Topic: [2017-11-17] Five Countries Where Bitcoin is Illegal - page 2. (Read 6591 times)
Sometimes doing nothing Is the best thing to do and that's what the govt should have done but when the government chooses to make things illegal they just fuel the hype and attract people to dig around to know what this precious bitcoin is all about, hope the internet isn't illegal too
Talks are going on in India too (where I live) that they may either ban or "regulate" Bitcoins and Government is warned by the Supreme Court to prepare a framework in which they will decide and define the rules made by them for the regulation purposes as they are threatened that many "money-laundering" transactions as well as schemes are going on in the country that they are not having an account of. Governments are right at their places unless they fear of losing power, because Bitcoin is such a technology which should be appreciated rather than kicked out straight away in such style those 5 countries did.
Good thing I had no plans of going to any of these 5 countries!
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To those who understand it, bitcoin is a blessing, but not everyone shares that sentiment. From scaremongering CEOs to entrenched central bankers, bitcoin’s list of detractors runs long and deep. Elected officials reserve particular ire for bitcoin however, with leaders across the globe weighing in. While most governments seek regulation, others have gone further, passing laws that ban the use of bitcoin altogether.
Haters Gonna Hate, Legislators Gonna Legislate. Be it due to fear, ignorance, or protectionism, governments have a tendency to legislate against perceived threats. The first prerogative of every government is to govern, after all, and any disruptive technology that erodes their power is liable to receive short shrift. Governments that ‘get’ bitcoin, such as Japan, have passed legislation that protects its citizens whilst facilitating the free trade of the digital currency.
Sadly not all countries are as progressive, not just when it comes to embracing new technology, but in respecting basic human rights that people in developed nations tend to take for granted. In the most egregious cases, citizens have had their assets seized, accounts frozen, and been locked up. Governments can’t stop the blockchain from propagating, but they can severely hamper their citizens’ attempts to access it.
Like banning drugs, alcohol, or the internet, banning bitcoin sounds nonsensical and The World’s Most Hostile Bitcoin Countriesunenforceable. Nevertheless, that’s exactly the case in five countries: Bangladesh, Bolivia, Ecuador, Kyrgyzstan, and Nepal. As news.Bitcoin.com recently reported, the Nepalese government has jailed almost a dozen cryptocurrency enthusiasts, with the latest pair seemingly guilty of little more than operating a small-scale bitcoin exchange.
In South America, bitcoin is mostly synonymous with Venezuela, whose people have been turning to the cryptocurrency as a haven amidst rising inflation and a failed economy. It is the continent’s most centralized country geographically, however, which has come out against decentralized currency; In 2014, the Central Bank of Bolivia banned bitcoin and the government has since sharply cracked down on its usage.
Taken from here...please read more in this site.
Haters Gonna Hate, Legislators Gonna Legislate. Be it due to fear, ignorance, or protectionism, governments have a tendency to legislate against perceived threats. The first prerogative of every government is to govern, after all, and any disruptive technology that erodes their power is liable to receive short shrift. Governments that ‘get’ bitcoin, such as Japan, have passed legislation that protects its citizens whilst facilitating the free trade of the digital currency.
Sadly not all countries are as progressive, not just when it comes to embracing new technology, but in respecting basic human rights that people in developed nations tend to take for granted. In the most egregious cases, citizens have had their assets seized, accounts frozen, and been locked up. Governments can’t stop the blockchain from propagating, but they can severely hamper their citizens’ attempts to access it.
Like banning drugs, alcohol, or the internet, banning bitcoin sounds nonsensical and The World’s Most Hostile Bitcoin Countriesunenforceable. Nevertheless, that’s exactly the case in five countries: Bangladesh, Bolivia, Ecuador, Kyrgyzstan, and Nepal. As news.Bitcoin.com recently reported, the Nepalese government has jailed almost a dozen cryptocurrency enthusiasts, with the latest pair seemingly guilty of little more than operating a small-scale bitcoin exchange.
In South America, bitcoin is mostly synonymous with Venezuela, whose people have been turning to the cryptocurrency as a haven amidst rising inflation and a failed economy. It is the continent’s most centralized country geographically, however, which has come out against decentralized currency; In 2014, the Central Bank of Bolivia banned bitcoin and the government has since sharply cracked down on its usage.
Taken from here...please read more in this site.
It is sad that there are countries which declared a war on Bitcoin and not giving their own citizens the opportunity to enjoys the possible benefits of Bitcoin and cryptocurrency. Anyway, each country is sovereign so we have no choice but to respect their choice of action. I am lucky to be in a country which have open-minded leaders and accepting financial authorities.
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