why some country banned bitcoin?

[Malaya]

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 there are several countries that still don't accept bitcoin or even banned them in their government system. To some of them it's a threat and this should be discussed further for better understanding. Also, the taxes might be different to be computed. One more important thing to consider why countries banned bitcoin is because we should also see each culture's acceptance of the new technology or crytocurrency.

[warwar]

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

It is because governments cannot tax crypto currency and they cannot get income tax from it. A lot of people are earning a lot through crypto currency,  their government are missing a lot of taxes because of it. Some people gave up their jobs just to focus on crypto currency and trading. Their government see it as a threath.

They will tax it in the future though that is one of the  small reason the other is really they find that bitcoin is only using in deepweb sort of they say that all of bitcoin is intended only for deepweb transactions though it is not because there are lot of people getting money using bitcoin and we are one of it. I think they should investigate more if they ban bitcoin.

[Hannaroberts30]

I guess the major reason is the growing buzz around cryptocurrencies. I mean, there are so many companies creating their own cryptocurrencies and launching ICOs and in some cases it's nothing but a 'bubble'. Governments want this to be under control, that's it.

[azhariejaya]

I think maybe the reason bitcoin is banned in some country because anonymity in bitcoin transaction is vulnerable to misuse, maybe for example to financing terrorist or cyber crime, for illegal drug transaction, for money laundering etc.
that's just my opinion

[DoublerHunter]

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

It is because governments cannot tax crypto currency and they cannot get income tax from it. A lot of people are earning a lot through crypto currency,  their government are missing a lot of taxes because of it. Some people gave up their jobs just to focus on crypto currency and trading. Their government see it as a threath.

They will tax it in the future though that is one of the  small reason the other is really they find that bitcoin is only using in deepweb sort of they say that all of bitcoin is intended only for deepweb transactions though it is not because there are lot of people getting money using bitcoin and we are one of it. I think they should investigate more if they ban bitcoin.

That is what they only know about bitcoin, they just know that bitcoin is being used in different illegal transactions so they just think that bitcoin is a bad influence for the people to use it as a form of payment. I agree that they should investigate more about bitcoin so they can find out interesting things and so bitcoin can show that it is not just about the illegal things because it can be used also in legal and profitable way.

[Aaroenz0r]

Easy to answer. Anything you can't control, you have to ban it. If not, It will threaten your currency economy.

[doblok]

It could be because the country does not want its currency replaced by bitcoin, while bitcoin will make it easier in terms of adding state assets but if the country understands the benefits of bitcoin and also because of the lack of government support.

[BitBayMarkets]

Because like china people are creating a lot of scamcoins there and the country needed to do something about it so they banned bitcoin from there but people still tried through vpn servers and other kind of things to still be able to earn bitcoin.

[CuriousGeorge]

I think maybe the reason bitcoin is banned in some country because anonymity in bitcoin transaction is vulnerable to misuse, maybe for example to financing terrorist or cyber crime, for illegal drug transaction, for money laundering etc.
that's just my opinion

I don't know how much time I've said this thing to many people who still don't get the actual concept of bitcoin but well, here we go, bitcoin is pseudo-anonymous which mean not truly anonymous.
It can be traced by using blockchain explorer and such tool, the address owner can be identified once it's known to public and every address movement will be recorded in the blockchain.

[Altas]

Easy to answer. Anything you can't control, you have to ban it. If not, It will threaten your currency economy.

That's true, with such a thinking in mind governments of some countries have banned bitcoin as well other digital currencies. I think such a situation will change in a similar to Russia in the past. Initially it banned the bitcoin and soon after that it took it back. Hope such situations will take place more in the future.

[Bitcoinnumberone]

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

other countries has already banned bitcoin and any other digital cryptocurrencies. For example is China, they have TOTALLY shut down bitcoin. Many known person have said that bitcoin is a fraud.  China's reason for banning it is because it is against their law. This activity is characterized as unauthorized fund raising which is a criminal offense in China. I guess China's central bank want to get back their power but they conceal it by saying it was just for risk management. Bitcoin is not controlled by China's central bank and they dont trust it so I think these are the reasons why they remove it.

[AngeIDoII]

some country ban bitcoins as they think that they are employed by something is illegal or they may got a wrong understanding of bitcoins that it is something like the underground community maybe that's the reason it's banned in certain nations .

[squallw]

The government like to control all people and everything, they force everybody to declare all of things that you buy, sell, profit, etc. But when you use Bitcoin, it is all annonymous, they cant know exactly what you doing, how much you profited, traded, sold or bought.
They fear that bitcoin can make them loose the control and broke all banks in near future.

So some countrys and bankers tries to destroy the bitcoin before Bitcoin destroy them.
Anyway i don't think that a country can really BAN Bitcoin if there is an unlimited internet to use.

[Bitcoinislifer09]

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

Some country banned bitcoin because they say that bitcoin is very dangerous.They say also that the terrorist use  bitcoin to attack their country and to have more information about their country.So they banned the bitcoin in their country because they think that it is not safe.

[LogitechMouse]

One reason I think is because the government cannot control of it because bitcoin has been decentralized from the start and because of that, they can't collect taxes from it unlike fiat money that is centralized. I think one reason too is they are scared that bitcoin will be using in the illegal activities in their country and they can't track it.

[LigwagGanern]

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

Some country banned bitcoin because they knew that bitcoin is TAX FREE. If they accept bitcoin in their counter, where did they get they funds ? or money ? For their projects, activity, etc. Government needs money, money from the tax, tax from the people's salary. They know that they can't get money from bitcoin, so that they will not accept it in they place/country. Maybe if bitcoin will have a tax they will accept it as crypto currency.

[DIMKAZDS]

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

Some country banned bitcoin because they say that bitcoin is very dangerous.They say also that the terrorist use  bitcoin to attack their country and to have more information about their country.So they banned the bitcoin in their country because they think that it is not safe.

I think that one of the reasons why bitcoin is being banned in some countries is that it is not being controlled by any government or any central bank that is it is decentralized and no one can trace it.Bitcoin wallet is used for the purpose of receiving and giving payments in bitcoin.Only the donor or receiver have the information of the payment.So government cannot trace it.So this can be used in transferring the black money by the criminals or politicians.Operating bitcoin also requires internet accessibility which is not possible for every person as internet is not available in every corner.

[cryptomato]

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

Some country banned bitcoin because they say that bitcoin is very dangerous.They say also that the terrorist use  bitcoin to attack their country and to have more information about their country.So they banned the bitcoin in their country because they think that it is not safe.

I am not sure about it. I am sure that black side of usage of bitcoins (terror, drug traffic etc.) would have its effects but for governments I don't think it was major reason. I believe main reason was that they were not able to put tax for it.

[Lalafell]

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

One of the reason why they banned bitcoin is they can't controlled it because it is decentralized where no one can controlled or manage. In addition to that, we all know that bitcoin is a tax free so that if all people in one country used bitcoin no one will pay for tax and its a big problem in government so that I think they banned it.

[dianepot]

maybe they dont know how to demand taxes with it .. making its own cryptocurrency as well is another thing.