why some country banned bitcoin?

[balakang00]

Because the government can’t have any commissions on bitcoin mining and they can’t control the transactions in exchanging bitcoins or altcoins. Like gold, they can control its production and they put taxes on gold meaning you have less profit.

[YourCoinIsMine]

Because bitcoin takes money out of their countrys.
Whenever people use bitcoin for overseas purchases, or to FIAT to buy BTC,
the money run out of the country.

[arteezyy]

Because bitcoin is decentralized that's why they can't control it. They can't demand taxes. Government just don't get anything on bitcoin.

[hajimasan]

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 main reason is the lack of understanding about the bitcoin and another cryptocurrency , here I myself when I entered in the bitcoin field then thought that it is a illegal thing because people can store lots of amount of money in Thier Wallet without limitation and no one will know about that , so may be such types of thinking are running in the mind of those countries where they banned the bitcoin .
But in actual reality the current time of the bitcoin and cryptocurrency field is totally traceable and also everything is digital , people needed to buy and sell bitcoin with online payment , so everything is here open and no another factor we needed to say about the bitcoin legality .
But also few negative news about the bitcoin that is it is a illegal way of payment inthe dark web and drugs like Business are increasing and Money is flowing to another country without tax , but in actual it is not like this thing because why we are using bitcoin , Ofcourse we are making money and also paying tax for this .
Well here we can only wait until the thinking of those countries will change and allow and regulate and legalise the bitcoin for the public use .

[xsaints128]

Some countries are banning cryptocurrencies because they are a threat to its own fiat currency. The people are easily using cryptocurrencies to invest in a project through ICOs , plus they can easily transfer money without the involvement of any governmental institutions. So, the government is looking towards crypto as a thing which can easily replace its own fiat currency that's the main reason why they are trying to ban cryptocurrencies.

[godrey123]

 I Think the reason why some country banned bitcoin it that, they have no control over it. they can't get profit from bitcoin because they have no way to track it. also they said that it can be use in illegal transactions but I thibk the main reason is they cannot controll or tax bitcoin.

[Faxmate]

bitcoin prices are very volatile, and very risky for ordinary people to invest, and a country banned bitcoin probably because its government is afraid, people lose money for trying to invest in bitcoin

I suppose governments afraid of instability of country economics. At present criptocurrency capitalization is big and could influence on contry economics.

Some countries want to use their people for its own work in order to collect the tax from them because bitcoin is tax free and tax is playing a very big role in any country but I think it’s not true because bitcoin is playing a very big role in economy of many countries and I have already reduced unemployment in many countries as well and some of them have make bitcoin legal so I think in coming time every country will accept bitcoin.

[lestariptr]

why some countries ban bitcoin? because each country has its own rules so there must be approval from each country so that's why there are some countries that prohibit bitcoin not all countries approve it bitcoin.

[codered000]

Because Bitcoin has no tax therefore their government can't profit from it. Bitcoin transactions are also hard to track so they fear that bitcoin will be used in illegal doings and financing terrorists.

[Feuerbach]

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 that this was done in the hope of preventing the commission of anonymous transactions and that people do not hide their income and pay taxes from them.

[rasmadisulaiman]

Some countries that ban bitcoin must have a reason. There is a reason to avoid bitcoin attacks that can affect the stability of the country's currency, there are also countries that have reason to fear bitcoin will be misused by the public.

[jangangilaya]

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

1. Transactions using bitcoins can not be traced by the government.
2. Transactions using bitcoins are not taxed. Surely this will not benefit the government. Whereas the government for example like Indonesia is now being intensively targeting taxes.
3. Bitcoin can be used for money laundering.
4. Bitcoin is used in illegal activities. Indeed bitcoin is not made for illegal purposes, but the fact is that many illegal transactions now use bitcoin as a means of payment. In essence the activity of black market deepweb transactions all use bitcoin. This is because the nature of anonymous bitcoin transactions.
5. The existence of bitcoin is considered to harm the common currency / local that can damage the financial system. For example people would prefer to use bitcoin so that cash transactions at local banks will decrease. As a result the bank could be out of business.s.

[patimahsunda]

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

Due to the decentralized nature of bitcoin. And also bitcoin is very clash with the bank. So every country forbids bitcoin because bitcoin is something very hard to tax and so on. that's just my opinion and many other opinions.

[longml]

I think because the Government thought that bitcoin will bring back anything that is bad for their country. they want to protect their national currencies and also concerned about some activities of money laundering.

[BlackRock]

Because  bitcoin transactions are anonymous.They are also unaccounted and mostly taxes are not paid.It hurts their country's economy and gives rise to underground economy and encourages illegal trading activities

[Jingjing12345]

I think it is because bitcoin is decentralized that no one can control it specially the government. They can’t get taxes from it. Or maybe the technology in that country is not enough to trace or control it to avoid criminality using bitcoins.

[Tramle091296]

Because the bitcoin cant help their country some of the country want to take taxes to bitcoin to help on their plan for development of the country. But bitcoin is a online currency. no bank have access here thats why they cant get tax for bitcoin. Thats why its banned for other country.

[hadisaw]

Because they fear the presence of bitcoin, they try as much as possible to destroy bitcoin, one of them by banning it. But it's useless, bitcoin will remain independent with community support.

[Amilhussin24]

Based on my knowledge bitcoin is the first decentralized digital currency. It works without a central repository or single administrator. The transactions take place between users directly without an intermediary. Bitcoin is the opportunities to a people that has no bank account. through the help of bitcoin, we can have a bank account without any identification like any government requires. Bitcoin is the opposite of any government banks. The countries that banned bitcoin has different reasons. It could be maybe because of an illegal activities of any users. And also for the sake of economic policy of a certain governments to be preserve.

[djmixen]

Bitcoin is banned in some country i think because it is one of the hindrance to their economy. Bitcoin is more accepted in other country because they help the economy but some country did not know what is the good effect when they accept bitcoin.