why some country banned bitcoin?

[santieevanz]

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

Banning of bitcoin in some countries was being issued these past few weeks. The reason why some countries banned bitcoin was because of fear and ignorance of the fiat. They also think that it affect the economy of a certain country, but based on the article that I've read, the economists of India proved that bitcoin has nothing to do the economy of their country which result of accepting bitcoin again.

[Savemore]

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 of the government are not legalizing bitcoins because bitcoin is decentralized. The government can't control the bitcoin. I am sure that they are not aware about the benefits that the people can get from bitcoins.

[gareng1468]

Different countries have different policies, generally preventing crimes, such as money laundering, terrorism financing, and maintaining national money sovereignty as a legitimate means of payment, and some calling it "high-risk and speculative investment." Although not banned, some other countries also issued the same warning

[crafted]

Some country banned  Bitcoin because  the government can't control this currency & it's a threat to their economy  system. Bitcoin translation  is anonymous so it's not possible  to find out the owner of any transaction. So tha government dosen't get tax on the transaction. This cryptocurrency will reduce the transaction in the bank. Peoples will invest in Bitcoin. That's why the bank will be bankrupt. Virtual currency is convenient for criminals. Drugs, Terrorism, Money-laundering. Maybe this reasons  some country ban this crypto.

[Toukexx99]

Why are many countries banning the trading of digital currencies? This resulted in the value of Bitcoin decreased sharply enough. the ban is due to government concerns in some countries will tax fraud, worried about fraud Cryptocurrency, bitcoin hacking and avoiding money laundering. Tension in digital currencies is a crucial point of global demand for digital currency transparency. And The main reason is the fear of these countries will the volatility and uncertainty of digital currency. In addition, another reason is the fear that digital currency is used as a financing for terrorism.

[staradvincula]

Simply because they cannot take hold the authorities in every Bitcoin transactions. They don't have the power to manipulate the earnings of every individual because the identity of user who transact are anonymous. And besides, they cannot put taxes in every income for each Bitcoin holders. It seems that Bitcoin are their best competitor and a big threat.

[JacksonIsaac199]

 In addition to tax concerns, there is also the fact that Bitcoin appears too underground with its anonymous and decentralized features. I think they should investigate more if they ban bitcoin.

[giogio0504]

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

Sometimes if is harmful for state economics, sometimes state government want to control everything within the country and it becomes uncontrolled with bitcoin, and sometimes the reason is increased number of crime, especially money laundering.

[lucy94]

It is not illegal, it is just not regulated (these are two different terms). Most of the countries just want taxes and regulations for bitcoin trading, to make sure that people don’t use it for illegal purposes. Otherwise, the general consensus is that bitcoin is illegal if its used for legal purposes. If I am not mistaken, only Venezuela has banned its citizens to use cryptocurrencies, so that they promote their own governmentally controlled oil-backed cryptocurrency called Petro (which sounds a bit like a nonsense).

[Dudeperfect]

Crypto is based on the blockchain technology which relies on the principle of decentralization. Thus, as we all know that governments want to take control on almost everything, crypto is taking away the control from the hands of government and passing it to the users which creates trouble for the governments and hence it bans bitcoin/crypto.

[gjtnwls1]

I think government doesn't like bitcoin because it can not be controlled. Government can tax bitcoin whenever people cash it out otherwise government is not able to tract it.

[shanksluffy]

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 they prioritize their own currency to avoid loss of income to their country. Btc has high value people attracted on this that'swhy they chose btc than their currency

[bitcub]

They banned Bitcoin to secure the value of their currency. We cannot deny that Bitcoin is indeed a threat to our Nation's fiat value. Just try to imagine: If people will dump their fiat and use only Bitcoin. Fiat will surely crash. It might lead to higher prices and collapse economy.

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

[kaizie]

Because of the decentralization of bitcoin the government is unable to control it. It has no tax so much more people uses it. The popularity of bitcoin is used by other people to cheat to get money with others. So other countries have set up a law for bitcoin to be banned.

[King Sastro]

The development of bitcoin that is too fast makes everyone worry, even certain countries have legalized bitcoin so as to make the future bitcoin better, the other side of course is many countries that plan banned for fear that the use of bitcoin for illegal transactions such as money laundering, drugs and so on.

[anahawjeff21]

Maybe because of tax issues, its major source of budget of the government is the collected tax, its really hard to monitor the flow of bitcoin, and its value is not yet stable, and for the security purposes, maybe they think that bitcoin will use in illegal transactions.

[Hudadahuda2018]

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 personally, sometimes the country forbids the existence of bitcoin because there is an element of disbelief and fear of fraud elements that some countries forbid the existence of bitcoin. Sometimes the government also prohibits the existence of bitcoin because it is most likely if bitcoin is widespread in some countries that prohibit it as if all existing companies could be closed or just no one wants to work because the people are distracting on bitcoin business because bitcoin business is very profitable and trustworthy.

[Alexis.Nick]

Some countries banned bitcoin because they don’t want the flow or how bitcoin works. We all know that there are news telling that bitcoin was used in illegal trades. Some articles also says that this was been the tool in funding even the terrorist groups. Well if I would be a president or the ruler of one country then I will know that bitcoin can be used for those transactions I will surely do the same. I will not take risk of letting this operate in my country if this will compromise the citizens.   

[nayan_suvo]

Some countries banned bitcoin because they didn't know much more about it. Also terrorist group can use bitcoin in there activity.  That is the main reason I think.

[Cepot]

There are several factors why bitcoin is banned in some countries, especially in developing countries
The first reason is that cryptocurrency has a very high risk and can disrupt the financial stability of the country and there are other risks such as money laundering, terrorism financing, and can harm consumers.
That's just a bit of a reason why bitcoin is banned in certain countries