There is no way to force you to say what you can do with your money, no one can say those, based on those Ecuador has pushed the people to buy bitcoin hidden and maybe paying a premium value to get them, since its forbidden. People buy anything drugs, guns, ilegal stuff, and they cant control it, because its a free market.
True, just because the Government banned Bitcoin it does not mean that the people in that Country can’t use it. Unless the Government restricts the Internet so that the only possible method to get Bitcoin would be to purchase it from another person then the demand in that area for Bitcoin would decline some.
Topic: Bitcoin banned in Ecuador - page 4. (Read 6214 times)
In 2014, all the cryptocurrencies including Bitcoin was banned by the government in Ecuador. This was followed by the introduction of the country’s own digital currency, the Dinero Electrónico.
However, defiant Bitcoin users still continued using Bitcoin and other cryptocurrencies. In fact, Bitcoin use in Ecuador has spiked due to the recent price rise.
Do you think that the Ecuador government will freely allow the use of Bitcoin as its popularity increases?
Ecuador is a small player so no matter what they do bitcoin will not change much in price. As for bitcoin use spiking its not just in Ecuador its the same trend over the world. There is no way for a government to prevent bitcoin short of cutting off the internet so its quite natural people will continue using it in defiance even if its banned.
The current trend however is one of accepting it so I think Ecuador will change its tune in the near future anyway.
There is no way to force you to say what you can do with your money, no one can say those, based on those Ecuador has pushed the people to buy bitcoin hidden and maybe paying a premium value to get them, since its forbidden. People buy anything drugs, guns, ilegal stuff, and they cant control it, because its a free market.
In 2014, all the cryptocurrencies including Bitcoin was banned by the government in Ecuador. This was followed by the introduction of the country’s own digital currency, the Dinero Electrónico.
However, defiant Bitcoin users still continued using Bitcoin and other cryptocurrencies. In fact, Bitcoin use in Ecuador has spiked due to the recent price rise.
Do you think that the Ecuador government will freely allow the use of Bitcoin as its popularity increases?
Neither China nor Russia ever tried to outright ban Bitcoin
Russia had just been rending the air with empty threats of banning Bitcoin, prosecuting Bitcoin owners, and heavily penalizing Bitcoin miners, but these threats all came to nothing in the end (as it was evident right from the start). China did in fact try to impede and block Bitcoin adoption by forbidding businesses to get involved with Bitcoin, and then proceeding to bug local Bitcoin exchanges with the orders aimed at making their lives harder. But that ultimately turned counterproductive and only showed who had been swimming naked in the Bitcoin ocean (as per Warren Buffett)
In 2014, all the cryptocurrencies including Bitcoin was banned by the government in Ecuador. This was followed by the introduction of the country’s own digital currency, the Dinero Electrónico.
However, defiant Bitcoin users still continued using Bitcoin and other cryptocurrencies. In fact, Bitcoin use in Ecuador has spiked due to the recent price rise.
Do you think that the Ecuador government will freely allow the use of Bitcoin as its popularity increases?
I'll say this. There's no way whatever crypto Ecuador invented is going to be as volatile and/or profitable as bitcoin. No way in hell, and if they introduce something Ecuadorians (as stated) are still going to use bitcoin if they're into crypto. But I do give that country props for creating something, because S. America is in economic agony right now. They definitely need a new, stable currency. I assume everything OP said is true, but that's not my country and I don't follow their news. Or much crypto news, for that matter.
In 2014, all the cryptocurrencies including Bitcoin was banned by the government in Ecuador. This was followed by the introduction of the country’s own digital currency, the Dinero Electrónico.
However, defiant Bitcoin users still continued using Bitcoin and other cryptocurrencies. In fact, Bitcoin use in Ecuador has spiked due to the recent price rise.
Do you think that the Ecuador government will freely allow the use of Bitcoin as its popularity increases?
In 2014, all the cryptocurrencies including Bitcoin was banned by the government in Ecuador. This was followed by the introduction of the country’s own digital currency, the Dinero Electrónico.
However, defiant Bitcoin users still continued using Bitcoin and other cryptocurrencies. In fact, Bitcoin use in Ecuador has spiked due to the recent price rise.
Do you think that the Ecuador government will freely allow the use of Bitcoin as its popularity increases?
Yet another example of how prohibition never works and never will work it's been proven over and over and over esspecially with drugs and such. You cannot stop people doing what they want. You can't take their finicial freedom from them. I'm not sure I even believe this.
They might lift ban in the future anyway if they discover the financial economic benifit of bitcoin. A lot of countries trusted bitcoin nowadays and few countries left. Economically bitcoin is good only corrupt people are bad.
I do not think it should happen in my country, because developing countries need technology to raise the economy in the developing world. 
Not so sure about it. They have banned crypto currencies before because they are aiming to hve their own independent currency and now that theyve already have plus the government was i think most of them are now new. I think that they would try to consider it
Ecuador is the special type of country. Its lack of monetary politics shows a grotesque, that such a country is intervening with what currency people use. They should not care. They did not care about their currency that is pegged to USD.
Actually it just shows that this country is bought, owned and fully corrupted. Thats why they do not have any monetary politic. That shows that their voice on the btc is just a voice of those who keep them by their monetary balls.
Actually it just shows that this country is bought, owned and fully corrupted. Thats why they do not have any monetary politic. That shows that their voice on the btc is just a voice of those who keep them by their monetary balls.
