why some country banned bitcoin?

[Miniel]

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

They also fear that people would really put all their money to bitcoin not on the bank. As they cannot touch bitcoin they would probably banned this. Since it is a decentralized organization and government can't really touch them all they have to do is banned them. I'm afraid when it comes to our country as well.

In case of paper money there are different types of tax which are implemented on money of the people like withholding tax, sale tax or other taxes but in case of bit coin it was a fear that the people will keep all their money in the shape of bit coin so their banks will stop working.

I have to pay taxes in my country if i want to cash out my bitcoins it is not that bad for me because if you cash out a huge amount it does not seem like anything when you pay the taxes form it and it is not only the taxes.

[crg99]

The Big problem is, people who do corruption can hide their money in Bitcoin. because you can sink ~10k$$$ into 2dime LOL

and the bitcoin still not Taxed, so people can have house with hiding their income tax

[Reid]

The Big problem is, people who do corruption can hide their money in Bitcoin. because you can sink ~10k$$$ into 2dime LOL

and the bitcoin still not Taxed, so people can have house with hiding their income tax

That could be the main reason behind it.
They wont get anything from so they will take it in force.
Being free in one country, they take you like a terrorist.
It is sad but it is also the truth.
You cannot live now without paying up for the government, you will always do it for them.

[webdevmastery]

The Big problem is, people who do corruption can hide their money in Bitcoin. because you can sink ~10k$$$ into 2dime LOL

and the bitcoin still not Taxed, so people can have house with hiding their income tax

That could be the main reason behind it.
They wont get anything from so they will take it in force.
Being free in one country, they take you like a terrorist.
It is sad but it is also the truth.
You cannot live now without paying up for the government, you will always do it for them.

Yeah its true you can use bitcoins for illegal transactions like buying drugs or guns online and N.B.I. will have a hard time to trace it but i hope that everyone will follow the rules and bitcoins will be available for every country.

[mdripon]

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

bitcoin is a digital currency and, it is easy to transition with other. but the value of this currency is not stay the status. so many country this coin not accepted.

[quocsi]

They forbid bitcoin because the government did not levy bitcoin .. and thought it was not good for the country. They do not know that high income people, the new country is growing.

[Hell-raiser]

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

If we look at countries which outright banned Bitcoin like Venezuela or which are openly hostile toward cryptocurrencies in general like Indonesia or Russia, we will see that these are the countries with weak currencies and high inflation rates. That means that the governments of such countries are afraid of the competition that Bitcoin as well as other cryptocurrencies could create for their national fiat currencies. To me, this is one of the most plausible explanations.

[gabmen]

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

If we look at countries which outright banned Bitcoin like Venezuela or which are openly hostile toward cryptocurrencies in general like Indonesia or Russia, we will see that these are the countries with weak currencies and high inflation rates. That means that the governments of such countries are afraid of the competition that Bitcoin as well as other cryptocurrencies could create for their national fiat currencies. To me, this is one of the most plausible explanations.

Makes a lot of sense. And the rise of crypto use in these countries would greatly effect the government controlled market. Include china here where the government is probably of anything anonymous

[iqbalkabir]

some country banned bitcoin because they don't know about its history. and the main reason is seller and buyer dont know transaction history, its totally hide by bitcoin company.

[Slipknot79]

Purely because they are scared of loosing control. They will hoever not succeed because of the nature of cryptocurrency.

[moneycrypto]

There are few reasons leading to ban.
mainly the government donot want to wash out of its own money with another uneatable currency.

Moreover the bitcoin is a very technical prospect in 3rd world nations where the education ratio is under 10% ,the expected scams will be huge due to bitcoin.This is the main reason some country oppose bitcoin

[RyanEncek]

I also still do not understand why bitcoin is still prohibited in my country, but the demand is quite a lot in my country but the government has not allowed bitcoin in here still amaze me, but here we business no one harmed, even I think the bitcoin adds insight into the development of technology in the era the more modern.

[zais]

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 considers that bitcoin has the potential to be used for money laundering crime, money laundering is an attempt to disguise or hide the origin of money, the property of criminal proceedings, if someone is found guilty of corruption, collusion, nepotism then the government will confiscate the related assets the result of the KKN,

[Aikidoka]

Imagine if all people stopped paying taxes and gave up their jobs. What would happen to the economy of that country? It would collapse. Banks would go bankrupt. In other words, that country would fall down. So, what would be the solution?

Banning bitcoin would be the solution of that upcoming crisis. However, some countries legalized bitcoin and put regulations on it. That means the government would be aware and would keep an eye on the movement of the bitcoin.

[stayeduptolate]

Globally bitcoin get permitted by many countries but some of country declared bitcoin as illegal due to some consequences. Many anti social person used bitcoin to fulfill their criminal activities like anti money laundering. Kidnapping, child pronography, murder etc,so this could be a reason for banning of bitcoin.Their might be another readon l. E.  Bitcoin doesn't pay tax to the government, so directly or indirectly it effects the economic of the country . If using of bitcoin increases in country their will be a threat to the real currency of that country so this is another reason of banning of bitcoin

[Hell-raiser]

Imagine if all people stopped paying taxes and gave up their jobs. What would happen to the economy of that country? It would collapse. Banks would go bankrupt. In other words, that country would fall down. So, what would be the solution?

Banning bitcoin would be the solution of that upcoming crisis. However, some countries legalized bitcoin and put regulations on it. That means the government would be aware and would keep an eye on the movement of the bitcoin.

I'm not disagreeing with the main point of your post, I agree that if the majority of people gave up their jobs, the economy would soon implode. But why would they drop their jobs? Some people who are profitable with Bitcoin will surely do but they can't earn profits unless they take money from other people. In this manner, the other people who are losing would have to work twice as hard to make up for their losses, and the net effect would still be close to inconsequential. Just my two cents.

[rindo]

Most of the countries banning digital currencies take that decision doe to ignorance about the tech, mainly. Honestly it would be a win-win situation if they would just regulate them. The last country adopting this position was Vietnam. It was advised by the Vietnam Central Bank, to his government, that all the activities related to bitcoin including emission, distribution and use, should be considered ilegal, and with possibilities of getting fines until $8800.

[Asyifiah]

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

each country shall provide protection to its citizens.
that's the reason some countries banned bitcoin Because Bitcoin is Decentralized.
there needs to be regulation about cryptocurrency.

[Timoteus]

Because they can't control it

[dark08]

Purely because they are scared of loosing control. They will hoever not succeed because of the nature of cryptocurrency.

Im totally agree with your idea we all know that bitcoin transaction cannot control by the goverment that the main problem why other country still banning the bitcoin and the other issue is more people using bitcoin that local currency