Reason why other ban cryptocurrencies

[liseff3]

Well, I admit that bitcoin cannot be regulated and that it has been recognized by them, especially officials working in the field of state finance. The act of money laundering's actually very easy to do they can convert/spend it into the form of gold or diamonds. So not only on bitcoin only (this's just a classic reason lazy governments) which can only scapegoat bitcoin.

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[mokong11]

Also reason why other ban crypto currency is because some criminals use it in some illegal activities for example buying drugs and some porn sites to use it as payment method. Those are the reason why crypto currency is not legal in some country because the transaction record in crypto is not traceable.

[srcnckr]

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.

In my opinion, I think they are banning cryto currency it is because it is a decentralized. The government doesn't have the rights or to regulates crypto for it must have to undergo taxation.

Well,  you’re right and the op is also right about what he or she said. Some governments are not really looking at taxes, they just want to stop it cause they feel it is very bad for their citizens to be using such a thing as cryptocurrency ,and as OP said, there are chances that it can lead to poor economic performance. It’s still the same thing as you said though, they want something they can be able to regulate.

Many countries around the world have accepted and accounted for Bitcoin and some cryptocurrency in the transaction. That is a very good move for the cryptocurrency market to develop now and in the future.

[sempak bulong]

This prohibition may be because bitcoin is very difficult to control, with such conditions, our economy will not be stable and will even deteriorate, especially for countries that are still developing it is not good.

[andika2018]

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.

Many government ban cryptocurrency like bitcoin because disrupting banks bussiness and can not control bitcoin supply. Bitcoin is good for economy if applied on monetary government system.

[maculeth]

the value is considered too speculative and quite high risk, so the government does not want to take big risks to its people. besides, cryptocytes that are anonymous are vulnerable to be used as a tool for transacting illegal goods.

[musharaf]

In present time many national currencies are less using than crypto and the online market is expanding due to the crypto currencies and in future the scope will be more vast and in short time the fiat money will be just for those who are not able to utilize the crypto and some time crypto ban which is decentralized nature of it.

[Himanshu111]

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.

Many government ban cryptocurrency like bitcoin because disrupting banks bussiness and can not control bitcoin supply. Bitcoin is good for economy if applied on monetary government system.

The main reason why cryptocurrencies are getting banned because they are decentralized and no government or Central Bank has any direct control over them.Cryptocurrencies although are a good source of earning money and that too in a quicker time period but still they are very risky as they are very volatile and unstable.Cryptocurrencies are used by a small percentage of people all over the world.They are internet regulated which cannot be possible in every corner of the world.

[Elips1]

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 behind the banned crypto has to do with risk assessment, loss of profits, lack of control and both mutual and sided interests.Although some of the banned have their good reasons behind, many are quite unreasonable. Generally, the idea is that Crypto is decentralised and therefore isn’t controlled by anyone.

[letsfly]

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.

[Sebas.tian]

Some  countries have no laws and regulations about cryptocurrency; if there were, it is not that strong and does not apply to all kind of circumstances. With this, they might have resort to banning it altogether for the meantime until they know how to tackle and incorporate it to their economy.

[alval]

there are main reasons the prohibitions against cryptocurrency. at least those factors are
1. the cryptocurrency mechanism is different from the current mechanism. it takes decentralized that categorized as a threat and doesn't any fit regulations to control those.
2. unknown parties have possible to do money laundering, so hard to detect with authorized financial regulations to track them. it broadens risk against the clean policy about fund resources belongs
3. there are not official regulations that control the fund within the market. it is impossible for them to make/search/intertwine mutual agreement that relates to policies or anything else. no one has take the responsibility.

[Xising]

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.

I agree. I think many governments want to save themselves, especially the businesses, and most especially, the people under their jurisdiction. Bitcoin and the cryptocurrency market, in all its glory, is still a market filled with volatility and instability that can certainly affect how many investments will go. With that said, by screening and deeming Bitcoin illegal, a country may save their people from such high risk.

[Escan0r]

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.

Maybe it's from the government of the country who don't want their economy to be chaotic, so they prefer to ban the crypto currency in the future. But maybe they will change their minds.

[paynercash]

Some  countries have no laws and regulations about cryptocurrency; if there were, it is not that strong and does not apply to all kind of circumstances. With this, they might have resort to banning it altogether for the meantime until they know how to tackle and incorporate it to their economy.

Not applicable, there are many issues to address. This may be due to money laundering, corruption. These difficulties lead to unacceptable electronic money.

[Daseento]

Regulations is key to mainstream adoption of cryptocurrency. Part of government power lies in both fiscal and monetary control and idea of digital currency challenge both authorities. This is foremost among reasons for bans and restrictions.

[srcnckr]

Some  countries have no laws and regulations about cryptocurrency; if there were, it is not that strong and does not apply to all kind of circumstances. With this, they might have resort to banning it altogether for the meantime until they know how to tackle and incorporate it to their economy.

Cryptocurrency is increasingly asserting its position as it has gradually gained great success and attention from the investment community. I would like the market to grow and become a big financial market in the world in the next few years.

[Biscutard]

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 everything has their own pros and cons and this is what the cons i think, on the banking society. Whereas bitcoin doesn't really need a banks to put their own money where the government can lock them down with or without your permission and this is what the pros of bitcoin. But they shouldn't worry bitcoin because there are some regulations already that has been approved but they still have to apply it to their country.

[PlusOne88]

Yes, certainly this is correct as I have noticed that also. When people move money from their country out, the country loses that certain money and because it is done digitally there is little control of what and where will these money be used for. So it is like it is wasted if not used properly.

[Fishthatgirl3]

Because of the volatility of the price of cryptocurrency right now. It goes up and down way too fast that make a lot of people rich and a lot of others go broke. This fact makes cryptos themselves very questionable about whether they could stay for a long time.
Government of a lot of countries really get afraid of things that are not beneficial and not trustable that could affect their economies.