Post
Topic
Board Economics
Re: Reason why other ban cryptocurrencies
by
phucngungoc
on 17/09/2018, 15:16:11 UTC
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.
In addition to the government's inability to control money laundering, bitcoin also reduces banks' profits by depositing savings. The government is fed by bank and tax, the bitcoin exchange will not take tax and the government will go bankrupt