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Topic: why some country banned bitcoin? - page 6. (Read 10262 times)

sr. member
Activity: 1050
Merit: 286
April 12, 2018, 12:12:14 PM
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 being banned by some countries because they are seeing it as a threat. They think bitcoin would only lead their economy's downfall. We all know that bitcoin does not have any tax so it means people will be able to get high incomes without paying any extra fees for the government. There are still a lot of reason why bitcoin is being banned by some countries.
member
Activity: 132
Merit: 10
April 12, 2018, 12:07:53 PM
I do not think there's anything wrong with the bitcoin itself. I think some countries banned bitcoin because they can not know the identity of bitcoin users so it is feared money laundering.
full member
Activity: 672
Merit: 100
April 12, 2018, 12:07:45 PM
BTC Created not as a global payment because in this era bitcoin is only used as a passive investment not for active payments and still not recognized by any government in the world. maybe if the government regulates bitcoin I'm sure it will be very easy to introduce bitcoin to the world
full member
Activity: 266
Merit: 101
April 12, 2018, 11:57:54 AM
Some countries banned bitcoin maybe because they saw bitcoin as a threat. But if we prove to them that bitcoin, the first digital payment system, is safe to use, good for investing, and also can make the country successful , maybe oneday the government will realize that bitcoin can be acceptable to every transactions.
newbie
Activity: 119
Merit: 0
April 12, 2018, 11:51:21 AM
of course they will be afraid bitcoin to be the best of other currencies, because they are afraid their economy will be disturbed let alone bitcoin in use in the financial world that is their reason because this can affect the local currency
newbie
Activity: 121
Merit: 0
April 12, 2018, 08:41:23 AM
because some country the crypto currency is just a money in a game and cannot be transfer in money and they think that bitcoin is not the highest amount of currency.
hero member
Activity: 1666
Merit: 701
April 12, 2018, 07:45:58 AM
As the government considers crypto currency is too risky, or maybe the government itself doesn't quiet understand about crypto and sees from the negative side only, so some countries ban bitcoin, just like what happened lately in India.

https://www.ccn.com/india-bans-banks-from-processing-cryptocurrency-purchases/
sr. member
Activity: 546
Merit: 250
April 12, 2018, 05:43:00 AM
Countries that have banned Bitcoin have almost the same reason to do so because some believe Bitcoin will have a negative effect on their economy because if Bitcoin gets a lot of attention, investment in banks will decline.

That's what some state governments have forbidden Bitcoin.
full member
Activity: 854
Merit: 140
April 12, 2018, 05:38:27 AM
Crypto currency becomes dangerous for many components of life. It is free, independent, does not allow the country to earn money on its citizens. But it's on the surface. What are the deep reasons why Bitcoin is so stubborn to prohibit, and many countries have already been banned. The reasons are as follows:

- Bitcoin, like other electronic currencies, can be used to launder money or to evade taxation.

- The system does not have a controlling center, so it will not work out in order to appeal or reverse the transaction in the reverse order. That's why Bitcoin was banned in many countries - under the pretext of protecting its citizens from financial fraud, which are irreversible.

- Virtual money does not have security. Also, there are no organizations that would be responsible to the holders of the crypto currency. Transactions are more speculative, and there is a risk of losing the price of Bitcoin in the future.

- Propaganda of Bitcoin is a threat to the financial system. This is one of the answers why Bitcoin was banned in Russia. Confirmative step was the entry of seven sites on the crypto currency under the ban from Roskomnadzor.

