Why do some government ban bitcoin?

[Noilee]

Government ban bitcoin in other countries, because they could not control people to invest in btc that they earn already a big amount of money, so they could not get tax from those people. They want to protect their own currency and their banks as well. The government think of this that they should ban bitcoin. They think that they could not control anymore their people, so they make implements to ban bitcoin in their country.

[ALI AKBAR]

The government of some countries in the world banned Bitcoin. Because they can not control Bitcoin or can not. Again, the government of some countries consider Bitcoin trading illegal. For example, the government of China has not banned cryptocurrency, they have banned ICO exchange.

[damrianto]

Because it has no formal basis and regulatory authority, bitcoin is prone to be misused for illegal transactions, money laundering, bitcoin circulation as well as being illegal as it is unreachable to the Central Bank. This could potentially lead to markup or bubble. Therefore, the transaction of speculative virtual currency values. not only harm the community later, such transactions can also disrupt the stability of the state financial system.

[CryptoBalds]

Its legality is being argued all over the world because some of the country see's it not as a legal tender or they are more likely want to have a secured money that they are able to control in their nation.

[poutgkj56]

No country can effectively prohibit the bitcoin bitcoin, and the point-to-point transmission will be realized across borders. This will be unable to be effectively supervised. China has only taken comprehensive measures to control the illegal collection of ico and money laundering, and everything is in the effective control of China. In development, this is an effective blow to illegal activities. I think this is the right decision, even if it hinders the development of the blockchain in a certain way,

[Nylelyn]

If this news is true, this is a  way of China to get control of the crypto currencies. They know that it is difficult to completely ban it so they are trying to scheme a way and start with exchanges and ICO's. But I believe that they cannot stop its people from wanting to join and invest in crytos knowing that they will get benefit from it. Same thing with the government of China and most of the governments, they want to be in control as they say to protect its investors and at the same time because they believe there is a big revenue that can be collected from cryptos.

[@Mhaiang]

Some government ban bitcoin because every government has its own governing rules and regulations and when they see bitcoin as a threat to their economic status and development, then we can't stop them from banning bitcoin and the rest of the cryptos. It is what it is and we just have to respect their decision on that.

[thunderclup]

The goverment ban bitcoin because they don't have any profits and bitcoin don't have any tax that's why goverment ban bitcoin in other countries and i think bitcoin popularity my not control the increasing number of bitcoin user's.

[the_viper]

Being decentralized digital currency is the main reason of why Government ban bitcoin. Government is The body with the power to make and/or enforce laws to control a country, land area, people or organization. However the Government wanted to regulate bitcoin, is impossible, they can't controll it, but the only thing they can do is banning the organization, group of people in a certain country. And issuing a regulation in using Bitcoin.

[Tan_avia)vl.]

Bitcoin will always be the main cryptocurrency in any case. Just a lot of countries, where world banks and ordinary money are concentrated, do not want to let it into their territory – then there will be no sense in their wealth.

[betent]

That's all because of control. Many governments are agraid and against something they can't control. Same thing here, cryptocurrencies are practically impossible to control.

governments are greedy and want to control the huge crypto-market that they saw so they forbid that bitcoins do not defeat their national currencies...

[Morgann]

i think government has the power to control the big or huge crypto market in their country thats why they banning some cryptocurrency. and maybe they also see something bad in crypto like illegal transaction because illegal transaction is possible.

[mi56374100]

China-based cryptocurrency exchange BTCC suspended all domestic trading in yuan last weekend. The decision came on the heels of a September 5 statement from regulatory authorities in China, which required all domestic cryptocurrency exchanges publish closing announcements, stop registering new users, and establish a schedule to cease yuan-denominated trading by September 15. Huobi and OKCoin — two other exchanges based in China — have announced similar plans to stop trading. To be clear: China has not banned the use of cryptocurrencies. It has banned cryptocurrency exchanges and initial coin offerings (ICOs). Even still, it has prompted some to consider whether a government might ban cryptocurrencies like bitcoin — and, perhaps more importantly, whether such a ban would be effective

In the age of paper money, the cost of printing money was negligible, and the government had a monopoly on printing money, so it was able to get all the seigniorage.

The government can buy any assets, goods and services by printing them without cost, so they are a very important income for their government. It would be unthinkable for the government to give up the revenue, and the virtual currency such as bitcoin.

In fact, no government has any reason to let that happen.

[levvv]

I think it is related to the security reasons.
The government see bitcoin and other cryptocurrencies can use anonymously,
so they cannot track the users that use cryptocurrency.

[Sapphire9]

First of all, I think they ban it because they are afraid of it. Secondly, security reason - it can be used in some illegal actions or activities. And of course they don't have any profits from it as bitcoin do not have any tax.

[Arsenyo]

For me the main reason is that the government is afraid of Bitcoin, they can't control it and track it. It is difficult to implement tax on bitcoin, so they don'y have any profit and for government it's completely unappropriate

[bitkaboom2]

Because from bitcoins they cannot demand taxes.Bitcoins have security threats.Bitcoins may destroy banking system.

[FurDich]

They ban it because they can't control it. Governments are in the Control business.

I definitely agree with you, aside from they can't control it, they also can't get taxes with it because bitcoin is not connected with the government.

[d0flaming0]

Because it has no formal basis and regulatory authority, bitcoin is prone to be misused for illegal transactions, money laundering, bitcoin circulation as well as being illegal as it is unreachable to the Central Bank. This could potentially lead to markup or bubble. Therefore, the transaction of speculative virtual currency values. not only harm the community later, such transactions can also disrupt the stability of the state financial system.

i do think those were the reasons why some of the countries banned bitcoin while some are still planning to implement such laws. Whether it will be legalized or not, they must first examine and study how and what will be the effects during and after legalization of bitcoin to a certain country.

[Jay Jay crypto]

It has banned cryptocurrency exchanges and initial coin offerings (ICOs). Even still, it has prompted some to consider whether a government might ban cryptocurrencies like bitcoin.
Those who see governments banning ownership of bitcoin are ignoring the political power and influence of those who are ... Indeed, paying taxes inoculates them to some degree from social disorder and political revolt.