Reason why other ban cryptocurrencies

[SoiledDove]

Because cryptocurrency is so convenient, the traditional banks seem a bit afraid in it. But in the end, they won't be able to hold it back because it is the system of the future. There is some opposition for now, but in the end, it will melt away. Don't you agree?

[rricksu]

I think maybe because of the thinking that people who are enjoying cryptocurrencies lead them to lazyness and being unproductive.

[phucngungoc]

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 addition to the government's inability to control money laundering, bitcoin also reduces banks' profits by depositing savings. The government is fed by bank and tax, the bitcoin exchange will not take tax and the government will go bankrupt

[BartS]

I think Most countries that are have banned digital currencies in general, also like to have in control the consumer protection and anti-criminal activity that can also be one of the reasons for a cryptocurrency ban. However the factor number one for the bans is mostly based on lack of understanding of how cryptocurrencies work and why the blockchain technology is important.

Do you think that politicians are dumb? You do not get to those positions by not knowing what it's happening, they understand very well what cryptocurrencies are about, governments have seen how a new technology destroy a whole industry and they do not care about that, but they are seeing that the ones that are going to be the most affected by the use of cryptocurrencies are themselves and they do not like that at all and are going to do everything they can to avoid that fate.

[hildacitra]

Bitcoin is one of the popular virtual cryptocurrency money. In fact, with the various benefits that Bitcoin has, there are several countries that buy this crypto currency. This happens not without reason, for sure every country has their own reasons. Generally the blocking is for reasons like the following.

- Virtual currencies are difficult to control
- Easy to use for fraud
- Damaging the world of investment
- Used illegal transactions

However, in my personal opinion the reason for the ban must have its own reasons. As for China, which prohibits such reasons, it actually creates crypto currency, which is not much different from bitcoin. They deliberately forbid because they are aware of the benefits of crypto currency, it's just that they are still observing the development of crypto to adopt this system.

[Sarastiche]

Government globally want to ensure they protect there citizen and economy against the lost in crypto as the space is quit volatile and also without regulations that can serve as a control mechanism in the space, this are some of the reasons why government ban crypto in there countries.

[BennyK]

Most of the governments detest cryptocurrencies especially Bitcoin because of its anonymous nature which make transactions unable to be tracked along with the users involved. The governments claim Bitcoin is involved in drug trafficking, terrorism funding, money laundering etc due to this feature of anonymity of the crypto technology.

[Kakawate]

I think, bitcoin and the whole cryptocurrency system is being banned in some governments or some places because it has lots of issues that the government is facing, one of this is the tax issues, this is one of the biggest issue that has been going around the globe, but there are still lots of problem or issue that cryptocurrency is facing and I think it would take time before it could be given a solution.

[webdevmastery]

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.

There are countries who are banning cryptocurrency because their own economy is not improving because of the grow of cryptocurrency and most of the people prefer to place their money on bitcoins rather than on the banks.

[Angna27]

For some reason government or countries ban bitcoin... for one they cannot seems to control it because its decetralized and also they're not yet familiar with digital concept and when it comes to currency they're not sure of its condition in the market becuase of it high and low condition.

[senyorito123]

There are countries that is banning Cryptocurrency because of the security issues,some people use it in illegal ways like money laundering,buying drugs and also the terrorist use it to buy guns that why the government not accepting it they want to protect their citizens,and also it is decentralize we can trade crypto anywhere without middleman and it is not allowed in the SEC restricted countries.

[raidarksword]

They are afraid of the evolution that's why some governments and countries not allowing it because they think that bitcoin has no future and it's just a bubble and mostly the negativity that media brought upon on bitcoin that made huge impact back then. But as of today many countries already accepting bitcoin and soon more to come because they sees that bitcoin has gained lots of community supports and already shown great potential towards future success of payment system.

[katrimans]

I think they banned Cryptocurreny because they can't control it more people they use for illegal activities.

Due to money laundering issues but it is not the fault of Bitcoin as we can put the blame on their governance system should take care of these things. Countries are making progress with it and the governments of these countries have grasp over reducing the money laundering issues happening in the crypto world. So we should not give the blame to Bitcoin but good governance is required for the progress of its country.

[nealdlover]

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.

Yeah, those are the main reasons why btc is hard to get into official currency globally or in any other country because everything will be crazy if the government accepts it. btc should be considered a kind of asset to support transactions for cash rather than an official currency

[cr7]

Officials do not care about their country. They're more worried about billions of dollars going past their pockets. Therefore, they are so skeptical not only about bitcoin, but also about the entire cryptocurrency.

[Blamsud]

Officials do not care about their country. They're more worried about billions of dollars going past their pockets. Therefore, they are so skeptical not only about bitcoin, but also about the entire cryptocurrency.

As long as they found no ways to gain money at crypto since they don't have access in it, every government may not be in favor in it, but if that country really wants growth and believes in technology they can give it a try.

[hachiman13]

Officials do not care about their country. They're more worried about billions of dollars going past their pockets. Therefore, they are so skeptical not only about bitcoin, but also about the entire cryptocurrency.

This is not the case for all the time. It might be that the government doesn't have the necessary ways to deal with cryptocurrencies and they are banning it for the meantime until they find it. Cryptocurrencies are fairly new to our generation, integrating it in a country without exerting necessary caution will be disastrous.

[Silberman]

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 disagree completely with you, bitcoin and cryptocurrencies in general need to become successful in their own right without the help of the government, we are trying to achieve a payment system that is not reliant on governments or banks, governments do not want to adopt cryptocurrencies because they are opposed against its ideals and not because of the scams or crimes going on.

[ChronoLite]

Governments are afraid that cryptocurrencies can take over conventional bank and make financial on that country become worse. Also people think that cryptocurrencies are illegal, because it can be used to fill terrorism's funds and buy illegal things like weed, guns and stuff. Which they want to stop this thing

[Sum24]

Officials do not care about their country. They're more worried about billions of dollars going past their pockets. Therefore, they are so skeptical not only about bitcoin, but also about the entire cryptocurrency.

Yes they only want to have dollar in their pocket but actually they are not aware of benefit they can get from investing or accepting bitcoin, recently china has realized the mistake for banning bitcoin and they unbanned again, and those who are not accepting or banning it are going to regret because bitcoin is not only economically beneficial for them but for their whole country so they should not ban it at all.