Reasons why government would like to ban Bitcoin?

[Oceat]

Most countries ban the usage of cryptocurrency/Bitcoin because they don't know what it is and they can't control it that's why most of them make their own cryptocurrency just like what China did a crypto that they have full control. It's like they own your bank account so no matter where you are what you are doing they can easily shut down all of your money in one go.

If they didn't ban crypto in your country then it may have a lot of rules and regulations because that's what they could only do to an asset that they can't control.

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[michellee]

The government banned crypto because they can not control the circulation of crypto in the market and are worried that people can use crypto for illegal things. Maybe the government is not ready to see their people get wealthy from the way that they can not know and their people can avoid paying the tax of having crypto. If they can open their minds and integrate their system using blockchain, maybe that can give them a solution to reduce the corruption in their country. Maybe many benefits that the government can take from the blockchain that they do not know yet.

In general, they can't control the market.
I'd some time to think that the government that supports crypto is a planned trick for us. Once we fall in on their trick that is the time to take advantage and imposed taxes as their main goal. Probably, this will be going to happen in El Salvador.

The government will surely find a way to make us pay taxes, if it is not today, that might happen by tomorrow. That is the SEC is urging developers to list their projects as this will be the way to get in. Well, I appreciate their hard work but this might lead to losing our freedom.

Hopefully, the government will have considered not to trick people because if that is the case, they will be against their people's power, which can ruin the trust of the people in the government. Once it happens, they will lose everything they have because the basic in the country is the people. Hopefully, everything will be okay for the country that accepts crypto.

If the government really wants us to pay taxes, they need to smoothly approach their people and explain why they need the taxes. So far, the communication between the government and the people are not too details, especially if the media act as a bridge between them.

[wajik-tempe]

The main reason maybe they won't their citizens are not reporting their wealth to hiding from tax and this could affect a country economy crashing. They are still not find the way how they could manage their people if they are legalize cryptocurrency so right now it's the best way to ban it.
Also not all people in a country are smart enough to own cryptocurrency which the price sometimes fluctuative so fast, maybe for some people will drive them crazy to see it's price if they hold crypto and these won't be govement's responsibilty

[Harriett]

The war behind the ban must be due to currency. If a lot of money enters the crypto market, the stock market will be affected,Companies will be affected, and the country will not allow money from the stock market to enter cryptocurrencies,It is even more unlikely that cryptocurrency will replace legal currency,Behind the legal currency is the government.If everyone uses cryptocurrency, the legal currency will lose consensus. Without the consensus of the people, the legal currency situation will be a waste of paper.

[Peanutswar]

There is country as for now does not support the use of the cryptocurrency and the bitcoin itself we know that its decentralized and the bitcoin does not have any taxes and many investors and large amount holders using this coin to prevent the taxes, some of the country banned due to different reasons might possible such as the illegal action using bitcoin. If they cannot regulate this coin some of they banned that transaction. But still not all people know already the use of cryptocurrency investments.

[dupee419]

Today, fewer countries are still against Bitcoin, governments have finally legalized Bitcoin or cryptocurrency in general, but from the remaining governments that have not yet legalized BTC, since BTC is decentralized, no government can actually take control of it, some of these governments want power over Bitcoin but they cannot, this is not the only reason why but possibly one of the many reasons why they will not legalize Bitcoin on their country.

[Assface16678]

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 some countries people are using bitcoin as their earning and they tend to save money for their own good which is good but some of the this countries they dont have a law for taxing cryptocurrency. So in their perspective, its like you are committing tax evasion although it is legal.

[pjwaffle]

The government is a leading organization of all countries and they always want to control all transactions as well as legal buying and selling activities through paying taxes, but because BTC was born for the opposite purpose. with their regulation that's why they don't want to accept BTC and want to ban it from all of us.

[LyJones]

To be precise, Bitcoin cannot be completely banned at all. Because Bitcoin does not belong to a certain company or organization, it can be said to be closed. Bitcoin belongs to the tens of thousands of people who own Bitcoin. As long as there is a network, Bitcoin can survive.
To prevent money laundering and prevent illegal transfer of assets.
Bitcoin is a currency that cannot be regulated, so it must be killed in the cradle. However, Bitcoin has been banned again and again in many countries, and it has come back again and again, becoming more powerful.
Many countries have already recognized the reality and know that the wheel of history is constantly moving forward. Instead of being abandoned by the times, it is better to learn to keep up with the pace of the times.

[AakZaki]

Some developing countries that I know do not completely ban bitcoin, but rather to control bitcoin, because the high risk of bitcoin makes the government worried that it will affect economic development.
when bitcoin reaches the highest hype as it is today, of course the government's strong desire to control bitcoin is getting bigger. Even countries like China blatantly prohibit bitcoin.
bitcoin can not be regulated by anyone even the government, they can only manipulate and some other things that will bring bitcoin down. Bitcoin pros and cons will always be there.

