Reason why other ban cryptocurrencies

[kumala_abi]

I believe that governments don't like to support cryptocurrencies right now, because they want only to support their fiat and local currencies, and because cryptocurrencies are decentralized, so governments can't control their prices and markets.

why they should to  hate cryptocurrency if this market could give them income source from taxes.fiat and cryptocurrency totally different,so dont be afraid with cryptocurrency that it would replace fiat.

[1715677837]

1715677837

[zhelis74]

I believe that governments don't like to support cryptocurrencies right now, because they want only to support their fiat and local currencies, and because cryptocurrencies are decentralized, so governments can't control their prices and markets.

why they should to  hate cryptocurrency if this market could give them income source from taxes.fiat and cryptocurrency totally different,so dont be afraid with cryptocurrency that it would replace fiat.

Yes, being decentralized makes crypto currency untouchable and so government take hard to control on it and I think that is one of the reason why government hesitant to accept crypto currency for they can't take any taxes from it.

[rafi035]

The goverment from many country is worry whe the money in his teritory is going in other country who can his country in bad condition and its can makr a crisis

what you convey is true, which I am surprised is why the government always sees it from the bad side not from the good side it can also bring benefits in its development. I am sure that in the future crypto currencies will be acceptable

[Btc_1856]

They are banning because they don't have proper knowledge about the blockchain and it concerned technologies. Due to huge fluctuations in the market, many countries are afraid to legalise the cryptocurrency because it will damage their economic growth.

[Silberman]

Other countries ban cryptocurrency because the government  of these countries can't monitor and regulate these currencies. These coins are decentralized that the government have no control. To control the economy, the government should have at least control with the financia transactions.

And that is what they fear the most, they think they need to regulate everything for the economy to work not realizing that such a thing only creates more costs and makes the economy more inefficient, bitcoin is going to help the economy by reducing the transaction times and costs that banks charge their clients and this will create a faster and better economy.

[kateycoin]

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.

And I just add to what you said its decentralize so expect that other countries not accept crypto because they know how risky is to their people but like many people said that in here it depend to us what and where we use the earnings from crypto. We can't blame some countries and their government because they don't that their people will be in trouble.

[cakravothy]

They are banning because they don't have proper knowledge about the blockchain and it concerned technologies. Due to huge fluctuations in the market, many countries are afraid to legalise the cryptocurrency because it will damage their economic growth.

not about understand knowledge blockchain technology
because some country ban cryptocurency but use blockchain technology in bank industry

[cahbagus555]

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.

Most central banks dont like bitcoin existance because bitcoin have limited supply. We know that central banks always print money from thin air and it will not happen if bitcoin implemented.

[sulendra12]

Why governments always look at the negative side of Bitcoin, they did not know the good bring into it especially when it comes transactions. If they afraid that Bitcoin may use in illegal activities such as money laundering or fraudulent that may affect the economic growth in the country why they didn't put regulation on have their own regulated wallet where to store Bitcoin not to direct in Bitcoin because it is decentralized, every person who holds Bitcoin must be passed on KYC procedure on their wallet to easily track the transactions.

Easier said than done. You can't just easily do that, government doesn't have time to do that. Not all of us wants to DO KYC because some companies could use our credentials for illegal crimes.

[iged_war]

Why governments always look at the negative side of Bitcoin, they did not know the good bring into it especially when it comes transactions. If they afraid that Bitcoin may use in illegal activities such as money laundering or fraudulent that may affect the economic growth in the country why they didn't put regulation on have their own regulated wallet where to store Bitcoin not to direct in Bitcoin because it is decentralized, every person who holds Bitcoin must be passed on KYC procedure on their wallet to easily track the transactions.

Easier said than done. You can't just easily do that, government doesn't have time to do that. Not all of us wants to DO KYC because some companies could use our credentials for illegal crimes.

government has alot work unit in their departement.so one of them could used to analize benefits and disadvantages cryptocurrency market.they have much time if they want to do this.

[kokobaba880]

Due to some people use it for not good things so it adversely affect bitcoin and crypto but on the other side all the wise people have much things for the crypto use many companies having different coins they trade with one another in crypto and A reason of my mind that some countries have bane it due to the problem of money laundering and other corruption issues.

