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Author Topic: Reason why other ban cryptocurrencies  (Read 3306 times)
Barretwallace
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September 13, 2018, 10:40:37 AM
 #181

Illegal crimes have taken place in the crypto market. Money laundering, arms sales, and banned drugs. Taking advantage of cryptocurrency on bad practices, the government felt it necessary to prevent and ban the operation of the crypto market.
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September 13, 2018, 01:49:42 PM
 #182

I think the reason why other ban crypto because crypto is a new currency, unstable, highly fraudulent and has not reached a certain balance like some other markets such as stock, gold .... Governments have not recognized crypto to protect people against scam risks. Once crypto is more transparent and stable, I think it will be recognized and become more popular.


Dear friend,
I totally agree with you. Cryptocurrency is the new payment platform and is now the government can not control so they ban cryptocurrency. With the cryptocurrency criminals are easy to scam, the money laundering that the government is difficult to prevent. Thanks.
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September 13, 2018, 02:30:28 PM
 #183

Sounds like there is a bit of truth, Indeed cryptocurrency is a digital currency that cannot be controlled by the government because cryptocurrency has characters that cannot be tracked by who the sender and recipient.

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September 14, 2018, 05:11:01 AM
 #184

I think this is because of excessive fear, it must be admitted that the number of haters who pay for all media makes many countries afraid and thinks that crypto is a scam so it chooses banned cryptocurrencies.
The government banned cryptocurrency because of concerns that financial transactions could not be controlled, the movement of money between countries through banks would be government data for the calculation of the fiscal year. But with crypto transactions all data is missing, so the government does not have accurate data on how much money is circulating and how many transactions occur between countries.
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September 14, 2018, 06:30:56 AM
 #185

Some countries had monetary laws that restrict or forbid accepting of another currency and will allow it unless the law is amended. The government controls every economic aspect of the country so there is no chance for the cryptocurrencies to be used in that nation because they are all decentralized. Others see the cryptocurrencies as a threat to their national currency or economy so they imposed a ban to all virtual coins.

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September 14, 2018, 06:39:03 AM
 #186

Some countries had monetary laws that restrict or forbid accepting of another currency and will allow it unless the law is amended. The government controls every economic aspect of the country so there is no chance for the cryptocurrencies to be used in that nation because they are all decentralized. Others see the cryptocurrencies as a threat to their national currency or economy so they imposed a ban to all virtual coins.
yes, there is a big possibility that countries that ban bitcoin, or crypto, have laws that are contrary to that. well, and I think that is something natural. but, I think that will make them miss information about digital developments.

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September 14, 2018, 07:01:58 AM
 #187

The entire world is scared by criptos... this is why they're banning us. But don't worry guys, just have patience.  They'll probably join us too Wink
Crypto is not a currency sent down the distance between earth and sky by aliens. No one is scared of the crypto but it is just the priority and countries prioritize the system that suits them the most. Almost all the countries use the paper money and they have policies built around this fiat system that might not work in the presence of another system like crypto currency which might create inefficiency. This is the only reason.



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September 14, 2018, 09:10:06 PM
 #188

McCall Robinson is not wrong. Any government that wishes to control bitcoin but could not will see to it that cryptocurrency is banned in that particular country. Also, one reason I see why other countries ban bitcoin is its unpredictability. A lot of people could lose money and if they did, the economy of a country will be down. Plus, if the government of a country is corrupt, they may not agree to legalizing bitcoin because it might expose their evil deeds, right?
But that is going to be a big problem for governments in the future, it's obvious they're going to be unable to regulate this market, but if they ban bitcoin then they are going to lose even that little control they have over the market, are they willing to do that? That is going to be an interesting question that they will need to answer, this is a problem that China is having right now after they forbid cryptocurrencies, they are finding out that instead of stopping the usage of cryptocurrencies, that usage has moved underground.
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September 15, 2018, 12:51:47 AM
 #189

The main reason for prohibitions is very simple. Transfers in a currency different from the national one, lead to poor economic performance, including GDP (one of the main indicators). This way, it is easier to launder money or transfer funds outside the country. Neither banks nor payment processors will get their interest.
McCall Robinson a manager of Merchant Accounts, believes that most countries prohibit Bitcoin because it cannot be regulated and he said that. "Many governments do not like the very idea that there is another form of currency that they are not able to control. The supervision takes place on the Internet. Some countries consider it as danger to their society and government.

I am believe most countries do not give regulation because government and central banks can not control bitcoin supply. They already enjoy with paper money because they can print as they want not like bitcoin because its decentralized

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September 15, 2018, 01:35:07 AM
 #190

The main reason for prohibitions is very simple. Transfers in a currency different from the national one, lead to poor economic performance, including GDP (one of the main indicators). This way, it is easier to launder money or transfer funds outside the country. Neither banks nor payment processors will get their interest.
McCall Robinson a manager of Merchant Accounts, believes that most countries prohibit Bitcoin because it cannot be regulated and he said that. "Many governments do not like the very idea that there is another form of currency that they are not able to control. The supervision takes place on the Internet. Some countries consider it as a danger to their society and government.

