What is the main reason Behind Crypto Ban From Many Countries?

[Jimmy palumbo]

Because cryptocurrency markets are not yet legally binding, they cannot be taxed, and the tax on cryptocurrency markets is staggering.
Then ICO is not well regulated and there are too many fraudulent ICO projects.

[1714941942]

1714941942

[1714941942]

1714941942

[1714941942]

1714941942

[1714941942]

1714941942

[Crystacool]

Many countries are trying to stop bitcoin trading and they have banned cryptocurrency from the country. But why they are doing like this? Where people are going to rich by Bitcoin, They are getting huge benefit by its. Then why government trying to pull down Bitcoin? What is the main reason? Please share your thought.

Thank You

Because bitcoin is decentralized and anonymous, the government cannot control bitcoin. They believe that the development of bitcoin will affect their control of the national economy. The government can't benefit from bitcoin.

[dvillier]

The main reason is some government like in my country they are unaware of the importance of  btc but time will prove the importance of btc and soon they will consider it as legal form of transaction and business but as earlier mention that it will take time. These days crypto currency is becoming more and more popular in the developing countries but the third world is unaware of its importance that is why.

[leath08]

Because they can't tax it, they want there slice of the pie.
So they ban it until, they can come up with a way they can regulate it.
They don't like the fact that they have no control over us, they control us through money. With Bitcoin they can't

[KingScorpio]

Many countries are trying to stop bitcoin trading and they have banned cryptocurrency from the country. But why they are doing like this? Where people are going to rich by Bitcoin, They are getting huge benefit by its. Then why government trying to pull down Bitcoin? What is the main reason? Please share your thought.

Thank You

its diverse,

currently most legit and supported reason is:

protection of reliable access of consumption capacities for specialised laborers

least legit reason is, proetcion of supply of laborers by established communal neofeudalists,

mass media has diverse ownership so the way society response has a mixture of elements

there are also many others, like terrism perceived needed statism

fear of loss of power,

i recently blogged an article about a generation of investment punks that is losing their power if the national banking cartels collapse

[stellaekun]

Many countries are trying to stop bitcoin trading and they have banned cryptocurrency from the country. But why they are doing like this? Where people are going to rich by Bitcoin, They are getting huge benefit by its. Then why government trying to pull down Bitcoin? What is the main reason? Please share your thought.

Thank You

I think the underlying reason is control.The government and its various agencies cannot exercise full authority and thus leadership without some measure of control over its citizens.Crypto-currencies sorts of disrupts this balance because of its decentralized nature.If they cannot control it, then they cannot take taxes from it nor can they restrict its use in certain activities the government considers foul play.e.g money laundry.Hence the hostile approach by some government

[00DKM@]

In my opinion, the reason is:
- security and politics: The anonymity of a secret term means that it can be used for illegal transactions: drugs, tax evasion, weapons
- Banks and government: The overwhelming growth and the benefits of crypto trading make the importance of banks affected. Some people have bought crypto instead of depositing their money into the bank. Long term it will affect the benefits of the economy.
Virtual currency uses blockchain technology and anonymity. It is not controlled by any government.

[stellaekun]

Obviously the main reason is governments want to tax you. Second is to protect banks. Somewhere waaayyy last is an attempt to "protect" people from losing money from scams.

Don't worry, most countries will realize that banning Bitcoin is pointless. Most are even going in the opposite direction and encouraging Bitcoin. You see localities that may accept taxes in Bitcoin.

You are right on point, eventually, most government will come to accept bitcoins as a legal tender and find a way to regulate it so as to collect tax from it .It may take time but the world is tending towards a decentralized system

[PauloLuks]

Many countries are trying to stop bitcoin trading and they have banned cryptocurrency from the country. But why they are doing like this? Where people are going to rich by Bitcoin, They are getting huge benefit by its. Then why government trying to pull down Bitcoin? What is the main reason? Please share your thought.

Thank You

Fear is the main reason.
Bitcoin 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 is the primary reason governments are afraid of the cryptocurrency. Governments control fiat currencies. They use central banks to issue or destroy money out of thin air, using what is known as monetary policy to exert economic influence. They also dictate how fiat currencies can be transferred, enabling them to track currency movement, dictate who profits from that movement and collect taxes. All of this control, interest and profit is lost when non-government bodies create their own currencies, such as cryptocurrencies. Crypto gives freedom to the people.

[roadsirm]

the government is clearly very concerned if bitcoin is received because it will have an impact on economic growth as well as the number of terrorism crimes and safeguarding the finances of a country as a legitimate payment of a country's money.

[Minhxx]

In my opinion, why is the government forbidding bitcoin?
1. It can not be managed, taxed, anonymous, unstable
2. Bitcoin breaks the rules of banks on issues such as fast money transfer. It is also possible for bad intentions