Topic: 5 countries that banned bitcoin - page 14. (Read 3393 times)
Hmmm...5 countries of whole world, I thought that they are way more. So we are not is so bad state right now with our bitcoin
Those are not big countries so the impact will not be big. Bad news related to bitcoin banning in big countries can make big impact on bitcoin and all cryptocurrency price. I hope more countries will accept bitcoin.
That depends on point of views of governments. In the truth, no government is taking right decisions in all the time. Don't care too much about government decisions. We didn't create bitcoins, we're getting advantages from something created by someone super genius. Bitcoins is just an opportunity for us. (For me) Bitcoins isn't my life, so, if my country would be be banned bitcoins in the future, I consider it as a lost opportunity and leave away.
bitcoin absorbs a lot of social funds . this is what the government does not want to see . they will set policies to limit the development of bitcoin , however , they cannot prohibit bitcoin
Bangladesh
In a statement the Central Bank of Bangladesh cited concerns over bitcoin’s lack of “a central payment system” which could lead to people being “financially harmed”. It invoked the provisions of the Foreign Currency Control Act of 1947 and the Money Laundering Control Act of 2012. Then, added that trading in bitcoin and other digital currencies could lead to a punishment of up to 12 years in prison.
“Bitcoin is not a legal tender of any country. Any transaction through Bitcoin or any other crypto-currency is a punishable offense,” the bank said in an official statement last September.
The ban comes as an enforcement of sections 4,5 and 8 of the 1947 law that regulate trading in foreign currency without authorization or general permission from the central bank. Section 5 severely restricts payments did outside Bangladesh, which affect bitcoin payments.
Bolivia
The central bank of Bolivia, El Banco Central de Bolivia said in a statement:
“It is illegal to use any currency that is not issued and controlled by a government or an authorized entity.”
China
It is a common misconception that bitcoin and digital currency are totally banned and illegal in China, but China has become the world’s largest bitcoin trading market. The bitcoin ban is strictly on banks, as the central banking authority, The People’s Bank of China is owned 70% by the Chinese government. Banking institutions and employees are banned from engaging in bitcoin business through banking, as well as servicing or doing business with the bitcoin industry. Trading or mining in bitcoin is not illegal for common citizens.
Ecuador
The ban by Ecuador makes the most sense of any ban, as they are building a national electronic cash system, so they feel the need to protect their new currency from something clearly superior. A decentralized currency of finite production that cannot be manipulated by governments or banks might dim the lights on their new program in the eyes of the public, which offers none of those benefits.
Iceland
As of March 19, 2014 the Central Bank of Iceland issued a statement explaining the legal status of digital currency in Iceland. Purchasing them may violate the Icelandic Foreign Exchange Act, which specifies that Icelandic currency cannot leave the country. A nebulous designation, but it sounds like it is banned, in effect.
In a statement the Central Bank of Bangladesh cited concerns over bitcoin’s lack of “a central payment system” which could lead to people being “financially harmed”. It invoked the provisions of the Foreign Currency Control Act of 1947 and the Money Laundering Control Act of 2012. Then, added that trading in bitcoin and other digital currencies could lead to a punishment of up to 12 years in prison.
“Bitcoin is not a legal tender of any country. Any transaction through Bitcoin or any other crypto-currency is a punishable offense,” the bank said in an official statement last September.
The ban comes as an enforcement of sections 4,5 and 8 of the 1947 law that regulate trading in foreign currency without authorization or general permission from the central bank. Section 5 severely restricts payments did outside Bangladesh, which affect bitcoin payments.
Bolivia
The central bank of Bolivia, El Banco Central de Bolivia said in a statement:
“It is illegal to use any currency that is not issued and controlled by a government or an authorized entity.”
China
It is a common misconception that bitcoin and digital currency are totally banned and illegal in China, but China has become the world’s largest bitcoin trading market. The bitcoin ban is strictly on banks, as the central banking authority, The People’s Bank of China is owned 70% by the Chinese government. Banking institutions and employees are banned from engaging in bitcoin business through banking, as well as servicing or doing business with the bitcoin industry. Trading or mining in bitcoin is not illegal for common citizens.
Ecuador
The ban by Ecuador makes the most sense of any ban, as they are building a national electronic cash system, so they feel the need to protect their new currency from something clearly superior. A decentralized currency of finite production that cannot be manipulated by governments or banks might dim the lights on their new program in the eyes of the public, which offers none of those benefits.
Iceland
As of March 19, 2014 the Central Bank of Iceland issued a statement explaining the legal status of digital currency in Iceland. Purchasing them may violate the Icelandic Foreign Exchange Act, which specifies that Icelandic currency cannot leave the country. A nebulous designation, but it sounds like it is banned, in effect.
