Bitcoin Forum

Freedom is priceless, but it's unfortunate that some countries are depriving their citizens of this right. The banning of Bitcoin is one of them, and the countries doing this are not wise but not entirely foolish because they have their reasons. Nonetheless, they are showing excessiveness in their dispensation of authorities as far as I am concerned. However, one thing these countries have in common is either they don't practice democracy or it is weak in the country.

Not all policies are completely good, and you don't cut the head off because you want to cure a headache. I pondered on this today after responding to a reply, how naive some of these countries could be as they (the government) and their citizens would be negatively affected in the following ways, though they are not the limit:

1. The government cannot earn through Bitcoin in terms of investments, taxes and others.
2. The citizens would be deprived of the fortunes attached to Bitcoin when they own it or do investments with it.
3. The citizens would be deprived of employment that could be paid through Bitcoin only, especially online.
4. They will be forced to embrace fiat with high transaction fees and a slow time of completing most international transactions, unlike Bitcoin.
5. The investors' confidence will slightly be affected since many companies dealing with Bitcoin will not be able to thrive under such conditions, so they go elsewhere.
6. Setback in blockchain and the technology attached to it when countries are yearning for advancement etc.

They do this in the name of curbing illicit financial flow, but the question is, is it worth it? I don't see a winner here if they truly have the love of their country and citizen at heart, they should have regulated it, not banned the coin.

What do you think guys?

The government suppose to legalize bitcoin and take advantage of taxing their citizens, but if bitcoin is not legal in a country, the bitcoin companies that supposed grow will have no option than to leave the country, reducing economic benefits and at least, adding to unemployment directly and indirectly.

But as for individuals, some still know that bitcoin is decentralized, what is decentralized like bitcoin is difficult for the central authority to control, that is why it won't be surprising that some people will still buy and hold bitcoin in such countries. Even China banned bitcoin several times, it banned bitcoin mining, now the second country after USA with miners that have highest bitcoin hashrate after it went to zero immediately after the crackdown, what also surfaced later is that bitcoin is treated as a virtual property in China. Nigeria's central bank as a central authority, banned bitcoin, but yet bitcoin not banned in Nigeria. Many others like that which make citizens of some nations to still be able to buy and hold bitcoin.

As much as I would've liked to be wrong, the reverse is true here. Payment networks can settle fiat transactions in a matter of seconds within a particular country - assuming it's not held up somewhere for manual review, but they only happens when using a foreign payment processor.

SWIFT is a dinosaur though.

Two things I disagree with.


This is a bit of a misconception.
If the citizen of each state sells a coin to some other citizen, the amount of money overall in the said country stays the same, you buying a BTC for 100$ and then selling it for 60k means that this has changed:
John had 1 bitcoin, you had 100$, I had 60k, now John has 100$, you have 60k, I have one BTC, as bitcoin doesn't produce money out of thin air.

For sure it will tax you for your gains but if it weren't for BTC I would have spent those 60k on something else, maybe a car, and the state would still have got the tax on vat and on annual tax and road tax and gas tax ...and tax and tax! :D

If now the value of the coin has reached extraordinary levels and the citizens of countries that have stocked up on BTC want to sell their coins at a profit and there are buyers from other countries, what would the governments of those counties benefit since their citizens are actually importing foreign currency at the expense of their own since they spend dollars, euros, and yens to buy coins from abroad?

So basically a government would only benefit if the balance is positive, if everyone would be just buying coins then it will be a loss for them, and there's no way for every country to benefit in the long run, it's impossible!

At a personal level Bitcoin can indeed make you wealthy and protect your finances, but on a global level, it's just a redistribution of money.


The are plenty of services that are just as fast and at least in Europe, I get no fees for an instant national transfer.

@stompix had a great answer to this one.


At the same time people are saved from scams and fraud from the company that uses Bitcoin to exploit people.  Banning Bitcoin is much better than keeping it afloat and not regulating it since there are lots of people who wanted to take advantage of others by exploiting the trending industry.


Have you ever done a fiat money transfer?  Most of the bank transfers today are almost instant, I think you should try it once.

