Why do some government ban bitcoin?

[Ken Kamaruddin]

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 their scared. Regulation issue, fraud , scammers and others reason is their appologies.
In the fact, bitcoin and cryptos transaction for now is a personal decision. Cryptos bussiness more as a instrument investation. So, what we have to do?

[gesdan]

because bitcoin makes them economics regulation is nto stable, maybe if they allow bitcoin there are inflation happen in their country, so they choose to banned bitcoin to makes their regulation is monitored by the government, and there aren't inflation happen in their country

[upinros]

China has not banned Bitcoin, they just banned Ico. They made the decision to ban Ico because so much Ico became a scam and stole money from investors. I think it is a good policy for their country and I agree with the Chinese government. If they forbid it, automatically the mining land there will be closed so that the money flowing into their country will be reduced and it will be in vain.

[MahalQu2612]

Governments doesn't ban bitcoin and other cryptocurrency they just go to an extent where they can affect it like regulations or putting bans on activities related to it. Governments cannot ban bitcoin because its out of their reach and is decentralized, this is also the reason they want to ban bitcoin because they cannot reach it, they cannot control it. The government is all about controlling things and they're not able to do it with bitcoin that's why they want it banned.

[jops]

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

Some government banned bitcoin because they can't control it, maybe that is the reason why bitcoin was banned in some country. And also due to money laundering because of this due to illegal use of bitcoin government in some country banned bitcoin.

[redhorsebeer1980]

The government has difficulty controlling the development of bitcoin.The government should quickly find a solution because bitcoin will continue to grow and many people benefit from bitcoin.Some countries really ban bitcoin and they can do something to prevent people from using it publicly.They do not benefited from it so they ask for an exchange to stop receiving merchants from the area and possibly prevent the local store from receiving bitcoin.

[AlexAtom]

Because some government doesnt trust bitcoin and other cryptocurrency.
They may afraid that bitcoin will be used for money laundry or to avoid tax in their country.
But it is just my opinion

[Scavagers]

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 the main reason is because it is used in illegal activities like illegal drug transactions, using bitcoin in black market or even scams. Well,  luckily in our country,our government seems to have interest in bitcoin and they are looking at it positively. There are just certain issues regarding bitcoin but still bitcoin has good image here in our country.

[gundala]

Some governments of some nation has banned bitcoin because they are not generating income from bitcome and tax is not generated from bitcoin therefore that nation bitcoin cannot be introduce because of the government law

Not just tax issues. But this is related to consumer protection. Most governments argue that bitcoin is a high-risk investment, so the government gives warnings to its citizens and imposes certain limitations on the use of cryptocurrency.

[roadwell890]

they want to find the moment to buy bitcoin
with bad news, they are expecting everyone to panic to sell BTC so the price keeps going down
we should not be hooked on this news

[hacking13]

Some government ban bitcoin because they feel threatened by the impact it might have on fiat and because it cant be controlled by them. If the government can have full control over it... I am sure they will never have a problem with it.

[GDragon]

It is just because of being decertalized of bitcoin. We all know that government haven't a power to control over it so instead of not owning it they usually ban it for the safety of their people.

[Helex]

Because they can not control it as simple as that. They can not tax it, they can not know how much money person has.

[wasaisi]

Because the government does not want to take risks and ultimately the government that does not agree from the country to block bitcoin just for that reason. Though many uses of bitcoin in general. And also because of the unstable price may in the end the government of bitcoin tires.

[madiyarov]

Well, I think, that transparency of transactions on blockchain is not profitable for some governments that based on autocracy and corruption. They understand that if they don't forbid bitcoin or other crypto now, they will have to deal with it in future and it will be harder to do because bitcoin's popularity is growing every day. So, the progress for some people is their enemy

[nguli]

most likely the governments of some countries are afraid of bitcoin because I see in the presence of bitcoin is now very difficult to do money laundering because the transactions of bitcoin are very clear and transparent very easy to detect.

[dillpicklechips]

Government wants to ban the usage of bitcoin but I think it's impossible right now especially bitcoin is continuously growing and introduce all over the world. Bitcoin for government is a big threat because bitcoin works independently they can't manipulate the money flow and transactions inside this system. Bitcoin can use by illegal doings like buy and sell of drugs,weapons and etc. That can result terrorism and continuously growing of crime rate.

[jikurpa]

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

even today in my country the government still prohibits bitcoin for direct transactions but the government still allows to access bitcoin so the government has not completely banned bitcoin I hope all countries will legalize bitcoin for the transaction process

[Brookie]

I think the government blocking the bitcoin is also thinking of the country as well because they think bitcoin only disrupts the economy. And in the end they do not dare to take risks that will disrupt the economy or finance of the country.

[Polly.Nochka]

Ya else rang say in this thread. I think they forbid it because they are afraid. This technology goes beyond their own national currency. And what do you do when the government itself runs out of money and the government bans Bitcoin because it represents a major threat to their financial security.

Some states forbid bitcoins, and somewhere, on the contrary, to strive to develop it in full force. For example, the leading economist of the Bank of England Andrew Haldane already proposes to introduce in the UK a national digital currency.