bitcoin may be considered money and its illegal for some countries like (Bangladesh, Bolivia, Ecuador, China etc)
they don't allow bitcoin,, maybe if they use legally then real money can not use in the world so its a great loss for the world
Topic: why some country banned bitcoin? - page 55. (Read 10262 times)
Bitcoin serving people since last 8 years. Many people using bitcoin as a job and get paid well. Many government legalised it wher as many government like china ban it. Their might some reason behind it. Bitcoin may be control their country economic and they doesn't want that. They might want full control of them on their economic . Bitcoin doesn't pay tax so it might be cause. Bitcoin can be use by many anti social person to fulfill their dirty things. Another reason of banning bitcoin transaction of black money.
Few things comes to my mind, one could be how to impose taxes on things being sold or bought through bitcoin, second how to save consumers from fraud, definitely there is need for building a whole ecosystem around it.
bitcoin is a digital currency, and countries that have understood that potential have found bitcoin user plans for different needs, but one reason why a country forbids bitcoin because the country is experiencing the disadvantages of this very popular bitcoin. and lots of those deals in bitcoin. because bitcoins do not pay taxes at all when they use bitcoin, in comparison to banks, so they partially forbid it.
In my country, a lot of people are using bitcoin. They are getting payment from online work through bitcoin. They are even storing bitcoin for their future and for making a good profit. The number of bitcoin user in my country is increasing and increasing. The government has no decision about using bitcoin. They are working to give a law for using bitcoin. Whatever rules they imply, the user will increase. The faith about bitcoin among the general people is increasing here.
In such countries, canvasses believe that this will damage the banking system and most businessmen, increase the turnover of drugs and other "black" money.
You nailed it dude, that's what most governments and central banks feel about Bitcoin and cryptocurrencies in general, they deem it a threat to their local fiat and banking system and so come up against it will all sorts of decrees.
Maybe their government wants their own paper money to continue running and not be easily moved with the capability of bitcoin. And wants their people to still exert effort and not live an easy life but live in a real life
In such countries, canvasses believe that this will damage the banking system and most businessmen, increase the turnover of drugs and other "black" money.
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 there any problem? i know that bitcoin is international crypto currency. but why some country banned this cryto?
The government of most countries see bitcoin as a threat to the economy of their country, and they want to stop it from been used in their country. At most times, they compare bitcoin to there currency, seeing that it is too expensive and can be used for fraud acts, and many more.
There are plenty of reason that why a country will not accept bitcoin.firstly understand one think that every country has a government who decides what and how to grow their country. So if government thinks that Bitcoin will help them make profit then it's ok but if they think it will not help him and instead of it, it can cause disaster they won't accept it.
There are a number of nations out there who see bitcoin as a threat to their financial stability...but I think this view will change over time.
Its only because of the Government who feels that bitcoin is an threat to their national currency and if bitcoin becomes the primary currency then no one will use their currency and no Government wants that their currency should get replaced by any digital currency and if it does then they will loose all the control that they are having at a moment on fiat currency.
Because they see that bitcoin is a cryptocurrency that can't be monitored by goverments and they are scare that people can make illegal transactions, some countries trying to tax cryptocurrency, but there was a lot of other currencies that you can exchange with and dont pay tax, I think it's better to have cryptocurrency taxed then banned, because you can find a lot of other methods to exchange from cryptocurrency to cash
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 bitcoins are black money, more of them, some countries just blocked cryptocurrencies, they just know that in some time cryptocurrencies can rise big problems, better just block it and be secured all the time. is there any problem? i know that bitcoin is international crypto currency. but why some country banned this cryto?
I think reason was tax issues and also lack of respect. it is 21st century, why they don't want to learn that banning is not a good thing.
Perhaps because with bitcoin you can easily withdraw money from the country and it may affect economy
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 there any problem? i know that bitcoin is international crypto currency. but why some country banned this cryto?
I think these countries are banning bitcoin because they can't control it.
The some countries banned bitcoin are bitcoin as a new way to make money for their citizen and only thinking that bitcoin will be like a threat for their economy. because their citizen which is using bitcoin is not paying the tax at all when they use bitcoin except when they sell their bitcoin and send the money to their bank account. maybe they are afraid that if many more people trying to use bitcoin, their fiat can be affect with the bitcoin price and will make the economy of the country will disturbed so only some countries banned bitcoin.
I agree you buddy.Many country start to ban bitcoin in their country because,that will impact in their country economy and make the FIAT value low and even they can replace the FIAT.By thinking all this fact many country start to ban Bitcoin,but bitcoin over come all that one and still shine like a star.
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 there any problem? i know that bitcoin is international crypto currency. but why some country banned this cryto?
Maybe the government is scared with the price of bitcoin compared with their home currency, or they are thinking it will be used for some fraud acts in the country.
I think it's mainly the issue in their economy. Imagine if most people of your country work to earn bitcoins. The money they earned are not really from the bank so it will not help regulate the countries' money. Working without taxes which the government use for their projects will really hurts so some countries ban bitcoin. Because government wants to control things, they ban what they can't control and try to start from there.
Also, there are many cases that bitcoin can be used for illegal activities especially when they have access to deep webs. It is easy to hire someone to do illegal deeds from there or buy something illegal and ship to the country. With bitcoin, it makes it hard for the authority to access such transactions because it is really secured and the transactions cannot be traced.
Being a bitcoin dominated country will hurt their economic system. Banks will surely try to complain and the government can't do a thing about it so the only way is to ban ICOs/BTC.
Also, there are many cases that bitcoin can be used for illegal activities especially when they have access to deep webs. It is easy to hire someone to do illegal deeds from there or buy something illegal and ship to the country. With bitcoin, it makes it hard for the authority to access such transactions because it is really secured and the transactions cannot be traced.
Being a bitcoin dominated country will hurt their economic system. Banks will surely try to complain and the government can't do a thing about it so the only way is to ban ICOs/BTC.
most of the countries banned bitcoin because they were not able to get tax from it. governments doesn't like if they don't get tax from anything.
and there is also other thing, banning or controlling ico process. reason behind it was to prevent scammers.
banning doesn't work properly as we are in technology era.
and there is also other thing, banning or controlling ico process. reason behind it was to prevent scammers.
banning doesn't work properly as we are in technology era.
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