Blockchain technology can be integrated even without Bitcoin.  Bitcoin is just a product of blockchain tech so basically, Blockchain technology is far wider than Bitcoin and the cryptocurrency industry.  So we cannot say that banning Bitcoin means not accepting blockchain technology.  Any country can integrate blockchain technology and reject any cryptocurrency in the market at the same time.


The world will go on without Bitcoin, Blockchain can be integrated without the present cryptocurrency so the government not implementing or adopting the current cryptocurrencies doesn't mean they cannot take advantage of Blockchain technology.  But I always think that it is always better to have extra option since it opens up more opportunity.

I remember a time I wanted to make use of a foreign gambling site, I was able to deposit into the gambling site in just few seconds, but the withdrawal is wire transfer, it takes 2 weeks before I was able to see the money that I withdrew. When I joined this forum, I was able to see numerous crypto gambling sites that I can deposit bitcoin or altcoins in some minutes and also able to withdraw in some minutes, unlike before.

Governments prefer to keep cash or earn from citizens’ transactions, so they allow some foreign currencies, but what happens in bitcoin is that liquidity disappears from the banking system to a new system that is not controlled by the state and needs resources to impose taxes on it, and therefore they resort to the easiest solution, which is ban or warning from Risks.

So it is not a double-edged sword, but a follower of the herd.

Corporations and states sitting on the issue and percentages of transactions of traditional finance, which amount to hundreds of billions, will certainly somehow counteract the spread of bitcoin, and although even they recognize the usefulness of introducing blockchain, they are trying to block bitcoin itself, although they retain the opportunity for corporations themselves to participate in its accumulation.

Not sure if that's what you meant, but authorities banning bitcoin as a currency, provided that authorities want to stick their nose into citizens' businesses, is a great choice. Discourage merchants on using peer-to-peer electronic cash, in an epoch where most transactions happen electronically, and you're a surveillance expert!

From national bank_1 to national bank_2? In my country, it charges something. Transactions within users of the same bank confirm instantly, though, and with no charge.

Yup, ING and Erste for example, I get zero fees for national transfers, AMRO also offers 0 fees for the whole eurozone but they are not instant, don't know how much they charge, there are some banks that offer them for free in some countries as they have alliances with other banks and so on.
But yeah, I should have probably added: "some" as not all of them do and some that do do charge a monthly fee which doesn't exist in bitcoin.


It depends on what type of enforcement that country seeks, if they ban it so they can wash their hands off any problems it causes then it's no problem dealing with it, if they actually seek to pursue and fine or arrest traders most P2P won't help you. Remember that in order to do P2P you still need to find a trader and deal with him over a different payment channel be it bank/wu/skrill whatever, that guy with his hundreds of weekly payments to strangers is so easy to identify that if they wanted they could track him in one minute. And then all they have to do is follow the money flow.

I would advise anyone in a country that enforces a ban with prison sentences against trusting somebody online for trades, you might be dealing with an undercover cop. We had users on this forum getting into trouble like this:
https://bitcointalk.org/index.php?topic=934268

You are missing one point - in most countries the Bitcoin ecosystem is such a tiny part of the national GDP, that it's many times smaller than the margin of error of measuring it. So countries that ban Bitcoin don't really feel these negative effects.

Most of the countries that banned Bitcoin are repressive regimes that don't want their people having any financial freedom, because it could potentially undermine the regime, if Bitcoin would get serious traction there.

Don't be angry with that since its normal, to many people still use bitcoin to take advantage of others this is why I can't blame the government to think negatively on it  plus we can also add up the volatility which create some confusion about the real status of bitcoin. Maybe the country decide to ban bitcoin doesn't need its existence to its country for now but for sure in future once blockchain and bitcoin development will be widely adopted for sure they will also take a look back on this.

Since the banks are the actual controller of the state's general policies, everything that affects their interests will meet with great opposition. Bitcoin is considered the biggest threat to the banking system, whether on a local or even global level.
Since, although the state is able to control transactions made with Bitcoin and savings by creating applications with exact settings that enable it to track the movement of Bitcoin and apply the necessary taxes to benefit from it, it does not strive within the limits of what is possible since this affects the banking sector It is not in his interest to change the financial policies of the state in a way that is not in line with its interests.

We know that our governments combating fraud activities since then and then it could Bitcoin is a possible threat to that since it's decentralized and no one has control over it.  But instead of taking advantage to tax their people, they prohibit to use of it, governments only care about people's taxes they think that it'll help their people circumvent capital controls which do illegal activities and possibly governments lose economic controls.

