Topic: 5 countries that banned bitcoin - page 4. (Read 3411 times)

I think in my own country in the Philippines, bitcoin will not ban it is because my country experience a poverty due to the factors that affects our economies . It will not ban because its very useful who needs  some extra income and extra job on online where the bitcoin is very fit just like me . For me from now on i depend to bitcoin because this is my sideline.

I think it's pretty funny that even the dictatorial small country Belarus allowed cryptos and even tax-free trading till 2023. And at the same time some democratic countries are again cryptos, maybe they are not so democratic as they tought?

The Central Bank of Bolivia issued a determination prohibiting bitcoin and some other money not directed by a nation or financial zone in 2014. Not directed, as per a 2014 articulation by the Central Bank of Brazil concerning cryptographic forms of money, yet is disheartened in view of operational dangers.

Government banning bitcoin is an illusion so long as there is internet.The best they can do is to stop the official use of bitcoin for the government official business. They can also regulate the use of bitcoin within their space. India also  has some limited regulation on bitcoin within their territory.

This one was a very wise thinking. A critical thinking indeed. But at the topic, it is like it is generalizing the banned given by 5 countries i guess. But more especially if an individual benifited in bitcoin more probably the government will realize how effective bitcoin is, with this they will probably accepted bitcoin. As a matter of fact, a country is not just only composed of government but there are citizens, with this they can decide whether to invest in bitcoin or what. So all in all, bitcoin is a great opportunity to those who wanted to grab opportunity, a a loss to those who do not try it.

Countries that have banned Bitcoin will lift the ban in the near future, is just a matter of time. This year January Facebook ban adds on ICO and Bitcoin related activities and as we speak such ban have been lifted. Same will happen to all the countries that currently banned bitcoin including China and Indian

Bitcoin is a modern transaction tool. and there are still many pros cons about the presence of bitcoin. I think that depends on the government's point of view. In fact, no government makes the right decisions at all times. right now I and most people in this porum only benefit from the presence of bitcoin, and we consider it an opportunity to earn an income. so, if my country will be banned bitcoin in the future, I consider it they are eliminating our chances and expectations.

I'm thinking the ban is only temporary. When countries find ways to manage and levy taxes from Bitcoin, they will accept and develop it strongly. That is not surprising 

I do not think in developed countries banned bitcoin. In my country, it always grows and respects privacy. Bitcoin does not affect national security, it is an electronic currency that can be traded quickly and safely .

Don't worry because i think that in the future, those countries will remove the ban from bitcoin because they will see the other countries that goes into bitcoin are now happy because of their profit that they are making so they will not ban bitcoin anymore and they will do the same thing just like the other countries did.

I hope that countries that have banned or fired bitcoin actions have an impact on other countries around them that have not stopped bitcoin. If he then many countries will follow then bitcoin so hard to develop.

Bitcoin holds the key to the future of financial freedom where all its holders will be masters of their own finances without any authoritative third party involvement. The goernments fear this movement because they always wish to control the money in the country. It's of no doubts that the governments will have no option than to reinstate the legality of Bitcoin if all implementations to collapse Bitcoin come to no avail.

These are the developing countries and the evils that happen and they usually come to Bitcoin to launder money. The country therefore prohibits Bitcoin as a safeguard

bitcoin that does not grow but collapses so other currencies do not have a door to grow

On the basis of all governments that have a good share for every new thing, maybe the government in a country that forbids Bitcoin has the authority to review the benefits of Bitcoin.
And after they can enlighten the future of Bitcoin, then I'm sure they will not forbid the Bitcoin trade anymore.

We all hope that our Country does not ban crypto or Bitcoin. Well in my country, Central bank has pulled banking support from all the exchanges and people are worried that Govt may ban the crypto trading as well. Lets just hope that it doesn't happen and no one else bans crypto.

I do not care for the country that prohibits what bitcoin, while my country agrees with bitcoin so I do not really think about it. Unless the country wants to stop bitcoin, I will help bitcoin if bitcoin wants to stop. But I do not think it can happen because the average country already knows about bitcoin and some are receiving bitcoin.

I hope in my country not to ban bitcoin, so that users more comfortable and not in the shadow of fear because it will violate the rules.
 I hope only 5 countries that prohibit bitcoin. 

Original question: “Why do countries ban cryptocurrency?”

Cryptocurrencies across the market are plunging because users all around the world fear that trading cryptocurrencies could be banned. The last country that announced a possible ban is South Korea. Officials stated that trading cryptocurrencies could be banned entirely, or at the very least it would be regulated.

This fall affects all cryptocurrencies, not only Bitcoin, which, as the best performing cryptocurrency, has dropped by more than 15%.

South Korea isn’t the first country to ban cryptocurrencies. Last year, countries as Vietnam, China, Bolivia, Ecuador, Kyrgyzstan, Saudi Arabia, Bangladesh and North Korea did the same.

What are the main reasons banks and governments in these countries ban cryptocurrencies?

There are two big groups of reasons – one group of reasons is officially stated by almost every aforementioned country: cryptocurrencies are banned because of security issues. The other group of reasons are usually not stated officially but is largely implied. It is directly associated with cryptocurrencies being decentralized: cryptocurrencies allow people to trade directly with each other (peer to peer), cutting out the need for a middleman, which traditionally is a bank.

Security and protection
Using cryptocurrencies has its dark side. Just a couple of days ago, police in South Korea raided the offices of two of the country’s largest cryptocurrency exchanges on suspicions of tax evasion.
The anonymous nature of cryptocurrencies means that it can be used for illegal transactions - such as buying and selling drugs or weaponry. According to central bank officials, cryptocurrencies can also be used for money laundering or terrorism. The case of NHS this year shows that cryptocurrencies allow hackers to request ransom payments and stay anonymous.
Banks generally charge fees for doing absolutely anything that includes money, even when they just hold onto it. Banks have created a high level of trust that your transactions will pass smoothly. But, after the financial crisis in 2008, banks lost some of that trust.

Using blockchain as a digital network, where every single transaction (called a block) is securely linked together makes transactions verifiable, available to everyone and is more immune to hacking than centralized banks. This makes banks totally unnecessary for transactions. This is what motivates them to ban cryptocurrencies altogether.

Virtual currencies are self-governed, meaning they are not controlled by any government, person or a central authority. This makes monitoring almost impossible and poses a threat for government authorities (this was especially true for China).

Finally, using cryptocurrencies is posing a threat to the stability of the national currency in some countries (Indonesia).
It is important to stress that banning cryptocurrencies will only create black markets. They can be declared illegal but it will have no effect on the use of cryptocurrencies due to their decentralized nature. To kill cryptocurrencies altogether, all governments from all over the world would have to ban them.

https://www.quora.com/Why-are-countries-banning-crypto-currencies

I think not only the five countries that prohibit bitcoin in my country also bitcoin is strictly forbidden because according to the bitcoin regulation it is a very risky currency if used by its citizens so they ban bitcoin and I wonder why bitcoin is forbidden I think bitcoin is the usual digital currency, maybe they think bitcoin is a criminal so they ban bitcoin and if bitcoin a villain i never hear bitcoin ever kill people