Topic: Bitcoin banned in Ecuador - page 6. (Read 6206 times)
I think that's just normal, as Bitcoin is uncontrolable, government is scared about doing the wrong things with Bitcoin so, they will ban
I think that Ecuador simply did not know that the cryptocurrency will become very popular. And also did not suspect that it can be used for good purposes. Therefore, the opinion of the government of Ecuador in relation to bitcoin will still change
No, I think it's just that Ecuador is a slowly failing South American government grasping for control of it's citizens. Since Bitcoin can't be controlled by them they don't want their citizens using it. At least this is what I'm guessing is happening. 
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?
The government of Ecuador have their reason for banning bitcoin which I know won't be far from the fact that they cannot control it but instead give to their citizen what they feel they can control but little did they know that the set of people initially exposed to bitcoin are the same people that will use their currency if they so wish and this people does not want the prying eyes of government looking into their activities. So, its either they adopt bitcoin or they leave it to fester the more in the society.
The reason they probably banned bitcoin in the first place is it's popularity and the fear that there will be a popular coin/financial system active in their country without their supervision. Generally countries afraid of that kind of free payment system that won't give them taxes.
In 2014, all the cryptocurrencies including 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 users still continued using and other cryptocurrencies. In fact, use in Ecuador has spiked due to the recent price rise.
Do you think that the Ecuador government will freely allow the use of as its popularity increases?
That’s a sad thing to discover. But I guess there’s a reason behind this ban. I guess the government is smart enough to anticipate or to prevent what they are afraid of with regards to currency factors that may be affected by the bitcoin industry. But I also agree with the others maybe the government react overly coz in my very own point of view bitcoin industry really helps lot of people specially those who are really want to change their lives. For now let’s see what will happen and good luck to those bitcoin users out there at Ecuador.
A third world country like Ecuador can ban anything they want but they will not have the technical know-how and enough man power to enforce the ban. They have other more pressing matters in their country like violent crimes, corruption, poverty and other crimes
We may not know the real reasons behind this ban
Maybe, Bitcoin prohibition in Ecuador is only a pretext for fighting with opposition there. Since it is hard to prove that you actually own bitcoins (and it is next to impossible in a small country like Ecuador as you have said yourself), it may be as hard to disprove that, i.e. that you don't have any bitcoins. In other words, this law might be directed not against actual Bitcoin users there, but against whoever is against the local government (e.g. political opposition), Bitcoin aside, as is often the case in authoritarian or outright dictatorial states
But we do know. Dinero Electrónico. The Ecuadorean government does not want anything competing against their central bank's own and issued digital currency
They don't issue their own currency
Apart from some coins which are mostly collectibles and aimed at numismatists and similar types. Just like a few other Latin American countries (Panama comes to my mind immediately), they are using the US dollar as a legal means of payment. If you mean that they are going to issue their own cryptocoin (a sort of altcoin), that would be, first, too expensive for them, and, second, it wouldn't have any value from day 1 (otherwise they wouldn't be using the American dollar in the first place)
Then whats this Dinero Electrónico nonsense? The news said that after banning Bitcoin they, presumably their government with the help of banks and financial institutions, have issued their own digital currency. Im quite sure its centralized.
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?
Do you have an article about this? It only tells that the people of Ecuador prefer to use more bitcoin instead of their dinero electronico. The advantage will always go to the people that will choose bitcoin. With a massive adoption on a country and if the government sees that they will soon free the usage of bitcoin and they will move the ban on bitcoin.
Even though Ecuador government banned bitcoin people continue to use it and their adoption growing instead of declining. This is a good example where any foolish politicians cannot impose their will on their citizens. It's a lost game for them.
That is because their government does not have the power and resources in imposing the ban they made. They cannot monitor their every citizen. So basically, imposing such ban is just a waste of time for the government. The only best thing to do is to compromise and accept bitcoin as it is, embrace it fully and gain all the benefit.
