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

[Jamesbob16]

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

[vibingpositively]

I can think of a few reasons that they want to "ban" it and those mainly are

1) Taxation
2) Scared of Freedom

[silent17]

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

It's true that people can make huge money out of bitcoin, It is not true that the government will benefit from this because as of the moment, bitcoin doesn't have any tax on some country.
I was thinking of this reason why government really against about the bitcoin circulation.

- They wanted to know all the money movement of the people to put some tax on it. (as of the moment, only bank transaction can be monitor by the government)
- They wanted to protect people, especially newbies in trading in a big loss that they will experience because of the bitcoins volatile. Because I think that they are thinking if this happens, people who lose their money thru investment will add burden to the government.

[Valantine46]

I can think of a few reasons that they want to "ban" it and those mainly are

1) Taxation
2) Scared of Freedom

Ahahah ....All true!

[Ris88]

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

The possibility in terms of my speculation about the ban around the world, it's just a joke they make, so they expect you to dump your bitcoin, until bitcoin prices have dropped in recent months, so this is their chance to buy your bitcoin, when bitcoin touching at a cheap price, so why does every country make a joke like this ...

[ukw]

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

The main reasons why governments refuse to accept BTC in my opinion are just a few:
- they can not control it
-  can not take a tax
- and there is even a small anonymity in the crypto market 

[grimesrhymes]

1. Money laundering/corruption that also goes in with cryptocurrencies that is much harder for governments to identify and stop compared to when FIAT is used.
2. Taxes are much harder to be levied and much tax revenue is lost.
3. Pressure from corporates to stop their competition/fear of the unknown.
4. Price manipulation (it's possible, I don't personally believe it)
5. Protecting investors from the many scams and such within the market.

[zenrol28]

Those bans might be temporary. Some countries are making rules and regulations regarding cryptocurrencies. They're trying to make fiat and digital currency to co-exist. So until then, we will still see some countries to ban cryptocurrencies for a while. I can see that the government will benefit the most in the blockchain technology so in the long run we will be free from crypto bans.

[Ais08]

1. Money laundering/corruption that also goes in with cryptocurrencies that is much harder for governments to identify and stop compared to when FIAT is used.
2. Taxes are much harder to be levied and much tax revenue is lost.
3. Pressure from corporates to stop their competition/fear of the unknown.
4. Price manipulation (it's possible, I don't personally believe it)
5. Protecting investors from the many scams and such within the market.

It makes sense for your thinking, it could be that each country will use the bitcoin currency as the main currency of course if the whole world negotiates it, using bitcoin as the world currency, because we know that bitcoin is very good for a country with very high corruption rate. ..

[BillCoin]

The reason that ALL the countries has the interest to control their money.
It helps the financial system to be stronger, prevents people without knowledge to lose their money( stronger financial system), and the government can control the inflation and to print money if they need to.
The financial system of most of the country is stable just because the government has a control over the money, the can block suspicious movements, which helps to prevent terror and such.
Governments can't control bitcoin, so bitcoin aims to destroy the stability, and that's why the banks and governments afraid of that and are trying to block it when it's small and not so dangerous.

[Batrakov]

Constant fluctuations impact on the financial market

[coughee]

I agree that TAX, anonymity, freedom are the main issues that threaten governments, so they act to stop cryptocurrencies from spreading.

The thing is : 
Are you all OK with government taking TAX from you? Why is tax mandatory? I think the vision behind bitcoin/crypto is that  We will use bitcoin so that they don't take additional money from us! If we want to contribute, WE DONATE. WE CONTRIBUTE.  Why force us to do so?

Imagine an ICO, (no matter how legit or logical it would be) that is MANDATORY for everyone! isn't that stupid? TAX on crypto currencies would be such a thing.

We are already paying tax with fiat. Now the greedy rich want to take it again on crypto. 

[dewi91]

especially in my country, the government is worried if bitcoin can cause an economic crisis and worsen the economic situation in our country and also the government forbids bitcoin because to prevent crimes, such as money laundering, terrorism financing, and maintaining the stability of local currency as a legitimate of payment methode.

[Clark13]

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

Banning of cryptocurrencies in many countries can be associated with the fear that they have and because of it does not have any taxation. Fear is associated with the lost of banks since cryptocurrencies are decentralized and cannot be intepret by banks. Cryptocurrencies without taxes are not useful for the Government so they tend to ban it instead since it is not helping the community yet only the individual.

[Sadnu]

Because they do not recognize bitcoin in their area they know only bitcoin scams and you have nothing to do with it. and maybe they fear bitcoin because they might just be foolish and do not pay. Leo Tolstoy paraphrasing in the pre-text perfectly illustrates a situation over legislative Bitcoin regulation in 2017. As it marches through the world, and more merchants accept it, each country decides whether it is on the supporters' or the contradictors' side of this battle.

[hieuho381]

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

Banning of cryptocurrencies in many countries can be associated with the fear that they have and because of it does not have any taxation. Fear is associated with the lost of banks since cryptocurrencies are decentralized and cannot be intepret by banks. Cryptocurrencies without taxes are not useful for the Government so they tend to ban it instead since it is not helping the community yet only the individual.

The main reason why crypto is banned in many countries is because the anonymity and security of most types of cryptocurrency make it impossible for government governments to manage the assets of investors so the government does not tax collectors from these people. That loses a huge government tax. Besides the inability to manage transactions, governments feel uncomfortable when a financial market is unmanageable.

[TIDOVEE]

Those government must be fighting for the sake of taxation, the way we make money without the government tax being payed is an issue for many government and secondly some government are trying to guide against internet frauds. A good number of them do not have a good idea of how the money comes. And since there has been reports on how people duped online to make money, they are trying to guide against that.

[stellaekun]

Bitcoin puts full control into the peoples hand as opposed to the government.Governments are scared of bitcoin because it will eventually create a system that is more efficient than those of the central banks.And of course,Government use the central banks to implement its fiscal policies

[LuvCyanide]

Bitcoin is a free currency now. It is not controlled by the state. And this, in my opinion, is the main reason. The state authorities have not yet figured out how to get the tax and how to keep track of all transactions, including illegal ones.

[carter34]

My view is that, the government always frawn at things they don't have direct control over. This is the major thing. Then, because of the volatility of bitcoin, the government come out like a "big brother " to protect the citizen against financial loss.