That's why Bitcoin was designed with a decentralized nature so that no one has to control it and people still use Bitcoin even though it's prohibited in their country.  Who cares if the government didn't accept Bitcoin as a legal tender?  In fact, in this case, their loss not ours.

I don't think it's can be called as two edged sword, the government only lose a chance to earn more money from crypto taxes, that's all. If they accept Bitcoin, there's will be many risk for their countries like a criminal in internet will increase, money laundering will increase, $5 wrench attack will increase, people who blame the government to accept Bitcoin will increase etc. That's many risk that the government doesn't want to accept and it's hard to trace a hacker in internet since not all people are really mastered in technology.

There are countless other jobs that pay through fiat compared to Bitcoin, I don't think losing that would be a problem really. Heck, afaik Bitcoin is only an alternative payment for most jobs.

There are other services that work wonders as well though afaik?

I don't think banning Bitcoin equates to banning/blocking research studies about blockchain tech. China has banned Bitcoin and yet afaik they've made significant progress in their blockchain studies.

Bitcoin doesn't have that big of an impact in most countries really so damages if there are any, are rather minimal for each country. Not to mention that fiat still would prove to be a better in majority of the cases you'd have.

The post is very, very reasonable, actually the government is afraid of losing their income, because they can't be sure how much he gets from crypto taxes, because digital currency is very difficult to control by anyone that's why the government prohibits any form related to crypto currency , although they actually realize that the government can get a lot of coffers from crypto currency, but because the government can't control bitcoin, the government forbids bitcoin mining.

The whole "freedom" aspect of bitcoin is just marketing nonsense. It should probably be banned and it won't bother me to take the loss on what I own.

Your statements are totally contradictory, so you think it was more like a collectible that you own Bitcoin? What do you think was the best aspect that Bitcoin has that you think it's worth owning?

1. I think the tax from bitcoin is insignificant and difficult to collect because bitcoin is decentralized, very difficult to manage.
2. This only happens to citizens, but the government is mostly unaffected.
3. I don't think everyone will agree to get their salary in bitcoin because of its volatility, they can take fiat and invest in bitcoin as much as they want.
4. It is a way for the government to maintain its centralized monetary system, if using bitcoin the government will not benefit in this case.
6. Although cryptocurrency gives blockchain prominence, blockchain can be used and applied in many other areas without the need to legalize cryptocurrency.

Bitcoin ban is not a double-edged sword for the government, they will benefit more than harm, IMO.

I'm sure it's better to be early in buying more BTC as much as possible like Pres. Bukele is doing.

No one is left even if they invest or buy BTC in the next 5 years. The government if not the citizens can still set up mining farms in the future.
And I'm sure not all governments want their people to be exposed to a volatile asset such as BTC for they have alternatives like the stablecoins or the CBDC which I think will also undo the banning after having thier own government coin.

Oh wow! How many transactions did BurtW make? Wouldn't it be safe if we could do it in cash? Or do we have to cross the border to do it?
But you are right; it's better not to do it if bitcoin is banned completely in our country.

Fortunately, it seems that banning Bitcoin isn't really a common practice. In many places, it remains unregulated or barely regulated. In some, there can be regulations and restrictions that aren't very welcoming but not a full ban either. In others, there's actually a crypto-friendly climate. I agree with the op that banning Bitcoin means missing out on several economic opportunities both for the state and for its citizens. However, some countries care about control more than about opportunities and potential positive economic effects. There are also some others that already have very strong economies and are thus not very motivated to introduce something new.

Sad to say that despite that they’ve “banned” Bitcoin, there’s no way that they could fully stop it because it’s decentralized, trustless, etc. Citizens who are in that “banned” country are always finding ways to keep transacting with Bitcoin, especially China.

They should learn from other crypto friendly countries on regulating it instead of an outright ban. It’s a new way for them to collect more taxes, in which they didn’t see that as an opportunity. If other countries can regulate Bitcoin, why can’t the others who have no other option but to ban it. There will always be loopholes.

