For a country still illegal against bitcoin?

MoonJeina

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Quote from: Paditani on January 18, 2018, 06:42:28 AM

In some Asian countries bitcoin is very influential for people to invest. why it is still illegal for a particular country. to be more clear and can be received by the government like where?

At first i didn't understand what you were saying . You really need to learn the language properly .
Anyways , governments are always reluctant to bitcoin and other digital currencies because they fear the take over of such currencies on their fiat currency . Moreover , they are scared to be the part of something they don not know how to control . Governments all over the world have always been scared of such independent entities.

sindikat

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Quote from: Paditani on January 18, 2018, 06:42:28 AM

In some Asian countries bitcoin is very influential for people to invest. why it is still illegal for a particular country. to be more clear and can be received by the government like where?

You answer your own question. In these countries, bitcoin is an income for the elite. Why would they make it available to everyone? Rich people have the opportunity to be rich only because they are in unequal conditions compared to everyone else. Only poor people can be forced to work for food.

qwertyup23

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Quote from: Paditani on January 18, 2018, 06:42:28 AM

In some Asian countries bitcoin is very influential for people to invest. why it is still illegal for a particular country. to be more clear and can be received by the government like where?

You have to understand the factors on why bitcoin is illegal to most Asian/Western countries in order to derive the answer to your question. To shed you some knowledge, here some of the reasons on why I think bitcoin is prohibited:

Due to its decentralised nature, the lack of any government regulation makes it a threat to the community especially the existence of ICOs that may take advantage of the people;
Its highly-volatile nature makes it skeptical to some investors as it results to some ponzi scams made by sketchy companies;
The lack of collateral/security makes it a 'high-risk, high-reward' system; and
The government's purpose is to protect its people and the country. Anything that may potentially infringe the security of the people in terms on its transactions would lead to the government exhausting administrative means for their protection

warrior333

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Quote from: cherry yu on April 05, 2018, 10:00:09 AM

so far for now china is the country who dont want bitcoin absorb thier country. they banned bitcoin because they dont want some people use bitcoin for illegal transaction. and besides china is one of the wealthy country so china government think that bitcoin is not needed to grow thier economy.

China is not a rich country. There are a lot of poor people in China. This is especially true of the villagers. There can be said poverty. China has very poor social security. They save not everyone. I think the Chinese government is afraid that money will leave the country through ICO and cryptocurrencies. This could very quickly lead to the collapse of the economy.

cherry yu

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so far for now china is the country who dont want bitcoin absorb thier country. they banned bitcoin because they dont want some people use bitcoin for illegal transaction. and besides china is one of the wealthy country so china government think that bitcoin is not needed to grow thier economy.

BTCeminjas

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Quote from: IL.Guerreiro on April 04, 2018, 11:43:22 AM

Quote from: Paditani on January 18, 2018, 06:42:28 AM

In some Asian countries bitcoin is very influential for people to invest. why it is still illegal for a particular country. to be more clear and can be received by the government like where?

When it is all about money, government and some influential business men are strict not for the good reasonable thing but maybe because of thinking on how it affects their own interest.

Because most people from Asian countries are afraid making illegal activities in bitcoin and as what their government see it has a great impact on the economic growth so they embrace bitcoin instead of banning it.
Meanwhile, in the big countries like the USA, they think there are many rich people who can afford to make an illegal transaction or hiding their poverty through bitcoin so they are strict on it.
And that was my opinion.

GreeCoin

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Most countries afraid of money laundering, Because they can't control and track bitcoin transaction as compare to general banking system.

IL.Guerreiro

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Quote from: Paditani on January 18, 2018, 06:42:28 AM

In some Asian countries bitcoin is very influential for people to invest. why it is still illegal for a particular country. to be more clear and can be received by the government like where?

When it is all about money, government and some influential business men are strict not for the good reasonable thing but maybe because of thinking on how it affects their own interest.

Mamoot

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Quote from: Paditani on January 18, 2018, 06:42:28 AM

In some Asian countries bitcoin is very influential for people to invest. why it is still illegal for a particular country. to be more clear and can be received by the government like where?

