Reasons why government would like to ban Bitcoin?

[Davidvictorson]

One of the main ways the government controls their economy(and their people) is through the money. Obviously, since Bitcoin is permission-less and decentralized, it's the opposite of what they want in a currency.

That, and the fact that it's going to be difficult for them to tax gains.

In other words, it doesn’t fit into the economic and financial structure. In my own opinion, for nations with a ban on bitcoin or any other cryptocurrencies, the cons exceed the pros that’s why they ban it. And until it is endorsed by IMF, World Bank or one of the world’s super powers, it is likely going to stay that way for a long time to come.

[1715113046]

1715113046

[GeorgeJohn]

The answers been the reason while government what to ban bitcoin is not really official or been to know to us individual , so everyone will portray he or her point of view while government is kicking of the Vital or generally development of bitcoin, from my perspective government really want to be in control of bitcoin and since the privilege is not giving to them, they are looking for means to abolish the adoption and potential usefulness of bitcoin across the nations, bitcoin can't manipulated because it's digital and it determine it's regulations by itself, by if government take over it, then it's obvious that it's accuracy will be reduce and their will be no liable source to invest with crypto.

[Mikayla Buckley]

The Sharia LAW of Muslim countries I guess. This had been discussed in the forum for a while I see no reason for the Bitcoin ban this time since it's been regulated already. China use to ban Bitcoin but it had changed now.

Most countries will just follow what US is doing so if US isn't banning BTC, it's likely not going to be banned also to most countries.

Bitcoin is a virtual payment system that is not controlled or regulated by any central government or private institution. Participants in the Bitcoin system can easily hide their identities, and the government cannot control the domestic economy. Many criminals commit crimes through anonymity (money laundering).

[Dax Robinson]

The most obvious reason for the government to ban Bitcoin is that it is not regulated. This is due to the confidentiality of Bitcoin, which provides convenience for some illegal organizations to conduct transactions, money laundering and other activities, and may accelerate the development of illegal organizations! Have an adverse impact on the country's economic development.

[witcher_sense]

The most obvious reason for the government to ban Bitcoin is that it is not regulated. This is due to the confidentiality of Bitcoin, which provides convenience for some illegal organizations to conduct transactions, money laundering and other activities, and may accelerate the development of illegal organizations! Have an adverse impact on the country's economic development.

The government should immediately ban everything illegal organizations may use for their villainous purposes. For example, roads. How do you regulate roads? How can you prevent criminals from driving automobiles? The only way you can do that is by prohibiting automobiles and the use of roads whatsoever. Honest people who used those in their everyday honest life are now punished too. What else criminals can use to launder their dirty money? Banks running by corrupted bankers! Let us prohibit the use of banks as well as the dollar itself because it is considered the most convenient currency to transact anonymously. It doesn't matter that honest people spend their entire life hard working to earn "dirty money of banks" to feed their family. We should ban the dollar because someone unwanted used it too. You are not, however, demanding to ban all of that. Instead, you want to ban the only currency that helps honest folks to save their hard-earned money, that protects them from inflation and corrupt bankers, who, as we learned, have been so far busy laundering dirty money.

[James Watson]

Many countries vigorously promote the issuance and use of their national currencies, but the decentralization of Bitcoin runs counter to the centralization strategy of multinational currencies. The price of Bitcoin is not controlled by people or the central bank of money, which poses a greater risk to its citizens. And Bitcoin can perfectly bypass foreign exchange, which is difficult for the country to supervise!

[Oasisman]

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.

Let me enumerate some of the few reasons I know.

* Decentralisation, the government always want to put their hands over everything and have a control over it. Bitcoin cannot be controlled by someone even the government. Though they find an alternative and regulate cryptocurrency, but still they have no control over it.

* Threat to the traditional banking system. Though this issue has slowly died down and banks has slowly adapting to cryptocurrency, but this has been one of the few main reasons why Bitcoin has been banned to several places (which was lifted not for too long).

* Power issues for the Bitcoin miners. Happened in China where their local government tracked down miners and shut them down. Even local exchanges was reportedly being closed down.

* The fear of the cyber crime activities. Money laundering and other form of illegal transactions.
Though the government is well aware that It could always happen to any currency even fiat. So I guess this isn't gonna be the case today.

I'm not quite sure, but I guess every country today has slowly adapting and accepts Bitcoin and other crypto.

[isaac_clarke22]

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Different reasons to be honest.  Most common that "it is illegal" to some countries is that how it is pseudonymous for the holder. The fear of having money launderers that are pseudonymous is one of the factors. This is why many countries that at least "regulate" the use of Bitcoin do their usual KYC implementation when it comes to people looking to use custodial wallets. They're pretty much strict to it to be honest.

It's not that all about earning.

[Gozie51]

if government take over it, then it's obvious that it's accuracy will be reduce and their will be no liable source to invest with crypto.

