Bitcoin banned in Ecuador - page 8. | Bitcointalksearch.org

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: DOGE12321 on May 29, 2017, 02:27:51 AM

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?

Dinero electronico is nothing like a crypto
http://www.sri.gob.ec/web/guest/dinero-electronico

Second and most importantly Ecuador uses the $ as a currency so it's not about the control.

Third, let's not start another bitcoin is banned in Ecuador thread when this happened two years ago.

Quote from: crazyivan on May 29, 2017, 10:25:12 AM

Who cares about Ecuador and their position about crypto. You do understand it s big time hypocrisy banning BTC and then introducing their own crypto. South American countries really need to get rid of this govt control socialist oriented economies.

Can I rolf?

When some stupid blogs announces Ghana is embracing bitcoin everybody is talking about it like it's a member of G7 , when Ecuador "bans" bitcoin , who cares about it....double st much?

crazyivan

legendary

Activity: 1652

Merit: 1007

DMD Diamond Making Money 4+ years! Join us!

Who cares about Ecuador and their position about crypto. You do understand it s big time hypocrisy banning BTC and then introducing their own crypto. South American countries really need to get rid of this govt control socialist oriented economies.

btccashacc

legendary

Activity: 1120

Merit: 1000

Quote from: DOGE12321 on May 29, 2017, 02:27:51 AM

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 should not be banned by their government since they can earn revenue by taxing it. In some 3rd countries bitcoin is regulated as stock as like gold,silver etc. I think their government only worried about what if their official currency can be replaced by the bitcoin, they think bitcoin is a bigest competitor for them . In fact banning bitcoin is not making bitcoin totally paralyzed, with the pseudonymous nature of it they still use it whatever happen in their country. Sooner or later they the government will realize it's existence and maybe regulate and make it legal.

Rahar02

hero member

Activity: 910

Merit: 523

Quote from: n0ne on May 29, 2017, 03:56:56 AM

Same as Ecuador Russia banned the usage of bitcoin into the country. This didn't last long, and in a short the ban of the bitcoin into the country was taken back and the government too has focused on making use of the technology behind bitcoin for the effective functioning of the country's financial system.

How long bitcoin was banned in Russia? as Ecuador has banned bitcoin for 3 years, and this is 3rd world countries which has slow economic growth compare to Russia. Furthermore, if their citizens proven have bitcoin will ended with confiscate and the risk of prosecution as well that prevent people from trade it freely. Ecuador government maybe banned cryptocurrencies to eliminate rivals of the country’s own digital currency, the Dinero Electrónico.

Kprawn

legendary

Activity: 1904

Merit: 1074

Quote from: DOGE12321 on May 29, 2017, 02:27:51 AM

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?

Governments usually overreact when you act defiantly against their totalitarian rules and regulations. So when you push, you should expect them

to push back. I would not trade bitcoin openly if I were living there... I would rather buy it from people I know and trust and store them away

from my home. {People get raided, when the government banned something and they know you are using that illegal commodity or currency}

szpalata

sr. member

Activity: 686

Merit: 253

Quote from: Sylw83 on May 29, 2017, 06:15:36 AM

they are staying behind for a few years then agree for BTC Grin

Well it's their loss, everyone is happy and wanting to be a part of Bitcoin but if you have decided otherwise then it's fine we wish them luck with their cryptocurrency but we are headed for the moon and they might have to come look for us there.

Sylw83

full member

Activity: 322

Merit: 100

they are staying behind for a few years then agree for BTC Grin

d5000

legendary

Activity: 3906

Merit: 6249

Decentralization Maximalist

Cryptocurrencies and Bitcoin were never explicitly banned in Ecuador. The law all media quote as the "Bitcoin ban" is actually this one:

CÓDIGO ORGANICO MONETARIO Y FINANCIERO

and in particular, Article 98:

Quote from: Artículo 98

Prohibiciones.
Se prohíbe de forma general:
1. La emisión, reproducción, imitación, falsificación o simulación total o parcial de moneda y dinero, así como su circulación por cualquier medio, soporte o forma de representación;
2. La alteración o transformación de la moneda metálica en circulación, mediante su fundición o cualquier otro procedimiento que tenga por objeto aprovechar su contenido metálico. Esta prohibición no es aplicable al Banco Central del Ecuador; y,
3. La circulación y recepción de moneda y dinero no autorizados por la Junta de Política y Regulación Monetaria y Financiera.

Even if you don't speak Spanish, you can see that "Bitcoin" or "Cryptocurrencies" are never mentioned in this article.

Actually, the law is prohibiting the emission of "money" not authorized by the State. But "money" ("moneda") in Article 94 is defined as "the United States Dollar" (yes, Ecuador is using the dollar). So actually what is prohibited is probably only the emission of tokens that are replacing the US dollar (e.g. TetherUSD should be banned then).

