Why Government banned bitcoin?

[spyhelp4u]

Bitcoin banned in many countries. If it did not banned, then there was a lot of improvement in the country's financial sector. What is the main reason for the ban?

[klebsiella]

I think some government banned Bitcoin to protect their local currency. And to protect their banks as well. They are afraid of it because bitcoin is something they cannot control due to its decentralized nature.

[sheenshane]

I think some government banned Bitcoin to protect their local currency. And to protect their banks as well. They are afraid of it because bitcoin is something they cannot control due to its decentralized nature.

Precisely, you have a good answer mate. Well due to bitcoin is decentralized some countries keep banning bitcoin because they know that bitcoin can't manipulate them. They are afraid that bitcoin may be used in illegal activities to their place. Probably one factor is they think that bitcoin will be a big competitor to the bank near in the future so that the reason why.

[Pheonyx]

I think some government banned Bitcoin to protect their local currency. And to protect their banks as well. They are afraid of it because bitcoin is something they cannot control due to its decentralized nature.

Precisely, you have a good answer mate. Well due to bitcoin is decentralized some countries keep banning bitcoin because they know that bitcoin can't manipulate them. They are afraid that bitcoin may be used in illegal activities to their place. Probably one factor is they think that bitcoin will be a big competitor to the bank near in the future so that the reason why.

Yes! But if manipulation is the problem, they can do that in different ways like buying a large ammount of btc at the lower price, from that they can earn much and may help their economy.