I didn't really know that bitcoin was banned in Ecuador. I've seen on many payment services/wallets that Ecuador is one of the countries that they deliver plastic cards to, so it hasn't even occur to me. Is it possible to use bitcoin plastic cards there?
In 2014, all the cryptocurrencies including Bitcoin was banned by the government in Ecuador. This was followed by the introduction of the country’s own digital currency, the Dinero Electrónico.
However, defiant Bitcoin users still continued using Bitcoin and other cryptocurrencies. In fact, Bitcoin use in Ecuador has spiked due to the recent price rise.
Do you think that the Ecuador government will freely allow the use of Bitcoin as its popularity increases?
In 2014, all the cryptocurrencies including Bitcoin was banned by the government in Ecuador. This was followed by the introduction of the country’s own digital currency, the Dinero Electrónico.
However, defiant Bitcoin users still continued using Bitcoin and other cryptocurrencies. In fact, Bitcoin use in Ecuador has spiked due to the recent price rise.
Do you think that the Ecuador government will freely allow the use of Bitcoin as its popularity increases?
Bitcoin will continue to grow and people will use it despite the fact that some countries does not fully support it.
Many of the advanced countries are accepting it and started adopting bitcoin in all of their services. Banning Bitcoin will just make it more popular and everyone will start learning about why Bitcoin was banned etc. I don't know the value of Dinero but it can't beat Bitcoin for sure.
In 2014, all the cryptocurrencies including Bitcoin was banned by the government in Ecuador. This was followed by the introduction of the country’s own digital currency, the Dinero Electrónico.
However, defiant Bitcoin users still continued using Bitcoin and other cryptocurrencies. In fact, Bitcoin use in Ecuador has spiked due to the recent price rise.
Do you think that the Ecuador government will freely allow the use of Bitcoin as its popularity increases?
Well, to be honest I don't think such ban would work well for the economy. Since bitcoin infrastructure is so strong that anyone can access bitcoin network from anywhere in the world if they have basic device with an internet connection. I fear that such bans would help to grow the shadow behavior of bitcoin and even ban will affect only to those who are using it legally. However, I am sure in next few years we will have government support at least in the major countries.
Ecuador issued its own digital currency a while ago, which is backed by assets owned by the Ecuador Central Bank. This currency can only be used by people who've been approved to use it, by the government. They had actually switched to a dollar based monetary system many years ago. The main reason why they banned bitcoin is because they don't want it to be competing with the digital currency that they've issued (I think that this is one of the main reasons why many governments don't like Bitcoin. They want to have a monopoly on the money supply when all money becomes digital, in the future). Many private companies in the country aren't using the digital currency though because they don't trust the central bank.
Although Bitcoin has been banned it's being widely used, and the ban is not really being enforced.
In that case, the government still holds the control on the currency they issues. It's just like replacing the fiat currency with cryptocurrency but without leaving the control of it. Alternatively, one of the major cause of bitcoin's popularity is, it breaks the geographical barriers. I am not sure, how governments can compete with any currency which has no barriers.
It's not really easy or practical but it can be done by people willing enough.
Exactly, the worst thing that the governments can do is to ban the companies and other bitcoin activities which are taking the place under the sunlight but it is near to impossible for the governments not only of Ecuador but also for the other countries. I don't think government's actions will restrict the illegal use by any means. It might restrict the usage of banks but it is very difficult for other valued items.
Although the Ecuador government forbids bitcoin, but the use of bitcoin there is increasing. I think this proves that people's interest is getting bigger for bitcoin. But I do not know if the government there will let this happen or take any other action. I think the government will not allow this and will certainly take action. I am sure there are two actions, revoking the ban on the use of bitcoin or committing criminal acts for the offender. But I'm sure sooner or later the government there will revoking the ban because people's interest in using bitcoin is growing and will definitely have an indirect impact, but they have to give up the crypto they make.
In 2014, all the cryptocurrencies including Bitcoin was banned by the government in Ecuador. This was followed by the introduction of the country’s own digital currency, the Dinero Electrónico.
However, defiant Bitcoin users still continued using Bitcoin and other cryptocurrencies. In fact, Bitcoin use in Ecuador has spiked due to the recent price rise.
Do you think that the Ecuador government will freely allow the use of Bitcoin as its popularity increases?
Bitcoin will continue to grow and people will use it despite the fact that some countries does not fully support it.
Well, to be honest I don't think such ban would work well for the economy. Since bitcoin infrastructure is so strong that anyone can access bitcoin network from anywhere in the world if they have basic device with an internet connection. I fear that such bans would help to grow the shadow behavior of bitcoin and even ban will affect only to those who are using it legally. However, I am sure in next few years we will have government support at least in the major countries.
Ecuador issued its own digital currency a while ago, which is backed by assets owned by the Ecuador Central Bank. This currency can only be used by people who've been approved to use it, by the government. They had actually switched to a dollar based monetary system many years ago. The main reason why they banned bitcoin is because they don't want it to be competing with the digital currency that they've issued (I think that this is one of the main reasons why many governments don't like Bitcoin. They want to have a monopoly on the money supply when all money becomes digital, in the future). Many private companies in the country aren't using the digital currency though because they don't trust the central bank.
Although Bitcoin has been banned it's being widely used, and the ban is not really being enforced.
In that case, the government still holds the control on the currency they issues. It's just like replacing the fiat currency with cryptocurrency but without leaving the control of it. Alternatively, one of the major cause of bitcoin's popularity is, it breaks the geographical barriers. I am not sure, how governments can compete with any currency which has no barriers.
It's not really easy or practical but it can be done by people willing enough.
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