Why do some government ban bitcoin?

[wizmo]

I See topics about banning and I want to ask.

Is botcoin really that bad? To banned by other countries?
Do the other government in other countries see something bad?
Can bitcoin be used to locate us?and see what we are doing? In short a Spyware.  

Answer it's pretty simple they can't control it means they have no control over it if they have no control over it then they can't collect taxes which is one of the main source of money for government another reason is that bitcoin is used for illegal activities and it's very hard to track that's why many countries regularized bitcoins and created some law regarding it.  

[affandi]

In this government is generally entirely controlled by the government for its people, while bitcoin is a virtual currency that already has a degree of financial freedom, unlike banks that each has data that can be controlled and supervised by the government. How does the government manage bitcoin to be controlled? and again the bitcoin price is very unpredictable, who has the most owners and few?  certainly difficult to detect it. Maybe that's one reason why the government does not / refuse bitcoin. But maybe one day the situation could change, where the government is willing to accept the existence of bitcoin.

[MoreFun]

its all about corruption

[jerowacik]

Point A government's sets bitcoin bann not because they know what bitcoin is and what the bitcoin is, the government is told what it is bitcoin and so on but the government keeps claiming bitcoin as a threat to banking.
Point B government claims bitcoin as a tool to launder money.
Point C government see unstable prices
Just opinion

the point is the government has a fear when it comes to applying bitcoin to life in the country. bitcoin still do the analysis because this will have long effect, for me actually bitcoin is very helpful life. but the government has other reasons as you mentioned still need time to be able to apply bitcoin.

[bitterguy28]

I See topics about banning and I want to ask.

Is botcoin really that bad? To banned by other countries?
Do the other government in other countries see something bad?
Can bitcoin be used to locate us?and see what we are doing? In short a Spyware.  

absously this sad to us regarding more country now follow the chine government banned the ICO, but i believe sooner the countries banned the ICO will fixed this issues, and i think the dev's have a step how to fixed  countries involve this problem.

[kryptqnick]

The only countries that have banned Bitcoin are Bangladesh, Bolivia, Ecuador & Kyrgyzstan. Do you live in one of these countries? If not, what's your worry?

HERE is more detail on the legality of Bitcoin by country.

As long as countries can still collect taxes off the gains made from bitcoin investments they'll be keen to let it live in the fringe.

What we should be worried about is the long reach of law of some countries to indict people for fraud when that country doesn't have any jurisdiction over where the crime occurred. Not to say that criminals shouldn't be pursued, only that they should be pursued by the authorities that reign over the jurisdiction.

Yes, that's right. Bitcoin is mostly just out of the law. In my country it is out of the law as well, but we have some law saying that all kinds of money which are not registered in proper way and approved by some institution are illegal. That's why we even had some arrests of miners, but in general nobody cares  about btc here.

The main reason why the bitcoin is banned in some countries is because governments in some countries that the bitcoin have a disadvantages if they will legalize it. For them, bitcoin has bad effects.

That's not true. Countries with bad economic situation and high level of poverty could've benefited from btc. They could gather taxes etc in btc and thus become one of those big holders that will eventually get really rich because of it.

[denny27]

In some governments in some countries, indeed there are still some that prohibit bitcoin or have not actually formalized. Yes, i think because some governments still think bitcoin is potentially used for money laundering crimes / can be used for disguise or hide origin of money from the proceeds of criminal acts or other disgraceful acts, of course the government will have difficulty in detecting if its wealth has been changed into form of bitcoin since considering that bitcoin is anonymous nature. In essence i think some governments ban bitcoin it's cause afraid of misuse or arbitrary use that could violate existing rules, as well as risk concerns on using bitcoin for the country.

[eleah24]

I See topics about banning and I want to ask.

Is botcoin really that bad? To banned by other countries?
Do the other government in other countries see something bad?
Can bitcoin be used to locate us?and see what we are doing? In short a Spyware.  

Maybe other governments ban bitcoin on their respective countries is that maybe their mind are set that it might overcome or overpower other banks in the countries. And maybe since they know that it is an online currency or with respect with internet they might thought of having web crimes like hacking bank accounts, money stealing, etc. That's only an opinion of mine. we still don't know what goin on with the minds of our government officials..

