why some country banned bitcoin?

[Ricaking]

For me why bitcoin banned in other countries because, that they are afraid that their people will be involve to illegal trades as bitcoin. And also bitcoin is tax free, so many people transferring their fiat to bitcoin and saving money.This is not acceptable by government and so they banned bitcoin.

[laracastvue]

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.

Government is envy about the wealth of every bitcoin that is giving to their people, another thing is that government cannot place tax on bitcoins so they felt bad because they cannot steal money from people that's why they want to ban it.

[SaiWAFU]

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 of being centralized, some country prohibits bitcoin transactions because the governmwent can't track ot down. It offers anonimity that some government fear that it will be used for criminal activities.

[samycoin]

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

There's a lot of reason why some of country banned the bitcoin their country. We all know bitcoin is risky when comes in investment and the other reason is some of users use it to bad things like drugs and etc. And I think  that are the reason why they banned bitcoin in their country.

[faronjyu]

because the government cannot regulate cryptocurrencies and bankers can not create crypto-banks, even if lately it seems like the latest fashion but I do not give much confidence to these projects. The cryptocurrencies were not born for this

[vanslyien]

Some countries banned or planning to ban bitcoin and other virtual money exchange to protect the citizens. Mosts virtual money today are used on illegal activities or scam, so other countries imposed regulations on its use. They also think that it can brought risk to its users when it comes to finances.

[EVIAJOHNPAUL]

 banned the bitcoin  from fear in foreign currency and ignorance, to protectionism of their national currency, to building a new currency in bitcoin’s image.

[Petmalu001]

Bitcoin has had a very tumultuous summer. As the valuation of the cryptocurrency climbed, experts opined about the potential “bitcoin bubble.” Bitcoin’s

value, however, stumbled a bit over the past few weeks as Chinese regulators took steps to regulate the currency and its exchanges. and beside countries

banned Bitcoin because their technology still not developed enough to control Bitcoin and its disadvantages to prevent crime take advantage of Bitcoin to

commit guilty like tax evasion, drug trafficking and Human Trafficking.

[lnihjlbg]

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.

I think the reason why countries banned bitcoin is that they have not yet found a suitable policy to control bitcoin. After all, bitcoin is a decentralized and uncontrolled virtual currency.

[DexterOscar0]

That the taxes are not applicable to the conversion of between traditional currency and bitcoin.You know the government afraid that they cannot control the bitcoin so they purposely ban it. With bitcoin, you don't have to pay the tax but the tax is a source of income for the government.

[kurdapyo]

i think when people in the country stop to work for government and earn for bitcoin, the productivity of the worker decrease that result to the down of economy so as a result, government will ban this bitcoin because they think that it was the reason why this happened

[Herry toer]

why some country banned bitcoin?
is there any problem? I know that bitcoin is international cryptocurrency. but why some country banned this crypto?

Some countries ban Bitcoin because the Government of the country does not want Bitcoin to replace their country's currency. Because for the country, people prefer the virtual currency than the currency of the country. So one so that people stop having cryptocurrency. Yes just by banning cryptocurrency in their country.

[blockchain-man]

These governments and banks are wasting thier time instead of embracing crypto and restructure their systems to this revolution their are fighting. The fact is  so many people will be attracted to crypto and this will  move the world big time. We will see big things in the future. It will rule the financial future. It is normal to see this dissaproval cos new ideas are disregarded but accepted in the long run.

[sicnarfkswiss]

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 had read this thread many times already, Bitcoin is an international crypto currency for us the crypto users, but government doesn't recognize it. because of its anonymity, they cant tax this because it is completely decentralized that's why they don't want crypto.  Also, other government believe that this was used by criminals, apparently whatever the currency is, whether its digital or fiat.. we cant handle the criminals in using it.

[kpcian]

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 Those country are afraid of their economic system and they think Blockchain system is getting a thread for their stock market. Day by day Blockchain system is becoming popular and powerful around the world so that some country's government are getting confused what they will do?
Not only that but also their main concern is to protect their people's money, they usually consider this blockchain system is not a secure system that's why those country are not choosing this platform. Whatever the case is, This blockchain system will sustain for a long time and it will be the most powerful financial chain in the future.

[Argie021213]

Some countries like thailand,vietnam,bangladesh and many other countries have banned bitcoins because they are afraid that their people might be exposed to financial harm knowing that bitcoins are not controlled by central banks of every country. It can be used in illegal transactions and the people involved are not protected.Each of them has their own reasons for banning bitcoin. But more than that I think they just want yo protect their people.

[DexterOscar0]

Without the government’s supervision, some illegal transactions may be made that may harm the country. Furthermore, in here, the government can’t issue tax to the transactions made.Bitcoin is the best crypto currency in the world but why they don't support bitcoin. Some countries think that bitcoin price always up and down and so they want to invest in bitcoin. So they banned bitcoin in their country.

[ar72]

Because they have a legal currency. In the some countries, using btc as payment same as breaking the regulation and it has some risks. Cryptocurrency also can be used for ilegal transaction, money laundy, etc.

[Ambrosius]

bitcoin do not have fixed fundamental and regulations so its very difficult for country to permitted it in their country because they don't have any control of bitcoin.

[rowel21]

people in a country needs to pay tax if they  earning and that tax  is using to build and funds the government project so very person in a country need to declare  what is their source income if you are working
Bitcoin itself is a decentralized and protecting by blockchain and it can't manipulated by any government or they can't penetrate it
A lot of country like china thinking that if they can't control crypto they have to banned it