Kuwait Bans Bitcoin and crypto payments, investement and mining - page 2.

panganib999

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Quote from: OmegaStarScream on July 20, 2023, 04:25:23 AM

So it looks like Kuwait has decided to ban crypto payments, investments, and also mining. The reason? is the usual:

Quote from: https://www.coindesk.com/policy/2023/07/20/kuwait-regulator-bans-crypto-payments-investment-and-mining

Kuwait has prohibited the use of crypto for payments or investment to combat money laundering, according to a circular by the country's financial regulator issued on Monday.

As the article states, any violations of the prohibitions would result in penalties.

I personally wasn't expecting this, especially with their neighbor (UAE and Bahrain) doing the total opposite.

Meh. Not really bitcoin's problem at this point. Countries that are way well off than them are choosing to allow bitcoin in the country and they aren't, so if shit hits the fan and they come back reeling for bitcoin then that just means that we're really telling the truth yeah? I feel like I'm going off into a tangent here but basically saying that countries can go about banning cryptocurrencies all they want but people are seeing the use and benefits of it and you can't really stop what's already taken traction. In the case of bitcoin and illegalizing it, what are they going to do? Throw every bitcoin user in Kuwait to prison? Unlikely. They're doing this to spite other countries and to probably gain sympathy from others. They'll realize this is not the way soon enough.

coolcoinz

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Quote from: OgNasty on July 20, 2023, 11:02:11 AM

I wonder what the motivation for this was. Perhaps they were seeing an influx of crypto miners that was stressing their electrical grid and causing problems? That’s the first thought that comes to mine. Especially considering the timing with the hottest days ever being recorded happening. I’d imagine they want to make sure people are able to use their air conditioners without brownouts due to miners.

Or one of the anti-bitcoin lobbyists like the IMF or the World Bank told them that if they do it they'll get a loan (or not get one if they don't). Also possible they were pushed into this by this FATF bullshit organization that wasn't elected by nobody, but has the power to threaten countries with blacklisting.

You can't ban bitcoin, you can only ban yourself from bitcoin!

Rabata

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Kuwait is prohibiting Bitcoin while the UAE is offering a lot of incentives for its expansion. I think it depends on each country's government what they do. After all, it is clear that such a policy of theirs is not appropriate for the times. I think they still haven't got a good idea about Bitcoin. Because of which they are discouraging it rather than receiving. Bitcoin is not limited to one country. Neighboring countries will be amazed when the UAE takes its country to the heights of prosperity through Bitcoin. Not everyone will join Bitcoin together. So worrying about this ban can be considered a waste of time. I believe that they will accept bitcoin again because when the whole world will be connected to Bitcoin they cannot ignore it.

kingvirtus09

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In that matter, we can't do anything if they don't have Bitcoin or cryptocurrency in their country, and besides the fact that the country of Kuwait does not have Bitcoin, that only affects the crypto enthusiasts in that country.. but for sure it will also be taken back by That's Kuwait in my opinion, especially when they see that Bitcoin will rally in the market when you have a bull run next year. I don't believe they will ban Bitcoin for long.

aysg76

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Quote from: Lucius on July 20, 2023, 05:37:44 AM

However, as always for ordinary people, this does not have to be a problem because the BTC transaction does not require the approval of the government or any politician, and those smart will always find a way to continue trading with BTC and stay under the radar.

The rules in the gulf countries are very strict and they have severe punishments if you are caught so people won't take risks although smart people find some ways to bypass these restrictions.The fines are also huge that if someone is trading in it they will impose certain amount that can be huge for the accused.

Quote from: Ucy on July 20, 2023, 11:32:27 AM

This bullish for Bitcoin as it's a decentralized, censorship resistant and independent system, hence won't be affected.
Now concerning the humans who could possibly be affected by this... punishments for using Bitcoin for payments or investments may only be possible if Bitcoin is bad, if they use it for something immoral/illegal, if they pay with bitcoins that are somewhat dependent on the system they control or if they buy/sell things that rely on the system. This is just an idea for those who wish to safely navigate a lawless system that tries to prevent them from using things that are good and permitted for responsible people to use.

See the concept is that being decentralised bitcoin don't need approval of any third party but still the usage for it will push forward the demand and if all countries start taking such actions against it people won't be able to use it although there could be ways to overrule this but still risks are associated with it so we need more adoption for it but bitcoin is the leading way to having custody of your funds which is what governments fear losing control..