In Southeast Asia, investors view Bitcoin as an attractive investment opportunity. One of the Bitcoin Exchange companies located in the region is Luno
Headquartered in Singapore, Luno allows customers to buy, sell, and store digital currencies. Luno has been operating in several countries around the world including Great Britain, South Africa, and Nigeria. In Southeast Asia, Luno operates in Malaysia as one of the largest markets, as in Indonesia, where activities to invest in digital currencies have grown consistently.
unclear regulations are inhibiting Bitcoin adoption, financial institutions such as banks are worried about working with Bitcoin companies. policy makers tend to be cautious because from their point of view, the digital currency is still very new

Oasisman

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Quote from: Paditani on January 18, 2018, 06:42:28 AM

In some Asian countries bitcoin is very influential for people to invest. why it is still illegal for a particular country. to be more clear and can be received by the government like where?

Every country and every Government has its different views on all the things including financial views (to be on topic). There are still debates from other countries not considering Bitcoin as a financial asset, while the others embrace and recognize Bitcoin as currency. Some countries are afraid it could fund criminal activities including terrorist due its anonymity and decentralization. Plus Bitcoin and alts are nontaxable, unless if a certain country would implement such laws to put a certain percentage of tax when you're earning Bitcoin.
The reason why some countries ban cryptocurrency is its for their own security and protection.

Greenkarki

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Its yet to realize the benefits of bitcoin. The countries that are yet to legalize bitcoin and other cryto currencies are so behind the technology. If they understand the need of crypto and blockchain's adaption, they would develop their nations with wealth and employment. As crypto currencies are ruling the currency market, the governments have to compare the profits comes out of fiats and cryptos.

bocyaj

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Truely ,the most of the investors from Asian country.By knowing this fact China had made the bitcoin and as illegal.Followed by South Korea had regulate the crypto currency.The reason for the regulation of bitcoin is to get some taxes from the crypto investors.Atlast,bitcoin was become a neutral status from legal in India.

Palmerson

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Quote from: SixOfFive on March 22, 2018, 10:12:58 AM

Crypto is providing all new opportunities to invest. People from asian countries like India, Japan, Russia and China are aggressively looking forward to invest in Bitcoin and other crypto-currencies. Some countries like Bangladesh, Nepal etc are against it. But we need to understand that they do not have much developed economy as compare to these big countries so their Ban does not make any diff. in world Crypto economy.

I disagree with you. China is very reserved about the use of cryptocurrencies and we have seen many times how they restrict the use of cryptocurrencies. India is also recognized the bitcoin outlawed. In Russia, the same approach to cryptocurrency as in China. Only Japan supports bitcoin from your entire list.

Biscutard

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Quote from: wack slacker on March 21, 2018, 09:36:42 AM

I think it is temporary because they may not yet see the importance of blockchain in the future. Cryptocurrency will be widely used in life and maybe they will love it in the future. I believe in the optimism of the market in the quarter 2,3,4 of this year.

As far as i know there is no countries yet, that did banned bitcoin, but instead they just warned the people. Because there are some people that may take an advantage to you because of your lack of knowledge in bitcoin.

SixOfFive

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Crypto is providing all new opportunities to invest. People from asian countries like India, Japan, Russia and China are aggressively looking forward to invest in Bitcoin and other crypto-currencies. Some countries like Bangladesh, Nepal etc are against it. But we need to understand that they do not have much developed economy as compare to these big countries so their Ban does not make any diff. in world Crypto economy.

marielbeckham

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One of the main reasons may be lost control because of decentalisation and the active usage of BTC for some illegal purposes.

galaxing

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yes, this is often discussed, and I think everyone already knows the answer ,, I add a bit, in my opinion, using bitcoin is often used for criminal transactions, such as buying firearms, drugs, gambling, and so forth.
so the government tightened the bitcoin to be released.
But now bitcoin can be used for investment, and this can develop the human economy.
I hope the government knows that, and can free bitcoin in each country.

wack slacker

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I think it is temporary because they may not yet see the importance of blockchain in the future. Cryptocurrency will be widely used in life and maybe they will love it in the future. I believe in the optimism of the market in the quarter 2,3,4 of this year.

Fantastic33

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Bitcoin and other cryptocurrencies remain illegal in other countries because they dont want their citizens to suffer and loss their money in the end. They also believe that there are some companies who release crypto, but they do not act in good faith. Also, due to its decentalization and pseudoanonimity, the government are afraid that it might be used on illegal activities such as scam, purchase of drugs ir deadly weapons.

goaldigger

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This is one we hope to be changed. Their way of thinking when in comes to bitcoin and cryptocurrency. The government's main reason about this is the taxation. They dont know where and how they can tax ot because it is not just classified s an investment but also currency.

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