why some country banned bitcoin?

[shibisu]

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

From some sources in the media it appears that this ban is due to government concerns in some countries will tax fraud, worry about Cryptocurrency fraud, bitcoin hacking and avoid money laundering.
digital currency tension becomes a crucial point of global demand for digital currency transparency .

[InvestICO2L]

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.

I think it maybe because all the countries can’t control it, that’s the main reason. Even nowadays many people is going to keep an eye on it widely ,the banks also lose the control of it and fiat. We all know that bitcoin is created by computer technology and this  technology always keep developing, even it’s too fast, but there are some countries which can’t keep up with its development  and they can’t  control it. However, as far as we know that bitcoin is anonymous and almost people both have the same chance for using bitcoin, therefore bitcoin is always accepted. I think bitcoin will have a potential future and  even it’s legal worldwide.

[aliwinchester]

In my country bitcoin is banned for money laundering.We all know bitcoin transaction is untraceable and bitcoin is not handled by anyone.That's why some bad people are taking advantages of it.  That’s what written in the articles if you read over the internet. So may be that and also another reason says those countries don’t want to loose control over their national economy just because the nations money is driving into decentralised system.

So you're from South Korea right? Because i know a big money laundrying which was coming from South Korea, it's about 600 millions dollars.

[biuifyus]

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 countries ban bitcoin because they fear it will take their place in the hearts of the people.

Without your consent, the central bank can print money and plunder your wealth. Your money in the bank is not actually your money, but the bank's liabilities to you. That's why they're afraid of bitcoin.

[YoungMaster]

It's because they are afraid that bitcoin is used by some people as illegal transaction options, such as buying drugs, money laundering, and possibly being used as funding for terrorism.
So their reason for banning bitcoin is they have no full control over it.

[shohelalam]

We all knows the government could not get any tax from bitcoin that's why some country governments banned bitcoin. they also have some legal, crime  issues, money laundering and some other problem. we know any government  could not control or trace bitcoin, Untraceable transaction. Some government thinks they don't have any benefit from bitcoin. But they doesn't think how much losses. we all knows bitcoin how much good affects in world economy.     

[CJPEREZ]

Because of the popularity of bitcoin they will not agree with the use of bitcoin. The government will not can be controlled the price of bitcoin. And the whole bitcoin because the bitcoin is decentralized to make the transparency. The government afraid to make the bitcoin as they physical money so they will banned the bitcoin.

[Mariadelan25]

Other government country are afraid of bitcoin because it can disrupt their economic system they cannot control bitcoin and there is no central bank unlike fiat that they can easily be controlled it can also reduce bank profits because if bitcoin gain a lot of attention the investment in the bank will decrease. , but still there are lot of reasons why they banned bitcoin

[felicity06]

We cant do anything about it...  Everything has its advantage and disadvantage including BTC... Other countries banned Bitcoin because they saw it that it has a disadvantage... And I think because there are a lots of reported scam in BTC...  The government just avoid it...  They didn't understand a lots about bitcoin thats why they banned it in their country... That's very sad to hear but soon they will understand that BTC are not created to ruin the lives of people...

[lamcouz]

Bitcoin is not yet accepted by all economies as a medium of exchange and cannot be used for transactions as in fiat money. The market price for bitcoin is unstable and transaction fees are high.

[Infek]

I think many countries do not yet have such opportunities to control the crypto-currency. While all banks obey and report only to the government, while it is much more difficult to track the crypto-currency. Because in many countries, there is no such active use of electronic money, like a visa and a master card.

[belalangsembah]

Some country banned bitcoin because accepting might take some risk. Bitcoin is a decentralized cryptocurrency. Every transactions happened here do not need any intermediary. Transactions made can not be tracked and known by the government. Therefore, illegal things may occure that may harm the country.

Some believe bitcoin is just a bubble and not really a currency, some call it an asset while some countries that have little or no understanding of bitcoin call it Scam. Countries that have banned Bitcoin have almost the same reason to do so because some believe bitcoin will have a negative effect on their economy because the technology is fully decentralized and the government can not control it

[catur123]

I also wonder about bitcoin bans in various countries, but after reading the forum I concluded that the country that forbids bitcoin does not know how to enforce the bitcoin tax law and the country's economic fears are chaotic.

[jame kotler]

Because they can not control it! It's very simple. Only private companys are actually doing something with BTC...

[metenjean]

Crypto currency becomes dangerous for many components of life. It is free, independent, does not allow the country to earn money on its citizens. But it's on the surface. What are the deep reasons why Bitcoin is so stubborn to prohibit, and many countries have already been banned. The reasons are as follows:

- Bitcoin, like other electronic currencies, can be used to launder money or to evade taxation.

- The system does not have a controlling center, so it will not work out in order to appeal or reverse the transaction in the reverse order. That's why Bitcoin was banned in many countries - under the pretext of protecting its citizens from financial fraud, which are irreversible.

- Virtual money does not have security. Also, there are no organizations that would be responsible to the holders of the crypto currency. Transactions are more speculative, and there is a risk of losing the price of Bitcoin in the future.

- Propaganda of Bitcoin is a threat to the financial system. This is one of the answers why Bitcoin was banned in Russia. Confirmative step was the entry of seven sites on the crypto currency under the ban from Roskomnadzor.

- Legally, crypto currency is not regulated and is not limited. At the same time, the process of awareness of the danger that comes from electronic coins has only just begun in many countries. At the same time, governments do not always make informed decisions.

It can only be dangerous if you don't know how to use it and in this case some country don't know how to regulate and control bitcoin overflow. Its true that it can be use for money laundering and evade tax however if we're talking losing the price of bitcoin its because of the decline of demand boost by regulation. How can the demand so strong? It was as you said because it has no controlling center. In addition i don't think bitcoin was banned in rusia already because recent news shows that they're trying to legalize it by implementing some law which hasn't done yet.

[Aufar]

Countries that have banned Bitcoin have almost the same reason to do so because some believe Bitcoin will have a negative effect on their economy because if Bitcoin gets a lot of attention, investment in banks will decline.

That's what some state governments have forbidden Bitcoin.

[nara1892]

As the government considers crypto currency is too risky, or maybe the government itself doesn't quiet understand about crypto and sees from the negative side only, so some countries ban bitcoin, just like what happened lately in India.

https://www.ccn.com/india-bans-banks-from-processing-cryptocurrency-purchases/

[jame kotler]

because some country the crypto currency is just a money in a game and cannot be transfer in money and they think that bitcoin is not the highest amount of currency.

[Alex789]

of course they will be afraid bitcoin to be the best of other currencies, because they are afraid their economy will be disturbed let alone bitcoin in use in the financial world that is their reason because this can affect the local currency

[rxthree]

Some countries banned bitcoin maybe because they saw bitcoin as a threat. But if we prove to them that bitcoin, the first digital payment system, is safe to use, good for investing, and also can make the country successful , maybe oneday the government will realize that bitcoin can be acceptable to every transactions.