They will always push forward the excuse like used for illicit activities like Kuwait government has of money laundering keeping in mind the transactions can be traced if used without mixing service but what about fiat? It's simple to do crime with it as digital money can be blocked but not fiat but it's their money and legal tender so it doesn't matter a lot to them.

Ucy

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This bullish for Bitcoin as it's a decentralized, censorship resistant and independent system, hence won't be affected.
Now concerning the humans who could possibly be affected by this... punishments for using Bitcoin for payments or investments may only be possible if Bitcoin is bad, if they use it for something immoral/illegal, if they pay with bitcoins that are somewhat dependent on the system they control or if they buy/sell things that rely on the system. This is just an idea for those who wish to safely navigate a lawless system that tries to prevent them from using things that are good and permitted for responsible people to use.
It's always better to use Bitcoin for things that are right or good, use it when you're completely independent of the system they control and don't depend on anyone in the system. Using it otherwise is unsustainable.

Mate2237

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Quote from: OmegaStarScream on July 20, 2023, 04:25:23 AM

So it looks like Kuwait has decided to ban crypto payments, investments, and also mining. The reason? is the usual:

Quote from: https://www.coindesk.com/policy/2023/07/20/kuwait-regulator-bans-crypto-payments-investment-and-mining

Kuwait has prohibited the use of crypto for payments or investment to combat money laundering, according to a circular by the country's financial regulator issued on Monday.

As the article states, any violations of the prohibitions would result in penalties.

I personally wasn't expecting this, especially with their neighbor (UAE and Bahrain) doing the total opposite.

I saw the news early morning today on flash news in social media platform but I snobbing the news. And one thing I discovered from all these countries that are banning cryptocurrency lack the full knowledge about the new technology. is it not better they regulate the transaction process than banning?
Kuwait has been on the deliberation https://freemanlaw.com/cryptocurrency/kuwait/ and what Minister of Finance did in Kuwait is the same thing happened in Nigeria. On their own they just hate cryptocurrency and if you investigate the issue well, you will discovered that it is not because of the money laundering but because of hatred to the bitcoin users. Now the Central Bank of Nigeria for governor is in under DSS custody. He will learn his lesson from there. It would have been better they regulate it.

OgNasty

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I wonder what the motivation for this was. Perhaps they were seeing an influx of crypto miners that was stressing their electrical grid and causing problems? That’s the first thought that comes to mine. Especially considering the timing with the hottest days ever being recorded happening. I’d imagine they want to make sure people are able to use their air conditioners without brownouts due to miners.

bayu7adi

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Quote from: Z390 on July 20, 2023, 04:58:17 AM

That's Kuwait's problem, they are not even noticed as one of the most adopting Bitcoin countries so it's their choice and in fact if I came across this new online I won't come on here and make a topic about it because it's Kuwait, it's not America, Singapore or China, this isn't also the first Ban on Bitcoin mining, sooner or later it will be lifted.

Especially when they start noticing what they are missing with web3 and others, I believe they have no clue about blockchain technology, few countries where this stupid before, until they understand what they are missing.

As a nation that may not wield sufficient global economic influence, I believe Kuwait's decision regarding its stance on Bitcoin need not be vehemently contested. However, it truly saddens me to witness the predicament faced by some Kuwaiti individuals who harbor a genuine interest in Bitcoin. For them, relocating to a more Bitcoin-friendly country appears to be the sole recourse, as their homeland seems disinclined to embrace Bitcoin as a legitimate cryptocurrency.

It appears that within the Kuwaiti government, there exist certain individuals who are unable to accept Bitcoin as either an asset or a currency. This resistance, consequently, leads to the rejection of Bitcoin for a nation with a population of approximately five million.

Zlantann

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Quote from: OmegaStarScream on July 20, 2023, 04:25:23 AM

So it looks like Kuwait has decided to ban crypto payments, investments, and also mining. The reason? is the usual:

Quote from: https://www.coindesk.com/policy/2023/07/20/kuwait-regulator-bans-crypto-payments-investment-and-mining

Kuwait has prohibited the use of crypto for payments or investment to combat money laundering, according to a circular by the country's financial regulator issued on Monday.

