Many countries are trying to stop bitcoin trading and they have banned cryptocurrency from the country. But why they are doing like this? Where people are going to rich by Bitcoin, They are getting huge benefit by its. Then why government trying to pull down Bitcoin? What is the main reason? Please share your thought.
Thank You
It's true that people can make huge money out of bitcoin, It is not true that the government will benefit from this because as of the moment, bitcoin doesn't have any tax on some country.
I was thinking of this reason why government really against about the bitcoin circulation.
- They wanted to know all the money movement of the people to put some tax on it. (as of the moment, only bank transaction can be monitor by the government)
- They wanted to protect people, especially newbies in trading in a big loss that they will experience because of the bitcoins volatile. Because I think that they are thinking if this happens, people who lose their money thru investment will add burden to the government.