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Author Topic: why some country banned bitcoin?  (Read 9565 times)
rajuahmed763
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October 19, 2017, 02:26:17 PM
 #1

why some country banned bitcoin?
is there any problem? i know that bitcoin is international crypto currency. but why some country banned this cryto?

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October 20, 2017, 06:21:51 PM
 #2

why some country banned bitcoin?
is there any problem? i know that bitcoin is international crypto currency. but why some country banned this cryto?
Well I think may the these countries want to use their people to work for them in order to get tax from them I think they are worry about it that when they let free bitcoin in their countries so all the people will move toward bitcoin and they will start to get their money from bitcoin so I think that can be a reason which is a wrong decision by them.

   

 
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October 20, 2017, 06:29:18 PM
 #3

because they don't know how to demand taxes from this, and still fear for the economy of the country

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October 20, 2017, 06:49:10 PM
 #4

The legitimate status from claiming bitcoin varies significantly from country will organizations in the nation and will be still undefined or evolving Previously, a lot of people for them. Whilst those greater part of nations don't settle on those use of bitcoin itself illicit  its status Likewise cash varies, for varying administrative suggestions. Same time some nations bring unequivocally permitted its use Also trade, others need banned alternately confined it.
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October 20, 2017, 06:54:14 PM
 #5

because they don't know how to demand taxes from this, and still fear for the economy of the country
Short but direct to the point, it has still uncleared reason why they actually ban it to somw countries, but as what i am wondering maybe they see it as an economical competition between currencies that might actually lose the capability and uses of cash or fiats instead.


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October 20, 2017, 06:57:31 PM
 #6

The main reason for this ban is it's really really difficult to control Bitcoin. Bitcoin transaction is anonymous so it's nearly impossible to find out the owner of any transaction. Beside countries banned Bitcoin because their technology still not developed enough to control Bitcoin and its disadvantages to prevent crime take advantage of Bitcoin to commit guilty like tax evasion, drug trafficking,....For now there are few countries legalized Bitcoin but these countries still not able to control Bitcoin totally so I think it'll take much longer to see Bitcoin legalized worldwide.
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October 20, 2017, 06:59:59 PM
 #7

Bitcoin is decentralised and thus these governments cannot control it, the main issue with this is that they cannot tax it effectively. There are also many scams related to bitcoin and especially ICOs, therefore for China for example it was necessary to ban them so they could protect the interests of their citizens who may invest.

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October 20, 2017, 07:02:47 PM
 #8

they think that if the use of our banks is tax-rich, and if there is such a use, our state will go bankrupt, all the banks and we would have forbidden it immediately.


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October 20, 2017, 07:12:41 PM
 #9

In Russia it is not forbidden: no law describes coproevaluations as such, in particular, does not equate to surrogates or anything else
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October 20, 2017, 07:20:34 PM
 #10

I think Bitcoin Transaction does not make any profit to the government.Without it, Bitcoin Transaction can not control any country's government.Maybe for some reason bitcoin banned in some countries.Here is some counrty who banned bitcoin
 https://99bitcoins.com/list-countries-banned-bitcoin/?gclid=Cj0KCQjwvabPBRD5ARIsAIwFXBkwgDXcis56DounuMmkN73W2beiJnE8a7ON3KL1LLKxQF46NMtDh90aAieSEALw_wcB

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October 20, 2017, 07:27:00 PM
 #11

I don't think any country has banned Bitcoin? Unless I'm mistaken? How would you ban bitcoins? It's like banning you playing a certain game. How would they do that? Countries have other things to worry about then Bitcoin I can assure you of that. People always talk about this or that being banned but where? How? Where is proof? Just naysay?

The main reason for this ban is it's really really difficult to control Bitcoin. Bitcoin transaction is anonymous so it's nearly impossible to find out the owner of any transaction. Beside countries banned Bitcoin because their technology still not developed enough to control Bitcoin and its disadvantages to prevent crime take advantage of Bitcoin to commit guilty like tax evasion, drug trafficking,....For now there are few countries legalized Bitcoin but these countries still not able to control Bitcoin totally so I think it'll take much longer to see Bitcoin legalized worldwide.

You say it's banned because it's difficult to control? Well then how you going to ban something that is difficult to control if you can't control it to begin with?


