Government fears Bitcoin

[salman21]

The fear of bitcoin can be summed up as this: Ignorance and fear-mongering.
One day, Bitcoin will be responsible for changing the way governments try to run an economy, and may even change the way our economies function by fundamentally changing the behavior of savings. Governments all over the world get scared whenever they are faced with a phenomenon that is beyond their control.

Yes, but some governments not all of them. It’s more like people’s assets rather than being government’s and some governments are afraid of the outcome like what may happen if something being valued and becoming the economy what they can’t control, and there’s another who are actually greedy they can’t see others prosperity.

[sinta23]

Crypto Currency is like a Sun powering up the people all around the globe who wants to change the world who are passionate enough to bring changes.

“It’s the top notch opportunity for reaching to the financial freedom”
That’s the reason some governments don’t approve Bitcoin because they already know the Strength of new decentralised digital currency market,if it goes up then the government will have to come down.

It’s just my opinion about Bitcoin ban
What are your thoughts?

this reason is true, indeed the government is quite afraid of the current state with the presence of bitcoin. because to my knowledge the government is looking for opportunities in every problem but why with the bitcoin instead the government backed down and did not give clarity to us all.

[19nataliya12]

Why is the state afraid of crypto currency?
What is the reason for such a cool attitude on the part of the state? The absence of central regulatory bodies is the main reason why governments are afraid of crypto currency. What is behind this fear? Let's try to list its main components.
Money is an instrument of control and political influence
Governments control the traditional fiat currency. They use central banks to produce money from the air, using so-called monetary policy. They also dictate the rules of the banks, allowing them to monitor the movement of currencies, and to some extent determine who gets profit from this movement. When the private currency appears in the arena, the state loses all these levers of influence.
Since central banks can increase or limit the amount of money circulating in the economy, in order to stimulate investment, create jobs or prevent inflation and recession, currency control raises a fair concern among specialists.

[buburjelly]

I do not understand why they forbid bitcoin when all countries support the freedom of all people and it is also regulated in human rights that one has the right to freedom to choose but why many countries do not give freedom to everyone in the economy. Whether the freedom of a person in choosing a decision has been taken away by the fearsome parties?

[Bill205]

They fear bitcoin because they cannot control bitcoin and also because they have not found a way to put taxes on bitcoin and therefore they are not making any money from bitcoin.

[salman21]

I do not understand why they forbid bitcoin when all countries support the freedom of all people and it is also regulated in human rights that one has the right to freedom to choose but why many countries do not give freedom to everyone in the economy. Whether the freedom of a person in choosing a decision has been taken away by the fearsome parties?

Many country’s governments are corrupted they live on corruption, they don’t want to see the prosperity of the people they just think about themselves ,as they can’t corrupt the decentralised economy maybe that’s why they purposely ban bitcoin.

[Watashi Yamashita]

Bitcoin is taxfree, obviously almost all governments use these taxes to make money and they have no control in bitcoin because of its decentralization. Some government says they fear that financial misused may hapen to their citizens but personally, I doubt it.

[AndrewBrown]

Governments know that there is no way for them to control bitcoin which means that there is no way for them to control the money of the users and their citizens which means that there is no way to control the citizens. Bitcoin takes power away from them and they do not want that

[Anakcikal]

I think the government's fear of bitcoin is one of them for fear of investing into bitcoin can reduce investment into the national real sector and also used by irresponsible people

[Reid]

Crypto Currency is like a Sun powering up the people all around the globe who wants to change the world who are passionate enough to bring changes.

“It’s the top notch opportunity for reaching to the financial freedom”
That’s the reason some governments don’t approve Bitcoin because they already know the Strength of new decentralised digital currency market,if it goes up then the government will have to come down.

It’s just my opinion about Bitcoin ban
What are your thoughts?

Yes, and they say we are at a democratic state. If that is the case then why not accept something that is free.
Bitcoin is offered and they go against it. Where is the the freedom there? The truth is they are in control and they dont want that to be eliminated by something created in the internet.

[Sahyadri]

Crypto Currency is like a Sun powering up the people all around the globe who wants to change the world who are passionate enough to bring changes.

“It’s the top notch opportunity for reaching to the financial freedom”
That’s the reason some governments don’t approve Bitcoin because they already know the Strength of new decentralised digital currency market,if it goes up then the government will have to come down.

It’s just my opinion about Bitcoin ban
What are your thoughts?

I don't think government has much against it except the fact that cryptocurrencies makes it easy for people to send a country's money abroad without their permission. Since government cannot regulate this market hence they feel the pressure of not being in power. Why would any government want the users to have all the power. They obviously want to be in control and dictate people's lives.
Only a handful of countries recognize the true potential of bitcoin and other cryptocurrencies and have already made amendments in their laws. Japan is one such country which is extremely friendly to bitcoin community. Apart from that no other government is willing to make it a legal tender. I hope that government stops fearing bitcoin in the future and accepts it as a legal tender by understanding its true potential.