Only few countries but a ban on using or holding bitcoin and cryptocurrencies as far as I am aware. And most of them are poor countries and/or countries with very high corruption rate. They fear that people will use bitcoin for illegal purpose (the irony here) and they won't be able to stop them. And also what surprises me the most is that all of those country keeps on saying that they do it to "protect their citizen". Lol, sounds more like they do it to keep their citizens under their control. Wouldn't be surprised if one day they learn that their government was using bitcoin to launder money and put a ban so no one suspects them.
These are all excuses. I doubt they even bother to learn anything about blockchain and crypto currencies.

Both rich and poor countries ban or restrict the use of cryptocurrencies, but they are unwise as citizens are still using the coin for everything you can think of. And yes, they would claim they don't want their citizens to use it illegally, but are these people clean themselves? No. All I support is more regulation to give fairness, banning it is out of it, except the country wants to cheat herself.

You are just on point, their banning is meaningless, and crypto transactions are happening within their nose as P2P even helped better in converting their coins into the national currency. I've always been of the opinion that banning is not the solution but regulation, and they must encourage those dealing with crypto to be transparent enough just like businesses, and the companies are dully registered in their domains so that they could effectively register and regulate them.

I guess you are getting the gist all wrong, and maybe you are looking for points where there are none. Let me reply only to the numbers I wish to comment on.

1. You might think it's insignificant, but do you know how much the US is now making on crypto? Is the US not rich already? Mind you, it's not the only thing that would bring income to the country, no single sector could, yet it would surely add if countries could accept the business around it and tax them accordingly.
2. And you think a responsible government should deprive their citizen of such benefits?
3. No one is thinking towards your direction. There are many incomes made online through Bitcoin, which is my glue, this is not about the country you live in. I am still in that situation now, in some cases, companies offer payments only through Bitcoin and other payment systems that are useless in my country. Won't I miss the opportunity with a crypto ban? Some are externally making regular 4-5 digits monthly through crypto, an opportunity that would have been missed with banning.
4. That's because the government don't care. A responsible government will strive to ease their citizen where possible and save them from the exploitation of banks.
6. This is your last wrong reply, no one is talking about blockchain generally, but the lagging of the countries that bans crypto technological wise as they will not advance in that area.

Try not to reply in a hurry next time!

I honestly don't care that some countries have banned Bitcoin and I don't care if others do as well, because Bitcoin has never asked for permission for its existence, nor is it needed today - whether it's from politicians, central banks or presidents. Furthermore, what kind of nonsense is this about the earnings of any country when it comes to Bitcoin, whether it is taxes, mining or something else?

It's my right to do what I want and I don't care at all that the governor of my central bank and his dwarfs keep talking negatively about Bitcoin because they protect the interests of the banks and exchanges that pay them to scare people like that.

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What is the share of US GDP that comes from all cryptocurrency related businesses and do you think the US would be even the least bit hurt if tomorrow they did the same thing that China did a few years ago? I'm sure you don't know this data (and neither do I), but I think @stompix could easily show it to you - whether it's China or the US, you overestimate the importance of Bitcoin and all other cryptocurrencies in the world economy.

Many people were surprised that China banned the trading and mining of cryptocurrencies because they allegedly gave up significant income, without having any idea what the GDP of China or the US is. (United States (GDP: 20.49 trillion), China (GDP: 13.4 trillion)

The whole what a government has to lose thing again?  :D
Peanuts! That's why all cryptos are compared to a huge economy.
The whole thing started with nearly the same argument, what has China to lose from all the mining fleeing abroad, even if China would be mining all the bitcoins right now, there would be no cost with the electricity and all the miners would give all their coins to the government which is impossible, it would be a $6 billion if we assume a tax on profit of 10% with a profit margin of 50% you're down to 300 million, what can that mean for a 14 trillion economy? And if we consider revenue from trading, it's even worse depending on how you look at it so let's touch that a bit!


Let's explore a scenario with 3 guys from different countries!
A has purchased coins long ago at 6k cost and it's selling at 20k.
B has bought coins from when it was 60k from somebody and it's panic selling it also at 20k!
C decided to buy their coins at 20k.

How does this look from the government's point of view? Two of them are actually fucked from the investment as they've seen a capital outflow of 40k and maybe those coins will never be exchanged in the next decade so no tax, no increase in consumption no nothing while somebody is laughing his ass out! Now mister C decides to sell his coins to his neighbor for the current price of 40k, thus earning 40k in profits and paying let's say 4k, so the government has earned 4k in taxes, but still has a -40k capital outflow. Is this an accomplishment for the last country? 