I believe most countries do not give regulation because the government and central banks can not control bitcoin supply. They already enjoy with paper money because they can print as they want not like bitcoin because it's decentralized

Agree! The major thing is they don't have control over bitcoin because its supply is already decided and which they cannot control its price. So they will bother people will become rich on their own without any government involvement.
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September 15, 2018, 02:32:46 AM
 #191

there are many reason why they ban cryptocurrency. Among these reason there is only one thing in common and that is the anonymity wherein you can do transfer of money without getting any suspicious among the trades to be done like money laundering, trading and supplies of smuggle goods and products or even worse the threat to national security where the leftist could supply their needs for war and trade through cryptocurrency.

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September 15, 2018, 03:18:09 AM
 #192

I think Most countries that are have banned digital currencies in general, also like to have in control the consumer protection and anti-criminal activity that can also be one of the reasons for a cryptocurrency ban. However the factor number one for the bans is mostly based on lack of understanding of how cryptocurrencies work and why the blockchain technology is important.
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September 15, 2018, 03:23:20 AM
 #193

The main reason why they are trying to ban the crypto is it because they think that it will not be helpful for example in one country they might think that it will not gonna help in the country because it doesn't have a stable proc eon it not like a cash were it have a same amount that it can use right away with no hassle.
Well i think you underestimate the power and the the way government works on solving the problems of a certain country. When you say that you believe cryptocurrency was being ban because it has no use then i think you are wrong. The government has a lot of agencies that could address the concern of cryptocurrency and the basis for banning crypro because it has no use is an completely not a basis to ban a system.

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September 15, 2018, 03:24:35 AM
 #194

The main reason for prohibitions is very simple. Transfers in a currency different from the national one, lead to poor economic performance, including GDP (one of the main indicators). This way, it is easier to launder money or transfer funds outside the country. Neither banks nor payment processors will get their interest.
McCall Robinson a manager of Merchant Accounts, believes that most countries prohibit Bitcoin because it cannot be regulated and he said that. "Many governments do not like the very idea that there is another form of currency that they are not able to control. The supervision takes place on the Internet. Some countries consider it as danger to their society and government.


I think some other government will will conduct totally ban because of not too much knowledge about how to generate stable income from Digital crypto currency they don't want to make their constituents become unhappy because of not regular income generated from crypto.
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September 15, 2018, 05:49:23 AM
 #195

For me banning cryptocurrency is cause by the issues regarding illegal activities which include cryptocurrency. Also large countries forbids crypto trading because of many scams that appears within the community.
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September 15, 2018, 06:03:53 AM
 #196

The main reason for prohibitions is very simple. Transfers in a currency different from the national one, lead to poor economic performance, including GDP (one of the main indicators). This way, it is easier to launder money or transfer funds outside the country. Neither banks nor payment processors will get their interest.
McCall Robinson a manager of Merchant Accounts, believes that most countries prohibit Bitcoin because it cannot be regulated and he said that. "Many governments do not like the very idea that there is another form of currency that they are not able to control. The supervision takes place on the Internet. Some countries consider it as danger to their society and government.
I think that has led to many hindrances to the rapid development of Cryptocurrency. But now the capitalization of this market is huge and governments can do nothing but ban. Big criminals, big businesses are still laundering money to evade taxes a lot. the government can not do anything else! Grin

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September 15, 2018, 04:14:13 PM
 #197

In my view of point there is three reasons behind the reason of ban cryptocurrencies. First reason for any country to ban cryptocurrency is the fact that cryptocurrency are not under the control of any Government. Government will lose their power over money, at that time government/country will destroy lacking of fiat money. Govt. cannot control cryptocurrencies. Govt. won’t get tax. Second reason if cryptocurrencies make legal then people will invest there because it more profitable than bank. People will be free in this blockchain transaction; they can transaction freely without any burden. In cryptocurrency system there is easy way to laundering money that’s way people won’t go to the bank for laundering. If people don’t go bank, banking sector will be down. Third reason is bitcoins price is not stable. There are lots of waves in a week. When its price will be dumb then people will get panicked at that time govt. won’t  control people as well as cryptocurrency. but other people who wanted to use bitcoin or any others crypto investments remained anonymous and still uses cryptocurrency despite of the banning issues.
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September 15, 2018, 06:09:22 PM
 #198

One of the reason I think crypto is being banned because lots of people are iusing crypto to scam other. Another one is the government doesnt want it because they cant control people who uses crypto because of its peer to peer transactions.
Those who are saying this should be careful about scamming because everyone is responsible for their own profit and lose, bitcoin is full of profit but those who don’t care about it must have lose, so it is not good to blame bitcoin instead of looking at our own mistakes that we use to, it is modern age everything is so easy to use wallet, and get good profit.
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September 15, 2018, 07:10:32 PM
 #199

I think The reason is simple. When government looks at bitcoins, they are incapable of tracing any person or company holding responsibility for Bitcoin.



I think because the Government has not recognized crypto to protect people from the risk of a scam. After crypto is more transparent and stable, I think it will be recognized and become more popular.
That is the reason why other crypto restrictions because crypto is a new currency, are unstable, are very fraudulent and have not reached a certain balance like some other markets such as stocks, gold.
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September 15, 2018, 08:43:55 PM
 #200

I would say that there is many reasons that we even don't have a clue about because those guys who are sitting above us are having their own interests in the cryptocurrency.

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