Bitcoin is very difficult and even impossible to restrain completely, even china isn't banning it completely but forces exchanges to many
restrictions and the like during it's use.. Ecuador might be a good spot for BTC, and if the government already failed to prevent it in these
years, they might be willing to allow few official exchanges for a while etc...
That’s part of the reason why a bunch of the Government officials try to ban Bitcoin and they lift the ban a little later then ban it again repeating the cycle multiple amounts of time. Having the media post articles that the Government or Country banned Bitcoin gives the regular reader the idea that a little bit of control is over Bitcoin when in fact they don’t control any of it.restrictions and the like during it's use.. Ecuador might be a good spot for BTC, and if the government already failed to prevent it in these
years, they might be willing to allow few official exchanges for a while etc...
Bitcoin is pretty tough to get rid of if the people want it.
Even though Ecuador government banned bitcoin people continue to use it and their adoption growing instead of declining. This is a good example where any foolish politicians cannot impose their will on their citizens. It's a lost game for them.
Quite foolish for any government to try and ban Bitcoin or any other p2p crypto currencies. It won't work.
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?
Sooner or later Ecuador will be also be forced to accept bitcoin into their economy. Japan and Switzerland has already adopted bitcoins while other countries have allowed the use of bitcoin in their area. With bitcoins present in an area the business industry has become lively and active. If Ecuador will not accept bitcoins then they will be left behind.
I think that the ban has been abolished, I do not see any country banned bitcoin at the present time, even, they will accept bitcoin in the future. People often refer to America, Japan, China, but Korea is also a bitcoin country, it will grow strongly in this country.
I think that Ecuador simply did not know that the cryptocurrency will become very popular. And also did not suspect that it can be used for good purposes. Therefore, the opinion of the government of Ecuador in relation to bitcoin will still change
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?
Sooner or later Ecuador will be also be forced to accept bitcoin into their economy. Japan and Switzerland has already adopted bitcoins while other countries have allowed the use of bitcoin in their area. With bitcoins present in an area the business industry has become lively and active. If Ecuador will not accept bitcoins then they will be left behind.
I think that the ban has been abolished, I do not see any country banned bitcoin at the present time, even, they will accept bitcoin in the future. People often refer to America, Japan, China, but Korea is also a bitcoin country, it will grow strongly in this country.
I think that Ecuador simply did not know that the cryptocurrency will become very popular. And also did not suspect that it can be used for good purposes. Therefore, the opinion of the government of Ecuador in relation to bitcoin will still change
A third world country like Ecuador can ban anything they want but they will not have the technical know-how and enough man power to enforce the ban. They have other more pressing matters in their country like violent crimes, corruption, poverty and other crimes
We may not know the real reasons behind this ban
Maybe, Bitcoin prohibition in Ecuador is only a pretext for fighting with opposition there. Since it is hard to prove that you actually own bitcoins (and it is next to impossible in a small country like Ecuador as you have said yourself), it may be as hard to disprove that, i.e. that you don't have any bitcoins. In other words, this law might be directed not against actual Bitcoin users there, but against whoever is against the local government (e.g. political opposition), Bitcoin aside, as is often the case in authoritarian or outright dictatorial states
But we do know. Dinero Electrónico. The Ecuadorean government does not want anything competing against their central bank's own and issued digital currency
They don't issue their own currency
Apart from some coins which are mostly collectibles and aimed at numismatists and similar types. Just like a few other Latin American countries (Panama comes to my mind immediately), they are using the US dollar as a legal means of payment. If you mean that they are going to issue their own cryptocoin (a sort of altcoin), that would be, first, too expensive for them, and, second, it wouldn't have any value from day 1 (otherwise they wouldn't be using the American dollar in the first place)
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?
Sooner or later Ecuador will be also be forced to accept bitcoin into their economy. Japan and Switzerland has already adopted bitcoins while other countries have allowed the use of bitcoin in their area. With bitcoins present in an area the business industry has become lively and active. If Ecuador will not accept bitcoins then they will be left behind.
