Why do some government ban bitcoin?

[Zaidaskin]

Hi, here's a list of some countries that prohibit Bitcoin:
 1. Nigeria, since 17 January 2017.
2. China, since January 8, 2017. Reason: will issue its own digital currency. 
3. Colombia, since 31 December 2016.
4. Taiwan, since November 3, 2015. Reason: bitcoin hacking.
5. Ecuador, since March 24, 2015. Reason: will issue its own currency. 
6.Bangladesh, since 22 September 2014. Reason: avoid money laundering.
7. Kyrgyzstan, since August 4, 2014.
8. Bolivia, since 19 June 2014.
9. Vietnam, since February 28, 2014. Reason: can be used for crime and high risk for investors.
10. Russia, since February 9, 2014. Reason: bitcoin is used for illegal activities. 
11. Thailand, since July 30, 2013. Bitcoin is not a currency.
12. Morocco, since November 2017.
13. South Korea, since December 13, 2017. Reason: to control its finances.
14. Singapore, since 29 September 2017. Reason: arising constraints between financial companies.
15. Nepal, since 2017.
16. Indonesia, the ban applies 2018. Reason: high-risk natural bubble.
17. Israel, starting 2018.

[heidikarenina]

It is basically because its operations threatens the economy of many nations. Because bitcoin doesn't tax and government generates income through tax s they do not want the existence of any currency or program that will interrupt their operations. And the control of bitcoin is not in the hand of any country or body(ies) so, nations do not like what they cannot control.

[tantegope00l]

Some economists believe the Bitcoin phenomenon has the potential to cause bubbles. They argue that speculative virtual currency value transactions are not only detrimental to society later on, such transactions can also disrupt the stability of the country's financial system.

[demonz666]

most countries forbid bitcoin because they fear bitcoin is growing rapidly and can not be controlled. they are also afraid of anonymous bitcoins used for crimes such as terrorism networks, drug trafficking, and money laundering. Decentralized bitcoins are not favored by the government.

[rejekinomplok99]

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.  

every country has a currency, maybe they are panic. bitcoin is more popular than their currency.

[sirminesalot]

The rules of each country are different. including with bitcoin. today many countries are studying about crypto. most likely prohibit to avoid negative things. and the country is studying first

[siap86]

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.  

Like some other Asian countries, Chinese authorities have banned on the grounds of investment risk on the virtual currency. The Chinese government says the virtual money could be used for illegal funding and money laundering. Indeed financial authorities in different parts of the world have the same concerns. The UK for example calls it a "high-risk and speculative investment."

[MUSFIKAR]

Some countries do not allow the use of Bitcoin because they have no way to control it. You know about it. Most people do things that break the law. Some of the government's impression of Bitcoin is that it is mostly used in money laundering and crime which is why they forbid it in the Cryptocurrancy world.

[efxtrader]

Sokme governments consider BTC a threat to their National Economy, but the truth is that they are afraid of the fact that BTC cannot be controlled, and they cant account for all the transactions so as to tax it, so they come up with excuses such as BTC fuels crime to restrict it's use

Government or central bank always make excuses why they ban bitcoin but I think because they can not control supply and control data transaction. Data transaction in bitcoin is very transparant and data spread all over the world and almost unhacked.

[maariyaam]

Because they do not trust Bitcoin that they do not have control over it. Or they just don't have any idea about the new technology. Or possibly, they just say that they will ban it but after a while, they will buy some to get an advantage. There are many reasons and only them can answer that.

[GsxR150]

Because it does not have a central server and no regulation is regulated, bitcoin transactions can be done at will. Of course as long as you have a bitcoin virtual account or wallet. No taxes will be charged to us, like when transactions through a particular financial institution. Perhaps taxes are one reason why digital currency is illegal in some countries.

[popoyuyun]

Some countries have banned bikoyun because it could affect their state income tax, and could also affect economic services.
They believe that banks no longer have the power, and this will be a change in bitcoins

[Damian Banks]

Super power entity buys the core developers and stalls the coin. There will be eventually better tech from another team. People move to better tech. Shut down operation fails.

[Bisul]

because it is feared, used for dangerous things. whether it is terrorism and money laundering

[Yassin]

My thinking about banning bitcoin is
1. that bitcoin is considered a money laundering device
2. for the purchase of illegal goods in the country
3. The government may still be confused with the law on bitcoin
4. The government is afraid of threatening the real currency.
I think that's the basic prohibition of bitcoin in some countries.

[Odelkaleng]

One of the biggest demerit due to which most govt are against bitcoin is it promotes illegal activities. Moreover it fosters lack of accountability. Not to count that its volatile and absolutely decentralized. Not demerits but these are a few things that governments dont like about bitcoin.

[enwi]

there are some governments of a country that prohibit bitcoin because they consider bitcoin dangerous because it has a fluctuating price and can be used for crime and the government can not control the use of bitcoin

[wilsonwilly1]

Bitcoins and other crypto currency are prohibited in countries with a weak economy, since the government is afraid of leaking significant amounts of capital from the country through the crypto currency, as well as in countries with an authoritarian control system, since the actual dictator is afraid to give the people relative freedom, even in finance. In addition, some countries are simply afraid of financial calculations in the crypto currency, because they did not investigate all possible consequences of its implementation in their economies.

[arondaly]

Mostly because bitcoin was used on illegal activities like money laundering , since it was anonymous it's very hard to trace the culprit resulting to make a bitcoin ban , if bitcoin will just be used for legal activities that will help for the economy of a country I don't think that the government will found a reason to banned it.

[RKSummer]

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.

Some government ban bitcoin because they think that bitcoin is a threat to their economic financial stability, because they don't have any control in it. And they think that bitcoin is used in doing illegal activities, such as money laundering and buying drugs.