What are the reasons behind banning cryptos?

[princesspoppy]

Governments are afraid because of bitcoin's decentralized feature that is widely used in doing illegal activities and transactions in dark market. Also governments ban Bitcoin because they can't control it and can't put taxation to it. Another thing is that they don't want people to experience fraud and scam happening in cryptoworld.

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[shillerguy020]

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

For me, the main reason for their volatility. If they were like paper money, then there were no problems with the adoption. And so you need a lot of mechanisms to regulate and fight fraud and illegal market.

[Adebits]

The main problem governments around the world has about crypto is the intricacy decentralized feature of it, which makes it not to be controllable like fiat currencies, government don't always like things that they can't control.

[VeeraS]

Decentralization of crypto is the main problem to any country because people use these platforms for criminal activities like money laundering and government officials are unable to trace them because transactions are invisible. That is the reason why government don't support crowdfunding.

I agree
actually this is another option in a different perspective for each country. actually the main factor is because it's difficult to set and there is no tax for crypto trading. I believe that later on there will be many countries that adopt crypto as another option from fiat currency.

[Krismanto]

In my country also happen to ban people use crypto to Transact. So the Government is afraid if this could harm the country. The Government never addressed that Crypto can be used for money laundering and terrorist financing is used for. So the Government, in this case, do not want all that to happen.

[Gontxi]

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

all elements can be a crypto prohibition factor in a country, yes, including political elements can become mainstream. I think there are many opinions that friends have said in this discussion. because there is nothing more important than a form of prohibition that is happening for now. in addition to market recovery

[apitico]

From cryptocurrency in addition to the benefits, there is a lot of harm. Most of the problems are due to fraudsters and it is because of fraudsters and also the fact that cryptocurrencies can undermine the economy of any country, they are banned in some countries.

[cryptolidus]

Governments cannot control crypto transactions like with banks and financial markets and this is the main reason that they want to regulate it.
It will be not an easy task as crypto is decentralized and it is almost impossible to control it fully.

[wizardcrypto]

crypto have been banned in so many countries especially the world power countries because there are many factors behind this act . first, the Government have not been able to place a tax on the exchanges . secondly due to it decentralize nature there is no control by Government agency . and last but not the least is ,a new Technology that many since not to understand the way is been operated in terms of transaction and lack of security of crypto asset

[bitkanu]

crypto have been banned in so many countries especially the world power countries because there are many factors behind this act . first, the Government have not been able to place a tax on the exchanges . secondly due to it decentralize nature there is no control by Government agency . and last but not the least is ,a new Technology that many since not to understand the way is been operated in terms of transaction and lack of security of crypto asset

Most of the developed country didn't banned bitcoin though, but country with poor technology tend to banned bitcoin because they are afraid of  new things.
Take example America, Europe country and Japan they are most of them welcoming cryptocurrency but 3rd world country ban it instead.

[Asantewaa2000]

Well I think comparing crypto to the fiat, so they are
Trying their possible best to match. That is why there is this divided attention out there.

[slightmoon]

Some country see crypto like just scam. Due to it's short term high and up. Like last year BTC goes around 20k$ and just in few months now around 6k$. We see ICO then many become just like zero. Even ICO scam different things. Some run MLM and pyramid schemes based on crypto also which leads in the scam.  

[birtoki]

I believe that the main reason for the prohibition of cryptocurrency in some countries is that it is anonymous and not controlled by the state

[mapsi]

Because goverments not like decentralised things. They can not control crypto currencies and because of that they are banning. But they will definetly understand in the future they cannot
ban or effect decentralised crypto currencies. because we created them and we are controlling these crypto currencies. happy freedom guys.

[Altero]

I believe that the main reason for the prohibition of cryptocurrency in some countries is that it is anonymous and not controlled by the state

The anonymousity of crypto holder's bring into money laundering which some government worried about it. And also in some cases that people were taking advantage of being anonymous to used it in illegal transactions.

[oriontab]

One of the key functions of Government is to create order and avoid chaos, this may be misinterpreted by some government to include absolute control and since cryptos does not bode well when it comes to control, the easiest thing for such government to do is to ban it.it is not really  fair,  cryptocurrencies does  have positive contributions to society

[mimienamphine]

I do not really understand why governments now trying to ban or put restrictions on cryptocurrency. If they do not buy the idea of cryptocurrency, then they should leave the industry alone to function.Governments now trying to restrict cryptocurrency because they fear that they will be losing revenue. People will be using different modes of investments to channel their money.This can affect economies either positively or negatively.

[BigBrother]

I also believe that the main reason that many governments do not support crypto is its anonymity. Huge amounts of money go from one wallet to another, various crypto transactions are made, and governments can't do anything about it. Can't control it, can't charge taxes on it. That's why they forbid crypto.

[mbluxs]

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

indeed I also heard news like that but people also still use crypto because crypto is a source of income. maybe some countries forbid for fear that crypto can be misused

[Caelanpelley]

There are many countries that prohibit crypto, but in fact it exists and grows. The reason countries prohibit crypto because of its high risk. Many people have taken advantage of it to carry out illegal money laundering. In addition, criminals steal passwords for your money.