why some country banned bitcoin?

[Malintha1996]

BTC transactions are encrypted and while they can be tracked by involved parties, bitcoin provides a way to keep money and transactions away from the prying eye of the regulators.

“There is a risk that it could be used to fund crime or illicit terrorist activity — another reason is that it can be a route to circumvent capital controls
As another example,The People’s Bank of China has claimed that ICOs were a threat to the financial markets’ stability. Thanks to its decision to make ICOs illegal, the bank now has power to “shut down any exchange it wishes for violating their ruling.It seems Not having a regulated body for exchanging is the main reason that some countries consider when banning bitcoin.

[alkiw21]

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 bitcoin is against the bank. Do you also think like that? that's just my opinion. maybe here are still many who understand better than me.

[luigidosado]

Some countries are so threatened about bitcoin due to its many uses. Some countries are fast enough to conclude that existence of bitcoin in their country would affect their economy and would be a threat for their government. They did not realize that it can help their people. They also think that bitcoin can also be a source of criminality in their country because of the anonymity of transactions here in bitcoin.

[Taki]

You can find this information on google. But I did it already so here is their reasons.
Bolivia - the Central bank officially admitted all currencies produced and regulated not by the government as illegal.
Island - they admitted bitcoin as foreign currency, there is a law about foreign currencies by which they can't be used as payment instrument in the country.
Ecuador - the government forbid all operations with crypto currencies and allowed to allowed to themselves to realize transactions in their own "electronic money".
Kyrgyzstan - the use of bitcoin is illegal (but there is no law which forbid crypto trading), the only legal tender in the country is Kyrgyzian Som (KGS).
Bangladesh - here the use of bitcoin can lead you to the jail, all this made to fight against money wash in the country.

As you see every country has something own with relationships with crypto currencies. But we can sum all this reasons to make a full picture of why countries ban bitcoin.

[MrYan]

obviously because bitcoins can be obtained w/out actual work. countries dont want to have less work force right? bad for economy

[lunnatic]

Lacks regulation maybe the causes, Bitcoin indeed have no rules so most people easy to use it for such a crime

[gondar1]

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 thing is some countries fear about what can bitcoin do to their economy and people. What they fail to see is the benefits and advantage it can bring to the people in those particular countries. Still, it is not too late for a change of heart.

[onionboy]

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 you can't make ten times the value of your Bitcoin by loaning it to people and stealing their homes when they can't pay the high interest rates like during the GFC. Simple as that I think!

[FasTroy]

Some countries do not inaugurate bitcoin in their country. I think bitcoin is banned in some of these countries because the government can not levy a tax on bitcoin income.

You are right, I think because the bitcoin is not under control by the government, this is the main reason maybe, People can send and receive their bitcoin safely without any track by the government or any one, people who use bitcoin have the full control of privacy, so they can use they own tax and send an unlimted amount as they wish without any problems..

[minerich]

Recently MONACO country banned Bitcoin and Venezuela and Bangladesh and Nepal  are in banned list of Bitcoin and Cryptocurrencies even minning and trading and exchange are also banned in these country

[CuriousGeorge]

Recently MONACO country banned Bitcoin and Venezuela and Bangladesh and Nepal  are in banned list of Bitcoin and Cryptocurrencies even minning and trading and exchange are also banned in these country

Even though those countries you mentioned seem to have really low market capitalization of local exchanges there or even none of them have official cryptocurrency exchangers, it's still a bad news though.
maybe they see the big bitcoin market cap and starting to afraid that people could move their investment to the bitcoin. does make sense TBH

[plaintiff77]

Some country banned bitcoin its because bitcoin has alot of advantage rather than cash and also you can send money without any fees and the government can't control bitcoin and they can't add tax on in it,then maybe because of bitcoin has a big value they are afraid that many people will invest in bitcoin.In my country which is the Philippines bitcoin was being banned because the goverment said that it is being use by terrorist and druglord in thier illegal transactions but bitcoin really help alot of good people who earn and use bitcoin in a good way specially me so I am so sad that bitcoin was being banned in my country.

[Melit02]

Some country banned bitcoin because they don't know how important is this forum in every person here. They don't have knowledge or ideas what bitcoin can do our daily lives and in our future. They think that this site is all about gambling or not trustable. But here in my country I can freely use Bitcoin.

[Slipknot79]

Its a bad startegy for the countries that ban Bitcoin. But the decision is based on fear of loosing control.

[marsmyname]

Some countries banned bitcoin maybe because they saw bitcoin as a threat. But if we prove to them that bitcoin, the first digital payment system, is safe to use, good for investing, and also can make the country successful , maybe oneday the government will realize that bitcoin can be acceptable to every transactions.

There are number of countries which are taking very positive steps in promoting the usage of bitcoin in their countries. On the other hand, there are few countries which think that bitcoin is going to create lot of troubles for them. The most basic reason is the lack of awareness among those people regarding bitcoin. Moreover, they don’t want to accept such kind off change.

[BaraxLo]

Recently MONACO country banned Bitcoin and Venezuela and Bangladesh and Nepal  are in banned list of Bitcoin and Cryptocurrencies even minning and trading and exchange are also banned in these country

Even though those countries you mentioned seem to have really low market capitalization of local exchanges there or even none of them have official cryptocurrency exchangers, it's still a bad news though.
maybe they see the big bitcoin market cap and starting to afraid that people could move their investment to the bitcoin. does make sense TBH

I really feel sorry for these countries for banning bitcoin. They think they are harming bitcoin by banning it but unfortunately they are wrong about this. They are doing injustice to their public by doing so.

Their people are unable to enjoy the perks of bitcoin just like those citizens where bitcoin is legal for public use. People are earning their livelihood just because of this amazing currency and such invention should be adopted by developing countries at any cost.

[jaaeeeyyyy]

Some country like the republic of china is planning to ban bitcoin because it is the root of fiat depreciation or not using their own currency instead of bitcoin they are developing one which can be use digitally. Maybe the government is scared that bitcoin might control their government and bank systems and bitcoin contributed to most of its criminal acts.

[Bitcoinsislife]

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 a common misconception that bitcoin and digital currency are totally banned and illegal in China, but China has become the world’s largest bitcoin trading market. The bitcoin ban is strictly on banks, as the central banking authority, The People’s Bank of China is owned 70% by the Chinese government. Banking institutions and employees are banned from engaging in bitcoin business through banking, as well as servicing or doing business with the bitcoin industry. Trading or mining in bitcoin is not illegal for common citizens

[CoinsInvest9]

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

First reason, Government can be control bitcoin an they afraid it will be hurt their economy
Second bitcoin transactions is anonymous transactions and anyone can also use it for illegal purpose. This is government of many countries are worry

[Valuyet]

Because some countries are thinking this Bitcoin and Cryptocurrency will sabotage their local currency so they don't let their Citizens involve with Crypto-Currencies.
They're just protecting their sovereign money from economy sabotage if possible.