why bitcoin is banned by the government

[Umar001]

Bitcoin is banned by government because, government feel threaten and they don't have  control over bitcoin, government feel bitcoin is illegal because it not a register company, no tax, so they feel is illegal, and banned it.

[Peterson410]

Bitcoin is banned by government because, government feel threaten and they don't have  control over bitcoin, government feel bitcoin is illegal because it not a register company, no tax, so they feel is illegal, and banned it.

[syaripudin]

if in terms of economic improvement faced by society in a country I think bitcoin is an answer to that problem. and the question is why certain state governments are banning on bitcoins. I think the problem is about taxation because bitcoin is a virtual asset that there is no control from any party so foreign exchange may be the case that is where every bitcoin user is not tied to the tax system that should be obtained by the government. and I do not think banning the right thing to do is a system change made by the government and must be done by bitcoin users.

[onrise]

Bitcoin is banned by government because, government feel threaten and they don't have  control over bitcoin, government feel bitcoin is illegal because it not a register company, no tax, so they feel is illegal, and banned it.

Few demerits which govt or the organized body consider is that : -

1) It can be misused easily and it can cause a national threat .
2) Black money can be easily rotated and deposited anywhere in the world through this means.
3) Its is traceable but not fully in direct control of the govt like how banks accounts are.
4) Misappropriate in the taxes can happen through this form.

[Punisherx100]

is not that bitcoin able to change the state of its users which effects also on the state of the country's economy, why even banned hemzzz

I think their major reason is because it was so risky given the fact that they don't regulate it. Maybe they just concern about their countrymen that's why they banned Bitcoins. There is also a possibility that it is because it has no tax and they cannot earn money from it. Hopefully it wasn't their reason.

[hshr0h3110world]

Well as for my opinion, I think it's because of the fact that bitcoin is a decentralized type of currency. Think about it, a currency or wealth inside someone's territory wherein the leader has no full control of it. Unlike the currency we have today, it is a centralized one. The government has ways on where and when to spend it. How to utilize it for their projects and stuffs as they have the assurance that the money will flow around solely at their economy. While a decentralized one and something intangible, a digital form of currency, they might doubt it on how they might be used and another thing, these currency is sure an non taxable one.

[xandra]

Base on what i had read government banned bitcoin it's because there are people using bitcoin for illegal purposes and they cannot solve it easily because of the secret information of every transactions that people made.

[burner2014]

Bitcoin is banned by government because, government feel threaten and they don't have  control over bitcoin, government feel bitcoin is illegal because it not a register company, no tax, so they feel is illegal, and banned it.

Few demerits which govt or the organized body consider is that : -

1) It can be misused easily and it can cause a national threat .
2) Black money can be easily rotated and deposited anywhere in the world through this means.
3) Its is traceable but not fully in direct control of the govt like how banks accounts are.
4) Misappropriate in the taxes can happen through this form.

It is not actually banned they are just saying it in the social media that it should not be tolerated, they are just giving restrictions about it.
And they don't want the idea  in bitcoin as they kept saying that they are just manipulating the price of bitcoin and are just scamming people and in the end they will all get the funds of it.

[pathapoddo]

Bitcoin is a online currency. It has no administration that can control it. For that who are using bitcoin they are not controlled by anyone. They are not showing their earning or income to the authority that's why the users of bitcoin has not to pay tax. Otherside bitcoin has a scandal about crime. Few days ago police has caught some criminal who were buying weapons by using bitcoin. So, government think bitcoin can increase crime. Government also think if bitcoin accepted by them then the fiat money or paper money can also disappear. I think government think these three issues about bitcoin. Thank you.

[--DarkSecrets--]

Bitcoin is a online currency. It has no administration that can control it. For that who are using bitcoin they are not controlled by anyone. They are not showing their earning or income to the authority that's why the users of bitcoin has not to pay tax. Otherside bitcoin has a scandal about crime. Few days ago police has caught some criminal who were buying weapons by using bitcoin. So, government think bitcoin can increase crime. Government also think if bitcoin accepted by them then the fiat money or paper money can also disappear. I think government think these three issues about bitcoin. Thank you.

Actually I think, there are two main reasons that make them ban bitcoin or any other usage of cryptocurrency. First is that, it can affect the whole governemnt since it isn't controlled by the government. They do not hold anything that can help their constituents if ever any fraud or laundering happens. Second is that, they by be envious because they want to make profit from these coins.And istead of them not having power over the cans, they opt to colose and ban it instead.