[xebecstyx]

Crypto Currency is like a Sun powering up the people all around the globe who wants to change the world who are passionate enough to bring changes.

“It’s the top notch opportunity for reaching to the financial freedom”
That’s the reason some governments don’t approve Bitcoin because they already know the Strength of new decentralised digital currency market,if it goes up then the government will have to come down.

It’s just my opinion about Bitcoin ban
What are your thoughts?

I think fear is not the word here. It's just that governments are cautious with viewing on things because they want to safeguard their people from anything that can cause them losses or that can put them in a position where they can be scammed or victimized by shady characters. Unfortunately, this market, if you're not careful, you can be subjected to its normal features like the volatility of its assets, which could really make you regret investing in it. Other times, people can take advantage of you. Those are the things that a government wants to protect their people of that is why they are not embracing the cryptocurrency market like other markets.

[santino11]

Government fear bitcoin and not just them, also banks.
Bitcoin has a system that no one can control, no government nor banks.
Bitcoin is designed for every people in the world, we humans are the first handler of this coin and the system revolve around us.

[cfif123]

it seems that the government is afraid of the bitcoin in the country, because the government is afraid bitcoin misused by people who do not want to be responsible such as for drug transactions and fundraising for terrorism

[AlisaWhishie]

it seems that the government is afraid of the bitcoin in the country, because the government is afraid bitcoin misused by people who do not want to be responsible such as for drug transactions and fundraising for terrorism

I don't think so. It's silly to fight with drugdealers just banning Bitcoin. Everyone understands it. Actually I believe that they are just afraid to lose their control over financial sector as it is slowly becoming more and more decentralized. That is why a lot of banks now support and use Ripple, and these are not private banks, but also those that belong to a government, such as The National Bank of Abu Dhabi, for example.

[godfredmanu]

Government and banking agencies has been battling with anti money laundering and financial terrorism , the best weapon used by government and banks is Know your customer ,popularly called KYC for short to identify and scrutinize transactions. However bitcoins and block chain enables users of money transfer to bypass this kYc, hence government is very worried of these issues and afraid of bitcoins.

[darkangel11]

A ban is never a good thing, but people have the power to protest against it, but they rarely do. The government that bans something is always afraid of it. If your government doesn't want you to have guns it means they are afraid of an uprising. If they are not allowing you to freely exchange local currency, they are afraid of people getting rid of it, moving their assets abroad. There's always an explanation and nothing is being done without a reason.

[player514]

Crypto Currency is like a Sun powering up the people all around the globe who wants to change the world who are passionate enough to bring changes.

“It’s the top notch opportunity for reaching to the financial freedom”
That’s the reason some governments don’t approve Bitcoin because they already know the Strength of new decentralised digital currency market,if it goes up then the government will have to come down.

It’s just my opinion about Bitcoin ban
What are your thoughts?

Governments are nervous about the anonymity and the tax evasion that could come out of cryptocurrencies. I don't blame them, as these are perfectly fine reasons to not want to add crypto into their environments. However, I think the governements shouldn't run away from the problem, but that they can simply find a better way to deal with the issues. Anonymity is something that will survive as long as bitcoin does. However, in terms of taxes, there could be a more efficient method of getting earning data from holders. Sure, not everyone wants to pay taxes, but they have to be done.

[chaoscoinz]

Crypto Currency is like a Sun powering up the people all around the globe who wants to change the world who are passionate enough to bring changes.

“It’s the top notch opportunity for reaching to the financial freedom”
That’s the reason some governments don’t approve Bitcoin because they already know the Strength of new decentralised digital currency market,if it goes up then the government will have to come down.

It’s just my opinion about Bitcoin ban
What are your thoughts?

I personally don't think that any government fears Bitcoin. Bitcoin is just an experiment, while the real brainchild is the blockchain. It is the blockchain that shakes up the old foundations of fintech. The blockchain really disrupts the way information is accessed and stored.  Instead of a private ledger that could be doctored to misrepresent it's true value, blockchain is a publicly available transparent ledger, not controlled by a centralized authority.

[liseff3]

Crypto Currency is like a Sun powering up the people all around the globe who wants to change the world who are passionate enough to bring changes.

“It’s the top notch opportunity for reaching to the financial freedom”
That’s the reason some governments don’t approve Bitcoin because they already know the Strength of new decentralised digital currency market,if it goes up then the government will have to come down.

It’s just my opinion about Bitcoin ban
What are your thoughts?

From year to year, our government always gives a negative signal to bitcoin, and this is very difficult for bitcoin to grow in our country.
The government certainly has a careful calculation when carrying out the assignment given the current ban is not limited to volatility alone, but the fact has grown, the presence of whales behind the volatility is a government's biggest concern.

Only a handful of countries recognize the true potential of bitcoin and other cryptocurrencies and have already made amendments in their laws. Japan is one such country which is extremely friendly to bitcoin community. Apart from that no other government is willing to make it a legal tender.

Supposedly this Japanese way can be imitated by other countries. That way most likely our country will not be able to limit the development of bitcoin until the future.