I don't expect all nations to accept Bitcoin at the same time. Some will be friendly now others will be in the future. Kuwait is claiming it wants to abide by the rules of the Financial Action Task Force (FATF) to curb financial practice, terrorism financing, and money laundering. But they are been too harsh to the crypto community because FATF recommends strict supervision of the financial activities of crypto operations and not an outright ban. In other nations, regulators are coming up with advanced methods of monitoring, tracking, and recovery of illicit crypto funds, instead of a ban. They will lose most of the opportunities that cryptocurrency offers. The good news is that this year more countries are opening up to Bitcoin. Affected businesses and miners will move to friendlier neighboring nations like UAE and others to avoid sanctions or penalties.

Sim_card

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Kuwait shouldn't give a silly excuse for placing a ban on bitcoin that it is due to money laundry. Before bitcoin came into existence, would Kuwait government say that there wasn't money laundry. The major issue is the decentralized nature of bitcoin that cannot be accessed by government to track who uses it,they have seen that their government can't control bitcoin users and it has become a threat to them. They should have regulated it instead of banning it. This isn't a problem to bitcoin adoption or price because other countries and individuals will keep on adopting bitcoin. I feel for Kuwait because they have missed out in the opportunities that bitcoin gives to its users. A digital world needs a digital currency.

jrrsparkles

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Quote from: OmegaStarScream on July 20, 2023, 04:25:23 AM

So it looks like Kuwait has decided to ban crypto payments, investments, and also mining. The reason? is the usual:

Quote from: https://www.coindesk.com/policy/2023/07/20/kuwait-regulator-bans-crypto-payments-investment-and-mining

Kuwait has prohibited the use of crypto for payments or investment to combat money laundering, according to a circular by the country's financial regulator issued on Monday.

It seems there is no valid reason to ban the crypto currency transactions, mining as well as approving any platforms to provide services related to cryptos unless they are panning to execute it for too long. The government claims that they are doing it to combat money laundering but I feel they are not benefiting from having cryptos like their neighbors (UAE, Saudi) because they managed to generate few billions invested into their country.

Quote from: Lucius on July 20, 2023, 05:37:44 AM

The only thing I'm interested in is what are the penalties for those caught in the offense - I hope it's not something of the type of punishment that exists in that part of the world.

Definitely not, they will just go with the huge money as penalty because AFAIK the mostly they will go for such penalties that we remember about middle east mostly for disciplinary cases

CryptoHeadlineNews

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Kuwait is not the first country to ban Bitcoin for the reason of it been used for money laundering, as we have had many countries do the same and more to do so in the future, but despite what, it still doesn't change what Bitcoin stands for (i.e Make individuals have control over there funds) because both gold and fiat have been used for money laundering since many centuries ago, but why haven't any of them been ban if I should ask? It's simply because governments has control over it unlike Bitcoin that they don't, and as such will find every means just to eradicate it.

Note: Bitcoin is not the problem, but the individuals are the problem we have in our various countries

Flexystar

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It doesn’t matter at all. This country had no significant contribution in the Bitcoin market at all. I don’t think having its geography near to UAE makes any different as well? They are not dependent country on the nearby countries of UAE so it really matters nothing. In fact any countries adoption or non adoption doesn’t mean anything to anyone. I believe this is going to be just another news in getting printed at some corner of the news paper and thrown in the dustbin after a day or so.

In fact most of the internationals would have never came to know about this news if it wasn’t posted here. It’s just the forum where we hear such news.

Frankly I never go online try to dig information whether any country has banned it or not. It means nothing. Bitcoin doesn’t really care about it.

Poker Player

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Quote from: OmegaStarScream on July 20, 2023, 04:25:23 AM

I personally wasn't expecting this, especially with their neighbor (UAE and Bahrain) doing the total opposite.

I think so too. We will have to see what influence this has in the area, but I do not think that the United Arab Emirates, with the amount of business that Dubai moves with cryptocurrencies, will change its policy. I would like to think that eventually in Kuwait they will realize their mistake and reverse the policy but you never know.

Quote from: NotATether on July 20, 2023, 05:58:58 AM

Most Gulf countries are like that actually - if crypto is not improving their economy by supplying an influx of blockchain companies and startups, they'll just ban it and be done. Most of these countries do end up reconsidering their bans as the crypto landscape changes shape and new policies & developments are made (the most infamous example being Russia which has banned and unbanned crypto no less than four times over the last 10 years).

Lol. Let them take a cue from Dubai then, instead of beating around the bush.

ZAINmalik75

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Quote from: OmegaStarScream on July 20, 2023, 04:25:23 AM

So it looks like Kuwait has decided to ban crypto payments, investments, and also mining. The reason? is the usual:

As the article states, any violations of the prohibitions would result in penalties.

