why cryptocurrencies banned?

[SALAUDDIN]

why banned cryptocurrency some country, anyone knows?

[moonshoot]

I don't know which country you are referring to specifically, but I think some countries may believe that cryptocurrencies are a threat to their national currency, and others may believe it does not have sufficient consumer protections so they may believe they are protecting their citizens from fraud, scams, etc. Still others may just want to regulate it and might ban cryptocurrencies until they have proper regulations in place.

It's hard to comment specifically as to why without getting into specifics about a particular country.

[AdolfinWolf]

why banned cryptocurrency some country, anyone knows?

http://lmgtfy.com/?q=why+is+cryptocurrency+being+banned+in+some+countries

I could see it happening because governments think/ fear it will only be used to either launder money, or in illegal activities. Also, there's huge amounts of FUD's and speculation, i have yet to see any democratic country issue a full ban on crypto.

Or governments do it to protect their own citizens against these "bubbles", which one could argue is a lot of bullcrap.

The Central Bank of Indonesia warned its citizens in a press release over the weekend which led to the voluntary closure of two cryptocurrency exchanges.

The statement read: “Virtual currencies are vulnerable to bubble risks and susceptible to be used for money laundering and terrorism financing, therefore can potentially impact financial system stability and cause financial harm to society.”

https://www.express.co.uk/finance/city/904732/Bitcoin-value-latest-cryptocurrency-Indonesia-Algeria-South-Korea-ripple-litecoin-ethereum

[minhnguyen]

First one is government cant control it so they dont allow what cant be controled.
Second there is not enough law and regulation about crypto like ico. there were and are a lot of scam

[MintDice]

A common trope you'll hear is that it's due to reasons of security. Most people argue however that the real reason could be the issue of decentralization. Decentralized markets challenge the existence of traditional financial institutions.

[dothebeats]

Most of the time, you'll hear government officials stating that cryptocurrency is a "high risk asset without any guaranteed returns" and is "prone to be used in illicit activities" while on the contrary, fiat also exhibits the latter largely. I don't buy the government's reason as to why they are trying to ban cryptos or to get their citizens' hands away from it. It's true that it's easy to launder money using cryptos but don't they know that fiat is easier? The difference between the two is that bitcoin's faults are publicized while fiat's aren't.

Or governments do it to protect their own citizens against these "bubbles", which one could argue is a lot of bullcrap.

Bubbles also occur within registered stock exchanges so I don't see why anyone would buy that reason honestly.

[Rocky69]

[quote author=moonshoot link=topic=3006342.msg30922981#msg30922981 date=1519411.


Yes they are banned in few countries like  Bangladesh,Bolivia, Equador,  Nepal , Veitnam etc while in certain economies are mum on the legality of Crypto .
Crypto currencies are banned by  some countries as they  believe that cryptocurrencies are a threat to their national currency, and others believe it is being used for scams and illegal activities like terrorism . Some have banned is as they cant regulate the same

[HabBear]

why banned cryptocurrency some country, anyone knows?

Which Country are you thinking of? Bitcoin and cryptocurrencies are legal in most Countries.

Let's focus on Bitcoin, here's a link to the legality of Bitcoin by Country/Territory: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory'

To summarize, here are the Countries where Bitcoin is illegal:

• Algeria
• Morocco
• Bolivia
• Ecuador
• Kyrgystan
• Bangladesh
• Nepal
• Cambodia
• Indonesia - illegal as a payment tool only, not illegal to own

Here's an image from the same source that illustrates legal by Country across the World.