Reason why other ban cryptocurrencies

[ninuplanste]

There maybe a lot of reasons why the government of each country are bannning cryptocurrency in their country , this is because the residents in their country is not yet ready ,not yet familiar  with cryptocurrency , and the government want to take control over this cryptocurrency if in case ,it will be accepted by their own country, so from this time the cryptos has been ban from every country  which is not yet ready to accept cryptos.

I think that the main reason is that still most of the people do not have enough knowledge about bitcoin and therefore they are not letting their people to use bitcoin as they consider bitcoin and other crypto currencies not good for their economy.

[Mymikagab]

I read for a reason why bitcoin uses bad habits one with that scammer and many others. but we know that the crypto has helped us a lot and hopefullu they open the door to bitcoin in their country for a lot to help.

[Google+]

there are many reasons cryptocurrency does not have permission to use and distribute in some countries, one reason that is currently very dominant may be because cryptocurrency is a digital currency that has very sophisticated technology and has a very limited supply so prices will never be stable and making the price movement go up and down quickly so that the government is afraid if using bitcoin when exchanged will fall in price and lose.

[Maknae09]

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 made a visual representation of your stand points in order to better understand why other ban cryptocurrencies.

[bettercrypto]

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.

[Wete]

The government is afraid that the digital currency is used for deviant transactions, such as the sale and purchase of illegal drugs or firearms, and there is no other choice for the government other than banning the use of digital currencies, because the government cannot oversee transactions.

[TheWalkingCoin]

Many people have lost money at cryptocurrency is why many country have banned bitcoin and still not legal for using bitcoin as payment transaction, many people joined and buy bitcoin or altcoin at higher price but they have faced with more drop price of bitcoin or altcoin.

[jcpone]

Cryptocurrency transaction cannot be trace this give opportunity for  drug dealers,Terrorist and Arm dealers to transact globally,without any form of check and arrest, this Illegal deal is detrimental to the society and the global world at large,Also government want to be incharge and control the economic development of the country, this cannot take place with cryptocurrency reason why they ban cryptocurrency.

These are just the negative effects of decentralized platform. Governments actually don't have any control of the different transactions including these criminal transactions. Money laundering would be very easy for those opportunists. There should be an alternative to this issues at hand as bitcoin is targeting mainstream. Rich countries such as Australia is trying to make simple regulation just to avoid such activities.

[amonymous]

I think you tell why banned Cryptocurrency because crypto market is unstable and many government said always risky for scam.i have see now many countries do not accepted legal Cryptocurrency,in fact it will be possible to Available crypto accept every country but need to recognized most popular then is possible.

[joshy23]

Cryptocurrency transaction cannot be trace this give opportunity for  drug dealers,Terrorist and Arm dealers to transact globally,without any form of check and arrest, this Illegal deal is detrimental to the society and the global world at large,Also government want to be incharge and control the economic development of the country, this cannot take place with cryptocurrency reason why they ban cryptocurrency.

These are just the negative effects of decentralized platform. Governments actually don't have any control of the different transactions including these criminal transactions. Money laundering would be very easy for those opportunists. There should be an alternative to this issues at hand as bitcoin is targeting mainstream. Rich countries such as Australia is trying to make simple regulation just to avoid such activities.

There's always pro's and con's about this new innovated system, as government see a big potentials of negative effect of cryptocurrency in their country
they won't take the risk, they needed to assure that their government still have the main control especially when it deals with financial aspects, they won't allow anything to happen without their controls, it's a big argue allowing people inside your jurisdiction will transact without paying any taxes it will ends up making your country collapsing because of not having enough funds.

[bettercrypto]

Decentralized in nature, this is the main reason why some governments are banning cryptocurrency. Of course, it's the obligation of the government to be always in control of every transaction happening within its designation. With the emergence.of cryptocurrency, illegal transaction are made through cryptocurrency to avoid tracing back. One reason why government is banning cryptocurrency.

[Kiweikoo]

I read for a reason why bitcoin uses bad habits one with that scammer and many others. but we know that the crypto has helped us a lot and hopefullu they open the door to bitcoin in their country for a lot to help.

Yes this is one case too. People are using it for so many unlawful things. On deep web, every criminal activity is being carried out through bitcoin. They make transactions of ransom, drug abuse, human trafficking and all such criminality. But there is a good side of picture as well. We can see an amazing opportunity pool that can help people to make money from their restricted resources.

[amaydel]

Others ban cryptocurrencies because they think that cryptos can destabilize or hinder the growth of their economic progress. What they saw is only the negative side of cryptos that they think will outweigh the good side of it like  what others said that cryptos helped improved their economic growth.

[ruski]

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.

[Capt00]

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 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.

[Barbut]

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 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.

And what is negative side of bitcoin towards bitcoin, the fact that they cant regulate bitcoin like they want to. Bitcoin is decentralized and all the governments are centralized, thats the flux between them. What is the point, its that blockchain can replace entire governments, and maybe they are afraid of that. When you look who legalized bitcoin you can notice that just countries that are open for new things can accept bitcoin, and those countries are much more advanced than the rest of the world.

[South Park]

Others ban cryptocurrencies because they think that cryptos can destabilize or hinder the growth of their economic progress. What they saw is only the negative side of cryptos that they think will outweigh the good side of it like  what others said that cryptos helped improved their economic growth.

It is clear the benefits of cryptocurrencies are going to surpass any negative impact they may have, but politicians are not dumb they are seeing they are the ones that will suffer all the negative effects of bitcoin and they will not get many of the benefits, they are realizing that the ones that will obtain the most benefits are the people and they will be unable to extract those benefits through taxes.

[KGBx]

I think that it is just impossible to integrate in a short time crypto into the law system of a country, that's why they are afraid a bit.

[Rooster101]

Their monetary laws might not allows any kinds of virtual coins outside of their country or the officials simply don't believe cryptocurrency is beneficial to their people or economy. Others might consider cryptocurrencies as a threat to their financial system. These are some of the reasons on banning the bitcoin by some countries. Politics can also play in the restriction of bitcoin because the current leadership are against any virtual currencies.

[andriarto]

Their monetary laws might not allows any kinds of virtual coins outside of their country or the officials simply don't believe cryptocurrency is beneficial to their people or economy. Others might consider cryptocurrencies as a threat to their financial system. These are some of the reasons on banning the bitcoin by some countries. Politics can also play in the restriction of bitcoin because the current leadership are against any virtual currencies.

over time they will realize and must follow rules of developed countries that have legalized it first. of course by being aware of weaknesses and fixing them so that you can accept cryptocurrency as the best solution, than government will regret later