[Bryan_12]

If a government decides to make illegal trade or possession of Bitcoins, questions will be asked about how exactly such a ban will apply. It is impossible for a government to take advantage of their Bitcoins, unless they decide to hand over their private keys. However, most citizens and institutions like to remain on the right side of the law. So the Bitcoin demand would collapse if the government decided to ban it. All the bureaux de change in that country would also be closed and the purchase / sale of Bitcoin would be difficult and risky. This could stifle Bitcoin in that country and the government's objectives could prevent the commercialization of btc in that country.

[Leane Lee Natividad Cuenc]

is not that bitcoin able to change the state of its users which effects also on the state of the country's economy, why even banned hemzzz

Yes im agree to that..well said..not really the bitcoin  to change the state but it depends upon the users how they effects of their countries economy otherwise it wont be worthy and it will banned by the government.

[SMSabuj]

Government Banned Bitcoin because they are afraid. Because the government thinks that if Bitcoin is legal then money laundering will come out in the country. Militancy and terrorism will increase. Illegal transactions will increase. So the government has declared Bitcoin illegal.

[copypaper5]

In Indonesia, Bank Indonesia [BI] as the financial regulator in Indonesia took firm steps to suppress the development of bitcoin and the rise of virtual currency in Indonesia.
[BI] considers cryptocurrency as illegal and unrecognized currency.

[Barbarian]

is not that bitcoin able to change the state of its users which effects also on the state of the country's economy, why even banned hemzzz

Government will not do such action as banning of Bitcoin if they do not have such valid reason to do such thing as that. It is just the government is just trying to keep its people safe and united so if they see that using Bitcoin will be a threat on it although it was highly profitable and beneficial, they will ban it to avoid its people to fight with each other because of being greedy with money.

They are not trying to keep people safe because if they want to keep the people safe then they will not totally ban bitcoin and they will just implement a regulation order where the people under their government will follow for the sake of their safety but totally banning bitcoin just mean to me that they are afraid of the decentralization that the bitcoin has.

They are not doing this so they can help people they only care about protecting themselves and no one else, this is why I think we are going to see more countries banning bitcoin, but the problem is they are going to lose a huge amount of money that could be invested in their countries if they just adopted bitcoin.

[Rollex]

is not that bitcoin able to change the state of its users which effects also on the state of the country's economy, why even banned hemzzz

Maybe the reason why Bitcoin was banned by the government is because they see it as a threat or bad figure to keep their people united because admit it or not, there are really instances that using Bitcoin makes people greedy and make bad actions just to satisfy their cravings and needs when it comes to earning money. So to prevent and stop this actions, government ban Bitcoin for good purpose.

[@minajeryll]

is not that bitcoin able to change the state of its users which effects also on the state of the country's economy, why even banned hemzzz

Because they don't want the poor people or other people outdo them in terms of wealth. Because if everyone in a certain country are rich, they cannot control anymore their people. Sad to think that the government is having this kind of mindset.

[Semosuchi Tesongrato]

It's simply impossible for any government to ban or punish the POSSESSION of bitcoin: the are just points of a strange videogame.
But, of course, governments can make very hard to exchange bitcoin with fiat money, an this is what happens now.
But with a little attention, any ban in this sense can be bypassed.

[lyledark10]

List of Countries that have Banned Bitcoin
Thailand– The Thai treasure banned bitcoin outright.
Chinap– The Chinese treasure enacted policies on bitcoin that pretty much restricted the use of the virtual currency.
Taiwan – The country’s Financial Supervisory Commission (FSC) blocked efforts to install first-bitcoin-atm-installed-bostons-south-station Bitcoin ATMs in the country and restricted its use as an alternate currency.
India – The Indian’s central bank published a lengthly document against the use of bitcoin. If the country is not accepted by the central banking system, it’s pretty much useless.
Germany – The German government and central bank   formally accepted bitcoin as a private virtual currency but not as a public currency.
Bolivia – The developing country claims bitcoin was created by the United States government to wage financial warfare on other countries!
Russia – The Russian Prosecutor General’s Office says “Systems for anonymous payments and cyber currencies that have gained considerable circulation — including the most well-known, Bitcoin — are money substitutes and cannot be used by individuals or legal entities.”

We all know that we're lucky if our own country recognizes bitcoin instead of getting banned.

[HTHP]

They say because of price fluctuation. But I think the main reason it's because it's t the main concurrent of traditional banks.