See how this is way more complicated from a global and not personal point of view than a simple everyone makes money slogan? Not only do you need to tax your citizens but you have to make sure they make profits cause even if they are just holding coins it's not good for the budget at all!

Bitcoin was created so that you can be your own bank, it was not created to raise the tax income in Malawi!


Oh this again, how many international payments does the average Joe make in a year?
I know a ton of people who barely make a bank transfer a year to some relative in the next town and we're talking here like everyone depends on international instant payments.

You do know that banning it, is regulation, right? If you don't trust the politicians for doing the right thing, how can you trust them to regulate this for you? And yet, in a "fair" manner.

Unless you collect taxes from unrealized gains...

Don't disagree, but this place is full of average people, in my humble opinion of course, lots of which get paid to wear a signature. I've been in other forums before, such transaction fee and punctuality in international payments is priceless in an era of worldwide commerce.

It'll ultimately come down to this. Banning Bitcoin doesn't really do much for them, except prevent them from regulating it, and therefore profiting from it. So, most countries that do ban Bitcoin, tend to unban it at a later date. Barring any major changes to how people view Bitcoin, I imagine most countries will adopt the latter approach, and start taxing it.

The worst outcome for Bitcoin is governments deciding due to it's risky nature, that Bitcoin will be taxed at higher rates than fiat, much higher. Heavily taxed implications could potentially cripple new adoption, more so than banning it outright. They would still benefit from the taxes, but also prevent people from completely ditching fiat, and converting entirely to Bitcoin. I don't think that's even feasible for most people anyway, and therefore the governments probably aren't overly concerned about Bitcoin replacing fiat.

A thing that I consider to be impossible to ever be put in place!
I have like zero ideas right now about how you could enforce such a thing but quite a few on how this could go wrong, and how you could even tax it, you choose December 31st at 23:59 as the reference price and you're going to have traders colluding, and only one trade happens at 1$ per coin, everyone losses and applies for tax deductions!
Maybe AOC has a better plan but I don't see this happening with crypto. With property and real estate, yeah! Tokens, no!


The demands and needs of a specialized but worldwide community are usually not representatives of the nations in which those reside, or at least let's agree it's nowhere near that stage yet for us.
For fast and uncensorable payments to complete strangers that don't want to reveal their personal data or bank account, bitcoin is undoubtedly king, if I wanted to pay a guy I've never met before living in some secret country he doesn't want to reveal let's say $2000 for a GPU or some really expensive Alpaca socks, I wouldn't do it with BTC unless he agrees to an escrow I choose! And he probably won't!

I will say that those government that banned bitcoin in their countries are self-centered, this has blind folded their eyes and made them not to see the benefits that bitcoin  will bring to the country in terms of adding more value to the economy and the citizens welfare. They think that they are doing bitcoin a damage,but they don't know that the more the days and years are passing by bitcoin is gaining more recognition and spreading to the ends of the world because it is a valuable assets and volatile. Those government has deprived their citizens from financial freedom, so that they can monitor and do whatever they like to the citizens financial life. With them or without them bitcoin is serving the purpose of its creation.

Some of them say that their reason why not legalizing Bitcoin or crypto is because they cannot control it, because of its decentralization. But I am sure enough that what you said here is right, they actually not only cannot control the Bitcoin but also cannot earn money from Bitcoin. Although they try to make some laws about crypto tax, this is also complicated because not every transaction and investment asset is connected to the individual bank account so this will be also not optimal.

However, we cannot deny that some countries also legalize and support crypto in several sectors such as the investment digitally, not as the legal currency. Atleastt, this will give a good progress for the crypto. Not al government hate Bitcoin, but most of them  actually have bigger certain interests so they have to tighten cryptocurrencies in their countries. moreover, they feel that they are in control of the country.

Actually they can especially if they would prohibit decentralised exchangers and the general use of this technology. Check on those countries wherein cryptocurrencies are banned already. It won't be termed as "banned" for no reason, meaning, people in those countries have no access at all. While to some countries, cryptocurrencies are neutral wherein its usage is not prohibited, but is also not supported, which I think decentralisation plays a role. It could also be taxed using prohibition through centralised exchangers. Fiat will still be used no matter what, because only few businesses accept cryptocurrencies as a mode of payment, to such countries.