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October 20, 2017, 07:29:54 PM
 #12

In Russia it is not forbidden: no law describes coproevaluations as such, in particular, does not equate to surrogates or anything else

Russia has not yet passed a law that regulates the crypto currency. Therefore, it is not yet known what will be the final decision of the government in relation to the crypto currency. I think that some countries prohibit bitcoin because of that, they are afraid to get damage in the economy

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October 20, 2017, 07:30:12 PM
 #13

why some country banned bitcoin?
is there any problem? i know that bitcoin is international crypto currency. but why some country banned this cryto?
They might have seen the threat that bitcoin could bring in there economy but I don't see a lot of country banning bitcoin. ICO will more likely be banned than bitcoin. Bitcoin is unregulated and maybe the governmnet cant find a way on how to regulate  this crypto.

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October 20, 2017, 07:33:07 PM
 #14

why some country banned bitcoin?
is there any problem? i know that bitcoin is international crypto currency. but why some country banned this cryto?
because cryptocurrencies cant be regulated,by then government wont get tax from it so they think it will bring troubles to the economy and more on banking matters.thats what i think the main reqson whybother countrys dont want bitcoin in theyre community

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October 20, 2017, 07:37:39 PM
 #15

One central bank operate the country economy and value the currency. Bitcoin is decentralized, Even no government can have it's control. It's volatility nature is also a point not to adopt it. Government cannot track the transaction since one can create many wallets. Even there are lot of reasons including "dark web"
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October 20, 2017, 07:47:34 PM
 #16

Old but golden article in the Guardian what answers your question.
https://www.theguardian.com/technology/2013/apr/07/bitcoin-scares-banks-governments

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October 20, 2017, 08:07:58 PM
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 #17

In previous years, bitcoin's market was somewhat centralized and relied heavily upon china. This gave china a great deal of control--one might say china had something like full regulatory power over crypto as it was the main country in which crypto was based. If china cracked down on exchanges bitcoin's price might tumble as much as 80% as it did in 2014.

Today bitcoin is more decentralized. This is mirrored by china banning exchanges has far less of an effect on bitcoin's price.

The banning of bitcoin might be motivated by the end goal of making crypto's market more centralized once again. Bitcoin being centralized makes it easier to control. Its much easier for market manipulation to occcur with centralized assets than it is decentralized or distributed ones.

It might be fair to say centralized one world governments and centralized economies are motivated by the same principle: control. Centralization makes it easier for elites to control things and for them to restrict progress and innovation. And that is why they favor it.

Countries banning bitcoin has a net effect of centralization.

Countries adopting bitcoin has a net effect of decentralization.

That may illustrate some of the basic & fundamental ways in which the self interests of elites and of average ordinary people can be opposed.

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October 20, 2017, 08:16:11 PM
 #18

People ban bitcoin and other currencies that are compeititon to the currency of the country becuase they want to retain their power, I can't stress this enough on this forum. And they're doing this because the ones with the influence and the money are the banks, who practically bribe (or the legal term of lobby) government officials to retain their power as well.

In short, people don't give up their power willingly.



In Russia it is not forbidden: no law describes coproevaluations as such, in particular, does not equate to surrogates or anything else

It'll be forbidden of it's too much of a compeititon to the Russian currency.


they think that if the use of our banks is tax-rich, and if there is such a use, our state will go bankrupt, all the banks and we would have forbidden it immediately.

Plus Banks can control everything about the currency (inflation and so on)

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October 20, 2017, 08:28:40 PM
 #19

It is not difficult to answer, but if i remember it good, there has not been any country who banned bitcoin "directly" i mean, most of the countries who had some problems about bitcoin have just banned and made some regulations about the ico's, but that does not applies to all the cryptocurrencies.
Probably they wanted to make this in order to stop people using them so it can not create a disaster into their local economy, it really makes sense.

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Fatunad
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October 20, 2017, 08:33:00 PM
 #20

why some country banned bitcoin?
is there any problem? i know that bitcoin is international crypto currency. but why some country banned this cryto?
Why they ban it? Bitcoin is a decentralized stuff which means it cant be taxed and also if their citizens would able to know about bitcoin then tendency on hiding their assets on crypto form would possibly happen which they would really have a hard time on tracing up knowing bitcoin is an anonymous stuff too and also they do believe that it can really increase criminality on their place.
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