When the government forbids cryptocurrency

[BelieveInBTC]

Governments will try to gain as much control of cryptocurrencies as possible. They will try to control exchanges because they know that Bitcoin and other cryptocurrencies can't be used in most cases for daily shopping or any other important expenses. A lot of people earn a lot of money on trading crypto. They will have to pay a huge income tax which definitely satisfies the government.

[pinoyden]

In my own opinion, one government or one country that will be banning cryptocurrency wont be affecting the market so much, maybe the prices might go down for a few months but soon it will still pump up again after a few months just like what happened last year.

if that will only one but what about if there are more than one? Do you think that it wont be affect the price too much? As of now , there are still several countries that restricts the use of bitcoin and that is also the reason on why did bitcoin wont increase too much but if these countries will only accept bitcoin as a legal currency , i think that it can add a huge increase to the current value of bitcoin.

Though there is nothing to worry about because bitcoin is still on its early stages , but as soon as it is being adopted by big companies , itll become more mainstream and other countriew will started to follow the trend.

[gwaps012]

Well it's very sad to see this kind of news, the government surely not see crypto like most of us, they only see the bad side of crypto without considering how crypto could increase the economics situation, and how crypto can help a lot of people, crypto could be very useful in the future where most of the countries already encouraging cashless transaction

If the government forbids the use of crypto currency then it will be hard for us to use this system, in accordance of its usage , if that happens some country will not be using crypto currency anymore, or else it will regulated by the government and put some tax on it, it is true that crypto will be a huge help in economical advancement of a certain country, it has many usage actually, but because of some negative issues regarding crypto currency today, it lessens the trust of people in it.

[Ailmand]

When the government forbids cryptocurrency

In my country, the government is gradually apply internet and cryptocurrency control decrees. Previously, they banned direct Bitcoin transactions. Currently, they are banning crypto-related bank transfers. And of course, ICOS is also gradually banned .
Initially, they said they would not ban crypto and bitcoin. But now their actions show that they do not want crypto to exist.
Is their purpose not to secure crypto investors? They are trying to make it their own
They see huge profits being lost for themselves
And when the internet management program took place in my country, maybe I could not come up here to share my views like this. So sad

Although it's more common now that governments are beginning to accept that Bitcoin, and other cryptocurrency-related activities, are in fact legit and a true market. If in the event that a government would ban any related activities, especially, let's say a big player like the United States, Korea or Japan, then it would really be a big blow to the market because that's where most transactions and developers came from, and so, it would affect heavily how the cryptocurrency market would move forward.

[The cure]

Even in one country banned the cryptocurrency,it will never totally stop people by doing it totally. We are now in a modern technology,where people are freely doing anything any internet activities. They can do crypto tasks,and if time comes that they need to sell their coins,they can move to other country,and do it freely.

[Aleh777]

Each country is different, in my country the government does not mention electronic money and they do not interfere with them, we are free to trade and just sell online, there are not any places to trade domestic.

Yes. We do have countries with leaders who think beyond and expect good things to adapt to the nations. There are so open and thats how their economic growth is on the second level which should be admired and adapted by other government who really do not understand the benefits and goods of accepting bitcoin. I would say the countries who are yet to adapt or prohibit are lacking back so far. Hope they realize current generation needs.

[jhonjhon]

You did not say what country you are talking about but such country is suppose to look at the positive side to cryptocurrency and the fact that so many countries have started being positive on it.

It is really disappointing and such leaders never look the possible results of what they have done. Even though we say that crypto is one reason why some people get loss their money cause of being scam but isn't enough lock up crypto and won't give chances to their people tp participate. Anyway, we've been lucky that isn't happen in our country.

[qwirtiii]

When the government forbids cryptocurrency

In my country, the government is gradually apply internet and cryptocurrency control decrees. Previously, they banned direct Bitcoin transactions. Currently, they are banning crypto-related bank transfers. And of course, ICOS is also gradually banned .
Initially, they said they would not ban crypto and bitcoin. But now their actions show that they do not want crypto to exist.
Is their purpose not to secure crypto investors? They are trying to make it their own
They see huge profits being lost for themselves
And when the internet management program took place in my country, maybe I could not come up here to share my views like this. So sad

Well , I think bitcoin or cryptocurrency  forbids by government because it has something illegal on this. And I read while Im researching more about bitcoin and i found out that this is the fastest way to send money without any transaction information.Some bad people doing this transaction to send money to the killers or buy illegal drugs and etc without any transaction information so that they personal information will be 100% secured.

[drachman]

They can tell you it's illegal, they can try to do everything they can to stop transactions from taking place but in the end they can't actually stop you from owning bitcoins. Just hang onto them and they'll be worth more and more compared to your local currency, since banning something will certainly add a premium to the price.

True, besides how are they going to know that you own bitcoin or any other cryptocurrency? Unless you announce that to the world they have no way to know it, if you have not talked to many people about bitcoin it is entirely possible that no one will ever suspect you have them, just keep quiet and wait until this changes or move to another country when you want to sell.

[BlackMoon25]

it seems the government will never be able to prohibit circulation of bitcoin or other cryptocurrency based blockchain because bitcoin is a digital currency that was created to avoid government power.

That is right. Bitcoin is a decentralized digital currency so they can have the freedom of the transactions. Even if they ban Bitcoin in their country, people can still send transactions to other people using Bitcoin, they can't really stop it the reason I think some countries already put a tax on Bitcoins instead of banning it, they just want to get some money out of it.

I think most of the Governments want to control crypto-currencies than banning them.

- First, it's hard to ban people from using crypto-currencies because of the incognito.

- Second, It takes a lot of time to release the rules about trading/using crypto-currencies. So instead of banning them and get nothing, the government will try to get tax/fee from trading/using or the money that you earned from crypto-currencies.

- Third, the blockchain is the new era of the world, If the governments try to ban crypto-currencies, they will destroy the motivation to develop blockchain technology of the domestic software companies.

[naidray]

If your government has banned Cryptocurrency, then from now on you have to sell all your coins, and exchange with fiat money in effect. this is very du pity, but as a good citizen. you must comply with the rules made in your country.

There is no point, if I have enough in such a country, they really do not deserve my presence, and I would rather relocate to places where they embrace it and rather utilize what I have to set up something for myself.

It is better to help an economy that is willing to ensure the growth of the citizens while still benefiting from it, than a country (whether it is mine or not) that does not have any best interest of the citizens at heart and still want to block every available means of survival or growth for them in a way. That is just more like intentionally making citizens want to suffer so as to keep up with their intimidation.

[STT]

You are not a citizen if you are just the occupant of a country in control of dictatorship.    If a country bans legal peaceful activity then you are not so much a citizen in the classical Greek sense but just a passenger.   I would recommend moving unless you are there tax free perhaps.   A great amount of growth could occur in crypto and ignoring that doesnt bode well for development in any country ignoring it

[cryptojac17]

That's a huge step taken to checkmate cryptocurrency operations in your country and handicapping withdrawal processes VI's the bank assistance. Well, I think there can still be a way around it to have your withdrawals made to a domiciliary account and also bypassing internet protocol via VPN.

There  is always a possible way but  when the government declare it illegal then the government always find ways to sue bitcoin users, the best thing to do is to have compromise agreement, we will find legislators that   would create a law that  would regulate crypto currency in a manner in which we have a win win solution.the government can be benefited and the users as well.

[squog]

Well it ultimately depend on your government. But then again, there are countries that embraces crypto currencies and when your government sees that it is better and the laws governing crypto currencies was effective then i believe your government will be on board too. But it would take a heck of a lot of time, so i suggest moving to another country.

