why some country banned bitcoin?

[OllieOllielolo9]

That is a normal reaction from something that is threatening their entire system. More so because the people are beginning to show strong support for bitcoin instead of banks.  Bitcoin on the other hand is a peer to peer transaction without the middleman.

[pthnmj]

Simply I'll say that bitcoin is decentralized lised and therefore isn’t controlled by anyone. As we know that the hovernments form a currency since they like to control the currency. They control it through the central bank. They also like to know who has it, where it is, where it’s going. While they can't treat bitcoin like the currency. Thus, I might conclude that they fear of what they can't control.

[shezu007]

The lawful status of bitcoin shifts considerably from nation to nation is as yet indistinct or changing in a considerable lot of them.[1] Whereas the greater part of nations don't make the use of bitcoin itself illicit, its status as cash (or an item) fluctuates, with contrasting administrative ramifications. While a few nations have expressly permitted its utilization and exchange, others have prohibited or limited it. In like manner, different government organizations, offices, and courts have ordered bitcoins in an unexpected way.

[deklitt]

Of course there are various reasons why some countries ban bitcoin like government concerns about money laundering by using bitcoin access due to bitcoin decentralization of features,
in addition there are various criminal activities that use bitcoin for transactions such as terrorism financing and other criminal payments transactions using bitcoin as acces payment.

[Habib2016]

I'm not sure why they did that but that they or the government has already thought about many things,I Think Government Issue Not Acceptable Bitcoin In Some Country.Government Roulse Some Country Not Accepted Bitcoin & Some Country Continue Always Payment Big Amount In Bitcoin

[ivakar]

Maybe that is because they are afraid that bitcoin will ruin its local economics?
Or there might be others reasons, who knows, maybe you should ask those governments)))

[rainezerr]

When governments ban crypto, I think they do so because they want to create fud and prevent mass adoption of crypto as a form of currency. Some say it's because they want to benefit themselves in doing so, crashing the markets to buy lower.

There are companies out there who are envy of bitcoins growth and because of that, they are making different actions in order to reduce the number of investors of cryptocurrency so their company will not die.

[ramgonzales]

For me one of the reasons why most of the countries are banning Bitcoin is because they fear it, they fear something that they cannot control plus the fact that they cannot demand ot get taxes out of it so might as well ban it. Some of the countries are now negotiating that they will allow or legalize it but it will be taxed.

[tikong]

They afraid not to get taxes from this business and their economy not ready to absorb the entire system. In other side, the revenue enyoy by the people practicing bitcoin are used to buy goods that help circulate the economy of certain community.

[emsjvh]

It's not the currency itself. The deal is in the politics of the countries. Who is aimed at the development of the country within it, someone is trying to establish international relations.

[emsjvh]

For me one of the reasons why most of the countries are banning Bitcoin is because they fear it, they fear something that they cannot control plus the fact that they cannot demand ot get taxes out of it so might as well ban it. Some of the countries are now negotiating that they will allow or legalize it but it will be taxed.

Yes, just the inability to control this currency, scares many countries. The state can exist as long as one apparatus controls all activities. Otherwise, the state may collapse. A new uncontrolled currency is too dangerous.

[Old Bindu]

 Do you know that recently in Sweden was a small lid for bitcoin: it was forbidden to use the digital currency to buy scrap metal and waste. This may mean the intention of the state to ban Bitcoin in other areas, but so far the veto is being extended only to this industry.

[cherrymobile]

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 was banned in some countries I suppose because of a certain reason, and that is because they fear bitcoin's rise in the currency world. They think that with bitcoin's continuous prosperity as a currency would mean death for theirs. And so they take different measures in order to stop this from happening. But bitcoin wouldn't fall down.

[BrittneyHarkins]

As always it is, Bitcoin is a digital cryptocurrency which has its own online system in order to have transacrions.Some countries banned it because of the threat that their income will be lessen.The earnings from Btc is not taxable.People may use as a means of trading, investing and even purchases for some available stores who adapts the use of crypto.Also government is afraid that people will only use crypto than the fiat which may lead to losses in some businesses,banks, establishments which does not offer btc transactions.

[richjohn]

Since the government cannot regulate cryptocurrencies or have any sort of control over it, and since the use of cryptocurrencies is widespread in black market and illegal trade, hence, a few countries have decided to ban it.
You can head over to wikipedia to see the exact status of bitcoin in a specific country.

[LuvCyanide]

There are several reasons why countries do not legalize Bitcoin:
1.Tallage. The state can't track the income of investors. All transactions take place anonymously.
2. The inability to control the business. New business based on blockchain platform can function without state intervention. Not everyone will like it. That is why now there are many ICO startups, and there will be even more.
3. Virtual currency is convenient for criminals. Drugs. Prostitution. Terrorism. Money-laundering.
4. The lack of legal protection. If your wallet money is stolen, no one can protect you. (Do not store passwords from exchanges and wallets on your computer, then copy them or download onto a flash drive. I know a man, who stood two-factor protection, hackers have connected to it via remote access and have downloaded all the passwords. All the money was stolen. Advise to purchase cold wallets.)
5. The global transition to digital currency requires computer literacy of the population. This is also a problem for some countries.

[hieuho381]

As always it is, Bitcoin is a digital cryptocurrency which has its own online system in order to have transacrions.Some countries banned it because of the threat that their income will be lessen.The earnings from Btc is not taxable.People may use as a means of trading, investing and even purchases for some available stores who adapts the use of crypto.Also government is afraid that people will only use crypto than the fiat which may lead to losses in some businesses,banks, establishments which does not offer btc transactions.

What makes many countries banned bitcoin is that these countries can not manage bitcoins so they can not apply taxes on bitcoin transactions. I think that these countries should have a farther perspective on bitcoin and cryptocurrency in order to take advantage of the benefits and advantages of bitcoin in their financial and monetary systems.

[megynacuna]

Bitcoin can either make or break any country's economy if not regulated and since bitcoin is decentralized and cannot be controlled by a central authority it  makes it difficult  for some governments to control their economy because bitcoin can facilitate tax evasions, money laundering and other illegal activities that will mar the development of an economy and so it makes sense  for them to ban it in order to save their country.

[weblaraveluser]

Since the government cannot regulate cryptocurrencies or have any sort of control over it, and since the use of cryptocurrencies is widespread in black market and illegal trade, hence, a few countries have decided to ban it.
You can head over to wikipedia to see the exact status of bitcoin in a specific country.

The cryptocurrency is giving so much wealth to different people and companies are worrying about that, they all might stop working on the corporate world and because of that, they want bitcoins to be banned so that people will still depend on working on the corporate world.

[rodskee]

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

Sorry mate do not offended have many threads same topic like yours I suggest with you research first before you can make topic to avoid nonsense topic because of same question. By theway i will answer your question for my own observations why some country banned cryptocurrency, the reason of some country banned Bitcoin specially the china government declared totally banne for cryptocurrency because officials they want to make regulation for the cryptocurrency how to handle in their control.