Are there countries still practicing democracy in our world today? I hear of a governance called democracy in my nation but its merely a shadow of what could have been. Its just used as a mirage to what should have been.

No matter how glaring the truth might be in the eyes of the government concerning cryptocurrency, it would be most difficult for them to accept the crypto innovation without taking as much time as they could.

Accepting cryptocurrency means the government have got to lose some of its sovereign power and that's something they aren't prepared for. Especially in the aspect of finance where they've got the power to manipulate price.

It seems that these theories still live in some minds, although they are completely meaningless in the global picture. Maybe some people don't understand the difference between a billion and a trillion, maybe it's something else - but anyone who thinks that big and powerful countries lose something if they ban Bitcoin is living in a big delusion. China is a good example that we have mentioned many times in the past and proof that those at the top did not even blink when they signed laws that prohibit trading and mining.

With some exceptions, for most countries and governments of the world, Bitcoin is just a nuisance that would be good to eliminate, but as our friend Congressman Brad Sherman once said that Bitcoin is just a baby, and babies are pretty harmless, right?

Will it interest you to know that government does not need the bitcoin to survive.
Will it also interest you to understand that any government can create job for her citizens without depending on the job opportunity that bitcoin and cryptocurrency with bring? I can rightly say that no government will miss out anything if they did not adopt bitcoin and Bitcoin mining.

What we are considering is the freedom of our citizens to choose the kind of money that they want to use.
That is why I love United States of America whose ideology is liberty.
Everyone has the right to choose what they use in as much as it will not affect the well-being and the economy of the country at large.

So asking government to adopt massively the idea of Bitcoin is for the good of the Citizens and has no direct positive impact on the government.

Those points that benefit the citizen are insignificant compared to what some countries are afraid of. Due to the decentralized and pseudonymity nature, they prefer to not let the people have control of this kind of system. Despite the lack of clarity on the ban regulation, I assumed that most prohibitions will cite that bitcoin is used for terrorism, money laundering, and dark market payment options.

Let's also not forget tax evasion has also one of many baseless accusations that deem bitcoin only brings bad things to the world. Heck, there is even an organization that wants to abolish bitcoin by simply bullshitting that it is a waste of energy and not climate friendly.

I would have to disagree with a few things you said, unfortunately. But I also do agree with some of the other things you said.

First of all, freedom is never without a price. In a country with like North Korea where your freedom is completely taken from you, the price to gain that freedom is a revolutionary civil war. Quite a heavy price. Our current modern, peaceful times in first world western countries has obscured that fact. Freedom is something which we should not give away, not even a bit.

1. Disagree. The government could just invest in Bitcoin themselves and they would see a nice profit.
2. Agreed.
3. Half-Agreed. If you have the internet you can earn Bitcoin for your work online and the government does not have to know, unless your opsec is bad.
4. Depends on the country. Enforcement in North Korea is different than the enforcement in US.
5. Agreed, but this will be temporary. The investors will see how little power the government has over Bitcoin and calm down.
6. Not sure what you meant.

In a nutshell, no government can ban Bitcoin. No need to panic.

I haven't seen a country successfully pull off a crypto ban yet but China has floated the idea in the past (in fact they might have already implemented a formal ban, but their enforcement is nonexistent).

I think the regulation portion of Bitcoin is the way most countries would go about banning bitcoin by proxy. If they can dissuade people into holding/using crypto by excessive taxes or governmental red tape, that would have the same effect as an outright ban -- and they wouldn't need to invest resources related to enforcement. That being said, to your point, if the government sees an opportunity to profit off crypto they would not hesitate to capitalize.

I don't understand what kind of enforcement you'd expect, I think there are a lot of written sanctions in that country for violators. At this point, China is very serious about its policy if it remembers that the first catch is a penalty with severe consequences such as fines and imprisonment.
In fact, no violations have been detected, so it's as if nothing happened.

I think you are mistaking country and the citizens. China as a government would not really have a trouble, nor USA or UK, those are huge governments and they will continue to exists without a trouble. But, there are so many Chinese people who got hurt because of that ban, and is that a good thing for the country?

