Can any government ban Bitcoin?

[lyks15]

I think yes. Government can ban bitcoin any time they want because there is no legal consent to operate bitcoin here in Philippines even it is a free country. Even it is a global trend government has a right to stop it whenever they want. Specially they dont have any income coming from bitcoin. Like in China they already ban bitcoin because I think bitcoin affect their money flow and product availment because many of people earn a lot coming from bitcoin. But I think instead the government look the bitcoin in a negative side they should think that bitcoin is a big help for the people to have a good income specially to those unemployed.

[rvrl_23]

Actually China already banned bitcoin, so yeah. but I think any country couldn't do anything about controlling them, because bitcoin is decentralized, and correct me if I'm wrong but, I think no organization or company has control over them.

[AliMan]

Actually China already banned bitcoin, so yeah. but I think any country couldn't do anything about controlling them, because bitcoin is decentralized, and correct me if I'm wrong but, I think no organization or company has control over them.

If bitcoin is illegal, why it is now existing and accepted by the other countries? It will not be banned because bitcoin is legal. Actually, it will help to grow the economy of a country. There will be no reason to ban bitcoins in any government because their country will benefit from it.

[sitnikov]

It is very much possible for government to ban Bitcoin in a country. They can do so by taxing people or punishing them for Bitcoin transactions.

[Biomech]

Bitcoin has been around the borders of financial markets for less than a decade, but is slowly gaining importance as an alternative asset class.
Can the government of any major country step in and do the unlikely?

Absolutely. And the effects will be devastating, and will drive up the value of Bitcoin. Google the Volstead Act for confirmation of the assertion.

[mybtcasset]

I think Bitcoin can not be banned at this time because Bitcoin is a global trend, and many parts of the world are beginning to legalize Bitcoin. For me should choose Bitcoin as a means of payment as it will greatly reduce the cost

I can agree with you but governments are not directly mentioning that they are banning the Bitcoin. Even many countries are saying it is illegal but no country is directly telling we are strictly banning the Bitcoin in specified countries.

[Rupok365]

Bitcoin is not a currency issued by any country. So, it is not possible to control the government. However, if the government wants it can invalidate the transaction. It has become quite popular because the government did not pay taxes.

[Skuylaruy]

Unfortunately, yes any government can do so, but even banning bitcoins will not affect much. Also the USA government has banned ICO's which keeps their citizens safe from various ponzi projects. Bitcoins are actually decentralised and banning them by any individual government won't affect much.

Yes of course, the government can just forbid the use of bitcoint and cut the access to bitcoint exchange,the government can impose law against bitcoin and giving sanction to those who violated thier laws.

[Beehives]

Bitcoin has been around the borders of financial markets for less than a decade, but is slowly gaining importance as an alternative asset class.
Can the government of any major country step in and do the unlikely?

Banning a cryptocurrency is a government prerogative.  Government will band only if the the BTC have no benefit on the government itself.
At this heights of btc banning cannot really stop the trading and operation it will always find its ways to the market.  The best thing the government can do about it is to tax and legalize the cryptocurrency so that both the government and the traders/investors will benefit.   

[yron51]

Possible it depends on how bitcoin will process correctly  bitcoin is legal to the government so 10% rate can government ban 

[Ethan112]

I think Bitcoin can not be banned at this time because Bitcoin is a global trend. Some countries now declares war on cryptocurrencies. South korea banned bitcoin and all trading transaction with bitcoin. But it can not be banned in the whole world.

[futuristic18]

Bitcoin has been around the borders of financial markets for less than a decade, but is slowly gaining importance as an alternative asset class.
Can the government of any major country step in and do the unlikely?

Yes, any government can ban Bitcoin. It's still not centralized however EU has a plan to cover digital currencies but till it is not covered by EU or done centralization, any government can ban it.

[Masteriano4423]

Any of government has their own law which can set the law to ban bitcoin.The effect of bitcoin banning by government is not for long term , investors will always buy bitcoin because they thrust that bitcoin has good future

[smyslov]

Bitcoin has been around the borders of financial markets for less than a decade, but is slowly gaining importance as an alternative asset class.
Can the government of any major country step in and do the unlikely?

The latest one was south korea and this cause big interruption and a big crash in bitcoin but they clear it up by saying they are not banning but only regulating, yes any major country can ban bitcoin because they are free to do that, but bitcoin trading and uses of cryptocurrency will still continue.

[nevafade]

No, it's impossible to ban Bitcoin because it is universal and everywhere . It is decentralized and owned by no one. The only thing can ban Bitcoin is the absence of internet.

[DimaS1574]

I think on govermant level it is possible  to issue special laws and regulation documents however it is impossible to control using  bitcoin among the society

[songhykiotran]

Bitcoin is not weak. It's a technology that thrives on attack, "Tucker said. "It was smeary, but it only made it stronger and better. This is why critics lose face constantly, and find many reasons not to admit it. "
Governments can slow down the process of accepting virtual money, by controlling and adjusting the exchange floor. Another method is through taxation. The blockchain itself can not be controlled but the national institutions surrounding it can.

(*) Jeffrey Tucker, a prominent economist and founder of the Foundation of Economic Education (FEE)

[xiaopang11]

There are many reasons for this.
First of all, digital currencies such as bitcoin are not issued by the state and cannot be controlled by the state.
Second, digital currencies such as bitcoin are anonymous, and are used by many criminals to commit crimes, causing a lot of trouble to the government.
Then, bitcoin transactions do not pay taxes to the country, the country does not have any benefit.

[bionicles]

Some countries, their government have already ban bitcoin because it used in illegal transactions like drugs and weapons.

[Biomech]

Warning, there is a great deal of cynicism in this reply.

 Major governments will not ban bitcoin until or unless they possess a great deal of it.

The purpose of bans, whatever the public spin might be, is to drive the price of the market upwards and create a mechanism of control. Governments, whatever their form, exist for ONE purpose: Ruling over the masses for gain. Not YOUR gain, THEIR gain.

Cocaine is a great example, and the US government was not that long ago cynical enough to 'admit' it in a left handed sort of way.

As late as 2010, the DEA regularly posted the street price of the drugs that kept them in business, with increases being considered a victory in the war on drugs. Which, as any thinking person knows, is a war on PEOPLE. Drugs do not man the cannon, plan the battle, nor have any means of effecting a victory or loss, they are just things.

It costs considerably less to make Cocaine than it does to make sugar. Compare the prices. EVEN given the smaller market subset, the price is kept artificially high because ONE dangerous white powder is banned, and the other is not. Does the ban stop the flow of money and cocaine? No. If anything, it accelerates it. Because in the areas where it's desired, people pay the premium, and those willing to take the risk, the EXTREME risk, will get it to them. Because it's banned, the settlement of disputes is often violent.

We've already seen the same thing in Venezuela with Bitcoin.

I doubt very much that there will be any sort of global ban, as right now its utility to governments is there, and the risk is low for them to just let it happen, or regulate it rather than an outright ban.  But can they do it? Hell yes they can. It WILL NOT affect the production and dissemination of bitcoin in a major way, but it will raise the risk and raise the price.