Reason why other ban cryptocurrencies

[UchihaRukawa]

I think, cryptocurrency is being banned in many countries because of some tax issues, the government is seeing hiw people are getting loads of money without them hacing to pay taxes or in other worlds without the government grtting anything from it. I guess one more thing is the paper works needed, the legal matters and all the talks before cryptocurrency gets accepted fully.

[walemil]

Governments want to be in control of cryptocurrencies which is a bit difficult for them due to decentralization and as a result of this, some governments are prohibiting or banning cryptocurrency within their territory on the ground that it can facilitate money laundry. The fiat currencies under the control of government is still being used to launder money. I think there is more to the governments' decision.

[pokang13]

I think it is because of ignorance of what cryptocurrency is.Some people are skeptic about it and they are afraid it won't materialize.If only they knew and understand why crypto was created, then I am sure they will not ban it.

[BaraxLo]

I think the reason why crypto currencies are banned by the government is because of the high risk that arises if you invest in this commodity, the simple example is when you buy crypto currencies at a certain price there is a very uncertain price movement. the opposite will make you experience losses...

You just hit another good point. Some government might be kicking against it because they think it is very risky and people might be losing their money through it.

But bitcoin is not the only risky thing there, it’s an investment and they should all know that investment has risks involved so anyone that is investing their money in it should be aware of that. Though another I have seen a lot of people complain about is the manipulation in Bitcoin, whales are now using it as an opportunity.

[edisystem]

Also it's hard to control the bitcoin if a country accept bitcoin as a payment or a currency. I think the government banned cryptocurrency with a reason, not because of scared or anything. It's hard for now for cryptocurrency to be accepted on some countries, maybe we will see it in the future, who knows.

[valentine401]

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 own opinion, there are government who hates cryptocurrency because their own country cannot handle the grow of bitcoins and there are more people who prefer trading in the market rather than working in the corporate world.

[wendiar19]

I think that making cryptocurrency is often banned because I think cryptocurrency is too open and the price is too terrible because it can't be stable.

[enwi]

yes, there are several countries that prohibit crypto currencies because the government cannot regulate the use of crypto and currently many use crypto for crimes and that will harm the state

[moneyangel]

Because it's more on decentralize currency and the government has no control of the supply and prices. They are afraid that this will be use for criminal funds and don't want their people be a target of those criminals.

[Diane757Clarke]

Many people use cryptocurrency for criminal purposes such as arms trafficking, human trafficking ... That makes the government prohibit Bitcoin operations.

[FionaRice124]

Unlike other conventional currencies controlled by the government, major banks or investment funds, Bitcoin is regulated by private investors. You can access Bitcoin from anywhere connected to the internet, through companies that exchange or purchase products or services, although most people use Bitcoin as an investment. However, it is difficult to prevent Bitcoin from working. It is important for everyone to understand that converting Bitcoin to USD or GBP is illegal. Big companies like Microsoft, stock exchanges or real estate should not accept Bitcoin.

[SpringfieldM1A]

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.

Do not forget the part where there could be inflow of money into the country as well. At least, if money is leaving somewhere, it is not just disappearing.
For instance, a lot of people have been doing well for themselves, some have been able to learn how to trade over the years, and make some pretty good returns on their trade, and looking at the fact that you will still need to convert to fiat to be able to spend at all at least for now, it makes it necessary to at least have a need for your currency which brings about demand for it.

[RavenHood]

The reason why other country ban cryptocurrencies because its decentralized and they can’t control it if you can’t control the currency that coming to your state you can’t get regular or can’t deduct the correct tax to your people. The other reason is some people are using the advantage to do their illegal work, like selling drugs and smuggled stuff. Another reason is maybe they are creating their own cryptocurrency like another country, and they don’t want to use the other cryptocurrency that they don’t own.

[justspare]

I think the reason why crypto currencies are banned by the government is because of the high risk that arises if you invest in this commodity, the simple example is when you buy crypto currencies at a certain price there is a very uncertain price movement. the opposite will make you experience losses...

You just hit another good point. Some government might be kicking against it because they think it is very risky and people might be losing their money through it.

But bitcoin is not the only risky thing there, it’s an investment and they should all know that investment has risks involved so anyone that is investing their money in it should be aware of that. Though another I have seen a lot of people complain about is the manipulation in Bitcoin, whales are now using it as an opportunity.

I do not see government thinking it is risky for the people, I see it more like it being a threat to them but obviously, we cannot expect them to come out completely to say, 'stop bitcoin or cryptocurrency because it is a threat to us' but would rather find other disadvantages surrounding it, push it out like it is something that cannot be solved and use it as a stone they can step on.

I wonder when governments really cared about their citizens most especially in some third world countries and undeveloped countries banning it. It is normal to see complaints with in an unregulated space which is why at this stage; the government can still come up with lenient regulations to make things work in everyone's favor.

[nokat]

To some countries,the government makes the insinuation of getting some funds from every investment the citizens make on bitcoin transaction but they do not get. In that case,they intend banning any crypto related transactions since they do not get funds from them.

[localcrypto]

Most of the country ban cryptocurrencies the main reason is they fear the money coming through cryptocurrency are illegal money which cant be accountable but in reality if the county regulate then they can work smoothly with cryptocurrencies

[BartS]

Baning cryptocurrency is of no use there is no certain way of banning cryptocurrencies they can keep only certain rules every now then but cryptocurrencies are decentralised

We must not be so confident, there are a few ways in which bitcoin could be blocked, for example if governments find a way to differentiate bitcoin traffic from regular traffic on the web they could block the bitcoin network, I think the developers will solve that issue but that will prove to us that the governments are really looking to destroy bitcoin by any means necessary and that we must stay vigilant to all of their attempts since we cannot let them succeed.

[kristineirene]

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.

[Xenoph0bia]

I think the reason why crypto currencies are banned by the government is because of the high risk that arises if you invest in this commodity, the simple example is when you buy crypto currencies at a certain price there is a very uncertain price movement. the opposite will make you experience losses...

You just hit another good point. Some government might be kicking against it because they think it is very risky and people might be losing their money through it.

But bitcoin is not the only risky thing there, it’s an investment and they should all know that investment has risks involved so anyone that is investing their money in it should be aware of that. Though another I have seen a lot of people complain about is the manipulation in Bitcoin, whales are now using it as an opportunity.

I do not see government thinking it is risky for the people, I see it more like it being a threat to them but obviously, we cannot expect them to come out completely to say, 'stop bitcoin or cryptocurrency because it is a threat to us' but would rather find other disadvantages surrounding it, push it out like it is something that cannot be solved and use it as a stone they can step on.

I wonder when governments really cared about their citizens most especially in some third world countries and undeveloped countries banning it. It is normal to see complaints with in an unregulated space which is why at this stage; the government can still come up with lenient regulations to make things work in everyone's favor.

The main reason is that these are decentralised and the central banks have no control over them at all.These are also very risky as they can get hacked very easily.Cryptocurrencies are also very volatile amd we do not know when will the prices go up or down as they do not follow any trend.Cryptocurrencies require internet connection which is not possible in every corner of the world.These also require some basic knowledge to get operated and are bit complex to understand.

[1NV3ST0NM3]

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 I completely agree with you on this. The cryptocurrencies are snatching the financial power from the hands of the government and giving it to the public. Therefore, the governments and banks are against crypto market. The cryptocurrencies and its underlying technology known as blockchain aims at establish direct contact between the financial parties thereby eliminating the intermediaries like banks. This puts threat to the very existence of banks.