If your citizens are rich, then so is the nation, if your citizens are poor, the government could be strong but the nation would be poorer. Remember, nations do not bankrupt like companies, they just become poorer nations. So if you ban bitcoin, you are causing a lot of people in your nation to become poorer, same as bankrupting, and that is not a good thing for any nation.

It'd be purely arbitrary, and oppressive with a first look. Think of it like this: bitcoin is valuated at $10,000, and you buy 1 BTC. A month later, bitcoin is valuated at $20,000. That's 100% increase in unrealized gains. To take 15% (e.g.) of it, you send 0.15 BTC to the tax collector. Terrifying, huh?

So tell me why he should trust you, for not reversing the transaction. You're a total stranger to him as well.

First time when Bitcoin launching my country still not legal and they not care how potential earning or profitable earn from Bitcoin, but last year they have great planning how to earn taxes from Bitcoin transaction trough local exchange currency. Every month taxes income always increase up and I sure they will disappointed why not adopt Bitcoin or cryptocurrency transaction more than six or seven years ago?

I don't think have afraid with many countries still not legalize with Bitcoin because when looking on potential achievement from Bitcoin taxes they will realize one day later why not open and make Bitcoin as passive income trough taxes.

Yeah, well, taxing deflationary BTC like it's inflationary fiat doesn't make much sense... whether it's a percent or a fixed amount of sats.

At least with fiat you know the currency is going downhill, so fixed amounts don't bother you that much.

Italy seems did something:

https://www.reddit.com/r/Bitcoin/comments/zy3lix/italy_just_approved_a_02_yearly_property_tax_on/

Good luck with the boating accidents! ;D

There is some truth to what you have said, but don't you think that a country legalizing the adoption and mining of Bitcoin can actually increase sources of income and employment for every citizen of its country.
Although it is true that the country is able to create jobs without relying on Bitcoin and a country will not lose anything by not legalizing or adopting Bitcoin, using Bitcoin can at least help the country and its citizens avoid economic and financial collapse.

It's basically because of the fact that they cannot regulate cryptocurrencies, particularly bitcoin in this situation. They argue that crime could go rampant, and energy will become a massive issue, courtesy of homemade bitcoin mining rigs, if bitcoin is allowed and legalized in their country, which to some extent is true, as some criminal activities and transactions are made through bitcoin let's be honest and the fact that as of now crypto mining is still one big detractor in energy consumption amongst the public. But as OP said in his title, it is a double-edged sword, as it definitely disempowers the public to gain financial capability through bitcoin and the employments it could offer. But the battle is almost over I reckon, more and more countries are accepting of bitcoin compared to those who are against it. Only two outcomes remain.

A country that prohibits crypto is not a very smart thing, firstly because people who already know bitcoin and crypto know that they can make a lot of money and it is quite a lot compared to what the current work system could offer them, the profits and profitability it is much better in bitcoin than in any method of saving that is in local money, prohibitions will be imposed but there will always be ways to avoid it for some, a government cannot tell a person that they cannot even deserve to earn more money, that is something that is not in people's DNA, everyone wants to make money and if they find a way to invest like bitcoin they will not stop government regulations

It's China -- if they were so inclined they could have law enforcement monitor online financial activity and penalize anyone conducting transactions through crypto. They haven't hesitated on using authoritarianism against anyone they deem to be offenders in the past, of course. I haven't seen reports of severe Bitcoin crackdowns in China but I'm open to being amended if it turns out to be the case from any crypto users subject to Xi Jinping's tyranny.

banning bitcoin in a country will only make citizens in that country try to hide from the government in conducting bitcoin transactions. because bitcoin lovers will not be easy to stop just because their country forbids it. because sometimes there are times when we need bitcoin for transactions on the internet.

and the decision to ban bitcoin in a country has clearly eliminated a good opportunity for the country itself. because we are in the digital age. and fast and practical transactions are what is needed in the current era.
the country has clearly refused to walk in technological progress and information that continues to grow, one of which is cryptocurrency. and that could leave them behind in progress from countries that have opened up to bitcoin and cryptocurrencies.

countries that are open to bitcoin and cryptocurrencies and regulate taxation on them would be much better off because they would benefit from crypto transaction taxes. while crypto users and the number of transactions are increasing nowadays. so that the taxes that the government gets will be even higher and that can help increase the income of the state treasury.

but I believe that countries that still reject bitcoin today will one day begin to open up to bitcoin.

