Why do some government ban bitcoin?

[Mahanton]

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.  

Other countries do ban bitcoin because they wanted to control the use of the crypto currency as well as the fiat money in their country. Just like in China as a communist country they wanted to control and manage the money or income of all their citizen.

If you do speak about china they would really do all the things possible to protect their own currency and money on its citizens this is why they do decide to make such regulation and banning.Some country would really see this thing but knowing that there still other governments do tend to adopt bitcoin just like on Japan itself they do accept and legalize bitcoin.It would really still depend on how they do see about bitcoin.

[rasmadisulaiman]

I think the government that bans bitcoin is a government that sees bitcoin from the downside, as bitcoin is used as a money launderer, marijuana deals, payments for murder services, and the government wants to protect its own official currency. Try if viewed from the positive side, certainly the government will legalize bitcoin.

[dreamer81]

Because governments live by controlling the money flow in the country. They do this by getting taxes from transactions. When using bitcoin, they dont get any tax, and they loose control. That's why they hate bitcoin. Untill now they have thought that bitcoin was just a gimmick, but they are starting to wake up, and the fear is showing in their eyes,

[joebrook]

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 the case of Venezuela for instance, the government is afraid that with the mining of bitcoins, their national currency the Venezuelan Bolívar is going to devalue when more and more people mine bitcoins and exchange it later, this is erroneous on the side of the government that's why they are arresting miners in the country.

[Sarah08]

I think because of the tax were very small and sme banks were being underestimated. Banks and government were losing their money and what more now the bitcoin is getting larger in terms of users and investor.

[DainSLane]

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.  

Government is afraid to lose control of it and it's because of the freedom using bitcoin and anonymity you can send and receive bitcoin everywhere without revealing your true identity and bitcoin can be use to buy illegal goods in the underground market and many people are still not aware what bitcoin is and it is decentralized so no banks and government controls it.

[zahed]

Bitcoin is not bad coin its 100% true but some countries bitcoin is ban through government.The government thinks through Bitcoin, money has been made abroad thats why Bitcoin is illegal some countries.

[Natural Perm]

I think the reasons why goverment banned bitcoin on other country because they know the people are earning money without paying tax. And the bitcoin have a disadvantage if they will legalize it. Because for some goverments in their opinion bitcoin has bad effects to people. Bitcoin being uncontrollable by banks and the goverments.

[AK47-]

The simplest reason of government and Central banks hating Bitcoin is that it is decentralized and completely out of their control. They can't let a decentralized currency derive their economy. In one way this is good too because Bitcoin is highly volatile and hence its dominance in the market won't be appropriate for economic growth. Bitcoin is an excellent monetary system for general public because it gives them freedom with their money. But as government running a country, it won't be a an ideal option and hence their hatred is justified to some extent.

[warrior333]

I think the reasons why goverment banned bitcoin on other country because they know the people are earning money without paying tax. And the bitcoin have a disadvantage if they will legalize it. Because for some goverments in their opinion bitcoin has bad effects to people. Bitcoin being uncontrollable by banks and the goverments.

I don't think taxes is a very significant problem for the government. We see that trade bitcoin is very poorly developed and every user is forced to change bitcoins to Fiat. Such operations are very easy to keep track of the government and they are only one of the act to impose a tax on electronic money exchange for Fiat.

[PepperaOnIt]

The reason is the currency of the paper money will dump because of bitcoin, the paper money will be less value because of internet money and the government bank will affecy the most

[Lalafell]

some countries do not allow the use of bitcoin because they have no way of controlling and tracing it, they cannot put any tax on it plus it can be used in illegal activities, they are afraid that their citizen might use it on illegal transaction once they knew about it. Most of the people who do unlawful things prefer to use bitcoin in there transactions instead of other payment options because its anonymous and cannot be traced, and that is why they are afraid

We all know that only blockchain can trace trasaction on bitcoin and we all know that bitcoin is decentralized. They banned it because they know that no cam control it and I think its because of taxes. Using bitcoin is a rax free so that if they legalized bitcoin no one will pay their taxes.

[BitcoinPanther]

I think this is just a preventive measure of the government to protect its citizens from fraud and exploits.  Banning a cryptocurrency does not mean they are closing their doors, they just need to put things in order and be able to regulate it before they let Bitcoin or any cryptocurrency be used by their citizens.  This might be a slow process but they cannot do anything about it since government act according to the present law they have in their country.

[Cazkys]

Some governments ban Bitcoin is because since it's an online currency which governments as of today don’t have any control yet, if governments don’t have any control over those monetary amounts then they cant place a tax on it having the governments not gaining any profit to any transactions that is made and will be made using Bitcoin. We know that taxes are the life blood of a government and we are well aware that governments will do anything to tax any products that they can see profit from.

[BITDV]

Can bitcoin be used to locate us?and see what we are doing? In short a Spyware.  

Should be not, because the Bitcoin transaction cannot be tracked and anonymous, whether it track where we are or what we do.
but if the spyware is in the device/gadget we use because of us being careless, the government may be able to track every activities in our devices.

[Phildo]

I think Bitcoin doesn’t pay tax to the country, and it also capable for money laundering because of its anonymity that can cover up criminal acts to cover their crimes, and it’s also unaffected by fluctuations in other currencies, gold exchange rates, and world oil price.

[Marileno]

Jamie Dimon's view is that as the popularity of these crypto currencies grows, government will have larger incentives to shut them down, and ultimately this is the largest inherent risk to the whole concept. I agree with him on that part.

[Marileno]

The use for illicit activities including money laundering is also obviously a huge factor but it comes down to control. Govt's need to be in control and they will not just let this continue exponentially.

[dmamigo]

I think Bitcoin doesn’t pay tax to the country, and it also capable for money laundering because of its anonymity that can cover up criminal acts to cover their crimes, and it’s also unaffected by fluctuations in other currencies, gold exchange rates, and world oil price.

I don't think Bitcoin will or can pay tax, rather government can charge it from the users. And yeah, I also think that fear of criminal acts is making them take this steps, but I believe it can be curbed, like most people will convert it into fiat and while doing this government can put up some regulations and restrictions, though it will snatch the uniqueness of Bitcoin.

[Franz_Huber]

I think it's because the bitcoin is something uncontrollable, nobody can control it and it scares the countries, especially that it's a big loss for the banks because it makes them compete, to finish there are many people who use the bitcoin illegally, you know it is a good way to launder money