Why do some government ban bitcoin?

[bribed]

I think the countries that ban Bitcoin and cryptocurrency are scared of loosing control over peoples money and therefore try to ban it. But what they dont understand is, that banning Crypto only leads them to misfortune and disadvantages over other countries that embrace the newly evolving technological developments. The countries that try to prevent this evolution of the financial sector from happening are backwarded and will sooner or later realize that they made a big mistake with their course.

[Kabul]

I don't know what is the bad side about bitcoin. All I know is bitcoin is being banned because government can't control it and they can't issue taxes on transactions on bitcoin.

The bad side of bitcoin is that it makes too many people invest their money in the cryptocurrency. Moreover, ignorant people start to think that mlm coins are good and they can give them profit. Therefore, in some places, banning bitcoin is always for the good of the people

[aeternus]

I heard that in Russia Bitcoin is illegal, and if you are caught operating BIG amounts, you can even get a jail time.
I believe this is due Bankers and Governments being but-hurt about loosing their commission and shit like that.

But did you expect something different? if you were a banker making a lot of money by doing nothing, will you be happy that a contender like bitcoin appeared? Because I know that if I was in their place I will be very worried and will do anything to stop it, so this is natural but what they do not understand is that bitcoin is so superior to the current system that it is going to impose itself even if they do not want it.

[posoa]

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.  

 
Bitcoin is not bad and the reason why the few countries banned it is not because it is bad.Bitcoin as one of the crypto currency is out with a lot of technological inputs  that the normal currency does not have to go through, this include getting  a wallet through Block chain Technology and there by buy your bitcoin through processes that this Digital currency have come out with.To many countries, this may be cumbersome. Yet another most vital reason is that the banks will have view the resultant effect of the whole community embracing the Bitcoin, as this will affect their services in terms of profit margins, it will also cut down customers patronage to the bank as the activities of managing your wallet is as  per individual and will not require the services  of any of the bankers.So this is the reasons why most banks are against Bitcoin and crypto currency in general

[zombie6]

Because they are afraid, they do not have control, but this ban will only provide temporary benefit to them, they will not be used by people who have not used the computer, younger and more advanced will lease VPS and proxy! and after some time all the others will catch up too! The government thereby wins time to try how to turn the situation in its direction!

[webdevmastery]

Governments are avoiding illegal transaction that will come in their country like buying of guns or drug laundering coming from the terrorist and bitcoins is capable of this kind of transactions that's why some of the countries are banning bitcoins.

[nordical]

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 think that goverments was afraid coz they thought that bitcoin is for buying illegal items or do some  illegal activities and the bitcoin those not pay a tax.

I actually think that main issue for governments is tax. because they cannot get any tax from it, they want to ban it.

[VINCEAKTN]

Virtual currencies are hard to control
In contrast to foreign currencies that can be exchanged value in money changer, because the issuance of foreign money is done by the central bank. While Bitcoin does not have a regulatory regulator.

Easy to use for fraud
For some people who understand the movement of Bitcoin, it could be a profitable investment. But for those who do not understand can be bandwagon and entrust the money to buy Bitcoin through any place so that there can be fraud.

Used for illegal transactions
Bitcoin transactions are difficult to trace. It is used by irresponsible parties for money laundering, drug sales, smuggling, and other illegal activities.

[AimHigh]

On my opinion, most governments are considering bitcoin as a threat basically because they cannot manipulate its value and cannot have any power over it at all. For any government, power over currency is important.

Yes exactly you are right even in my country not only ban the cryptocurrency but they gave or broadcast in the news that ignore and its all about negativity about bitcoin and absolitely you are right that they cannot manipulaye bitcoin or cryptocureency thats why they ban and not like in many banks that they can manipulate.

[ihsanskanzaone]

because bitcoin is considered a currency that can reduce the exchange rate of native currency in the country and bitcoin is not regulated by the government so that the government can not fully regulate the economy of its people and usually a country that fully regulates the state economy is a communist country so most communist countries strictly ban the use of bitcoin.

[Glorypaasa]

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.  

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Some goverments hate bitcoin because they said that this bitcoin is like a scam or fraud to all people  but i think some goverments banned this bitcoin because they have a fear of loosing all banks because the bitcoin is more good and better than bank.

[reymartH]

Untraceable financial transactions using bitcoin facilitate crime activity. Drug trafficking, money laundering, tax evasion and other illegal and subversive activity all benefit from the ability to move money in untraceable ways.

[Jcabudx]

Bitcoin is banned by government in some country becuase bitcoin is not legal in other country. A scam.

[pranaja]

perhaps the reason the government forbids Bitcoin is that in the era of internet financial systems around the world, individual governments have no power and control to take action against decentralized coins like Bitcoin.

[Nyenyepogi]

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 govermets banned this is because they didnt believe in bitcoin the theory of some goverments about bitcoin is bitcoin is only a FRAUD so i think if all goveremnts not ban this btcoin maybe the value of bitcoin will going increase forever .

[roy12875]

I think government ban bitcoin because some people use bitcoins to do illegal activities such as buy guns, drug...... then the city will have high crime rates. Second, Government think bitcoins may effect stock market, gold , bonds or something, but bitcoin is really attractive for me.

[jumpercrypto]

My speculation and straightforward answer? It's because they won't be able to collect tax from it.

[Bugoy.koykoy]

I think why some government ban bitcoin because they won't be able collect taxes from it and also why bitcoin is banned because it is illegal in other country.

[ace4549]

The law always provide protection for both parties and I think that is the reason why they banned bitcoin.
Banning bitcoin does not mean they are illegl it just that not all countries are well develop and civilize to afford this king of opportunity.

[nightxglow]

I just recently found out that my country banned bitcoin too.
Such a sad news, of course. In the article, i read that they do that because they think bitcoin is a harm, and will be a bad threat for the banks.
They also think bitcoin is unstable and hard to control, so we should not use that to transact and ask us to cash our bitcoin, which of course i refuse.
They have their own reasons, and mostly because they want to protect their.... 'own'? I'm not sure yet.