Topic: Bitcoin's refusal in some countries, due to high levels of corruption (Read 334 times)

Correct me if I'm wrong on this but it seems that nowhere in the world Bitcoin is "qualified" to be legal tender. Declaring Bitcoin a legal tender in some country would be equal to declaring it a national currency in that country, but why would they want that if they already have their own money? Apart from a few small countries such as Ecuador or Zimbabwe using the US dollar as their official currency, every country uses their own flavor of fiat, and I don't really think there's any country that is going to embrace Bitcoin fully in the foreseeable future.

The reason for this could be lack of information with people and it is because people are not having many things related to bitcoin, if you know bitcoin will increase in value and price if you and people of this country will support bitcoin and they will increase bitcoin earning for me. I am hopeful for bitcoin to be famous not only in Singapore but in a lot of other countries as well and it is the reason why bitcoin is being high in price and will be more high after this.

If you talk about Singapore, again it makes no sense to take corruption into account.
Singapore is between the top 3 less corrupted countries in the world based on statistics in the last decade.

Is in this case you can't blame it on incompetence but also you can't blame it on corruption either.
And usually with one single example of a country acting different you really can't generalize.

Mexico is one of the most corrupted countries in the world (130)  yet it regulated bitcoin.
Morocco is 40 places higher (better) but it made bitcoin illegal.

Probably the best example (according to wiki) is Romania, one of the moSt corrupted countries in the EU.
Translated in sounds like: we're to stupid to figure this out.

As for my country, even less corrupted, BTC is legal but it is not considered money and it does not meat the requirements for legal tender.

I couldn't have said it any better. They have nothing to gain from Bitcoin as it can not be regulated by any law which means it won't fill their pockets.

I think you have a point or two. If we look at the countries where Bitcoin is either officially banned or unofficially frowned upon, such countries as Indonesia, Venezuela, Russia, Bolivia, and even China, we will invariably see that the governments of these countries are highly corrupted. Though I can't quite agree with your point that they consider Bitcoin as a tool for money laundering, terrorism financing, and other criminal activities. In this respect they are not different from any other country simply because this is what Bitcoin can actually be used for.

That said, I'm more inclined to think that these countries are just used to ban anything which can potentially threaten their position and power, and this is the main reason they are so negative toward Bitcoin.

That might be the reason why many governments does not consider bitcoin favorable for their economy .
Many people were reportedly involved in money laundering through bitcoin which leaves a fear in the government's mind to not accept it and consider it legal . Other than that governments just want some reasons in order to avoid it so they over exaggerate the things and the potential crimes related to bitcoin in order to protect their banks and fiat.

What about Singapore, if you think the rejection that is being made against bitcoin due to incompetence, do you think a country like Singapore has not been able to accommodate this technology in its country. I even see Singapore more advanced than China and Indonesia. What causes Singapore to reject it if not for the negative factors from bitcoin that impact their economies.

Sorry but your proof is not that much of a proof...
The biggest banks are mostly based in the US and Europe.
Most of the banks in the 3rd world countries are small both in size and influence.

Then why in Europe where the banking sector has such a big impact on the economy and gdp cryptos are more welcomed then in other countries?

It's not corruption , it's just incompetence.
You are asking officials unable to build highways and make sure citizens have access to water and electricity to understand cryptos?

We have a corrupt government as well but we are open for bitcoin as this has been an advantage for everyone, although our government is not yet full in favor in cryptocurrency but still they are not closing the door for this new innovation that has been discovered. So, I think not all corrupt country, but maybe they are just greedy

Yeah it is true I think.Bitcoin can leads to serious corruption in their country because it is fully anonymous and no one knows who is holding bitcoins.Politicians and multi millionaires using bitcoins for money laundering and some terrorists using bitcoins for buying the arms and fire power by paying bitcoins because it is anonymous so government can't find them.But banning the bitcoin in their country doesn't restrict them from using bitcoins they have to find some other ways.

Go look closely at those countries that are banning Bitcoin. Most of them have a corrupt government or they want to control

or protect their weak economy/local currency. They hate Bitcoin, because it undermine their control. They could care less

that this technology can be used to improve the lives of their citizens. Most of them are trying to protect the Banks that are

funding their election campaigns. 

Maybe it's true

that's right, the average of countries that refuse bitcoin is a developing country and a poor country. This means that the refusal of bitcoin and other cryptocurrencies is caused by economic conditions in the country. If the economic conditions in the country are still troubled, or practically unhealthy, they will think the cryptocurrency will worsen the situation, rather than helping to improve the economy. As you say, this is because the resources are still minimal.

I’m sure there is some point that corruption and banning of cryptocurrency has a connection.. Think about how banking officials control or manipulate the government officials that opposes the legalisation of bitcoin in one country.. That is obviously be a payroll or incentives and that is one kind of corruption.. This is reality and proof is not needed but just plain common sense..

Every new ideas or changes will surely experience apprehension by others. It will take time that people who sit on those countries to understand what bitcoin is and what potential it can give to a nation in terms gaining their economy as well as people experience economic gain and freedom as well.

For this problem, it is important to consider carefully, because the crypto currency can affect the stability of the local currency of a nation, which is developing countries, usually have a small currency value compared to the US dollar as well as other countries' currencies.

With the entry of the crypto currency into the real world, it will cause economic chaos in the country, for example prefer to use the currency crypto than local currency, so the value of local currency will tend to fall in value.

Problems with corruption, perhaps transactions that occur in the crypto currency rotation are more transparent than local currency, so it will be easy to trace in the event of a corruption, and this rejection is likely by the conspiracy of the corrupt so it is agreed to refuse the crypto currency in their country with various arguments.

Money laundering problems can still happen in the world of crypto, if you know about e-gold then you will understand, otherwise I will expose a little.
Money laundering is the act of a person to trick the authorities to track the whereabouts of the proceeds of crime. Between can and not if the currency crypto for money laundering, although in the end can be traced also to the hash of existing transactions, can be if criminals use to buy crypto currency mining equipment, and not if want to buy the currency crypto then rotated, because this can be traced.

I personally agree to this. Even before government even exist there are already corruption, correct me if I'm wrong.
But there is a point where bitcoin can actually take part in corruption and other illegal transactions because of its anonymity.
And secondly I think it's also about the taxes.

id think it does have a bit, especially if it is in a politician's best interests to have bitcoin quietly die out, and the politicians are the ones that have the say in what becomes law. however, bitcoin's position in the tax code is both a good and bad thing; if bitcoin becomes taxable, then it has been recognized by the government as as asset or currency. on the other hand, for it to be taxed, it much be reported for tax purposes, and we'll lose some of the anonymity by having our addresses associated with out income and real life identities.

Yes its maybe true it can be a source or illegal transactions and such but also lets consider that it will not be applicable to all countries just some country whose government offcials are afraid mainly because they are not that technologically literate so they cant manipulate the digital currency unlike in fiat money they can control it so easy. Its like they are threatened because they will lose power over the country.

It could be true, but I don't think the countries that are banning bitcoin are concerned about it's citizens welfare. Most of those countries actually live in a dictatorial regime, and are probably afraid of losing the control of their money. Also, countries with dictatorial regimes, normally have corruption in their govern, so they just want to keep the power to themselves.