1. Morocco
2. Bolivia
3. Ecuador
4. China
5. Nepal
Due to how new cryptocurrency technology is, most countries are still trying to figure out how to adapt to the numerous digital currencies that have sprung up in the past decade.
There remains a lot of debate globally around not only if Bitcoin and other cryptocoins should be recognized as legal tender but also if they should be taxable, how cryptocurrency trading should be regulated, and whether or not governments should monitor mining (the process in which cryptocurrency transactions are processed).
Cryptocurrency laws frequently update in many countries as the technology evolves and usage increases.
2. Bolivia
3. Ecuador
4. China
5. Nepal
Due to how new cryptocurrency technology is, most countries are still trying to figure out how to adapt to the numerous digital currencies that have sprung up in the past decade.
There remains a lot of debate globally around not only if Bitcoin and other cryptocoins should be recognized as legal tender but also if they should be taxable, how cryptocurrency trading should be regulated, and whether or not governments should monitor mining (the process in which cryptocurrency transactions are processed).
Cryptocurrency laws frequently update in many countries as the technology evolves and usage increases.
I think it will only last for a while. But we must always follow the development of technology, so we can develop along with other developing countries that have received the crypto system as payment, so we wait for the country to receive crypto in the next years.
The government itself can not control Bitcoin. They do not like anything they can not control. so fraudsters have nothing to do with it.
some see a threat to the national economy while others say that Bitcoin burns crime with their borders.
If people lose confidence in a country's currency, they will move on to whatever they believe will not lose its value.
I am very sure, Bitcoin and other Crypto currencies will be more prominent if their politicians know and understand how it works.
some see a threat to the national economy while others say that Bitcoin burns crime with their borders.
If people lose confidence in a country's currency, they will move on to whatever they believe will not lose its value.
I am very sure, Bitcoin and other Crypto currencies will be more prominent if their politicians know and understand how it works.
It is now also quite a country that ban bitcoin because it could have disrupt the financial or economic in the country. The country that bans the bitcoin I'm sure because it does not want to take risks that will mess up in the end later.
Bitcoins is just an opportunity. Even if my country would ban bitcoins in the future, I just go to another country for Bitcoin.
It is now also quite a country that ban bitcoin because it could have disrupt the financial or economic in the country. The country that bans the bitcoin I'm sure because it does not want to take risks that will mess up in the end later.
there are a number of countries which have banned the usage of BTC within their borders. some sight the threat to national economy while others say Bitcoin fuels crime withing their borders. I hope no more country will banned bitcoin.
There is nothing wrong with that, because not all countries have banned bitcoin. Many countries are still only looking at the cryptocurrency, but most of them will support it and accept it, I'm sure.
Nigeria, China, Colombia, Ecuador, Bangladesh
The main reason is the fear of such countries will be volatility and currency uncertainty digita and the fear if the digital currency used as financing of terrorism and money laundering.
The main reason is the fear of such countries will be volatility and currency uncertainty digita and the fear if the digital currency used as financing of terrorism and money laundering.
These few countries are like a drop in the sea. Yet, the world is set up quite positively with respect to bitcoin, and I hope that this trend will develop.
in my country there is also a ban on bitcoin, but over time the government has contributed to bitcoin and made some bitcoin regulation. hopefully the regulations made by the government do not incriminate bitcoin users.
Here some country banned Bitcoin:
Germany: germany accepted Bitcoin as private virtual currency but not as a public currency.
Russia: system for anonymous system and cyber currencies that have gained considerable circulation.
To those country not banned Bitcoin don't use for illegal activities because Bitcoin has a bright future
Germany: germany accepted Bitcoin as private virtual currency but not as a public currency.
Russia: system for anonymous system and cyber currencies that have gained considerable circulation.
To those country not banned Bitcoin don't use for illegal activities because Bitcoin has a bright future
Yes, there are bitcoins that are useful but some people use it negatively so now there are lots of countries that forbid bitcoin and they can not control bitcoin. In my opinion the five countries banned bitcoin are: China, Bolivia, India, Vietnam, ecuador.
I think next will be Vietnam
As we speak it is illegal, prohibited and punishable by law (in some of the Countries like Iran) to trade in bitcoin or cryptocurrency.
Vanuatu, Iran, DPRK, Afghanistan, USA, Uganda,Myanmar, Ethiopia and a host of other countries....
Vanuatu, Iran, DPRK, Afghanistan, USA, Uganda,Myanmar, Ethiopia and a host of other countries....
I know and believe some countries have banned bitcoin as they do not see the real positive potential of bitcoin. I'm very sure, Bitcoin and other crypto-currencies will be more prominent if their politicians know and understand how it works. However we should always keep up with technological developments, if we do not follow, then we will be left far behind. So just wait for a few years.
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