But I make you understand that there are high impossibility for government to do anything close to taking over bitcoin or cryptocurrency. The reasons are that governments need to come together to agree on something about that at least before working towards such and from the world history, governments are not known to come together for a purpose because as they do in one union or convention, there are some convention disagreeing to it. There are friends and enemies in world governments, no permanent friends no steady enemies, allies and those to disagree with. And recently some started adopting it, it is no longer news and Ukrainian has also joined the league of those nations, US have not been also gone against it, they are progressives already. We know El Salvador already. Digital currency also have been highly adopted by must government, China, Nigeria and more working towards that.

[TWW]

~

Different reasons to be honest.  Most common that "it is illegal" to some countries is that how it is pseudonymous for the holder. The fear of having money launderers that are pseudonymous is one of the factors. This is why many countries that at least "regulate" the use of Bitcoin do their usual KYC implementation when it comes to people looking to use custodial wallets. They're pretty much strict to it to be honest.

It's not that all about earning.

I think that is one of the most powerful factors.
because there really is no control for the ownership of the pseudonym. money laundering can certainly happen and even in some countries there are already publicizing money laundering from the proceeds of corruption using crypto exchange platforms.
all countries know it is very likely to happen. and of course, the government is careful in determining policies on crypto-assets.

[Dhoe]

the reason the government wants to ban bitcoin,?? if I personally think they are afraid that bitcoin will replace their paper currency, the government maintains the paper money they have issued for a long time, and the government also can't control bitcoin, that's the reason why the government bans bitcoin, even though the emergence of bitcoin is not to weaken government paper money, In fact, the presence of bitcoin reinforces each other.

[cotton ball]

The reason the Indonesian government forbids bitcoin is because the Indonesian government considers Bitcoin to be detrimental to the Indonesian people. Because the circulation is not regulated at all and does not receive a guarantee from the Indonesian government. Especially by the central bank or BI. For other reasons, Bitcoin has the potential to disrupt the financial stability of the country due to high inflation in the value of money due to the Bitcoin trend. The government also cannot control bitcoin, so the Indonesian government prohibits bitcoin.

[Kodok Bencot]

The presence of bitcoin and cryptocurrencies with a decentralized concept of course makes the government unable to control transactions and assets, this makes the government afraid if bitcoin is used to hide money (money laundering), taxes and so on, the easiest thing for the government is banned bitcoin so it doesn't require much thought .

[haasanjui]

Government would like to ban Bitcoin because of cyber crimes. Many criminals use crypto currency to exchange black money into white money and there are money laundering drug trafficking cases are also happen on Bitcoin so government wanna control these crimes through ban Bitcoin.

[rosemariefrancis]

With countries legalising bitcoin one by one, I think it’s a good sign that governments have started recognising that Bitcoin is here to stay and have started accepting it.

[Nathrixxx]

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.

I have some possible reasons why government place ban on crypto:
1. Firstly, because of its anonymity: they believed it has no unique bearer and source

2. It's lack of regulators: they believed since it's not under government and no regulatory body monitoring it

3. Speculative asset: they believed it's not financially safe and secure, posing a high risk on investors,

To cap it all in a summary, the three notion is assumed an inferior objections because of their interest in a bid to centralize Cryptocurrency,. Firstly the first crypto emerged was Bitcoin by Satoshi Nakamoto

It's an individual's market discretion of buying a d selling price, while the crypto platforms pay tax to government but not regulated by them.

Lastly because of the volatility in Cryptocurrency pose a second thought on how risky it may be to invest in, which is wrong

[oktana]

Maybe because they don't want to lose control over you?
They basically want to completely have every citizen under full control(financially), and Bitcoin opposes that as it has taken out middlemen like the banks.
This obviously doesn't sound good to the government, so, they get jealous and want to ban it. But anyways, people still trade Bitcoin even with the Ban (but "illegally").

[Issa56]

There are lot's of reasons why I believe government is not in support of bitcoin firstly Bitcoin is decentralized the government those not have Power and control over bitcoin but if it is fiat now they can regulate it, Bitcoin is going to eradicate the use of banks and other financial institutions, they believe bitcoin is mostly used for illegal activities they believe it is been used by terrorists to purchase their arms deals and other hard drugs. They believe bitcoin volatility is very high, they are finding it difficult to get a way inwhich bitcoin holders will be paying tax.

[lalabotax]

There are some bad issues about this, likely:
- Government consider that crypto can be sued for money laundry very easily
- Crypto can be used for crime financial system more easily
- Crypto is like gambling that will be very risky
- They don't like the booming and popularity of crypto
- Because of political or certain interests by certain parties in the country

[verita1]

The most obvious response to governments banning bitcoin. It is the control and power they have in their economies. In some cases, governments administer public goods and forget that they have a duty to promote the development of the nation.

If they have a government problem, they look for culprits and they do not attend to solve them effectively.
Time passes and progress does not come and the most vulnerable people are the most affected.

Bitcoin fixes it! But governments would have to relinquish control.