What are the reasons behind banning cryptos?

[Benarand]

As for the countries that have banned circulation and mining of the crypto currency, here it is rather a formal hitting of the crypto currency as a financial asset under the restrictions of investment legislation or anti-money laundering legislation. Perhaps these countries will later return to the issue of regulating crypto-currency, when more development of the country will develop adequate legislation and there will be positive examples of regulation and taxation.

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[sangtuosimino]

Some countries fear that bitcoin will destroy the economy. If the world of encryption begins to prevail, it will weaken the rights of the government.

[SpringfieldM1A]

Well... It depends on the case. For China, its economy collapsed because of bitcoin. People there were using bitcoin more than yuan so that caused high inflation in the Chinese market and forced them to ban cryptocurrencies. For Russia's case, as most of us know now, they are planning to launch the first ever national cryptocurrency RUCoin, so they had to remove the circulation of other cryptocurrencies to force users to use the RUCoin. Once it's released, crypto ban will be removed.

[batang_bitcoin]

Some countries have already banned cryptos. But i am not sure behind the reasons. Could you please share your thoughts on the reasons of banning cryptos?
Regards

Why crypto's are being banned to a certain country? They ban it because they can see that crypto's are going to kill their financial industry/businesses. And there are countries that are not yet open to this type of technology, they are still in the process of studying on how it will influence their country and the citizens as well. Due to the anonymity of most of the crypto's it is also a threat to them, it can be abused by the citizens and they can be part of illegal activities.

[EmmanCryp]

It's simply because with Cryptos, every one can have almost full control over his transactions without any external body knowing what went under the carpet. So some people can use it for bad deeds and the government don't like this

[dianikusuma]

many of the reasons that make the country prohibit bitcoin. starting from dangerous because they feared for the purchase transaction of weapons for the war. It could also be because of fear their currency value is threatened because of the magnitude of the crypto. as well as the value of the unstable crypto that makes Government spare it so keep their citizens in order not to get into the risky things such as crypto.

[Papcio77]

Government economic growth for fiat currency. Because of the the crypto the transaction between the human and fiat money is gradually decreasing. More peole do transaction via online through the use of this online digital money. For example the online shop with btc payment. Or can people transfer it money and bring in the other country with crypto.

[bellmen08]

There're many countries who think crypto currency as their threat because cannot have control on it. Besides, there're many fuds goes on for this currency which sometimes do harm to people. That's why the countries are banning crypto currency.

[LuvdubNation]

Countries would like to ban anything that threatens their sovereignty.  If the user's of cryptocurrency are anonymous, how could a country tax it?  Without taxation, a country couldn't support it's military/social services.

[allen67]

From my perspective i think governments have no control over crypto. This is a lacking for them. That’s why the banned crypto. Another reason is government believes crypto is a illegal trade. But it’s true some peoples are used crypto for criminal activities. That’s why government always showing negative impact against crypto.

[saycryptohello]

Because there is no normal understanding of how to manage them, plus there is a large share of anonymous transactions that can not be tracked in any way

[ItsEzMkay]

One reason only I can muster up and that is to control your people. If they have less freedoms it means you have higher control, and that is ultimately what these non democratic countries want. Sad we live in a world where a small group of individuals can control a whole country, but yet we live in it.

[yura888]

Some countries have already banned cryptos. But i am not sure behind the reasons. Could you please share your thoughts on the reasons of banning cryptos?
Regards

I think the main reason is that people earn money and do not pay taxes, and it's very difficult to catch such people. Therefore, it's easier for them to ban them so that nobody can make good money

[Encelad]

There is an outdated world financial system. Many countries do not have a sovereign economic policy, therefore they fulfill the requirements of their patrons. I think that the blocking of cryptocurrencies in various countries is a reflection of the struggle of the elites. For example, China and Venezuela.

[Ayamj]

Government are scared that Crypto might take over making fiat worthless

[coingainer01]

Cryptocurrency has so many disadvantages and advantages. It needs big changes and goverment afraid. Because they want to keep control all the time.

[mashina65]

Because such payments are extremely difficult to track-transactions take place by agreement between the buyer and the seller, who may not even know each other's names. No banks and payment systems record their personal data and do not issue at the request of law enforcement agencies. And do not ban cryptocurrency! Everyone who needs to find a way to get a bitcoin wallet.

[12retepnat34]

They ban crypto from their country in order to protect their own people from financial crisis because they can't control it, it is also like facebook banning crypto ads because they say that crypto ads are against their policies because it can harm their users.
 

[rltim555]

On the one hand they want to protect people from investing in scammy ICOs and a result losing their money, but on the other hand
I know that Google and Facebook really want to create their internal crypto, so they prevent competency against themself.

[xiaoY]

Although cryptocurrency has many advantages, it has also helped some anti-money laundering, tax evasion, fraud, and its illegal activities! I think some places still pay more attention to these aspects of safety!