[kumala_abi]

They are banning because they don't have proper knowledge about the blockchain and it concerned technologies. Due to huge fluctuations in the market, many countries are afraid to legalise the cryptocurrency because it will damage their economic growth.

not about understand knowledge blockchain technology
because some country ban cryptocurency but use blockchain technology in bank industry

government though after bitcoin and altcoin price rise sharply at end of year 2017, they consider it as hype and ponzi scheme.they want to protect their citizen if investing on crypto suffering loss.

[terencio]

Because of the fear of the unknown and the inherent risk since crypto is still in infancy. Government like to be everything within their control .

[akiho yoshizawa]

They are banning because they don't have proper knowledge about the blockchain and it concerned technologies. Due to huge fluctuations in the market, many countries are afraid to legalise the cryptocurrency because it will damage their economic growth.

not about understand knowledge blockchain technology
because some country ban cryptocurency but use blockchain technology in bank industry

government though after bitcoin and altcoin price rise sharply at end of year 2017, they consider it as hype and ponzi scheme.they want to protect their citizen if investing on crypto suffering loss.

if the government only wants to protect its citizens, it seems that by banning it is not the right solution, because crypto itself can be accessed anywhere and many ordinary people have already jumped into the world of crypto. It is better if the government also needs to learn more about crypto knowledge so that it can take part in it, don't just take the blockchain technology but do not accept the existence of bitcoin and other digital currencies.

[paulspider]

According to most of the populace and the government as a whole, there is little or no fund they getfrom bitcoin investment and this tends to make them take the decision of not accepting bitcoin.

[xabre]

Around the world all of country we can count just few country have allowed for using as payment transaction, there are many country still not legal for using bitcoin as payment transaction and many country have banned of bitcoin like Chinese and India, they have banned because afraid wrong use of bitcoin by some people.

[reality18]

The governments ban cryptocurrency because they claim it is involved in drug trafficking, money laundering, terrorism funding etc due to the anonymity attached to all cryptocurrency transactions. However, the governments have hidden agenda for banning crypto because they fear it will take the power they have over the finances of the people and give it back to the people.

[Visbay]

It is true. Essentially, a country bans crypto currency because that country won't get a cut from the profit its constituents get from trading crypto currency. After careful considerations, and alot of lobbying, crypto currency will be allowed to used a country but an exhorbitant amount of tax will be implemented.

It is not only imposing tax on income from cryptocurrency but there are many other factors, which cause banning cryptocurrency. The main problem is that cryptocurrency is not guaranteed. Many people do not invest in it because they think that it is a Ponzi scheme and there is no future of it. People will lose their money. People withdraw their money from banks and that is panic for government.

We know that there are two types of countries; those which are developed and those which are under development, will treat with crypto currency differently. Developed countries are looking for further improvement while governments of under developed countries find it difficult to treat with modernism, they will surely proceed further and will realize the need of modernism.

[deppil]

Why governments always look at the negative side of Bitcoin, they did not know the good bring into it especially when it comes transactions. If they afraid that Bitcoin may use in illegal activities such as money laundering or fraudulent that may affect the economic growth in the country why they didn't put regulation on have their own regulated wallet where to store Bitcoin not to direct in Bitcoin because it is decentralized, every person who holds Bitcoin must be passed on KYC procedure on their wallet to easily track the transactions.

Easier said than done. You can't just easily do that, government doesn't have time to do that. Not all of us wants to DO KYC because some companies could use our credentials for illegal crimes.

A company can use the KYC for their benefit and crime it might happen. but on the other hand the government must really verify the wallet or exchange company. make sure that the company is safe and reliable. of course the government can do that? because legalization is for mutual benefit. and after all there are many government workers in various sectors? of course they can do that.

[Kong Hey Pakboy]

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.

The reason why the government of other countries banned cryptocurrencies because they believe in rumors in social media that cryptocurrency is just a way to trick other people to get away your money or it is just all about scam, that is why there are some people that are afraid to invest their money in cryptocurrency.