Why are countries banning cryptocurrencies?

[Maxnilu]

Why are countries banning cryptocurrencies?

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[MintDice]

Here's an extensive list of countries that have set a ban:

http://bitcoinbans.com

[Dudeperfect]

Governments want to control our funds like they have been doing till now but since Bitcoin is a part of blockchain technology which relies on the power of a huge decentralized global network, Governments cannot control it so in order to to make it difficult for Bitcoin cryptocurrency users, they are banning Bitcoin/altcoins to fiat currency transactions. I do not see any other reason behind it other than their love towards control and supremacy.

[narrgal]

Is hard for them to put a tax on crypto and national currencies will lose value(my guess),
I'm curious if all counties would ban crypto coins, the crypto market would still exist?

[shkrz]

Disturbing news for Europe also https://cointelegraph.com/news/european-central-bank-expects-crypto-regulation-focus-at-g20-in-march

[HabBear]

Why are countries banning cryptocurrencies?

Are countries banning crypto currencies? I haven't read any news recently about any countries banning crypto currencies. I've ready about countries banning ICOs or banning crypto currency exchanges dealing in the local currency, but that's it.

Which countries are you referring to?

Until you can reply, here's a link to the legal status of Bitcoin by Country, it's updated regularly: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

[rickdeed1956]

Ban is the wrong word.  Many countries are still figuring out the best way to tax it and regulate it so it not quite that wild west we see today.  After 2018, I am confident you will see most countries begin to hand more regulations down which will make it allot more safe then it i today.  As long as they dont stifle technology with prohibitants, I am fine with it

[rapwindsoul]

Big reasons why some countries like Vietnam, China, Bolivia, Ecuador, Kyrgyzstan, Saudi Arabia, Bangladesh and Korea ban cryptocurrency are mainly due to security issue and it is because or its decentralized nature of cryptocurrency.

The anonymous characteristic of cryptocurrencies means that it can be used for illegal transactions — such as drugs or weaponry trades. According to some bank officials, these type of currency can also be used for money laundering or terrorism. Also government mainly cannot imposed taxes to cryptocurrency transactions since it is decentralized.

[HabBear]

Big reasons why some countries like Vietnam, China, Bolivia, Ecuador, Kyrgyzstan, Saudi Arabia, Bangladesh and Korea ban cryptocurrency are mainly due to security issue and it is because or its decentralized nature of cryptocurrency.

Bitcoin is not illegal in:

• China
• Vietnam
• Saudi Arabia, or
• Korea

See my source here: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

Where are you getting your information on the legal status of Bitcoin in these countries?

[King Koopa]

There's a lot of difference between outright banning something and regulating it. With that being said, I'm most certainly not up to date as to which countries are regulating what anymore. Although it's just my opinion, I don't think thegovernment is waking up every morning thinking "How can we stop them from making money?" but more so "How can we get our hands on this too?"!

[Deimos030]

yeah regulation is a healthy thin in the long term

[peter.from.penn]

They're banning cryptocurrency exchanges for one simple reason.  Governments want control.  Some of them see the decentralized nature of cryptocurrency as a threat.  That's why they have painted cryptocurrencies as tools money laundering and drug dealing.  If we can develop solid decentralized exchanges with fiat gateways, cryptocurrencies will change the world.  

[sadwage]

Why are countries banning cryptocurrencies?

 because they cant cotrol cryptocurrency and theres no tax for the people who working under cryptocurrency payment.

[MattF24]

Why are countries banning cryptocurrencies?

 because they cant cotrol cryptocurrency and theres no tax for the people who working under cryptocurrency payment.

This is basically the main reason. Govts won't get their taxes which results in having less funds to work on in terms of paying govt employees and for further development of the country.

[MaltMilchek]

I feel the tax reason is only one side of this. Governments are looking at ways to tax crypto, and from what I can tell in most cases it is being treated in the same way any other asset/investment is treated with a CGT component.

On top of this, some governments have already looked at taskforce/investigate help to be able to identify citizens invested in crypto, and a lot of this already exists for the typical cases of keeping an eye on money laundering etc

I get the feeling, and there is a small amount of tin-foil hat to be worn here, that there are some larger players and 'powers' that also tend to force the hands of governments a little, either to get ahead of crypto for their own gain, or to stop any further decay of power via decentralization (or fear of it).

There is actually a great book about this decay of power called "The End of Power" which I think people should check out that does a much better job illustrating this idea.

[Peter8226]

Because they can not manage and control cryptocurrencies.

[taeewo]

Bitcoin is decentralized and government like to control everything in their case and most of the country sees Crypto as anonymous transactions which can be used for fraudulent activities without traces..

[IvanPetrov29]

Because they can not manage and control cryptocurrencies.

Mнe кaжeтcя и никoгдa нe cмoгyт, вceгдa лaзeйкa нaйдeтcя! нe xoтят чтoб люди бoгaтeли!

[jrtm]

As far as i know no countries banned cryptos, mostly they are all trying to regulate it in some way as they do not have any control over crypto currencies.

[stimliall]

Because of the decentralization of cryptocurrency, there is a big problem with national supervision!