Topic: Bitcoin's refusal in some countries, due to high levels of corruption - page 2. (Read 334 times)

The reason of rejection has nothing to do with corruption. It's all about the income tax and other wealth tax that government collects from its citizens. This is the summary for me. The rest is just irrelevant.

In my own opinion, they are fear from bitcoin because they cannot corrupt if the bitcoin dominates their country. Bitcoin is decentralized and government can't mandate their citizen to give high taxes. They don't hold the money of the people. Banks also be useless and there will be a change in the system of payment and transactions. Bitcoin will be the great enemy of corrupt administration, they just said that bitcoin is illegal to avoid spreading of bitcoin specially, in their country. Unlike in developed countries, citizen's sake always be the first.

No doubt that it will be harder to commit some corrupt practices in a country with a blockchain or similar system helping to track all transactions.
Like you said, in some of the countries that are supporting and introducing bitcoin in their economy system the corruption is virtually zero.
In the other hand, countries that are banning bitcoin are in mostly underdevelope and with high rates of corrucption.

I never thought about this point of the reason but being used as money laundering and crime activity in corruption could be good analize why bitcoin is rejected in such kind of country.

No, some governments are clearly worried that some of their population are getting carried away with virtual currencies and are banning/ talking about banning virtual currencies to protect their citizens from loosing lots of money.

Of course, any person hodling themselves would say otherwise as its in their own interest.

This forum is completely biased for that reason, something that took me some time to realize.

Absolutely.It is for that reason for not having resources to control or regulate bitcoin,smaller countries  like bangladesh,equador,bolivia simply ban bitcoins.Bigger countries don't want their citizens to get out of their control as financial freedom would lead to all other liberal ideas.For example,china being a communist country does not welcome bitcoin.

Even all the developed countries are not in favor of bitcoin.Most of those countries too want to avoid bitcoin but bitcoin being a digital currency,they are well aware that unless internet is banned,bitcoin could not be banned.So some countries decide to just regulate bitcoin and get tax from bitcoin earnings.

In my opinion why some countries refuse bitcoin because they don't want to be transparant. With bitcoin that using blockchain all transaction will be transparant to public, no one can do corruption. If some countries refuse using bitcoin (blockchain) i think in that country corruption still happen and the corruption in high levels and involved many sectors including in goverment itself. I am not suprise that finally bitcoin with blockchain will have a negative publicity because they dont want to lose their power to do the corruptions.

I know that this may be the reason why bitcoin is used so much in countries with high corruption. The assets due to corruption will be transferred to bitcoin to avoid government monitoring and at the same time it will also increase asset wealth due to bitcoin continuously rising prices over time.

yes I agree with you, I think it makes sense. Some countries that ban bitcoin are countries that have fears if bitcoin is used for illegal activities such as corruption. Whereas in fact completely untrue, blockchain technology embedded in bitcoin able to minimize corruption because every transaction in and out of course can be tracked in accordance with the txid who make transactions.

Corrupted people always find a way to hide their money. They use banks also, why we don't close banks?

Money laundering crime, potential illegal transactions, Violate payment system authority and undermine the system of investment activity

All of these things which you mentioned already exist from ages, its just like banning cars as robbers run away in them after the robbery which in stupid, Bitcoin is a million dollar industry and countries should take the benefit instead on banning.

Some countries do ban bitcoin but the thing is it can be used to reduce corruption because all transactions are registered on the blockchain so the money can be tracked. If done right this is a reason to accept it and show that the country can be corrupt free.

Do you now speak directly about a particular country?
Indeed, this is not a coincidence. The inability to control bitcoins by taxes does not allow corruption to exist. Everything is logical

There is no direct way for an entire country to "reject" bitcoin. I think there'd be a considerable Streisand effect if any governing body would try to actually ban bitcoin. Perhaps legal procedures for people looking to register a crypto company could be tightened but outright banning is impossible due to bitcoin's decentralized nature so I don't think that entire countries can "refuse" bitcoin.

No it is not.
It's just a conspiracy theory that is based on wrong assumptions.

When it comes to technology and embracing innovation the most developed countries are the first in line.
3rd world countries have no chance there not only because of the governments but because of lack of funding.

With bitcoin is almost the same, we hear news about how Bitcoin is growing in Africa or Venezuela but most of them are clickbait fake news just to earn hits and likes.
And it makes sense, poor citizens have no chance of getting in and invest when there is nothing to invest.An eastern European (and we still talk about Europe) spends almost a quarter of his wage on food. An US citizen 7% and in Africa more than 60%. How can you compare 40% of 200$ with 90% of 3000$?

The numbers of people holding bitcoin in those countries is so low and the value that tiny the government is just not interested in it.

And if we come to corruption, what would be easier for an official that taking a bribe in coins.
You enter his office and he has a qr cod eon his desk and he point to it to send him the bribe.
How is anybody going to prove that he has taken money??
No money trail (we assume mixing), no discussion recorded, no bank accounts ... no nothing.

Corrupt officials would just benefit with BTC in their own ways.
But usually in their countries BTC is at levels it can be ignored.

And honestly, do you think a corrupt government cares about how much tax is collected or how the economy is doing?
They just take what's available and leave a mess after them when they are gone from office.

I do believe this is somewhat true, but for a different reason than what you stated.

Corrupt countries are either poor, or is under authoritarian rule. Poor countries can't spare resources to regulate Bitcoin, and they could end up poorer as their citizens use their fiat to buy crypto from other countries. They have much bigger fish to fry, so simply banning Bitcoin to avoid the risks that come with it is the best option for them. Authoritarian countries, on the other hand, typically don't enjoy letting their citizens have certain liberties, and that's exactly what crypto does and represents. It's hard for them to keep tabs on everyone if everyone could potentially move their money without the government knowing.

Developed countries have the resources to enforce regulations and are progressive as they don't have to deal with as many problems as developing countries. They have nothing to lose from crypto's rise.

They're all getting nervous because many of the in these governments engage in the same things they are accusing of bitcoin being illegally used. For example, would you believe banks would brazenly engage in money laundering they don't have connections in the government?

For the conspiracy theorists out there, I'm also hearing discussions that this is the banking system trying to ban bitcoins in smaller economies first, some sort of test run to see how it can be done globally.


They talk the opposite of how they act. Nothing surprising about that, haha. 

Isn't it ironic, a corrupt government calling a transparent currrency corrupt?

I think they are getting nervous about losing control over over the games they play with their fiat money.

It could be one of the reason but not applicable to all. If you can just notice, before any country accepts or adopts the use of any cryptocurrency in their political boundaries there are multiple sessions and debates as to whether they will accept or ban it in their country. And so upon deliberation the acceptance of any cryptocurrency will be depending on the votes of the majority. Thus placing corruption as the main reason of the non-acceptance of bitcoin is not an acceptable reason indeed, due to lack of evidence to backed it up.

Is it true, some countries that reject the bitcoin are countries with high levels of corruption? So they consider bitcoin to be a potential money laundering crime, potential illegal transactions, Violate payment system authority and undermine the system of investment activity. While countries that provide support for bitcoin is already included developed countries and has minimal acts of corruption therein. What do you think?