why bitcoin is banned by the government

[queenlaurel]

Those in high places that knows bitcoin won't favour them will want to do anything to want to ban it. The govt are part of those who wont want bitcoin to stay because they wont have access to other peoples account and take out of it.

[andika2018]

I am believe bitcoin banned by government and central bank because they can not control bitcoin. Bitcoin is decentralized system and not allowing any institution or government to control it because transaction data spread around the world.

Bitcoin or cryptocurrency is new industry in finance and I am believe that can disrupting banks bussiness. Crypto is revolutionary on monetary system because no one government or central bank can control crypto transaction. I think crypto industry will make economic world model will change

[charmaine08]

Bitcoin. Is banned by the government because many of people using bitcoin to scammed people so the government should do their jobs for the others to be alert for Bitcoin users .

[Ghayoor]

Now they have banned it for the reason that they still don't know it and they want some time to fully understand it. How can you regulate a thing you don't understand and government have the power to cease it use for the people to be not involve in its potential risk though it might give you rewards but to the government its still unknown so they will not support it as of now.

well i don't know about any other governamnet i just know about my country because bitcoin is supporting our economy and people lives are changing because of bitcoin and a good news about bitcoin is that it will be legal in our country very soon.

[Captainfalkar]

Bitcoin is a digital currency and most of countries are banning digital currency cuz it would be a rival for physical currency and need to ban.

Also with the unstable price of Bitcoin, government want to protect their people to not invest on them.

It's win to win actually but still smart people are there and they can't lose that money easily.

[snipetr]

The government's reasons for banning bitcoin are that bitcoin may disrupt the country's economic stability, bitcoin can be detrimental to the state because the government can not benefit from the taxation of a bitcoin transaction, anonymous applied by blockchain technology can be indicative of money laundering

[Whitly]

The government's reasons for banning bitcoin are that bitcoin may disrupt the country's economic stability, bitcoin can be detrimental to the state because the government can not benefit from the taxation of a bitcoin transaction, anonymous applied by blockchain technology can be indicative of money laundering

Yes, I agreed that bitcoin transactions are hard to track because of anonymous applied by blockchain, but I think there a lot of more effective ways for money laundering than bitcoin and other cryptocurrencies. I think the main reason, why Bitcoin is banned by the government is because government is not found any way of how to regulate it or levy taxes.

[sri11]

why bitcoin is banned by the government. may be many reasons the government forbids it, bitcoin is not commonly controlled by the government, has a very high risk, making terrorist financing, and bitcoin can be used as money laundering. maybe that's the reason why the government forbids bitcoin

[iqlimasyadiqa]

why bitcoin is banned by the government. may be many reasons the government forbids it, bitcoin is not commonly controlled by the government, has a very high risk, making terrorist financing, and bitcoin can be used as money laundering. maybe that's the reason why the government forbids bitcoin

The most logical reason issued by the government is that the government fears if Bitcoin can not be controlled so that it will disrupt the economic situation in the country. We admit that the price fluctuations Bitcoin is very worrying because the price Can easily move up and down. The government is still looking for good formulations and it seems they have started to open up to crypto.

Although in the past many countries are trying to banned against crypto but ultimately countries like Japan open themselves to crypto. We must imitate japan because japan can successfully apply the crypto well. This is a move to realize a much better future, in which the era of a digital currency can be recognized and applied in a variety of important sectors.

[MoonWhale]

It's very simple. They are afraid of losing control of the financial flow. I do not see other reasons , the rest "is attracted to the ears"

[enwi]

there are some governments of a country that prohibit bitcoin because they consider bitcoin dangerous because it has a fluctuating price and can be used for crime and the government can not control the use of bitcoin

[Mastsetad]

Now they have banned it for the reason that they still don't know it and they want some time to fully understand it. How can you regulate a thing you don't understand and government have the power to cease it use for the people to be not involve in its potential risk though it might give you rewards but to the government its still unknown so they will not support it as of now.

My opinion is different than yours because I think that volatility is not good for the success if bitcoin. Many people afraid to invest in bitcoin because they have the fear that if the price falls they will lose all their investment. So they avoid investing in bitcoin. Besides volatility stability is more good for bitcoin.

[sheldonnnn]

Governments are afraid of Bitcoin.  Bitcoin claims that “It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.” That lack of central authority and the fact that Bitcoin users don’t need the existing banking systemis the primary reasons governments are afraid of the cryptocurrency.

[s.mahmood]

Governments of many countries ban botcoin because they  don't get any tex or they don't understand what is bitcoin technology and how it work.

[Quantler]

Governments of many countries ban botcoin because they  don't get any tex or they don't understand what is bitcoin technology and how it work.

Depends on the country. Btw, if I put my money on a Hong Kong based bank account (which has a banking secrecy) the tax authorities will not know it either. That being said, even though many governments might not understand bitcoin technology, they do understand how something of value needs to be taxed. Regardless of how it works.

[herminio]

Transaction by bitcoin is highly anonymous so bitcoin can become a tool for crimes like money laundering, drug trafficking, tax evasion, illegal payment and its very difficult to collect taxes that's why some country's are not allowed their citizens to use bitcoin.

[Infern0]

The reason is simple. Many governments are not  aimed at improving the welfare of their citizens and therefore prohibit bitcoin. Or they are afraid for their national currencies, that they can not withstand competition with bitcoin.

[Nyeyzel]

I think other country ban bitcoin because their government doesn’t have control over bitcoin. The anonymity and decentralized bitcoin have. The government thinks that bitcoin can be used in corruption and drugs. Banks can lose their money because people are investing in bitcoin and not in their bank. But on the good side, bitcoin can help their people in the financial status.

[RedzoneASE]

Well, I guess it is simple. For example, they can't gain from it while it can affect their countries economy. Second, is to prevent thier people being scam from any side of cryptomarket.

[MNtrio]

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 they started to banned bitcoin because unlike the rice of a mall or in a market that its stable.And in bitcoin how they manage it if the value is not consistent but its so high.