Reasons why government would like to ban Bitcoin?

[Woodie]

I would like to read your opinions about this topic, what are the reasons? Why is it Illegal?

There several reasons why in certain jurisdictions it is considered to be illegal. And I think some of the reasons for this is

• to avoid the disruption of the fiat money system
• to ensure people don't evade paying taxes as bitcoin and crypto in general is quite difficult to monitor
• the government is banning crypto because they are still trying to learn about it so to buy time for this process they have chosen to ban it

the fact that it is for earning & living?   May this answers we have here nailed in everyone's mind in this forum. For learning and importance.

For starters bitcoin and the bitcoin forum should be treated as two different products all together as earning is not a primary reason for using bitcoin!

[Pulsar77]

Some governments would like to ban Bitcoin or they already did this. Because they are afraid of the situation that they have no control over. They don't want their citizens to lose a lot of money in a cryptocurrency. But this is a totally wrong way to show it. Instead, they can let people do whatever they want. Because Bitcoin can't be restricted like this. This can cause people to get angry also.

[Twinkledoe]

Some governments would like to ban Bitcoin or they already did this. Because they are afraid of the situation that they have no control over. They don't want their citizens to lose a lot of money in a cryptocurrency. But this is a totally wrong way to show it. Instead, they can let people do whatever they want. Because Bitcoin can't be restricted like this. This can cause people to get angry also.

I believe the main reason why most governments want to ban the usage of bitcoin is that they have no full control of its existence. Unlike with fiat, they know how much they are releasing to their system. And without full control, they don't know how to regulate it. This is like untraveled road for them, so they don't know how to take action also.

[magnum1010]

I would like to read your opinions about this topic, what are the reasons? Why is it Illegal? the fact that it is for earning & living?   May this answers we have here nailed in everyone's mind in this forum. For learning and importance.

In my opinion, authorities consider crypto to be their rival, as we know that it can replace traditional financial system (banks and fiat money). It means for the government that they are not in control of the situation. They are used to controlling and regulating rates, prices, emission of currencies,but with crypto they will lose this control, so they can't let crypto develop freely.

[MaDeidre]

The government banned Bitcoin only because of the uncontrollable nature of Bitcoin. Many news reports have reported that many people use Bitcoin to launder money and use Bitcoin to deceive other people's money. Attempt to ban Bitcoin by enacting laws. Bitcoin can protect people's privacy. Many countries have legalized Bitcoin and can use Bitcoin freely.