Why do some government ban bitcoin?

[12tribes]

Quite a number of countries ban the bitcoin and the cryptocurrency market because they largely don't understand the principles under-girding it hence more of speculative or outright down putting of the market, the method and the digital currency is done by the naysayers. Another reason can stem from the greed and the avaricious nature of the officials who are supposed to correctly guide the decision makers fall into these nefarious tendency of taking bribes in order to speak contrary to the nature of bitcoin, thereby setting their people and economy on a journey to extinction and poverty.

[1715187087]

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[Cduff]

Cause they are afraid to lose taxes.

[cahbagus555]

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 think many country banning cryptocurrency because they dont undestand about blockchain or maybe just shock on how fast crypto market growing and dont know how to anticipated. Beside that many scam ICO and goverment want to protect their citizen investment

[Ayaancool]

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

China regulated bitcoin to introduce their own crypto. Not only China and other countries that banned crypto are also to introduce their own crypto.

[ice_man75]

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

Bitcoin is uncontrollable, it can not be taxed, it is peer-to-peer no governing party in between, it is untraceable and the list goes on. Governments must have control over the things that happen in their territory, whereas Bitcoin is not allowing them to have this privilege, thus they are banning it.

[khai29]

Because some people they use the bitcoin in the bad way that's why government aware the person to do that.

[nesty]

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

Country that bans bitcoin and other crypto currencies are those who wanted to regulate the use of crypto currency in their country with that regulation they could mandate taxable earnings from bitcoin and also they wanted to manage the circulation of bitcoinin their country.

[Vin183~]

Bcos government afraid btc can be changed reg money also no tax of btc.

[Cofuchu]

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.

[mezzaluna]

Some government are scared because they think of the fact that they might be overrun by the power of Cryptocurrency and may lead into further conflict inside the country. China is a very business minded country in which you can see every Chinese owns at least one business that they run and gain profit from this industry. Bitcoin may become a asset for some Chinese people if they know how to utilize the use and use it carefully and not abusively. Maybe this is why some country bans Bitcoin or other Cryptocurrency but if they set rules and regulations about this matter, then maybe everybody can profit from the Cryptocurrency Industry.

[Xester]

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.

I agree in you on this.  Bitcoin is being banned because the government is afraid.  They cannot control bitcoin as to its price considering that bitcoin really give a good profit.  Ofcourse government will want to have some of your profit.  I am thankful that my government does not ban bitcoin.

[TWW]

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...but in their recent news they re gonna adapting blockchain to their banking system and ironically they also will make their own cryptocurrency

[DoublerHunter]

They are so afraid of the risk that bitcoin have because the market of bitcoin is so volatile so it is an obvious thing since the bitcoin is not controllable because of the decentralization system so the government can't do anything to lessen the risk because they are just going to ban it for the mean time because they don't want their people to lose their money in such a high risk investment.

[Fundalini]

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.

I agree in you on this.  Bitcoin is being banned because the government is afraid.  They cannot control bitcoin as to its price considering that bitcoin really give a good profit.  Ofcourse government will want to have some of your profit.  I am thankful that my government does not ban bitcoin.

Or they genuinely have no idea how to tackle the issue it as it is a new technology so they decided to ban it altogether until they find a way to properly regulate it. Take china for example, they wanted to trim down scam icos but they have a "positive" stand against cryptos in general.

[shunga]

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

Yeah or maybe they cant get tax from bitcoin, we know that we earn a huge amount here and we dont even paid a tax like the other workers. Maybe its affect the economy in term of money that came from us.

[Vin183~]

Bcos government afraid btc can change reg money
So they ban btc

[SirTradeX]

Because they don't have control over it or they know throwing such news would instantly decrease the price of crypto so they can join easier/cheaper and have more control over market.

[Shakawat]

in some countries bitcoi has been banned complete.because they think that smuggling through bitcoin can be done easily by purchasing drugs. bitcoin can be done easily.and due to the translation the government is losing revenue. so it has banned it.

[step2018]

 In reality, it is very hard to ban bitcoin, because it is decentralized and anonymous, so it will be extremely hard for the governments to track those who have bitcoin. However, banning bitcoin will be bad news, especially if it gets banned in big markets (such as China). The recent media noisy about banning bitcoin in China (which was not real) caused a huge crash in the market.

[aimata27]

Governments in some countries ban bitcoin or any other cryptocurrency because they are only protecting their own national currency and they are also concerned for activities like money laundering and any other illegal transactions.