[Carlsen]

I can imagine as well that a government that bans bitcoin simply does not understand it.
There are many articles and news about bitcoin that claim it's a ponzi.
When the members of a government read too many of those articles, they might get the impression that would be true.
So they ban bitcoin in order to protect their citizens.
Then the ban would be an act of pure misinformation.

[metenjean]

In my opinion, some other countries that ban bitcoin may seems to lack in innovation about the new era of crypocurrency, either they afraid that the real currency will become useless or that may affect the central bank and its debts to other countries. And money laundering is another issue concerning this case since the annonymity of the transaction in cryptocurrency may affect possibilty of large scale transaction, however i think long before crytocurrency era begin, people already think ahead about how to beat the government and in this case it just bring another easy opportunity to start laundering  

[salinizm]

I See topics about banning and I want to ask.

Is botcoin really that bad? To banned by other countries?
Do the other government in other countries see something bad?
Can bitcoin be used to locate us?and see what we are doing? In short a Spyware.  

 Some Governments Ban bitcoin because  some organisations use bitcoin for illegal purposes like terrorist attacks , mafia war etc. According to me, banning is not a solution to reduce criminal  stuff. The solution for this problem is controlling all the transactions and investments in cryptocurrency world.

[pikebu]

There are some government of countries that bans bitcoins due to bitcoins doesn't have any function in their opinions, they don't know what is bitcoins actually, is it currency or digital asset? There are no valid rules of bitcoins, it makes some government of countries are fear to bitcoins due to bitcoins is decentralized, transparant, no regulator be needed on bitcoins. So they bans usage of bitcoins.

[DoublerHunter]

Some of the government in the world banned bitcoin because of the fear for bitcoin because if bitcoin will get recognize by their people and if they will discover that bitcoin is a better way to earn money and also to put their money rather than the stock market of that country then it will become a huge problem for them for having migrations from physical to virtual money and that is why bitcoin is getting banned from some of the government.

[xiboothrezi]

well, basically bitcoin is anonymous. no special body that manages so easily ridden by certain parties to commit crimes. such as money laundering.

[gribble]

Many reasons why the government bans bitcoins, they are related with bitcoins fetures are like decentralized, transparant, immutable, unstopable, anonymous. So the government can not control or being regulator of bitcoins, also bitcoins be banned by some government because of bitcoins can be used for crime activity, terrorists, money laundering and any other bad activity, although basically everything depend on the user's bitcoins but the government doesn't understand about it.

[Agamemnus]

The governments that ban Bitcoin are looking to control their populations so they don't rebel against them.

[josephpogi]

its all about corruption

Yup i agree goverment ban bitcoin is because they are not control the bitcoin or becuase many people quit their job in the future becuase they get a high profit here in bitcoin.

[renderkiss]

Point A government's sets bitcoin bann not because they know what bitcoin is and what the bitcoin is, the government is told what it is bitcoin and so on but the government keeps claiming bitcoin as a threat to banking.
Point B government claims bitcoin as a tool to launder money.
Point C government see unstable prices
Just opinion

the point is the government has a fear when it comes to applying bitcoin to life in the country. bitcoin still do the analysis because this will have long effect, for me actually bitcoin is very helpful life. but the government has other reasons as you mentioned still need time to be able to apply bitcoin.

They are not scared, but they still do not have faith in bitcoin, a digital coin that does not have real material value.

[susila_bai]

Point A government's sets bitcoin bann not because they know what bitcoin is and what the bitcoin is, the government is told what it is bitcoin and so on but the government keeps claiming bitcoin as a threat to banking.
Point B government claims bitcoin as a tool to launder money.
Point C government see unstable prices
Just opinion

the point is the government has a fear when it comes to applying bitcoin to life in the country. bitcoin still do the analysis because this will have long effect, for me actually bitcoin is very helpful life. but the government has other reasons as you mentioned still need time to be able to apply bitcoin.

They are not scared, but they still do not have faith in bitcoin, a digital coin that does not have real material value.

It is not that they dont have faith in bitcoin, it is the main problem of that they will dont have control over the bitcoin and wont be able to manipulate it, which they do with fiat currency. That is the main reason they dont want to implement it. And one more thing is that Bitcoin is not a stable currency

[kamikadze69]

I think this is still about the classic problem that has not been resolved yet. tax. taxation is a major issue for bitcoin and the government to enforce a regulation that supports bitcoin.