I think that the ban has been abolished, I do not see any country banned bitcoin at the present time, even, they will accept bitcoin in the future. People often refer to America, Japan, China, but Korea is also a bitcoin country, it will grow strongly in this country.
This won't last long. Russia tried but relented. Japan and Australia are getting into the action. There's no escape, no place to hide. Bitcoin will find you. LOL. 
Kidding aside, there's really no benefit to them banning it. Their country is third world for all we care. What are they worrying about, capital flight? They should be more interested in the money that can come in with bitcoin legalized.
I don't know how much they'll possibly get from remittances but allowing their citizens to buy bitcoins and profit from it could do wonders for the economy.
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 think that Ecuador is kind of a special case.
They have no own national currency, they use the UD dollar.
So the people do not have to be afraid of rapid inflation.
A smart move would be to make profit of peoples use of bitcoin, because they will use it anyway. With or without the blessing of the government.
Maybe Ecuador overthinks the situation.
Especially when they look at the decresing economy there, they might come to the same conclusion and see bitcoin as an opportunity.
Wow, didn't even know they don't have their own currency? That, um, sounds weird for a country. If they're already using the dollar, they don't really need to worry much about bitcoin.
Kidding aside, there's really no benefit to them banning it. Their country is third world for all we care. What are they worrying about, capital flight? They should be more interested in the money that can come in with bitcoin legalized.
I don't know how much they'll possibly get from remittances but allowing their citizens to buy bitcoins and profit from it could do wonders for the economy.
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 think that Ecuador is kind of a special case.
They have no own national currency, they use the UD dollar.
So the people do not have to be afraid of rapid inflation.
A smart move would be to make profit of peoples use of bitcoin, because they will use it anyway. With or without the blessing of the government.
Maybe Ecuador overthinks the situation.
Especially when they look at the decresing economy there, they might come to the same conclusion and see bitcoin as an opportunity.
Wow, didn't even know they don't have their own currency? That, um, sounds weird for a country. If they're already using the dollar, they don't really need to worry much about bitcoin.
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?
Sooner or later Ecuador will be also be forced to accept bitcoin into their economy. Japan and Switzerland has already adopted bitcoins while other countries have allowed the use of bitcoin in their area. With bitcoins present in an area the business industry has become lively and active. If Ecuador will not accept bitcoins then they will be left behind.
Just like Russia who undo the ban they have released to Bitcoin and to the entire cryptocurrencies. Russia has seen the light of the opportunity that they have realized it sooner that they shouldn't miss it since it will greatly help them with the crisis they have been facing now. Bitcoin has gained the momentum and it is their loss if they continue this though they even didn't enforce the ban properly like as you said people still continue to use it including the OP.
Bitcoin is very difficult and even impossible to restrain completely, even china isn't banning it completely but forces exchanges to many restrictions and the like during it's use.. Ecuador might be a good spot for BTC, and if the government already failed to prevent it in these years, they might be willing to allow few official exchanges for a while etc...
A third world country like Ecuador can ban anything they want but they will not have the technical know-how and enough man power to enforce the ban. They have other more pressing matters in their country like violent crimes, corruption, poverty and other crimes
We may not know the real reasons behind this ban
Maybe, Bitcoin prohibition in Ecuador is only a pretext for fighting with opposition there. Since it is hard to prove that you actually own bitcoins (and it is next to impossible in a small country like Ecuador as you have said yourself), it may be as hard to disprove that, i.e. that you don't have any bitcoins. In other words, this law might be directed not against actual Bitcoin users there, but against whoever is against the local government (e.g. political opposition), Bitcoin aside, as is often the case in authoritarian or outright dictatorial states
But we do know. Dinero Electrónico. The Ecuadorean government does not want anything competing against their central bank's own and issued digital currency.
With the use of VPN and Tor, they will have a hard time if finding and tracking you. https://localbitcoins.com/country/EC
Jump to: