When the government forbids cryptocurrency

[Marlo0619]

Well that is the worst thing that will happen in the entire life of bitcoin users, or cryptocurrencies users. When government forbids or banned bitcoin, then our life will be doomed. We won't have extra income in bitcoin, investors cannot invest anymore in bitcoin, and we will just be hoping in job salary and in our parents, if students. I hope government will not ban bitcoin because if they did, I think I would die crying.

[charlemagne_15]

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

So sad to hear that.  Banning the usage of cryptocurrency is the worst part of involving in here. If ever all the governments will permanently banned it well that was the end for all of us (cryptocurrency users). We can't gain any money now or the source of our income will end. Also, say bye to easy transactions. No more investors will invest in cryto such as bitcoin. And I am sure a lot of people would cry and broken hearted in that news.

[burnchan]

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

We all know that most government are threatened by Bitcoin's existence.  But the banned of Bitcoin is that  worst thing to happened. If crypto community is active in your country you can make an appeal to revert its ban.

[rlm42]

Luckily in my country, cryptocurrency and ICOs are not prohibited. Of course, the state is trying to introduce bills regulating crypto relations and its turnover. Let's just say, it is still looking after this market.
Whatever the cryptocurrency will be disappeared, when all governments prohibit it, even if there remains at least one country that legalizes it, it will become simply the world center of the cryptocurrency. No normal government wants to lose a gold mine and will better obligate cryptocurrency assets with taxes than lose it.

[acheampong64]

If they will insist of banning cryptocurrency in that country then you as a bitcoin enthusiast must do something like opposing this action by means of social media with the groups of investors who also be affected by it.. Revolution is one way to push crypto to the world that’s the first option that this is build..

Yeah, I think when India banned the bank crypto-fiat transaction activities, people who love crypto never slept on the issue, they took it up and now they've south for court appeal. I think that is a good option, they can't kill this new technology just like that.

[Marlyn1]

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

I hope that this will not happen to our country. Manya people are relying in bitcoin and this bow part of there supplementary income. I am one of these people who take a good benefits in bitcoin. What will happen to our family who is also relying to us if government forbids bitcoin. I hope the government will study this before acting such action.

[Neraj Evad]

Some of the governments are  forbidding the use of cryptocurrency in their country so that they could not be blame ,if there are irregularities that happen in cryptocurrency activities, so they are forbidding the use of cryptocurrency in their country.

[pokeronlinestatus]

That would be the stupiest thing goverment can do. Consider two options from the goverments stand point. One is banning cryptocurrency, closing down websites that sells any crypto, finding users who buy bitcoin, punishing them somehow, react bitcoin buyers/sellers like they are criminals and spending good amount of money and resources on police work to find the local users that buy OTC. Now the second option is letting people use bitcoin and all other crypto currencies, taxing them and making money off them. Just let them be and collect the tax cash they give you. Which one do you think goverments like more?

[Menawi12]

Some government forbids cryptocurrency transaction because government afraid its illegal transaction. I am believe that government dont understand about cryptocurrency, Government should regulate cryptocurrency because we are living on digital era and cryptocurrency is important thing in internet.

[hector3115]

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

I literally don't know what I am going to do if my particular country government would forbid with bitcoin usage and earnings,  but as far as I know right now my country is not against cryptocurrencies.

[Danisababy]

Forbidding cryptocurrency is like stopping the advancement of technology. And if your country is prohibiting the trade or use of crypto then you will be left out in the technology race. That's what i call an overprotective government.

I think There's no way they can control your usage for transactions etc. It sucks them doing this but there are also limitations on how much they can do.
Indeed, they can prohibit the involvement of cryptocurrency with the real world but they can not stop its use.

We dont really know the real reasons why bitcoin and cryptocurrency are being banned by a country's government. Lucky for those people whose government are accepting bitcoin and those who are considering on accepting bitcoon and the cryptocurrency. Maybe the government of the OP has doubts about the cryptocurrency and maybe they are still studying what benefits they can get if they accept the cryptocurrency to flourish in their country. But hopefully, they will realize the goodness the cryptocurrency can bring.

[Rrotess]

They can ban cryptocurrencies involvement with the real world but they cannot stop your use of it. There is no way they can control your use of it for transactions etc. It sucks they're doing this but there's also a limitation on how much they can do.

Why did they ban some cryptocurrencies?
We really don't know the reason why..

Cryptocurrency has a big role to our economy. Alots of people engage to this so that they can have money. I can't sometimes understand the principle of government.

[Cissnei]

In countries that forbid cryptocurrency the economy has remained quiet and stands at a certain position. Because the government refuses to accept the new thing, it can restore the economy. The application of electronic technology achievements will be a stepping stone for a nation.

[blackbold]

I think, government wants to forbid bitcoin due to its economic effect. We see how investors invest to cryptocurrency. We shall not be commited to any government law, we need to seek to not to make the government control crpyptocurrency. There will be pros and cons, government can make a law for which they can make corruption over cryptocurrency.

if the government can regulate crypto, so, crypto will no longer to be decentralized, and the government will manipulate crypto according to the economic conditions of its country, if its like that, the domestic currency and crypto make no difference

[Helpme_please]

I think, government wants to forbid bitcoin due to its economic effect. We see how investors invest to cryptocurrency. We shall not be commited to any government law, we need to seek to not to make the government control crpyptocurrency. There will be pros and cons, government can make a law for which they can make corruption over cryptocurrency.

if the government can regulate crypto, so, crypto will no longer to be decentralized, and the government will manipulate crypto according to the economic conditions of its country, if its like that, the domestic currency and crypto make no difference

i never thinking government to manipulate cryptomarket.they have no capability on it.as we know today cryptocurrency market was decentralize, so its moved by much person in the world.government should have this power to replace community power.

[horaceN]

A government can shut down exchanges. Without exchanges, it becomes exponentially more difficult for the average person to exchange fiat for crypto.

[peterstark]

In order for a government to ban or regulate something, they must first define what it is and classify it. For example, everyone here knows that crypto to crypto trades are subject to tax because of how the government classifies cryptos. How the government classifies something is very important. It's the same reason why people have been running around lately worrying about the government classifying ETH as a security.

[tonyparker]

the supposed motivation behind any ban would be to prevent the use of using "untraceable" cryptocurrencies due to their illicit use in money laundering and tax evasion. But in order for any crypto to be used in money laundering or tax evasion, you'd still need a crypto --> fiat gateway where you could cash out large amounts of money while avoiding detection/identification, and currently, there's no quick, solid, efficient way to do that.

[kobecury]

To be sure, governments aren't worried about normies getting away with a $1k tax-free profit on cryptos; they're worried about the big players who want to cash out 6 figures without paying taxes.

[entar pasar]

I think almost all of the reasons the government forbid using bitcoin are due to high price fluctuations, so they are afraid to have an impact on the economic condition of their country