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Author Topic: Reason why other ban cryptocurrencies  (Read 2517 times)
Renal
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August 22, 2018, 03:13:04 PM
 #21

bitcoin is banned in some countries because the government has big reasons such as money laundering between people and even buying and selling drugs, and the government cannot regulate bitcoin but in fact now bitcoin is the most popular now.

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August 22, 2018, 03:13:16 PM
 #22

The main reason is the crypto market is too risky for users with big scams such as Ponzy structure Bitconnect or rogue ICO scam and then disappeared. Another reason is that if the crypto is open to the public, the state is afraid of managing the market because of its anonymity. But I believe that gradually crypto will be recognized if more transparency and stability in the future.
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August 22, 2018, 03:18:36 PM
 #23

The Bank is wondering of the blockchain technology will replace and take over it. If the users always increases, the bank will lose the customer. Every one will not need the Bank because they are freely get in their accounts and transfer and other transactions. Automatically, it will suffer a severe deficit for the Bank in that country which legal and apply blockchain. Therefore, many Bank in many country are wondering and disturbed by this new technology.

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August 22, 2018, 04:04:40 PM
 #24

Because they can't control crypto.They for illegal activities among criminals and provide an adoptable platform for laundering proceeds of cybercrime resulting in greater chances for crime usage.
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August 22, 2018, 04:10:18 PM
 #25

Transfers with cryptocurrencies is an easy way to avoid paying taxes. Extremely anonymous coins like Monero, ZCash and PIVX are the biggest threat for them.
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August 22, 2018, 05:06:53 PM
 #26

Ah! Thats not upto the mark mate because nothing like that happens. I dont think that crypto currencies are banned because the national currency is not used on large scale when we are using the crypto currency. The national currency is always used because it is the only medium via which we can buy there real things and crypto itself. When you go and sell the crypto then you convert them to the fiat and thus the money comes back to the national circulation. However, there is one more point, these currencies are not getting affected because the crypto is minute to show its effect on them!


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August 22, 2018, 05:10:30 PM
 #27

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.

Of course they fear of something getting funded into illegal means that's why they decided to ban it. You never know where that precious gold converted into digital money is being transferred at. Cryptos aren't fully anonymous. With the use of Blockchain, such provided or linked addresses can be used to track these people transferring funds with illegal reasons. A regulation is good but a ban is obviously not gonna be a good health/day for any cryptocurrency.
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August 22, 2018, 05:35:13 PM
 #28

That is a big lie.

It could be used for money laundering and another criminal activities, yes. So does cash. Ask a criminal organization if they will disappear without Bitcoin - If even half percent of them used it.

The main reason comes because of the fear for decentralization Bitcoin provides. It could be because the regime is authoritarian or because banks are paying good money for it. Eventually they will figure out they can't stop it and they have no choice but to regulate it, so it brings taxes towards the government.

Like any tool, it can be used for good or bad. Depends on who is the one using it.

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August 22, 2018, 08:53:08 PM
 #29

Of course,  it's no new thing that the government and the banks dislike cryptocurrency because it too transparent for them and they like wise won't be gaining much.

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August 22, 2018, 09:33:55 PM
 #30

Ah! Thats not upto the mark mate because nothing like that happens. I dont think that crypto currencies are banned because the national currency is not used on large scale when we are using the crypto currency. The national currency is always used because it is the only medium via which we can buy there real things and crypto itself. When you go and sell the crypto then you convert them to the fiat and thus the money comes back to the national circulation. However, there is one more point, these currencies are not getting affected because the crypto is minute to show its effect on them!
Eventhough other countries banned cryptocurrency, I don't think it affected a lot trouble to us because of the decentralized system that cryptocurrency has. The government was the main issue why this happened banning of cryptocurrency, some reason may focused on fraudulent cases thar has gone too rampant. Most of the people was having more issues against their investments turning out to bubble, or had been scammed. Many factors to be considered, but other people who wanted to use bitcoin or any other crypto investments remained anonymous and still uses cryptocurrency despite of the banning issues.


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August 23, 2018, 12:40:36 AM
 #31

The one reason is the perception of the citizens that live in a certain country. They perception in this program or project is dishonest scheme or fraud. In my country, when you tell a question about bitcoin the usually say this is scam,  phishing, etc. Before implementing in certain country they should need a clear view about this program specifically bitcoin.
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August 23, 2018, 01:07:51 AM
 #32

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 agree, every government are up to controlling every currency that their county is dealing with, the main reason it cannot be taxed is like saying the government cannot milk on that currency, perspective matters, but in the european continent, where crypto are not an issue because the government are not after the benefit that they can get out of cryptos, they are pro-people and not interested in earning thru taxing crypto. too bad not all countries are like that of the countries in europe.

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August 23, 2018, 01:25:21 AM
 #33

I agree governments want to have control over the currency being used in a country, but I don't agree with the money laudering thing. This kind of activity is practiced for a long time already, and it's not Bitcoin that will give more or less power to those who practice this.

The control governments want is much more related to TAXES. That is the point. When you deal with the country's official currency, you are generating income for the government: international or national transactions. Without these taxes the government can't survive as the well-doer, the benevolent charitable and then its mightiness is in risk! They want people depending on the government, and Bitcoin threats this relation between state and people.

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August 23, 2018, 01:31:47 AM
 #34

They  wont allow cryptocurrency to rule on thier country specially banks thays why they ban bitcoin, they think bitcoin is used in illegal activities but still they dont have proof on it.

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August 23, 2018, 02:20:29 AM
 #35

Well the reasons why some of the countries didn't implement to use cryptocurrencies is beacause of the high risk.
We all know how risky it is. They don't have an expert to examine the security of the cryptocurrencies. They don't really know how blockchain works and they need time to review  it. They don't see what will be the use of cryptocurrency. And maybe their governments won't make money or big taxes from it.

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August 23, 2018, 03:14:32 AM
 #36

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.

Yes, they fear of the bitcoin’s unregulated market and is volatile that cannot be controlled. Other countries are hesitant of the new technology and cannot afford to risk the people’s investments. They are just being concerned of the people’s welfare.
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August 23, 2018, 05:52:32 AM
 #37

Bitcoin has been banned in other countries because their governments have a very strong reason like a money laundering among people because of this man has so many bad practices so the government can hardly accept anything, as now many buyers and sell prohibited drugs, and the government can not regulate bitcoin but in fact now bitcoin is called the most popular in the whole crypto world in the country today.
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August 23, 2018, 06:14:34 AM
 #38

I think t is because market is unstable and it is decentralized. It can also used for any illegal transactions.

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August 23, 2018, 06:50:23 AM
 #39

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.

Yes, they fear of the bitcoin’s unregulated market and is volatile that cannot be controlled. Other countries are hesitant of the new technology and cannot afford to risk the people’s investments. They are just being concerned of the people’s welfare.
Bitcoin is regulated, but usage is not. Satoshi didn`t plan to ban anything, if you have bitcoins you can buy what ever you want without restrictions, what you do with your own money is your thing. I don`t understand what means `its easier to launder money or transfer funds outside the country` from which country, in which country? Money laundry is done by the banks, not by the people. I can`t do that, can you? No you can`t, you need banks, you need companies. Banks and payment processors, third party services that work directly with banks have very high interest, I don`t care even if they collapse one day, they stole a lot of money already, maybe its enough.

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August 23, 2018, 07:45:43 AM
 #40

I think this may have something to do with the dollar. The dollar is very strong this year, which will lead to the loss of capital in countries with fragile economies, so the government has banned cryptocurrencies.
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