Conclusion: Although the law definitively bans some forms of unauthorized digital currencies, it is totally open if cryptocurrencies are also banned, because they haven't a value tied to the US dollar and therefore do not qualify as "money" as defined in Article 94. It is a legal vacuum or grey area - someone would actually have to file a lawsuit to clarify the status of cryptocurrencies in Ecuador.

In the recent article this situation is also cited (Source):

Quote from: Alejandra Veloz

The prohibition, however, does not ban digital currency outright.[…] Ecuadorian officials have neglected to punish defiant bitcoin use.

boyptc

hero member

Activity: 3024

Merit: 680

★Bitvest.io★ Play Plinko or Invest!

Quote from: DOGE12321 on May 29, 2017, 02:27:51 AM

Do you think that the Ecuador government will freely allow the use of Bitcoin as its popularity increases?

I guess they will, once they realized that bitcoin can give them a better economic stability they will soon remove the ban on bitcoin. And the people will be their basis for the adoption of it. If they noticed that there is a tax income decrease for each year and the main reason of it is bitcoin, I doubt it they will continue the ban.

sebastianpenguen

sr. member

Activity: 308

Merit: 250

This did not make that much sense to me me since Equador is really not important for bitcoin community. Their government is better focuss on the internal problems rather than bitcoin.

FlightyPouch

sr. member

Activity: 1638

Merit: 300

Quote from: FanatMonet on May 29, 2017, 05:26:37 AM

Quote from: DOGE12321 on May 29, 2017, 02:27:51 AM

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?

They can decide, it's completely unclear why they should limit its use, if in Ecuador US dollars are used, and only coins are issued in centimo. It is clear, if they had their own currency, as in Venezuela, and I do not even know what they are protecting

It is their country, they can do whatever they want as long as they are not hurting other people and country or breaking some rules. But I don't think they need to ban bitcoin, at the same time they released their own digital currency, I am just thinking one reason, maybe they just want to make their digital currency be known to the market.

tosmartak

sr. member

Activity: 630

Merit: 250

It is obvious the ban of bitcoin then was as a result of personal interest. The government’s move was “more precisely, a monopoly privilege as the Ecuadorian state has the exclusive power to put its own digital money into circulation via the central bank but the funniest part was that the law wasn't really enforced as its use has not halted in Ecuador. There are buyers and sellers in the country who still list themselves on Localbitcoins.com. Apparently, the government will be compelled to embrace it anytime soon whether they like it or not.

FanatMonet

hero member

Activity: 742

Merit: 507

Quote from: DOGE12321 on May 29, 2017, 02:27:51 AM

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?

They can decide, it's completely unclear why they should limit its use, if in Ecuador US dollars are used, and only coins are issued in centimo. It is clear, if they had their own currency, as in Venezuela, and I do not even know what they are protecting

bitbunnny

legendary

Activity: 2912

Merit: 1068

WOLF.BET - Provably Fair Crypto Casino

For countries like Ecuador this doesn't surprise me. Since they have issued their own coin they thought this should be only one people are allowed to use. But we know that any ban never has stoped people from anything, sow Bitcoin users are also not afraid of that ban. But as long as the government supports their own cryptocurrency they will not allow Bitcoin to be used because that would be direct competition.

Baofeng

legendary

Activity: 2576

Merit: 1655

Quote from: DOGE12321 on May 29, 2017, 02:27:51 AM

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?

Obviously then banned it because they have their own digital currency with is the Dinero Electrónico. But for me, I speculate that there are Ecuadorians who are also bitcoin lovers and thus investing or doing trading underground. We can't forced them to accept bitcoin even it rose its popularity. But rest assured that they are going to miss a lot of opportunity if they didn't accept it.

Zadicar

legendary

Activity: 1386

Merit: 1020

DGbet.fun - Crypto Sportsbook

Quote from: DOGE12321 on May 29, 2017, 02:27:51 AM

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?

If they able to stand their decision since 2014 until now then i think they would not changed their minds and stick to their focus on their own digital currency Dinero Electrónico. Sad to hear that it was banned but not actually be stopped since people or users of it can really engage or use it no matter what without being traced.If they saw the popularity of bitcoin is increasing to their place then they might somehow changed their minds later on.

algernonen

full member

Activity: 196

Merit: 100

The same in venezuela Huh

Bitcoin has influenced the country's monetary system Huh

I think it's normal

Dudeperfect

hero member

Activity: 1190

Merit: 534

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.

Astvile

sr. member

Activity: 1484

Merit: 276

Yeah i think so it does but on this situation and big adoptions of big countries in the world will affect ecuador and will be forced or will engaged in adopting bitcoins in their currency

erikalui

legendary

Activity: 2632

Merit: 1094

Ecuador had banned bitcoins long time ago and I had seen news articles that mentioned the same. Anyways, Ecuador themselves depend on USD as they can't maintain their economy and hence bitcoins would be a far fetched move for them. It matters when big countries like Russia ban bitcoins but they too lifted their ban which means things are still normal.

Topic: Bitcoin banned in Ecuador - page 8. (Read 6214 times)