Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: cryptorakibul on January 18, 2018, 03:12:53 PM
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hina-based cryptocurrency exchange BTCC suspended all domestic trading in yuan last weekend. The decision came on the heels of a September 5 statement from regulatory authorities in China, which required all domestic cryptocurrency exchanges publish closing announcements, stop registering new users, and establish a schedule to cease yuan-denominated trading by September 15. Huobi and OKCoin — two other exchanges based in China — have announced similar plans to stop trading. To be clear: China has not banned the use of cryptocurrencies. It has banned cryptocurrency exchanges and initial coin offerings (ICOs). Even still, it has prompted some to consider whether a government might ban cryptocurrencies like bitcoin — and, perhaps more importantly, whether such a ban would be effective Smiley Smiley Smiley
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its anonymity.
lack of understanding of cryptocurrency.
fear of progress that can eliminate FIAT.
Banks and Financial Institutions fear not selling.
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The government banned bitcoin because it was feared that it would be misused for crime. Some time ago I heard that bitcoin was used by ISIS to fund terrorism activities. Maybe that's just one reason why bitcoin is banned.
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In general it could be unsatisfied result for government. Communities form by family and from that government comes to manage whatever the families needs. There must have communication from government and communities to have an effective plan.
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Governments are not afraid. They are simply looking for opportunities to earn on cryptocurrency, which they do. Before the fall of Bitcoin, billions were transferred to Fiat, and then there are negative news about the crypt. Just like that?
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In fact there are many reasons the government banned Bitcoin and Cryptocurrency, the first is certain because Bitcoin and Cryptocurrency are anonymous and decentralized, ownership cannot be tracked and transactions do not require third parties, because bitcoin transactions are directly from person to person. this will certainly be a big problem for the government, because the government cannot control this Bitcoin and Cryptocurrency. Next is the uncertain Bitcoin price, this also causes the government to ban Bitcoin, because this is certainly contrary to the nature of fiat money or conventional money. but I am sure, over time, many governments will accept bitcoin as a legal payment instrument.
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bitcoin is prohibited because of anonymity and decentralization, besides that bitcoin is feared to be a place for weapons exchanges and financing of terrorist funds or other criminal acts. The government is also afraid of the economic bubble and group domination that monopolizes finance and in my opinion that all makes the government ban Bitcoin because the government can not manage it
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The main reason due to which government ban bitcoin is it's decentralized nature.As Bitcoin is decentralized in nature so no government or bank is able to control the transactions made through Bitcoin.Due to which the people involved in the transactions remain unidentified.This make the Bitcoin transactions anonymous.Some people uses this feature of anonymous transactions in a wrong way.They know that they will not be identified so they use Bitcoin as a mode of payment for illegal dealings of drugs, ammunitions etc.This forces the government to take decisions against Bitcoin.
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Some time ago I heard that bitcoin was used by ISIS to fund terrorism activities. Maybe that's just one reason why bitcoin is banned.
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Many factors affect that Bitcoin is banned by the Government. Like in my country that the Government is scared in case of money laundering so that the country will be in shallot trade disadvantaged.
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China is good for cryptocurrency I have a feeling that this thing was just happened because of the large report about scam ICOs.