Do you think the average Chinese lived better at the time when it was allowed to trade with Bitcoin in China, or do you think they would live better today if nothing had changed? What about when Bitcoin is in a bear market, doesn't that cause a lot of emotional hurt for most of those who have invested in Bitcoin?

We can look at all this from a romantic-emotional point of view, but do you think that 1.4 billion Chinese are silent and suffer under the communist party only because they are afraid, or have they been brainwashed for decades under that regime to the point that they don't care? I have not heard or seen that millions took to the streets and protested against the ban on Bitcoin trading or mining.


I would disagree with your reasoning, because if we're going to go in that direction, are people around the world richer because their country didn't ban Bitcoin - do people live better in El Salvador or somewhere else because of that? Bitcoin exists to be resistant to bans, I don't see why my government should give me the green light to trade or invest in Bitcoin, and I personally don't care what politicians do or think.

In my understanding, this is because the government cannot control the risks that its people will receive if something happens to the market, and most governments in other countries do not fully understand bitcoin and are still in the understanding stage so that later they can issue regulations that can truly create a sense of security.
Let's say Bitcoin has been regulated but Altcoins will force their way in and of course they will become the target of people who want profits without doing proper study first, maybe of the many Altcoins there are potential frauds.
Even though bitcoin is perfect, the culprit is a rotten altcoin which is a consideration for the government.
Even if there are countries that have regulated it and then banned it again, it seems that they are unprepared and are trying to learn it again.

We can also consider bitcoin as the only most recognized cryptocurrency and so with this understanding i expect some of the cryptos being banned abd not the main and major cryptocurrency which is bitcoin, it is clear that many crypto projects have scammed people in the past in which bitcoin never fail their own reputation with it's investors over the years, it has been prominently the best of other form of investments or digital currency which should enjoy the more benefits of legalization, what i sense here is that those countries have an intention for their own cbdc which is eventually not a decentralized crypto as bitcoin which the people want.

I don't think so, even after Bitcoin and crypto Ban in some counties the Decentralized bodies are working from a long timein these countries. Actually after a Bitcoin or Crypto Ban you actually cant stop the community directly. What they need to do is to Cut the whole internet infrastructure from country to eliminate the Bitcoin and Crypto community. As long as internet is working no need to worries community can still stand alone.

I think these countries banned cryptocurrencies because they lack regulation. When in other countries more and more adoption will be, then I think these countries who banned coin will adopt it too. I think that regulation needs to be written down among all other laws about taxes and so on, it is necessary.

There must be some sort of reason why the government banned it in full or in part. The most reasonable thing in my opinion is to comply with the regulations that are made, whereas if you don't want to comply then try moving to a country that doesn't prohibit crypto you are free to use it for anything.

That's how the industry developed, when one country does not allow bitcoin mining or makes it difficult with regulations on crypto-related matters, then miners will look for crypto-friendly countries to continue their mining activities. Implementation of the rules will sometimes not benefit bitcoin or crypto users, but in the end bitcoin cannot be controlled even if it is banned.

That's the problem with it and that's why even the wealth tax on the super-rich proposed in the leftist of the leftist's states never got approved.
They are trying again but it will most likely fail just like back in 2020 since it has one major flaw, it's stupid!

If they can't find a way to do this for tangible assets that have a clearer market value and aren't that volatile, good luck trying this with bitcoin.


Exactly!
Merchants love final sales, and customers love credit card chargebacks, that's why every single payment has a niche, and you won't see crypto replacing those even if it allows you to "send" coins to the other side of the world in seconds. And even remittance payments are overblown, unless you have the coins and the receiver wants coins too, you will also encounter fees and delays and 3rd parties, that's why we still have empty blocks despite 14 million migrant workers in US alone.



Sometimes Bitcoiners say really silly things, right, how can you even claim that a government banning bitcoin is making you poorer?
Probably some spend too much time just talking about crypto with only people passionate about crypto and what they do all day is again crypto-related so they don't realize how many people currently leave outside this world without even touching it once.