I personally wasn't expecting this, especially with their neighbor (UAE and Bahrain) doing the total opposite.

Kuwait has different political and financial conditions then UAE and Bahrain. Maybe the level of money laundering might increased there. That's why the governments took these steps to ban all of the things. And believe me, i belong to the same continent and these ban are temporary and will be lifted after some time.

Maybe when the time will be right. Because these steps are made by some of the people with great power who would make such things happen. And every time such bans has some agendas behind them. The main thing came to my mind is only. There must be some illegal activities that has forced them to make such steps.

Otherwise, unlike US, China, they can not manipulate market, because the traffic or i would say legal traffic or crypto users who add volume to crypto industry from Kuwait are less.

Redcoinn

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Quote from: Oshosondy on July 20, 2023, 04:38:47 AM

Rubbish. I am referring to the Kuwaiti government.

They can ban Kuwaiti dinar and all the foreign reserves they have too. All of them are used by criminals.

Bitcoin do not depend on a single country.

Quote from: OmegaStarScream on July 20, 2023, 04:25:23 AM

I personally wasn't expecting this, especially with their neighbor (UAE and Bahrain) doing the total opposite.

If some bitcoin critics are in government, there is nothing that can be done. But they like or not, a day is coming that more countries out of scanty that do not support bitcoin will support bitcoin and they will likely be among. Time will speak.

Bitcoin in Kuwait is in a tricky situation. The Kuwaiti government banned financial institutions from trading Bitcoin during its run in late 2017 due to high volatility, and Bitcoin is not legal tender in the country.

In May of 2021, the Central Bank of Kuwait (CBK) issued a statement warning the public about the volatility in cryptocurrency markets, reminding them that cryptos are not considered "real currency" that is regulated by state authorities, such as banks or monetary institutions."

However, Bitcoin is legal for residents of the country and citizens can buy and sell cryptocurrency without restrictions from supported exchanges like BitOasis, coinmama, paybis.

buybitcoinworldwide.com/kuwait

348Judah

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Quote from: OmegaStarScream on July 20, 2023, 04:25:23 AM

So it looks like Kuwait has decided to ban crypto payments, investments, and also mining. The reason? is the usual:

Quote from: https://www.coindesk.com/policy/2023/07/20/kuwait-regulator-bans-crypto-payments-investment-and-mining

Kuwait has prohibited the use of crypto for payments or investment to combat money laundering, according to a circular by the country's financial regulator issued on Monday.

As the article states, any violations of the prohibitions would result in penalties.

I personally wasn't expecting this, especially with their neighbor (UAE and Bahrain) doing the total opposite.

I don't know why some countries were still living in their wildest dream till date thinking that cryptocurrency is an avenue for money laundering when this shady acte has always been in use over years right before the introduction of bitcoin to the world, people steal, hide and abuse financial laws and regulations in many ways, but they are using this their own regulations to affect the individual citizens and go would love to take in part of this financial freedom and dominion than the one being controlled by the government, it's a pity also that government were too blind to see the needs of the people in wanting the establishement of a decentralized currency, the most countries of the middle east like Abu Dhabi, Qatar and Dubai were i think would have more strict rules against bitcoin have the most amazing interest in cryptocurrency, i think this also have to do with exposure and the calibre of those ruling in a particular country.

NotATether

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Most Gulf countries are like that actually - if crypto is not improving their economy by supplying an influx of blockchain companies and startups, they'll just ban it and be done. Most of these countries do end up reconsidering their bans as the crypto landscape changes shape and new policies & developments are made (the most infamous example being Russia which has banned and unbanned crypto no less than four times over the last 10 years).

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Quote from: Lucius on July 20, 2023, 05:37:44 AM

The only thing I'm interested in is what are the penalties for those caught in the offense - I hope it's not something of the type of punishment that exists in that part of the world.

You mean this part?

Quote

At about 08:00, prisoners are hooded with a black hood, unlike the British style white hood and their arms and legs are pinioned (strapped). New steel gallows were fitted in the early 2000s and have been used.....<>

I hope they don't invent a punishment like getting as many lashes as the price of bitcoin is in their currency!

But they do have cheap energy, and a ton of it, the climate is not that great but with nearly free energy you can afford cooling too, I will see if our fellow miner knows more about this.

Topic: Kuwait Bans Bitcoin and crypto payments, investement and mining - page 2. (Read 354 times)