Why in some countries Bitcoin is banned

[d5000]

I can tell you the reasons in Bolivia, where the Central Bank banned it, but the ban seems not enforced in any way. To my knowledge, there are even bitcoin businesses in some Bolivian cities, maybe they even lifted the ban now.

The Central Bank in Bolivia feared that people could engage more easily in capital flight and so desestabilize the value of the own currency. Well, the Boliviano is a weak currency (although with a relatively stable rate to other world currencies, compared, for example, with Argentina's notoriously devaluating Peso) because of the small size of the Bolivian economy, so the fear is understandable. But I don't think Bitcoin will have any significant effect on the Boliviano's stability. They simply overreacted.

[xdrpx]

This could be because the Government and the banks fear about their secret scam of minting money being revealed and Bitcoin taking over it. Also, maybe cause they worry of how bitcoin doesn't really provide a centralized control to be able to regulate it and monitor peoples transactions like they can do in a bank.

[Harry Hood]

In Canada and America, we are greatly facilitated in using bitcoin,
unlike china, they banned bitcoin

China has not banned bitcoin. Please check your facts!

And the image below is cool but I'm skeptical that Iceland is "hostile" toward bitcoin, especially since there's a ton of mining going on out there.

[RealPhotoshoper]

here some thought,the reasons why run the gamut, from fear and ignorance, to protectionism of their national currency, to building a new currency in bitcoin's image. The list, in general, is not much above ten, but that is subject to change, as many countries have not made an official decision for or against bitcoin. Some are banned by the country's Central Banking system, some are banned by the nation's government, and in many countries the Central Bank and national government act as one and the same.

[LarryHocks]

They don't have control over bitcoin and they wanna protect their own currency

In some countries they don't encourage you to use bitcoin but it's not illegal

[peta4e]

In my country they are ignorant as usual but clearly stated that they ask for tax on bitcoin deals. They do not mentioned litecoin or cryptocurrencies in general in the regulator's texts, only bitcoin : )

[teddy5145]

Russia is planing to make a law that will prosecute everyone that is doing bitcoin transaction on Rusia

In my country Bitcoin isn't banned nor legalized
That mean you can use bitcoin for transaction but if you got scammed by it you can't ask government helps
thank's for your reply friend, wow rusia will do it ?
it's like at my country not legalized

I don't really follow the news since im not from russia
But hopefully they won't illegalize bitcoin there because as far as i know BTC community there is pretty huge and illegalizing it will make a pretty big hit to the Bitcoin

[wich]

But anyway I think that all countries are using Bitcoin.

[Jeremycoin]

Bitcoin cannot REALLY be banned, its P2P so they can't shut down one person and expect the whole network to go offline.

Yeah, that's totally true. "Banning" Bitcoin is just like Banning the internet, which means no one would do that.

[TTMNewsMJ]

In our country they don't what bitcoin is.
Maybe there's a reason that they banned the bitcoin in some countries because they only want to use their own currency.

[foxkyu]

In my country bitcoin and other virtual currencies is not legal also it's not specific say it was illegal.

Because in my country only one payment method can be accepted, which is my local currency.

And the people are urged to exercise caution towards bitcoin and other virtual currencies.
All risks regarding ownership or use of bitcoin are borne by the owner or user of bitcoin and other virtual currencies

[kotwica666]

Why in some countries Bitcoin is banned is the accepting of Bitcoin by  websites and that are illegal .

In few countries Bitcoin is banned. Mostly the reason is the fear of government before that they could not control him, or just lobbying banks.

[neochiny]

Why in some countries Bitcoin is banned is the accepting of Bitcoin by  websites and that are illegal .

it is simple. some countries see bitcoin as a threat to their economy thus banning it
is the only option to lessen the threat they see.

[RobinHoodster]

Economy threat. But also for illegals things.

But I think they ban the most because the goverment don't know how to use it or they just don't want that.

[AtheistAKASaneBrain]

In Canada and America, we are greatly facilitated in using bitcoin,
unlike china, they banned bitcoin

China has not banned bitcoin. Please check your facts!

And the image below is cool but I'm skeptical that Iceland is "hostile" toward bitcoin, especially since there's a ton of mining going on out there.

Im not sure how many years we can keep that map looking that green. Our interests will eventually collide. You can keep pretending that Bitcoin and banks can coexist but I think eventually there will be a conflict of interests and either we make a tradeoff or they will have to, then we'll see what's really up. To get up to that point it may take a lot of years tho.

[mayax]

Bitcoin cannot REALLY be banned, its P2P so they can't shut down one person and expect the whole network to go offline.

Yeah, that's totally true. "Banning" Bitcoin is just like Banning the internet, which means no one would do that.

They won't ban Bitcoin. They will ban the services who accept/trade BTC. They can ban the exchangers or they can request the exchangers to have financial licenses which is a must, IMO.
Also, a financial license is almost equivalent to a ban because only few companies can afford to comply with all the financial laws and to have a lot of money to sustain a licensed company.

[BillyBobZorton]

Governments will keep pushing their agendas to remove cash and as it has been said Bitcoin will bring competition to their centralized e-fiat so they will want to ban it too.

[kostya.ash]

Because those countries are trying to disable a currency that has the potential to drive the wealth produced in the country to overseas. Besides this, governments want to have capital control over people's money

For Russia this is true, but I think a lot of companies just don't understand the concept of bitcoin and thus hearing it as a criminal currency making them afraid and just ban it.

yeah Russia’s Ministry of Finance is hoping to pass a law to ban bitcoin
image of bitcoin is bad,
how to keep the image of bitcoin could be improved?

by not using it

These days, Bitcoin is called a "way for funding terrorist". You will see many banks who will close all the acc. realated with Bitcoin.

not using it
yeah bitcoin properties are anonymous, it is very easy to use for a crime, such as terrorism financing, as well as money laundering,
it appropriate countries prohibit bitcoin?

[magemist]

With recent news of Isis having a wallet with over $3 million worth of bitcoins that doesn't help it's matter any to not get banned in more countries now. Especially in European countries as of now.

[ajun96]

Why in some countries Bitcoin is banned is the accepting of Bitcoin by  websites and that are illegal .

In few countries Bitcoin is banned. Mostly the reason is the fear of government before that they could not control him, or just lobbying banks.

yes the government afraid of bitcoin, in my country bitcoin is not legalized, because the government feared that if bitcoin used to money laundry, because of corruption in my country very much