[bitterguy28]

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.

Simple answer is ..

" If they cannot control then they will Deny" that is simple reason why Governments are banning and not allowing the use.

because those countries that already accepting bitcoin and there are already adopt bitcoin as legal tender knows the betterment of their economy can be helped by Bitcoin .

Let them ban bitcoin but let others welcome it thats all.

[Kittygalore]

The government is a leading organization of all countries and they always want to control all transactions as well as legal buying and selling activities through paying taxes, but because BTC was born for the opposite purpose. with their regulation that's why they don't want to accept BTC and want to ban it from all of us.

It's not the transactions that they're trying to control but the people. For me, that's the only reason why they will ban bitcoin or restrict it and mask that restriction as a regulatory policy to protect the people when it's not really the case.

[witcher_sense]

The government is a system designed to govern subjects who happen to live on the territory the government has control over. To effectively govern those living on the territory, the ruling class has an exclusive right to exercise violence. This is essentially a monopoly on the use of force, which the non-ruling class obviously shouldn't have.  As we all know, monopolies aren't a good thing because the lack of competition leads to worse products and services. Moreover, no one can protect you from the government itself: you're not allowed to use force. No one can, except bitcoin. Bitcoin is not a violent force nor an aggressive means. It is purely defensive technology that makes you self-sovereign, monetary independent, and free. Governments don't like such a state of affairs, they don't like the idea of you having a defensive tool to lower their influence. They want you to be dependent on them, otherwise, they won't have full control over you. They are trying to ban bitcoin so that you can't use it to escape.

[cotton ball]

The government is a leading organization of all countries and they always want to control all transactions as well as legal buying and selling activities through paying taxes, but because BTC was born for the opposite purpose. with their regulation that's why they don't want to accept BTC and want to ban it from all of us.

it's true as you said, the reason the government doesn't accept bitcoin, is because against the government, the government can't control bitcoin, and can't control bitcoin, the new government accepts bitcoin, if they can control bitcoin, and everyone who adopts bitcoin, is under government supervision.

[Sanugarid]

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.

BTC was being used as a bridge for other people like drug dealers and terrorists to make illegal transactions in which the government won't be able to stop them. With that being said, online transactions made through blockchain technology is out of the government's hand so they cant properly monitor and intervene with such illegal activities

[AakZaki]

Here are some reasons why government would like to ban bitcoin:
1) Decentralized : Bitcoin is a decentralized currency that cannot be control by the government. Government need a currency they can control at anytime they want in the country.
2) Unpopular: Fiat money is more popular than bitcoin in the country, and many citizens are finding it difficult to make use of it in some community.
3) Negative trust: Government are looking at bitcoin as a currency that came to eliminate their fiat money. It increases and decrease anytime, any day without the concept of the government.

The 3 reasons you mentioned why the government banned bitcoin are true.
But regarding the popularity of bitcoin, it may not be popular as a substitute currency because it has a higher risk than Fiat. Fiat remains the primary means of payment.
Actually, several state governments are reviewing whether bitcoin can be optional as a payment currency other than Fiat. However some heads of state are legalizing bitcoin only as a commodity trading and will not go beyond that.

[Rigon]

At the moment but different countries have accepted bitcoin legalization. Again some countries did not legalize bitcoin. However, in countries where bitcoin has not been legalized, there are many problems.You have given very little in the least developed countries. And has given legitimacy to bitcoin, especially in developed countries. And in all the countries where legitimacy has not been given, there is a problem

[Nutrient]

In a country like Nigeria where cryptocurrency and anything affiliated to it has been banned, this step by the government wasn’t backed by genuine reasons. Poverty is a card for these set of people. They hate to see the masses liberated. They understand clearly how powerful it is to not be at the mercy of the government when it comes to personal finances.

[KennyR]

Different Countries have different views over Bitcoin. Very few take it on the positive side whereas the majority have a negative opinion over bitcoin. Now this has been gradually changing with the massive number of active participants on the cryptocurrency market. Even governments have begun to legalize its usage on all needs.

Most of the government that are against bitcoin usage at present believe on a statement, bitcoin will affect the country's economy. Maybe in the future these countries will realise on missing the right moment.

[nelson4lov]

Different Countries have different views over Bitcoin. Very few take it on the positive side whereas the majority have a negative opinion over bitcoin. Now this has been gradually changing with the massive number of active participants on the cryptocurrency market. Even governments have begun to legalize its usage on all needs.

Most of the government that are against bitcoin usage at present believe on a statement, bitcoin will affect the country's economy. Maybe in the future these countries will realise on missing the right moment.

I feel like Governments will not fully embrace bitcoin. Even though they might allow for the use of cryptocurrencies in their country, there would be strings attached like regulations,rigorous  KYC/AML requirements and a bunch of other stuffs and these things defeat the purpose of crypto because they were built to be open and decentralized but Govt will always wantvto be in charge.