- Legally, crypto currency is not regulated and is not limited. At the same time, the process of awareness of the danger that comes from electronic coins has only just begun in many countries. At the same time, governments do not always make informed decisions.
It can only be dangerous if you don't know how to use it and in this case some country don't know how to regulate and control bitcoin overflow. Its true that it can be use for money laundering and evade tax however if we're talking losing the price of bitcoin its because of the decline of demand boost by regulation. How can the demand so strong? It was as you said because it has no controlling center. In addition i don't think bitcoin was banned in rusia already because recent news shows that they're trying to legalize it by implementing some law which hasn't done yet.
newbie
Activity: 121
Merit: 0
April 12, 2018, 05:37:44 AM
Because they can not control it! It's very simple. Only private companys are actually doing something with BTC...
jr. member
Activity: 127
Merit: 1
April 12, 2018, 05:37:36 AM
I also wonder about bitcoin bans in various countries, but after reading the forum I concluded that the country that forbids bitcoin does not know how to enforce the bitcoin tax law and the country's economic fears are chaotic.
member
Activity: 280
Merit: 10
April 12, 2018, 05:35:40 AM
Some country banned bitcoin because accepting might take some risk. Bitcoin is a decentralized cryptocurrency. Every transactions happened here do not need any intermediary. Transactions made can not be tracked and known by the government. Therefore, illegal things may occure that may harm the country.

Some believe bitcoin is just a bubble and not really a currency, some call it an asset while some countries that have little or no understanding of bitcoin call it Scam. Countries that have banned Bitcoin have almost the same reason to do so because some believe bitcoin will have a negative effect on their economy because the technology is fully decentralized and the government can not control it
member
Activity: 280
Merit: 10
April 12, 2018, 05:33:58 AM
I think many countries do not yet have such opportunities to control the crypto-currency. While all banks obey and report only to the government, while it is much more difficult to track the crypto-currency. Because in many countries, there is no such active use of electronic money, like a visa and a master card.
member
Activity: 322
Merit: 10
April 12, 2018, 05:28:49 AM
Bitcoin is not yet accepted by all economies as a medium of exchange and cannot be used for transactions as in fiat money. The market price for bitcoin is unstable and transaction fees are high.
jr. member
Activity: 251
Merit: 3
Globe-dex.com
April 12, 2018, 05:27:42 AM
We cant do anything about it...  Everything has its advantage and disadvantage including BTC... Other countries banned Bitcoin because they saw it that it has a disadvantage... And I think because there are a lots of reported scam in BTC...  The government just avoid it...  They didn't understand a lots about bitcoin thats why they banned it in their country... That's very sad to hear but soon they will understand that BTC are not created to ruin the lives of people...
newbie
Activity: 60
Merit: 0
April 12, 2018, 05:17:02 AM
Other government country are afraid of bitcoin because it can disrupt their economic system they cannot control bitcoin and there is no central bank unlike fiat that they can easily be controlled it can also reduce bank profits because if bitcoin gain a lot of attention the investment in the bank will decrease. , but still there are lot of reasons why they banned bitcoin
newbie
Activity: 121
Merit: 0
March 27, 2018, 01:49:09 AM
Because of the popularity of bitcoin they will not agree with the use of bitcoin. The government will not can be controlled the price of bitcoin. And the whole bitcoin because the bitcoin is decentralized to make the transparency. The government afraid to make the bitcoin as they physical money so they will banned the bitcoin.
full member
Activity: 197
Merit: 100
March 27, 2018, 01:41:21 AM
We all knows the government could not get any tax from bitcoin that's why some country governments banned bitcoin. they also have some legal, crime  issues, money laundering and some other problem. we know any government  could not control or trace bitcoin, Untraceable transaction. Some government thinks they don't have any benefit from bitcoin. But they doesn't think how much losses. we all knows bitcoin how much good affects in world economy.     
full member
Activity: 462
Merit: 100
MYCRYPTOBANK.IO
March 27, 2018, 01:18:59 AM
It's because they are afraid that bitcoin is used by some people as illegal transaction options, such as buying drugs, money laundering, and possibly being used as funding for terrorism.
So their reason for banning bitcoin is they have no full control over it.
newbie
Activity: 168
Merit: 0
March 26, 2018, 09:04:00 PM
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 ban bitcoin because they fear it will take their place in the hearts of the people.

Without your consent, the central bank can print money and plunder your wealth. Your money in the bank is not actually your money, but the bank's liabilities to you. That's why they're afraid of bitcoin.

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