Why do some government ban bitcoin?

[markdario112616]

As per my theory, Some of the Government officials of a country are engaging in the crypto world. Basically, once a country accepts Bitcoin these people must show their assets as part of being public officials. Declaration of assets means a threat to them since as we all know in this industry one could really make a lot of money and somehow they can also transact without being caught. Bottomline, These officials are intentionally trying to give Bitcoin a bad name so that they could continue on to their businesses. Legalization of Bitcoin is a threat to their own personal interest.

[ihsanskanzaone]

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.  

In some countries prohibit the entry of bitcoin because bitcoin can not be regulated and tracked by the government in transactions and bitcoin is also considered a currency whose exchange rate is so fantastic that it is considered to weaken the country's original currency. Especially in a communist country where the economic system in the community is really regulated by the state so it is prohibited by the state.

[dotts]

Some government ban bitcoin because they believe that it will be used in money laundering. Some countries are communism government. They think bitcoin is a threat to financial markets stability.

[bitcoinVPSD]

I think that in some countries the limitation of using bitcoin is because bitcoin is not dependent on banks and government. So the government does not control it. Illegal trafficking often takes advantage of this for illicit trade

[ICOmonster]

Well i think its because there are some many scams that are happening in the bitcoin world and most of the new investors fall for it.

[suncut]

I think why bitcoin is banned from the government in other country because it does not have the tax paid in every transaction. and it can be used illegally online transaction.

[Tadhana23]

Why do some government ban the bitcoin? I think the one reason is Fiat money, because that money is controlled by the government and they manipulate too..example the taxes" versus the bitcoin currencies are not belong to any kind of government.

[BlackRacerX]

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.  

It's because the government can not control bitcoins and they don't know what to do with them. The main problem bitcoins have in our country is that most traders get fiat money because of trading bitcoins in the market. The government don't like this because they get money out of nothing.

[Canoppo99]

I think why bitcoin is banned from the government in other country because it does not have the tax paid in every transaction. and it can be used illegally online transaction.

Probably they also think that bitcoin such a threat for their national currency. But bitcoin moslty not used in illegal transaction, most of bitcoin transactions are done in exchange site.

[corroze]

there may be various factors that cause the government to ban bitcoin and among them bitcoin system decentralization that can't be controlled by them so that it certainly raises suspicions of money laundering as well as the tax regulation on bitcoin so far not many of the countries that already have tax rules on bitcoins.

[Dudeperfect]

Well, Bitcoin is a payment system that provided some more benefits as compared to that of traditional payment systems. One of the main benefits includes the complete ownership and control of the user. Thus, the governments always look for the control and interference in the (especially) financial system, it is not possible for them in case of the Bitcoin users and hence governments try to ban it (which is near to impossible). It's nothing about Bitcoin as a technology because its just a form of money and nature depends on the intended purpose of the user.

[micleeiu398]

Generally currencies are backed by the Central bank or by the government of that country.
So it is easy for the central authority to keep a control over the currencies.
Bitcoin is a decentralized, peer to peer operating currency.
So all controls are in the hands of its users, government / central bank has no role to play.
This is the biggest problems of all the governments over the world, they never want to give up their hold over economy. Addition to this, countries like, Australia, China, Japan are facing problems like gun & drugs trafficking, money laundering.
So these countries are planning to put regulations on bitcoin transactions.

Exactly! There are number of reasons behind this thing. The most important thing behind this is that it avoids the investors to come under the rules and regulation of the government. Moreover, the investors of bitcoin hardly finds any issues as they have no worries of paying tax. All these things are creating lot of troubles for the government because of the decentralized nature of bitcoin.

[Bitcoinismylife12345]

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.  

Because bitcoin is decentralized, they scared that they can't get taxes from investments, and it can't be control. They also scared because bitcoin known to be used in illegal transactions, like in deepweb and blackmarkets. But   this case is rarely, bitcoin can really gives us a lot of benefits when it comes to transactions, and I hope that government realize what bitcoin can contribute to us.

[miss.M]

one reason that i think why some government ban bitcoin is because they affect the economy and the big company that the investment where invest are also affected and because of that they will not earn from other company.

[Owl129]

I think is that people earn a lot of money in bitcoin but there are no taxes collected by the government. So in every investment or money people earn government get nothing and the economy will be affected in some aspect.

[n0ne]

there may be various factors that cause the government to ban bitcoin and among them bitcoin system decentralization that can't be controlled by them so that it certainly raises suspicions of money laundering as well as the tax regulation on bitcoin so far not many of the countries that already have tax rules on bitcoins.

As the user mentioned, there might be various reasons as governments need to focus on various issues associated with it. Decentralized functioning might be the major reason, because if government has the control it'll try to implement and enhance it in a systematic manner to profit the government not the user. Now this is perfectly functioning benefiting the users even though it is on an open source platform.

[meanwords]

In my own way of understanding it, the Government bans it because they can't control it and it is a threat for the traditional banking. Since Bitcoin is Decentralized, we won't be needing a third party like Banks to transfer money, we can now do it freely and anonymously without the interference of others. I think that's why some countries ban it.

[Tahu-Gejrot]

Bitcoin is one of the currency in the internet. Cryptocurrency is a big thing now, it can be seen in most of the advertisements online. If you are a normal person who does not read about this advertisements, you will just ignore it like everybody else. But since you are on bitcoin, when you see a advertisement about bitcoin, you know what it is about and you care about it.

Some government bans bitcoin because they do not know what bitcoin is. They are treating bitcoin as a threat but in reality it is not. They should be knowledgeable about something before banning it. They might also be scared that cryptocurrency might overthrow the real currency and also overpowering them as politicians.

[Klestar]

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.  

I always hear this . i want to tell you that some goverment hate this is because they said that bitcoin is only a fraud cryptocurrency yes i agree to goverment because when you see now some investor have an advantage because they know that bch is going increase so they buy bch before the bitcoin goes down i think this is bad and i'm worried about this.

[kiddeon123]

these are based on my opinion. Bitcoin is banned to some countries because the government believe that bitcoin is used to buy illigal things. Also they ban bitcoin because they cannot control it, they cannot put tax on it, another reason is because bitcoin is to unstable, its price suddenly goes up and down. These are my opinions why bitcoin are banned in some countries