Why do some government ban bitcoin?

[washing.machine]

The government does not actually prohibit the circulation of Bitcoin or other digital currencies. But they only forbid Bitcoin to be used as currency in their respective countries. That is all

[Ravenangel]

 Bitcoin has been a revolutionary factor in the finance industry that has come with lots of changes. Its independence and freedom tends to intimidate the governments as its impossible to track the activities and transactions its involved in, The governments would like to tax these transactions but they cant, his they believe denies them revenue hence a threat to the national economy. Some governments also claim that BTC is used as a form of pay by criminals hence fueling the crime rate in countries hence the ban

[sarjilcse]

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 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.

[cutecute]

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 government ban bitcoin because bitcoin doesn't have tax. Just like what other said government accept only bitcoin when they put a tax on it  but everyone against in that because in the first place bitcoin doesn't have tax so who are they to put it. They also saw that there's a chance that bitcoin can replace our real money so that they didn't want it to be legal in their country.

[crypto.kaka]

China just ban ico and exchanges they can not ban crypto many contury ban,s bitcoin reason they can not handle the power of crypto.

[judyphillips]

Some government bans bitcoin because it is rapidly growing all over the world and due to this, it is a dangerous sign for government's financial sector.

[rudox]

Some country is banning bitcoin because they can not control the blockchain. What governmemnt can not control they will normally destroy  such. Bitcoin has proved otherwise.

[clarise123]

yes bitcoin ban government because once here no tax. so some country bans to think of others is scam it. the government should know the beauty of crytocurrency to be proven in every country.

[Ravenangel]

Governments have different policies governing their countries finance related activities. some favor bitcoins while others don't, those who doesn't support BTC has since come up with reasons such as the fact that its independent and therefore free of any controlling institution making it difficult to trace its transactions and tax it, the main claim here is that the governments are therefore denied a chance to earn revenue from taxes, some claim its crime oriented a criminals use it to make illigal transactions hence the ban

[zhuiyongliang8]

The impact of bitcoin, which is not subject to the government's control over the existing system, will be profound.

Governments are controlling and protecting their interests, and some governments can do something to prevent people from openly using bitcoin.

[nguyentuanduongg1995]

Managers across the globe are not afraid of virtual money being abused for the purpose of money laundering and other malicious purposes of criminals. They are also worried about the impact on their financial system in the event of a burst of Bitcoin bubbles and the resulting bad effects.

Bitcoin price increases of up to 1,300% last year made many economists, investors and bankers worry about a large fraud.

[waqasanwar95]

They are some whales hidden behind of government they ban bitcoin for decrease the bitcoin price and when bitcoin will come down then they buy and allow bitcoin again

[rokergila01]

Because bitcoin has no formal basis and regulatory authority, bitcoin is prone to abuse for illegal transactions, money laundering, and financing of terrorism. There is affirmed, all transactions conducted in the territory of NKRI must use rupiah currency. The circulation of bitcoin is also illegal because it is not reachable by the Central Bank. This has the potential to cause bubble. Therefore, the transaction of speculative virtual currency values. Not only harm the society later, such transactions can also disrupt the stability of the state financial system.

[fargoway]

It doesn't look like they simply consider bitcoin to be dangerous for people, I would even say, that it is dangerous to banks, so that's why they are trying to fight against it.

[nanda1280]

Yes because Bitcoin can be juxtaposed with fraudulent MLM. The exchange rate bitcoin indeed continue to soar, but unfortunately the number is limited. There are only 21 million bitcoins to be contested by users around the world. Not to mention the bitcoin can only be obtained by deciphering complicated mathematical code that can not be done directly by humans.

For this reason, miners can easily sell bitcoins at high prices to those who are tempted by virtual investments. Moreover, many circulated stories about someone who managed to double the bitcoin that he bought several years ago.

In fact, India's Ministry of Finance calls bitcoin a ponzi scheme. This means a fake investment mode that promises to double profits.

Ponzi schemes often exist in cases of fraudulent MLM impersonation. The profit that investors get is actually the money of others who just invest, not the benefits of business or business management as promised.

This has a resemblance to the bitcoin investment chain. With a limited amount of bitcoins, each virtual money owner will resell it at a higher price. Meanwhile, the other buyer is a new player in the world of bitcoin investment that will also sell the money in the future.

[tikanurqaidah]

the government forbids bitcoin because Since it has no formal basis and regulatory authority, bitcoin is prone to be misused for illegal transactions, money laundering, and financing of terrorism. This has the potential to cause bubble. Therefore, the transaction of speculative virtual currency values. Not only harm the society later, such transactions can also disrupt the stability of the state financial system. but its real now many countries are starting to receive bitcoin

[ir.yance]

there are several reasons the government forbids bitcoin because buyers and sellers can not be known, in addition many criminals use bitcoin as an intermediary to buy weapons and drugs.
I suggest the government make a rule about bitcoin so no one uses bitcoin for crime.

[bajingluncat]

the government can not control the bitcoin currency. it is feared bitcoin is used for things that can harm the state such as money laundering, illegal fundraising

[PM.coins]

China has not banned cryptocurrency. They just banned ICO and exchanges. Peer to Peer trading is still available and actually quite popular in China. I don't think there is an effective way for government to ban bitcoin anyway.

Right, government can’t ban bitcoin easily because they need this technology. Government may regulate bitcoin but for them get some taxes, government will find ways just to control bitcoin that can never happen.

Several other reasons why some government banning bitcoin is try to avoid illegal use  by people.It can be used to buy weapon, drug, terrorist funding and money laundry. These transactions are difficult to be traced by the government.It is not expected also that local currency is influenced and become unstable.

[Allura74]

there are several reasons the government forbids bitcoin because buyers and sellers can not be known, in addition many criminals use bitcoin as an intermediary to buy weapons and drugs.
I suggest the government make a rule about bitcoin so no one uses bitcoin for crime.

Well, I think crime involving assets is everywhere and even fiat are no escape of that so even if bitcoin is decentralized then maybe they should not make that doubtful reason to accused bitcoin as crime related transaction. Bitcoin helps a lot of those good people living in a community and only few are making illegal, Maybe government will see the good side that bitcoin can bring to its people.