Why do some government ban bitcoin?

[rightway00372018]

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.

Yes thats what i think also, the government is not ready and has no capability to impose taxes  because their system to control the transactions in using bitcoin is not yet ready.

[valentinen39]

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

I believe that governments are really afraid of bitcoins growth in the community since there are a lot of people who are earning a huge amount of profit and people are preferring to invest on cryptocurrency more than placing their money on banks.

[Lehbane]

Old issues, as of today China is opening their country when it comes to Bitcoin issues and matters, they are looking forward now to be one of the most crypto trader among other countries as we can read on some news that theu are working fast when it comes to development.

Now if you'll excuse me, kindly lock this old thread of yours.

[jchav010101]

The government ban bitcoin is it's decentralized nature.Bitcoin is decentralized in nature so no government or bank is able to control the transactions made through bitcoin.People involved in the transactions remain unidentified.Some people uses this feature of anonymous transactions in a wrong way.This forces the government to take decisions against Bitcoin.The future of their country with that coin and those countries who know about the future of that coin do not ban it but they try to support it from their governmental level.

[pasti kaya]

according to the article I read, the government bans bitcoin on the grounds that it has no formal basis and regulatory authority, bitcoins prone to misuse for illegal transactions, money laundering, financing of terrorism and bitcoin circulation as well as being illegal as they are unreachable by the Central Bank.

[aji567]

Many government officials are abusing power to do bad things so the government prohibits the sale and purchase of bitcoin and also affects the value of the country's currency.

[Barcode_]

One of the main reason is because the government tax officials of some countries are finding it extremely difficult to tax their citizens for selling away crypto-currencies online, so the easiest method for the government officials would be banning crypto-currencies in their countries.

[Suguha]

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

For me, because they cannot take control bitcoin, because bitcoin do not have tax that's why they ban it; because they think that bitcoin is a scam that will lead a threat to their people, because they don't have any idea about it and also they do not believe and trust bitcoin.

[Crisperez]

Some of the users use bitcoin for money transfer because they have fast and low fee. The government know the possibilities  to replace their currency

[pernah ada]

the government forbids bitcoin because there are many factors of bitcoin misuse and bitcoin government statements are also illegal.

[naldal kaka25]

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.

[quetoi2505]

Their common reason is because they cant control its price...in my country,my goverment also afraid of cyrptocurrency being used for illegal activity like terorist funding or money laundering.

[freakdust123]

Becausw somw people uses bitcoin for evils. Tjey scamming people, fraud is abundance. They think the best way to stop scam is to ban the bitcoin.

[dongosquad]

~~

It is true that bitcoin is being used by drug traffickers, money launderers and other illicit activities and it is one reason why countries banned bitcoin. Other banned bitcoin because the government has no control over bitcoin and they are afraid of what negative effects it may bring to their economy. While other countries banned bitcoin is because they are still studying how to adopt bitcoin and what regulations are they going to place so that it will help and protect the people while developing the economy.

After all, Bitcoin is decentralized and has no official administrator. So most governments limit the use of bitcoin and warn that bitcoin is one of the riskiest investments associated with its highly volatile price. Basically, the government is just trying to provide protection, I support it, as long as it is not banned.

[bangkecol]

I think it affects the lack of official legality from the world about bitcoin, so there are some goverments that do not trust bitcoin yet, it is also possible because bitcoin is prone to being made illegal deals in the underworld

[CryptoWorld87]

I think No government dont realy ban bitcoin but the are ristrectly ban and aginst ICO specialy in china, USA, and some part of the world. But even they do that they still cant ban crypto because there still some people using it.

[Guryon_master]

Sometimes the only way to protect your own interest is to use your authority to stop the hindrances of the flow of your reason why why you are setting on that chair (government power) that is why decentralisation system will always powerless when the power of government hit against it.

[Khalp1]

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

The reason why other government banned are risk assessment, loss of profits, lack of control and both mutual and sided interests. mostly based on lack of understanding of how cryptocurrencies work and why the blockchain technology is important.

[bitcoinrunners001]

I believe that they cannot stop the people from wanting to join and invest in cryptos knowing that they will get benefit from it.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.Some government ban bitcoin because every government has its own governing rules and regulations and when they see bitcoin as a threat to their economy.

[blocklancer8]

This may be because bitcoin does not have a formal basis for real management and management and these are feared to be hacked and then musused as they see fit or made to evil. The goverment forbids it intended to suppress crime for money loundering and so forth.