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Why Bitcoin was banned

Почему Биткоин запретили

Virtual currencies are becoming more and more popular every day. The palm, no doubt, belongs to Bitcoins. But even today, this financial phenomenon is perceived ambiguously in government circles. Therefore, its owners sooner or later ask themselves why Bitcoin is so actively disliked by the authorities?

 

Why certain countries have banned Bitcoin

The legal status of cryptocurrency still causes heated debate among its adherents and hostile citizens. Why is virtual money so inherently contradictory? The fact is that they can significantly limit the ability of individual states and specially created bodies to manage cash flows. But the main reason why some governments banned Bitcoin was the elimination of transparency in financial transactions.

And yet, the situation with the ban on cryptocurrencies does not look so clear. If we take China, then the restrictions on the use of Bitcoins have been introduced only for enterprises. In Bolivia, he is outlawed. According to the official version, such actions of the government should be viewed as caring for citizens. But on the other hand, Bitcoins were so popular among the population that it began to threaten the stability of the national currency.

In Ecuador, the government created its own cryptocurrency system and banned all other types of virtual money to avoid competition. And in Bangladesh, a law was passed at all, according to which the use of cryptocurrency is considered a criminal offense. The question of why Bitcoin is banned in Russia cannot be answered unequivocally. But one thing is for sure: there is no official ban, there are only certain restrictions on its use.

It should be noted that developed countries show a completely different attitude towards Bitcoins. So, private companies are not afraid to experiment with cryptocurrency. More and more firms appear that store funds in virtual money on special servers. Also, most payment systems already accept payments in cryptocurrency.

 

What are the reasons for such a ban

Sooner or later, every cryptocurrency owner wonders why Bitcoin is considered a social hazard? After all, it is an independent currency that does not allow those in power to exploit their poor fellow citizens. In fact, the true reasons for the ban are hidden at a deep level:

Bitcoin, like any other traditional currency, can be used for money laundering. The history of the popular cryptocurrency formation is rich in such facts. However, the academic circles of the crypto community consider the same official authorities to be guilty of what happened. It was their disdainful attitude that made bitcoin a tasty morsel for criminal structures. By the way, due to ill-considered negligence and neglect, official structures missed an excellent chance to increase budget revenues by purchasing cryptocurrencies, quotes for which are growing very rapidly. The cost of one virtual coin is approximately $ 770 and continues to grow.
Lack of collateral. In addition, there are no structures that would be liable to the owners of electronic money.
Cryptocurrency transactions are speculative. Therefore, its participants run the risk of incurring losses due to a sharp change in price.
The lack of a control center in the system to which you can appeal against fraudulent actions. This was the formal reason why Bitcoin was banned in some countries at the official level.
The proliferation of cryptocurrency poses a serious threat to the existing financial system.

Cryptocurrency in Russia

Government officials have repeatedly expressed an opinion from which one can understand why Bitcoin is banned in Russia. So, Viktor Ivanov, the head of the Russian Federal Drug Control Service, said that local drug dealers actively use cryptocurrency in their machinations. Other officials were even more harsh in this regard.

The hardest part in this situation is for ordinary Bitcoin users. After all, they have already appreciated their advantages and do not want to give up using cryptocurrency. By the way, there is no official ban on the use of electronic money. And government circles are increasingly expressing opinions regarding the official recognition of cryptocurrency. And this, in turn, will lead to an increase in its rate.

It should be noted that some officials seriously consider Bitcoins to be the development of the American authorities, which is why they are so disapproving of any attempts to legitimize cryptocurrency. Some go so far as to suggest criminalizing the use of virtual money and its surrogates. It was assumed that such innovations will come into force in 2014, but such radical measures did not receive support from the government.

 

A look into the future

Still, the position of cryptocurrency on the Russian market can hardly be called unambiguous. After all, if Bitcoin has not been banned, then why does there periodically talk about the introduction of criminal liability for the use of electronic money? And if the government of developed countries prefers to explore the possibilities of this phenomenon, then Russia has traditionally followed the path of prohibitions. Such a policy causes quite fair bewilderment among numerous members of the Bitcoin community.

Most cryptocurrency users do not understand why Bitcoin is banned in Russia, but the government is preparing a number of even tougher measures. This means, in addition to the introduction of restrictions on the release of virtual money, also the introduction of a ban on the exchange. It is likely that all operations with cryptocurrency will be classified as illegal, which do not create any legally significant consequences for its participants. At the same time, officials perceive the blockchain quite favorably, considering it a useful direction of development for society.