[Sled]

Well it ultimately depend on your government. But then again, there are countries that embraces crypto currencies and when your government sees that it is better and the laws governing crypto currencies was effective then i believe your government will be on board too. But it would take a heck of a lot of time, so i suggest moving to another country.

I agree to that. You should move to another country in order to work in cryptocurrency and do not worry for the possible things that might happen because there are government that doesn't care too much about cryptocurrency since they didn't see it as a threat so you should move to those type of countries to avoid conflicts.

[Onion lover 888]

Hey OP sorry to hear about your governemnt being so tough on crypto. That sucks, which country are you in? You know when people say you cant do something, it often makes them want it more. Of course not with drink driving, but with crypto, if it gets regulated or make illegal, people will just find another way to trade this. Dont forget banks are terrified of crypto, so avoid using the word Bitcoin on any deposits or withdrawls. Looking forward to a future where governements support crypto. 

[prtty2gal2]

When the government forbids cryptocurrency

In my country, the government is gradually apply internet and cryptocurrency control decrees. Previously, they banned direct Bitcoin transactions. Currently, they are banning crypto-related bank transfers. And of course, ICOS is also gradually banned .
Initially, they said they would not ban crypto and bitcoin. But now their actions show that they do not want crypto to exist.
Is their purpose not to secure crypto investors? They are trying to make it their own
They see huge profits being lost for themselves
And when the internet management program took place in my country, maybe I could not come up here to share my views like this. So sad

Cryptocurrency will be only banned if it will be affecting different companies in a negative way but aside from that bitcoins will not be banned as long as investors are following the regulations of their own country.

We are well known of the fact that cryptocurrencies are decentralized and fiat currency of governments are under their power so in case of cryptocurrency they oppose it and especially the central banks because the crypto market will cause disruption and they are afraid of it.

However, many developed countries are in the favor of Bitcoin and using it for the improvement of their economies and recently Germany also recognized the Bitcoin which is a cryptocurrency.

[Lorence.xD]

I guess your country is Bangladesh or India. In these circumstances the crypto exchange markets will go away into the dark internet. You can to use VPN, TOR or other anonymizers to make a transactions. To be honest, it is difficult to ban the crypto currencies from the technical side. The government of your country don't know how to control this market, and they did a mistake, I think.

Just for the sake of discussion,,,, any country can actually make some moves on total regulation or control, the worst part is a total banned on crypto currency digital transaction,  the government financial institution is very much particular on the entry of Bitcoin or crypto digital transaction in the trading market, because of the huge amount involved. But, the good news they will have to face the FACT that crypto is a Decentralized Digital transaction. when ever they were able to counter or implement the total banned on crypto currency transaction with that country, still crypto enthusiast will just go underground.

[bitgolden]

When the government forbids cryptocurrency

In my country, the government is gradually apply internet and cryptocurrency control decrees. Previously, they banned direct Bitcoin transactions. Currently, they are banning crypto-related bank transfers. And of course, ICOS is also gradually banned .
Initially, they said they would not ban crypto and bitcoin. But now their actions show that they do not want crypto to exist.
Is their purpose not to secure crypto investors? They are trying to make it their own
They see huge profits being lost for themselves
And when the internet management program took place in my country, maybe I could not come up here to share my views like this. So sad

Bitcoin is good, the problem we have is that scammers are starting to adopt the use of Bitcoin and other cryptocurrencies in carrying out their bad activities.

So that’s the reason why some countries are not allowing it. Despite that, there are still countries where it is allowed to be used, just like where I’m living. Though noy much people recognizes Bitcoin in my country, but it is still allowed.

[ivrynx]

From what I see, it is because governments today are already controlled by giant corporations in one way or another, in which they also get from the pool of thwie central banks, since they are paying large amount of taxes, they want tontake part of it, that's why we see politicians being endorsed by businessmen, theu aee the rwal ones that are pulling the strings, and since they cannot get control of bitciin they just forbid it, they are afraid their business will go down, since it is not a matter of political will, its just business and governments are also businesses.