why some country banned bitcoin? - page 49.

Jewell

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Quote from: assyla on October 26, 2017, 06:35:26 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 countries banned bitcoin and other cryptocurrencies because first of all bitcoin and other cryptocurrencies doesnt give you taxes so that it is not good to government so they ban it.

I think those countries who banned bicoin in fact they do not know the importance of bitcoin, i am sure that once they will know the imprtance and benefits for bitcoin they will never try to bane bitcoin and will surely give more support to bitcoin but i think it will take a little more time. because currently the users of bitcoin are not so much satifactory.

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In which countries bitcoin is banned? People comment this topic to get paid and most comments are the same, they banned bitcoin for this and that, but almost no one in this topic said in which countries bitcoin is banned and how?! 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.

ghost07

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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?

In some country they banned bitcoin for some reasons, bitcoins transactions is not traceable thats why all illegal transaction can be made without hussle. 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.

Zenithar

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Quote from: Yarsk on October 26, 2017, 09:42:54 PM

First of all they don't know how to demand tax from bitcoin and also the fear of they economy being destroy by bitcoin is another reason. And also the government are afraid of bitcoin because they can't control activities since bitcoin is a decentralized currency and not under any central bank of any country, the government are afraid that it is easy to launder money out of the country using bitcoin. So many reasons leads to some country ban on bitcoin.

Implementation of taxes is the primary due to which each and every government and in case of bit coin they did not know the way that how they will implement taxes on bit coin which is decentralized crypto and virtual currency and it is very hard to put taxes on bit coin.

stolendata

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Quote from: azmiupb on October 26, 2017, 11:15:03 PM

every country have taxes. but if u put or gain money in bitcoin, u didn't get taxes. i think thats why bitcoin not supported in some country.

I am also of the same view that the reason of banning bit coin is that there were some problems in implementation of taxes on bit coin as it is a virtual and decentralized crypto currency so the government of the concerned countries got frightened and they ban ICO in their country.

hurain

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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.

bitbob82

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Quote from: Guzztsar on October 26, 2017, 11:27:18 PM

So far, the BTC remains legal or unregulated in most countries, the strange thing is that it is only banned in third world countries, this proves how much state control over a society is harmful

China has banned ICO in their country, is china a developing country??? I do not agree with you in this regard because there are different priorities of each country and each country wants rule of law in their country. I think after certain measurement china will very soon legalize ICOs, Because it is their 2nd time that they are taking the sept.

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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?

The main concern of bitcoin is that the anonymity of bitcoin offers cybercriminals a good deal to get paid. Also many illegal online transactions have occurred in the presence of bitcoin. Add the fact that the government cannot regulate the use of bitcoin plus they can't tax it. The government fears what will happen of bitcoin is abuse so they just ban it.

bitllionaire

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Quote from: nexus2k14 on October 27, 2017, 12:35:05 AM

I think some countries banned Bitcoin in fear that can or will compete with their own currency. For some governments implementing Tax on Bitcoin can be a difficult task and more expensive than banning.

List of top 10 countries that banned Bitcoin is: Bolivia, China, Equador, Iceland, India, Russia (Gov. is working on legislation) Sweden, Thailand and Vietman.

It is matter of encouragement for the investors that some countries are working on the legislation of bit coin in their countries like Sweden, Thailand and Vietnam while some countries like USA and Japan has legalized it which will also be very helpful for the remaining countries to get their assistance

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Quote from: Fasdartin on October 27, 2017, 01:24:49 AM

Quote from: BUK2016 on October 26, 2017, 09:22:06 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?

There are some countries that ban ICO activities and not Bitcoin as you claimed. Country like China ban ICO and local exchange company because of their illegal activities contrary to the laws in China. In recent time many ICO are becoming scam project day after day and there is need for the government of country to check mate their activities in other to protect her population from being scam.

The reason why some other country banned bitcoin because some user of bitcoin they use it in illegal activities, like buying drugs ang weapon, and some goverment they didnt like it because they cannot control or manipulate the bitcoin, and also because of all country have rules and laws, like paying taxes, bitcoin dont pay taxes.

It is noteworthy that some countries banned ICO in their concerned areas due to some illegal activities like buying weapon and drugs but I think that the government should introduce a new system of controlling mechanism of all there illegal activities.

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Quote from: darkangel15 on October 27, 2017, 02:11:51 AM

because all the big changes are afraid that the commissions will be cut off because they have built-up structures and frightened their owners and scared the money-holders who have won big money from it.

I think they just want to give some more time to bitcoin and they are looking to other countries who’s accepted bitcoin may be they want to see the changes first in those countries but there is no doubt that bitcoin can play a big role in in economy of any country so I’m sure very quickly these countries will accept bitcoin as well.

rajuahmed763

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Quote from: ptrk on October 20, 2017, 02:47:34 PM

Old but golden article in the Guardian what answers your question.
https://www.theguardian.com/technology/2013/apr/07/bitcoin-scares-banks-governments

This is a valuable answer. Thank you. Its real news, i am also thinks about, people invest/transfering money by bitcoin in simple way. Its goes to more profitable. No tax, no risk. Its fast, so people using this short way.

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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 because of it's decentralized system. The government can't taxed it so they hated it. They want their people to work on certain job wherein they can get the tax. You can also transact anonymously so there is a great chance it will be use to buy illegal things.

HiringYou

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According to me, some countries are not able to understand the working of Crypto Currencies due to which they impose a ban on them. Cryptocurrencies like Bitcoin makes an anonymous transaction due to which it can lead to corruption. Some, countries think it can harm their national currency, and the lists goes on but they can't simply deny the fact that Bitcoin is becoming more popular and powerful everyday.

migueltiu

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Some people thought that ICOs were a threat to the financial markets’ stability. There has been a push to regulate bitcoin in some small ways. For example, in 2014, the IRS ruled that bitcoin should be considered as assets. The decision meant that Americans who owned bitcoin would have to pay taxes on it

TiffanyLien23

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Some countries banned bitcoin because they really don't know on how to get taxes of this. They also afraid that it might be the cause of decreasing the economy of their country. Other countries issued a preliminary ruling that using bitcoin was illegal because of a lack of existing laws. Even though bitcoin was a licensed business but they still banned it because of that issues.

ghost424

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They might see the usage of bitcoin as a threat or they might see that bitcoin is a threat. They are scared of what they do not know of. Most countries are not knowledgeable about bitcoin and this is why they are banning it. They do not know that learning about bitcoin will be very useful for those who are only staying at home and can generate another income.

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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?

Good question I want to know too why some country banned bitcoin i am keeping my eyes in this topic Angry

BIG Tyrese

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Some countries are afraid of things they can't control and regulate and its so surprise Russia and China are leading with the bans.

Md Saad

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This is a very disappointing issue that some of the country's government hasn't a clear information about this platform. Most of the government think that Bitcoin is the main reason for money laundering issue. some of these authority people have taken it as a threat against the conventional banking system. But for me, they haven't any proper information about this platform that is why they are still against this system.

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