin is not anonymous, so why still bothering with this matter. The government if they found a case that some criminals use bitcoin as the method for them to move their funds, could simply taking advantage of the already existed bitcoin blockchain explorer, so that's not the right reason you mentioned.

PORN_coin

full member

Activity: 210

Merit: 100

this question is not new, new users and those who have been inside for a long time already think about it

the fact is that the governments of countries want to control the flow of money within their own country and they unbelievably dislike when someone is intruding into this process

enterprevic

member

Activity: 86

Merit: 10

Healthpromag.com

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 though its good there are lot of disadvantages of the currency, there are lots of disadvantages of the currency, and the major reason I think any country would not allow bitcoin is because there is anonymity of transactions. And once there is anonymity and that would help aid money laundering which can ruin a country.

Mumbeeptind1963

hero member

Activity: 1190

Merit: 568

Sovryn - Brings DeFi to Bitcoin

Quote from: Miniel on October 30, 2017, 05:00:41 AM

Quote from: hurain on October 28, 2017, 02:35:05 PM

Quote from: hyunee on October 26, 2017, 11:25:41 PM

Quote from: macartem on October 20, 2017, 01:29:18 PM

because they don't know how to demand taxes from this, and still fear for the economy of the country

They also fear that people would really put all their money to bitcoin not on the bank. As they cannot touch bitcoin they would probably banned this. Since it is a decentralized organization and government can't really touch them all they have to do is banned them. I'm afraid when it comes to our country as well.

In case of paper money there are different types of tax which are implemented on money of the people like withholding tax, sale tax or other taxes but in case of bit coin it was a fear that the people will keep all their money in the shape of bit coin so their banks will stop working.

I have to pay taxes in my country if i want to cash out my bitcoins it is not that bad for me because if you cash out a huge amount it does not seem like anything when you pay the taxes form it and it is not only the taxes.

Because some of them used it in illegal activities and its easy of use for criminal purposes like transaction by bitcoin is highly anonymous so bitcoin can become a tool for crimes like money laundering, drug trafficking, tax evasion, illegal payment and many more.

Queta_7

newbie

Activity: 114

Merit: 0

Well, maybe they perceive crypto-currencies as a way to engage in illegal activities, in addition - taxes. Traders do not pay taxes to the goverment..

btcmayumana

member

Activity: 168

Merit: 10

Quote from: Aikidoka on October 30, 2017, 09:45:41 AM

Imagine if all people stopped paying taxes and gave up their jobs. What would happen to the economy of that country? It would collapse. Banks would go bankrupt. In other words, that country would fall down. So, what would be the solution?

Banning bitcoin would be the solution of that upcoming crisis. However, some countries legalized bitcoin and put regulations on it. That means the government would be aware and would keep an eye on the movement of the bitcoin.

This is a serious consideration why some countries decide to banned bitcoin trade in their territory.

btcbrother

full member

Activity: 131

Merit: 100

🌟ATLANT ICO ENDING SOON🌟

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

dark08

full member

Activity: 798

Merit: 104

Quote from: Slipknot79 on October 30, 2017, 09:25:24 AM

Purely because they are scared of loosing control. They will hoever not succeed because of the nature of cryptocurrency.

Im totally agree with your idea we all know that bitcoin transaction cannot control by the goverment that the main problem why other country still banning the bitcoin and the other issue is more people using bitcoin that local currency

Timoteus

member

Activity: 74

Merit: 10

Because they can't control it

Asyifiah

sr. member

Activity: 686

Merit: 262

Enterapp Pre-Sale Live

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?

each country shall provide protection to its citizens.
that's the reason some countries banned bitcoin Because Bitcoin is Decentralized.
there needs to be regulation about cryptocurrency.

rindo

hero member

Activity: 938

Merit: 1000

Most of the countries banning digital currencies take that decision doe to ignorance about the tech, mainly. Honestly it would be a win-win situation if they would just regulate them. The last country adopting this position was Vietnam. It was advised by the Vietnam Central Bank, to his government, that all the activities related to bitcoin including emission, distribution and use, should be considered ilegal, and with possibilities of getting fines until $8800.

