Reason why other ban cryptocurrencies

[kenlyresuello08]

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.

[1714030087]

1714030087

[1714030087]

1714030087

[eko23]

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

[Jamboo30]

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.

[BrewMaster]

that doesn't make sense.
for instance imagine you want to launder money or transfer money outside of country. you currently have other ways of using fiat and doing this safely, without any trace and with no risk of value loss. if you launder $1 million you get $1 million dollar clean money.
but now imagine you use bitcoin to do it. first you leave a trace behind that is easy for everyone to see. then you are risking losing a lot of money. if you put $1 million in and bitcoin loses 10% (a common drop like from $6600  down to $6000) then you lose $100,000 easily!

now tell me who is going to choose bitcoin over traditional methods of laundering money?

[btc_angela]

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.

How about money coming in from the country because of cross border payments then? It could help their GDP specially coming Christmas time. Asia alone has the bulk of this remittances so I guess that argument is flawed. Its p2p, we don't need banks. And that is not the problem of the technology itself. And I don't understand why they keep on attacking bitcoin but then they take advantage of the technology behind, blockchain.

[peter0425]

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.

Stop with the non-sense money laundering argument.

https://news.bitcoin.com/cryptocurrency-harder-launder-fiat-currency/

And why would transferring fiat to crypto would lead to poor economic performance? How many people are converting local money to fiat? Do we have any idea on that?

Yes, I would have to agree that it has something to do with control. Countries like Russia and China doesn't want anything that they can't control so its very evident on their hard line stance against crypto.

But its not a threat whatsoever, imagine Venezuela or Zimbabwe, without bitcoin, those people simply not going to survived the economic turmoils they are facing.

Venezuelans Survive on Bitcoin
How bitcoin has become Zimbabwe's crisis currency

[davis196]

that doesn't make sense.
for instance imagine you want to launder money or transfer money outside of country. you currently have other ways of using fiat and doing this safely, without any trace and with no risk of value loss. if you launder $1 million you get $1 million dollar clean money.
but now imagine you use bitcoin to do it. first you leave a trace behind that is easy for everyone to see. then you are risking losing a lot of money. if you put $1 million in and bitcoin loses 10% (a common drop like from $6600  down to $6000) then you lose $100,000 easily!

now tell me who is going to choose bitcoin over traditional methods of laundering money?

Your scenario is right in theory,but money laundering does not always mean executing "real" transactions,like buying bitcoin,ethereum,monero,some other asset or real estate.Those transactions are only on paper(fake purchases,fake loans,fake contracts),in order to fool the authorities.The real money are "laundered" without moving and without changing their owner.
The OP is right in his threa that the governments keep the stupid crypto=money laundering  propaganda,while crypto isn't involved that much into money laundering.

[LyQaN]

The main reason for any country to ban cryptocurrency is the fact that cryptocurrency are not under the control of any government.Government cannot control cryptos transactions.So in order to stop or we can say to prevent the misuse of cryptocurrency they ban them because people find it as a way to perform illegal dealings using cryptos as they know that they will not get caught.

[fritzpaulusha]

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.

How you can prohibit Bitcoin if you cannot regulate (don't have control over it) Bitcoin ?=)

Yes, governments are trying to stop it; but all that they can do is just slow down the trend.

[markdario112616]

To cut it short, The government don't generate money from it and they can't control nor track transactions from it that's why they banned it.

[Legone]

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 reasons why  cryptocurrencies are banned because of security issues. The other group of reasons are usually not stated officially but is largely implied. It is directly associated with cryptocurrencies being decentralized.Cryptocurrencies make it easier for criminals and online fraudsters to demand payment no one can control it.

[Bugcoin5]

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 cryptocurreny banned because it can be used for illegal transactions such as buying and selling drugs or weaponry. According to central bank officials, cryptocurrencies can also be used for money laundering or terrorism.Legality is one of risks in cryptocurrency investments. if there is a problem with regulation you risk lost all of your money

[charlotte04]

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, it is truly indeed dangerous to have cryptos to any of the economic zone, but somehow someday people will realize it all that they can self control their own funds through crypto currencies or digital currencies. For that, they will have the freedom to do and buy anything for their own.

[hastang]

So many discussion about crypto currency ban in the nation was pit into discussion. The only things that usually came up after discussion are as follows that make them ban crypto currency.
1. Market uncertainty
2. Somehow a kind of market manipulation
3. Decentralized
4. Protecting their people to be a victim of scam
Among others.
This should be address before crypto currency will be totally accepted worldwide.

[ChoCO_BisCuit]

On my own opinion, they are banning cryptocurrencies because it actually is a danger to their society and government. The most affected person are those type of investors who don't know what they are doing and only focusing to how they can profit but not on the possible losses for their investment. Cryptocurrency is still maturing and consider as risky investment.

[TranTrongit]

The simple reason they band crypto and bitcoin because they wanted to control and manipulate bitcoin like fiat. but they can't. and they see it as a danger to their economies.

[Tinaw]

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 the Reasons for banning cryptocurreny are their high volatility and also that many illegal activities can be conducted via transactions using these coins.Government can't control cryptocurreny transaction.

[dlhezter]

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.

If we are basing on our experience regarding on banning of crypto currency well I think because they cannot get tax on it they will no income because no one would pay for tax in each country and they cannot handle or control on how the blockchain work, aside from that many people use this for some illegal transaction so government would not detect each transaction and they are just protecting people to avoid being scam because they have not enough knowledge regarding on blockchain.

[bobrova]

They have simply failed to understand it. They judge it based on past online scams.

[patarfweefwee]

Well i guess you can say that and maybe it would be true. My take on it is that banks are twisting the arm of the government because they're threatened by crypro currency. I mean why would an ordinary citizen take their money to thenbank to just sleep when they can invest it on crypto currency and watch it grow.