why some country banned bitcoin?

[daduremi]

Because they don't receive any taxes.some country thinks that people will avoid bank and they will use bitcoin for money.Also some country thinks btc only use for crime thats why they don't support btc. My country not support cryptocurrency

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[echo11]

The government has never been in support of a program  that would bring financial freedom to the public. Remember: "whoever controls your income controls your life" some sets of fraternity call themselves politicians; either by deceiving the masses or rigging elections in most cases and then they get to control our economy... How else would it have been?
Bitcoin protocol is the way out and they would never be in total support.

[coinluisa]

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 all country have a law that need to follow some of country needs to protect their people because we all know that bitcoin is risky it comes to investment mostly if the person is lock of knowledge about this cryptocurrecy.

[dzaqira09]

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

possible fears of the state government there will be tax fraud, worry about fraud cryptocurrency, bitcoin hacking and avoid money laundering

[hawkins]

so far, i know, only china is banned cryptocurrency. they may feel aggrieved due to crtocurrency, there may be some reason they banned bitcoin, but I think someday they will accept it.

[dangwapo311]

These countries are afraid of what change could bitcoin bring. They are afraid mainly bitcoin being decentralized meaning they have no control or they scared of all transactions being anonymous. They can't put taxes if they don't such transactions were made and with that they are losing tax money. They are also scared of bitcoin knowing it is so hard to manipulate and control.

[Joylee]

Countries banned the virtual currency bitcoin, citing its ease of use for criminal purposes and its high risk for investors.

[twitami1]

some countries call Bitcoin illegal, referring to the lack of appropriate legislation (for example, Thailand). Also, the governments of many countries negatively regard the Bitcoin system because of the confidentiality of transactions, which can serve for money laundering and for tax evasion

[KuraJamban]

You know, bitcoin is a digital money that can easily harm their Financial stability
It is really hard to control the price of bitcoin because there's no government or anything that controlled it
Maybe sometimes, there will be regulations about crypto and especially bitcoin itself so it can be legalized by other countries

[Mystogan915]

I think that some country banned bitcoin because they don't believe in cryptocurrency and bitcoin don't have any foundation at all that's why they banned bitcoin. They don't seem it is legit. I think that is the reason.

[Jexjatto]

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

One of the reason is because the governments and banks dont have control over thoose crypto currencies,meaning they wont be able to make policies governing your money, no taxes, and no percentage off your currencies.. They made a deal with your FIAT money, so they will do every possible to cripple the crypto...

[fairytale]

I think that some country banned bitcoin because they don't believe in cryptocurrency and bitcoin don't have any foundation at all that's why they banned bitcoin. They don't seem it is legit. I think that is the reason.

You're right. I had a cousin working in qatar and bitcoin is banned there. it is strictly prohibited to use it there. i think they even created a law regarding it.

[saqibmunir]

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

Maybe bitcoin will affect their daily living especially in economic aspect, or maybe because they do not know how to use it and they don't want to know about it. But sooner or later for sure those country who banned bitcoin will accept it if they see the good result on the other country because of bitcoin.

I think there are a lot of reasons first one is that it is decentralized and its earning is not taxed and they can't do something about it, they want to get tax from their people and they don't want them to earn money through cryptocurrency. However, it's their loss because they don't see the potential and convenience of having cryptocurrency.

[camric09]

many reasons, countries that prohibit Bitcoin. for example china, china banned the bitcoin on the grounds the country wanted to create their own digital currency

Yes, and bitcoin is a threat in their fiat currencies now also like you have said they wanted to create their own digital currency so they will get all the profits.

[odakorlina]

Bitcoin banned in some country because of tax issues. They might be still doubtful on how bitcoin can do its works in the means of internet banking fields. Bitcoin transaction is anonymous so it's nearly impossible to find out the owner of any transaction. 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.

[alexmuro]

The main reason for this ban is it's really really difficult to control Bitcoin. Bitcoin transaction is anonymous so it's nearly impossible to find out the owner of any transaction. 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,....For now there are few countries legalized Bitcoin but these countries still not able to control Bitcoin totally so I think it'll take much longer to see Bitcoin legalized worldwide.

Yes, that is true mate. Their government are more concern in controlling bitcoin for the safety and economic growth of the country. Thats why they banned btc. It seems they are only one sided, they are looking at the negative side. And they didn't realized the advantages that bitcoin brings to people's life. It resolves unemployment and may give financial stability to anyone who invested in btc.

[marabanda]

In my opinion this is a very simple question. Because juitcoin represents a huge danger to the global economy, which is tied to the US dollar. If bitcoin or another crypto currency will be able to become so popular that it will replace the dollar, then the global banking and economic system will collapse completely.

[bitkaboom2]

There are a lots of reasons.
1)Taxes:Government cannot demand taxes on Bitcoin.
2)Control:Controlling of Bitcoin is really difficult for governments specially for the underdevelopment countries.
3)security:There is a security risk in Bitcoin.
4)Crime:Bitcoin may promote crimes because with Bitcoin you can easily access to drug dealers etc.

[money_amount]

The main reason for this ban is it's really really difficult to control Bitcoin. Bitcoin transaction is anonymous so it's nearly impossible to find out the owner of any transaction. 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,....For now there are few countries legalized Bitcoin but these countries still not able to control Bitcoin totally so I think it'll take much longer to see Bitcoin legalized worldwide.

Yes, that is true mate. Their government are more concern in controlling bitcoin for the safety and economic growth of the country. Thats why they banned btc. It seems they are only one sided, they are looking at the negative side. And they didn't realized the advantages that bitcoin brings to people's life. It resolves unemployment and may give financial stability to anyone who invested in btc.

In my opinion, some countries have forbidden BTC because they have no control over the virtual currency market. And when people pour money into bitcoin investments with large sums of money, the government can not collect taxes. And some countries are afraid of bitcoin as a place to keep money from the leaders when they are corruption .

[beezunus]

I think the government forbids bitcoin because they intend to protect their citizens from losing bitcoin because bitcoin is a digital currency that has a fluctuating and unpredictable price; they are also worried because bitcoin can be used for crime