Hell-raiser

sr. member

Activity: 462

Merit: 515

Quote from: Aikidoka on October 30, 2017, 09:45:41 AM

Imagine if all people stopped paying taxes and gave up their jobs. What would happen to the economy of that country? It would collapse. Banks would go bankrupt. In other words, that country would fall down. So, what would be the solution?

Banning bitcoin would be the solution of that upcoming crisis. However, some countries legalized bitcoin and put regulations on it. That means the government would be aware and would keep an eye on the movement of the bitcoin.

I'm not disagreeing with the main point of your post, I agree that if the majority of people gave up their jobs, the economy would soon implode. But why would they drop their jobs? Some people who are profitable with Bitcoin will surely do but they can't earn profits unless they take money from other people. In this manner, the other people who are losing would have to work twice as hard to make up for their losses, and the net effect would still be close to inconsequential. Just my two cents.

stayeduptolate

hero member

Activity: 980

Merit: 502

Globally bitcoin get permitted by many countries but some of country declared bitcoin as illegal due to some consequences. Many anti social person used bitcoin to fulfill their criminal activities like anti money laundering. Kidnapping, child pronography, murder etc,so this could be a reason for banning of bitcoin.Their might be another readon l. E. Bitcoin doesn't pay tax to the government, so directly or indirectly it effects the economic of the country . If using of bitcoin increases in country their will be a threat to the real currency of that country so this is another reason of banning of bitcoin

Aikidoka

sr. member

Activity: 1078

Merit: 342

Sinbad Mixer: Mix Your BTC Quickly

Imagine if all people stopped paying taxes and gave up their jobs. What would happen to the economy of that country? It would collapse. Banks would go bankrupt. In other words, that country would fall down. So, what would be the solution?

Banning bitcoin would be the solution of that upcoming crisis. However, some countries legalized bitcoin and put regulations on it. That means the government would be aware and would keep an eye on the movement of the bitcoin.

zais

full member

Activity: 196

Merit: 102

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 government considers that bitcoin has the potential to be used for money laundering crime, money laundering is an attempt to disguise or hide the origin of money, the property of criminal proceedings, if someone is found guilty of corruption, collusion, nepotism then the government will confiscate the related assets the result of the KKN,

RyanEncek

full member

Activity: 168

Merit: 100

I also still do not understand why bitcoin is still prohibited in my country, but the demand is quite a lot in my country but the government has not allowed bitcoin in here still amaze me, but here we business no one harmed, even I think the bitcoin adds insight into the development of technology in the era the more modern.

moneycrypto

newbie

Activity: 17

Merit: 0

There are few reasons leading to ban.
mainly the government donot want to wash out of its own money with another uneatable currency.

Moreover the bitcoin is a very technical prospect in 3rd world nations where the education ratio is under 10% ,the expected scams will be huge due to bitcoin.This is the main reason some country oppose bitcoin

Slipknot79

copper member

Activity: 658

Merit: 500

Blockchain Just Entered The Real World

Purely because they are scared of loosing control. They will hoever not succeed because of the nature of cryptocurrency.

iqbalkabir

newbie

Activity: 1

Merit: 0

some country banned bitcoin because they don't know about its history. and the main reason is seller and buyer dont know transaction history, its totally hide by bitcoin company.

gabmen

hero member

Activity: 1246

Merit: 529

CryptoTalk.Org - Get Paid for every Post!

Quote from: Hell-raiser on October 30, 2017, 08:32:54 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?

If we look at countries which outright banned Bitcoin like Venezuela or which are openly hostile toward cryptocurrencies in general like Indonesia or Russia, we will see that these are the countries with weak currencies and high inflation rates. That means that the governments of such countries are afraid of the competition that Bitcoin as well as other cryptocurrencies could create for their national fiat currencies. To me, this is one of the most plausible explanations.

Makes a lot of sense. And the rise of crypto use in these countries would greatly effect the government controlled market. Include china here where the government is probably of anything anonymous

Topic: why some country banned bitcoin? - page 47. (Read 10262 times)