why some country banned bitcoin?

[Nilima-Temp.]

The payment system of bitcoin if totally free and anyone can invest or exchange bitcoin without using his/her real identity. That's the main problem why many countries banned bitcoin. Every country gets a big amount of money as vat fir each transaction of money. People have to give this money. As bitcoin is free transaction system, people are using this coin vastly. And for this the banks and the countries are at loss. As bitcoin system doesn't need any real identity of the user, the security issue for the country harms.

[x86Daddy]

The payment system of bitcoin if totally free and anyone can invest or exchange bitcoin without using his/her real identity. That's the main problem why many countries banned bitcoin. Every country gets a big amount of money as vat fir each transaction of money. People have to give this money. As bitcoin is free transaction system, people are using this coin vastly. And for this the banks and the countries are at loss. As bitcoin system doesn't need any real identity of the user, the security issue for the country harms.

I agree with you. And I want to share more information.  Actually, I think that Governments just ban ICOs in short-term. They just need more time to regulate Cryptocurrency and tax from it.

[Melquart]

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

I think these countries are banning bitcoin because they can't control it.

[rockyram]

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

I think these countries are banning bitcoin because they can't control it.

Bitcoin is a new way to make money for their citizen and only thinking that bitcoin will be like a threat for their economy. because their citizen which is using bitcoin is not paying the tax at all when they use bitcoin except when they sell their bitcoin and send the money to their bank account. maybe they are afraid that if many more people trying to use bitcoin, their fiat can be affect with the bitcoin price and will Reduce the economy of the country.

[hadang]

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 they can not control Bitcoin, they fear for the economy and power of the state.
Although Bitcoin is becoming more known, fewer people know BTC than people who do not know it.

[Akash1243]

Some countries banned bitcoins because I think that bitcoins being decentralised governments can't control bitcoins or have any power over bitcoins.Also that bitcoins can be used for illegal activities and tracing back the user's identity is also hard as bitcoins are anonymous that means during transactions user's identity is hidden.These are some reasons why I think some countries has banned bitcoins.

[pri3oner]

cos it's harder to control than the "classic" money they did. this is the new system which wasn't made by them and they study the technology of crypto like "average" man. they think they would better ban it than get risky to allow people make money as them. even more than them. lol

[btcdepo]

most of the countries banned bitcoin because they were not able to get tax from it. governments doesn't like if they don't get tax from anything.

and there is also other thing, banning or controlling ico process. reason behind it was to prevent scammers.

banning doesn't work properly as we are in technology era.

[bitfornewbs]

I think it's mainly the issue in their economy. Imagine if most people of your country work to earn bitcoins. The money they earned are not really from the  bank so it will not help regulate the countries' money. Working without taxes which the government use for their projects will really hurts so some countries ban bitcoin. Because government wants to control things, they ban what they can't control and try to start from there.

Also, there are many cases that bitcoin can be used for illegal activities especially when they have access to deep webs. It is easy to hire someone to do illegal deeds from there or buy something illegal and ship to the country. With bitcoin, it makes it hard for the authority to access such transactions because it is really secured and the transactions cannot be traced.

Being a bitcoin dominated country will hurt their economic system. Banks will surely try to complain and the government can't do a thing about it so the only way is to ban ICOs/BTC.

[Drnice]

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

Maybe the government is scared with the price of bitcoin compared with their home currency, or they are thinking it will be used for some fraud acts in the country.

[usekevin]

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

I think these countries are banning bitcoin because they can't control it.

The some countries banned bitcoin are bitcoin as a new way to make money for their citizen and only thinking that bitcoin will be like a threat for their economy. because their citizen which is using bitcoin is not paying the tax at all when they use bitcoin except when they sell their bitcoin and send the money to their bank account. maybe they are afraid that if many more people trying to use bitcoin, their fiat can be affect with the bitcoin price and will make the economy of the country will disturbed so only some countries banned bitcoin.

I agree you buddy.Many country start to ban bitcoin in their country because,that will impact in their country economy and make the FIAT value low and even they can replace the FIAT.By thinking all this fact many country start to ban Bitcoin,but bitcoin over come all that one and still shine like a star.

[desiger01]

Perhaps because with bitcoin you can easily withdraw money from the country and it may affect economy

[cryptolerant]

I think reason was tax issues and also lack of respect. it is 21st century, why they don't want to learn that banning is not a good thing.

[Redanim]

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 bitcoins are black money, more of them, some countries just blocked cryptocurrencies, they just know that in some time cryptocurrencies can rise big problems, better just block it and be secured all the time.

[buharikx31]

Because they see that bitcoin is a cryptocurrency that can't be monitored by goverments and they are scare that people can make illegal transactions, some countries trying to tax cryptocurrency, but there was a lot of other currencies that you can exchange with and dont pay tax, I think it's better to have cryptocurrency taxed then banned, because you can find a lot of other methods to exchange from cryptocurrency to cash

[Catswold]

Its only because of the Government who feels that bitcoin is an threat to their national currency and if bitcoin becomes the primary currency then no one will use their currency and no Government wants that their currency should get replaced by any digital currency and if it does then they will loose all the control that they are having at a moment on fiat currency.

[Manutax]

There are a number of nations out there who see bitcoin as a threat to their financial stability...but I think this view will change over time.

[jak3]

There are plenty of reason that why a country will not accept bitcoin.firstly understand one think that every country has a government who decides what and how to grow their country. So if government thinks that Bitcoin will help them make profit then it's ok but if they think it will not help him and instead of it, it can cause disaster they won't accept it.

[osasshem]

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

The government of most countries see bitcoin as a threat to the economy of their country, and they want to stop it from been used in their country. At most times, they compare bitcoin to there currency, seeing that it is too expensive and can be used for fraud acts, and many more.

[AleksandrKosov]

In such countries, canvasses believe that this will damage the banking system and most businessmen, increase the turnover of drugs and other "black" money.