Reason why other ban cryptocurrencies


#1

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.


#2

Frauds are easy to carry out and there is no one to take actions against it. This is one of the reasons why countries ban cryptocurrencies.


#3

100% percent right friend therefore government is banning crypto
but government can solve the issue


#4

They can close the exchanges but they can’t stop people from buying and selling cryptocurrencies due to decentralize nature of crypto. A curse and a boon at the same time.


#5

yes all are public
what want public can do
but public will have to face many difficulties this way


#6

Yep. Like in India, we can’t deposit or withdraw fiat money directly in any exchange and we have to do transactions via p2p platforms.


#7

big transaction can be done by peer to peer platform


#8

But they are a real pain. takes too much time in depositing and takes days in withdrawing.


#9

right, if you wash the run money into the crypto world, the country concerned will find it hard to get the money back. besides, the state rules about crypto are not yet available, so the search for money must be based on the law as well.


#10

even then people not prevent self to invest in crypto because of its strong future
they will take out some easy method for fiat transaction


#11

Small countries will follow the developed ones in accepting and regulating crypto with time. Time is all we need.


#12

The goverment from many country is worry whe the money in his teritory is going in other country who can his country in bad condition and its can makr a crisis.


#13

all government want good things that make easy to handle finance sector


#14

It is prohibited by some countries due to non establishment of well created and founded laws and regulations encompassing bitcoin and other cryptocurrency and its transactions. Currently, it is still unclear to some leaders and government bodies on how to get hold of blockchain technology and the inherent cryptocurrency. They do not want security of their community be traded over this technology. It is quite known that there has been various cyber crimes or attacks that happened in the past. And even huge entities have not avoided it. So how much more are the small investors of these nations. They are waiting for the right timing where they can give the green light over cryptocurrency, when they are ready to take the risks or when the risks are minimized as they have been assessed.


#15

For example in India, central bank is studying Blockchain Technology for its use in banking industry but they don’t trust in crypto. they haven’t banned crypto or the trading with same but they have pulled the banking support from all the crypto exchanges because they believe that most probably this is a bubble and when it’ll burst, it can affect the economy. As soon as they’ll assess the risk/gains associated with it, they’ll take further steps either in favor or against crypto but at least they are assessing the situation and thinking of what’s best for the citizens. Only time will tell what’s going to happen next about it in whole world.


#16

Yeah, before they can divulge into this technology, they need to understand better, how to control it up to the point that they know control procedures are in there to minimize the risks involved in here. We are talking about virtual currencies here, bought via fiat currencies. They do not want any of their citizen to get scammed and left homeless, without any fight against those heartless criminals. They might say it is still a bubble, but we can all see the potential of this blockchain technology. They see it as a bubble because they focus on cryptocurrency, its values and all instead of leaning towards the technology itself, what more can it bring to every nation. It is just unavoidable to have cryptocurrency, because it is the one driving the technology.


#17

Well, this is going as one of the good conversations I have had here on this forum.

Problem is that its very easy to get scammed when we talk about crypto and there is no crypto police to hear your complaints about it. Countries do believe that blockchain is the future and it is one of the best thing related to tech that has been created/invented/discovered but they want only positives out of it. I’m not saying crypto is all bad but there is some bad associated with it especially if you see it from a government’s point of view. positives and negatives are two faces of any coin and we can’t avoid any one of them, we can just make sure somehow that positives are used much more than negatives with the help of some rules and regulations and for which we are eagerly waiting.


#18

Yeah. Exactly. No police since no established laws and regulations relevant to Cryptocurrency are implemented. However, we cannot deny too, that even with these laws and regulations, these kind of doings cannot be eliminated. Also, blockchain is all good, great actually, it’s just the people surrounding it are not contented, most of the time get greedy which leads to the negatives which are being looked out by those on the sidelines, especially the government. There will be countless advantages this blockchain technology can bring, however, those geeks have countless counter strike to cause more damages to us. Hopefully soon enough they can resolve most of these issues we are facing especially security. By the way, having nice conversation with you too from the other side of the world.


#19

Of course we can’t eliminate all of them but at least the frequency and number of scams would reduce substantially if regulations and strict laws are put in place just like there are laws and regulations in stock market and Forex market.


#20

Yeah exactly! Proper risk management is what we need and our first layer is the policies that govern the environment of cryptocurrency. Just early this morning, I have read a news about the US congress planning to introduce three (3) bills to SUPPORT and facilitate the development of blockchain technology and cryptocurrencies. I believe this is another great development for us, believers of this technlogy. It is a sign that doors are starting to open up, little by little. Hopefully this brings more positivity on the development of the industry.