Not banned, yet not accepted - page 2.

Cookdata

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Quote from: Obari on September 17, 2023, 06:34:07 PM

Please let's discuss as I would really want to hear the opinions of others about this.

I want to believe you are using Nigeria as a case study. We would have been enjoying the benefits of banks as it was before but one thing led to another that change the status of Nigeria and bitcoin adoption. Till today, nothing has change about it's adoption nor the adoption, it's growing like nothing happened because there was even a time a bill was pass to tax about 15% from crypto but it seems it was trashed in the bin as there is nothing signed about the legality of bitcoin.

Politics made Nigerian Bitcoin legality this way. I'm not sure if you remembered when they did the END SARS protest to end the police brutality that later went south. Lots of donation were made that week which many were done through bitcoin as banks were restricting the accounts where donations were made. After the catastrophic protest, the government took action to restrict banks from using bitcoin for two reasons which are:

Opposition parties fuel the protest to rubbish the sitting government then, according to them, they said the protest was targeted to get back at the government that's why they persisted to do donations through bitcoin.
Another reason was because banks were using customers money to buy bitcoin and according to CBN act, it's illegal and that's why they have to ban banks from facilating transactions.

What I know is this, bitcoin will not turn to legal tender in some countries, but they wouldn't stop people from using it because they know that it's something they can not force people to abandon, it will remain the most cherish, a light that people will seek no matter what they do to oppress the masses.

GeorgeJohn

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Many countries have restricted bitcoin transaction with their central banks, so since Bitcoin transaction can't go directly from the central bank of that particular country so the people that is not been informed of p2p will think that bitcoin has been ban, so from my perspective and understanding how bitcoin works in my country before now, it really means that bitcoin is been restricted, ban means their is no existence of bitcoin in that particular country while if bitcoin can be restricted that means it's not been ban

nakamura12

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If local bank is not allowed then they should do P2P and use escrow if not sure about the other party. There are ways that a person can sell his/her Bitcoin and receive fiat money to his/her bank account instead of BTC sold and then sent to a bank account and this case is only in an exchange that supports banks to receive payment or to deposit. Government in that country is more likely did not allow it because crypto can be used to launder money.

Doan9269

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Bitcoin is not banned and cannot be because it's a decentralized digital currency, they are not accepting it because those in government any have their asses exposed through the means of their fiat financial loot, there's nothing they can do to bitcoin than to help widen it awareness because the more they are raking attacks the more the currency is getting more global recognition without knowing to them that they are only helping in sharing the goodnews about bitcoin to the world instead of the attack they think they are doing, this is more directly talking to the governments.

ChiBitCTy

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The problem is most people don't use bitcoin for payments. I see bitcoin as an electronic payment system. Most people see bitcoin as a way to make money, an investment, including banks. I don't think that bitcoin could ever be banned thanks to it's decentralized nature and decentralized exchanges or OTC (over the counter) trades, but the more banks get on board the better the adoption rate will be.

We need to use bitcoin as payments, I can't stress this enough!

Mame89

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In my country, bitcoin is prohibited as a means of payment in the sense that it is prohibited from being used as a medium of exchange as the function of fiat exchange, so bitcoin may be used as a long/short term investment as long as the bitcoin/altcoin is converted into fiat currency so that it can be used as a legal transaction tool.

It's just that the government only reminds the public. So go ahead if you want to invest, but remember bitcoin is not controlled, it is not guaranteed by the government, so if there is a problem it is your own fault. However, it is still allowed to be traded (at your discretion).

Indeed, in some countries, this currency can be used as a substitute for legal currency. For example, some institutions in that country such as schools or shops accept payments via bitcoin, and there is "no harm there" but if in my country I want to pay using bitcoin like in that country, for example at school or in a shop, that is an illegal transaction.

The Cryptovator

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Your post is quite confusing to me. If the government restricts banks from participating in crypto transactions but allows users to use them, then you aren't breaking any rules by using crypto. Because the government hasn't fully banned it, the government doesn't like to get involved with crypto. If fully banned, then anyone can't use crypto, and it would be breaking rules. My government fully bans crypto, and anyone involved with it will be punished. So we are breaking rules since we are involved with cryptocurrency.

OgNasty

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You make a good point and surely the Bitcoin community would be better off if there were more vendors that accepted BTC as payment for goods (I do). I believe this is one of the reasons Bitcoin was pivoted to being a store of value instead of p2p currency. It’s unfortunately more beneficial to hold than spend, but without banks to convert to cash it would be somewhat useless for that purpose. Hence, digital gold is much less decentralized than a p2p currency.

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Quote from: Obari on September 17, 2023, 06:34:07 PM

Please let's discuss as I would really want to hear the opinions of others about this.

There are many countries that say Bitcoin is illegal, but they, I mean the government, are not serious and actually ban their users, even though they say local banks prohibit Bitcoin transactions and so on, but that really never happens, users still use Bitcoin through their local bank channels.

We often see the government saying Bitcoin cannot be used as a transaction tool like paper currency in general for spending, but who does that, no one, Bitcoin is mostly used by users in the form of investment and trading, actually the government and banks can't do much, because Bitcoin does not violate the law in any country, it is often said that it is not prohibited and is not ordered, the user bears all risks.

Wend

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Quote from: icalical on September 19, 2023, 09:07:53 AM

In the case of my country and probably a lot of other countries too, Bitcoin is legally allowed to perceived as an investment, meaning people can own it and speculate on it. But, it's illegal to use Bitcoin as a currency, bitcoin shouldn't be used as legal tender. The government did this because they need to keep the value and stability of the country's currency, if Bitcoin is allowed to be used as a currency and people choose to do transaction using Bitcoin over the local currency, it will be bad for the government economy, their currency will lose it's value.

Yes, accepting bitcoin as a commodity and not a currency is something that is becoming popular and I think the rest of the countries will do the same as your country. Whether we expect bitcoin to become a currency or a payment method is really too difficult to achieve. The government will never let that happen unless they find a way to control bitcoin in the future. Furthermore, with the volatility of bitcoin, I also do not like using it as a currency, the volatility is only suitable for investment.

icalical

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In the case of my country and probably a lot of other countries too, Bitcoin is legally allowed to perceived as an investment, meaning people can own it and speculate on it. But, it's illegal to use Bitcoin as a currency, bitcoin shouldn't be used as legal tender. The government did this because they need to keep the value and stability of the country's currency, if Bitcoin is allowed to be used as a currency and people choose to do transaction using Bitcoin over the local currency, it will be bad for the government economy, their currency will lose it's value.

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Quote from: kro55 on September 18, 2023, 10:50:57 PM

But when I trade p2p on Binance we only make money transfers without any content, so how does the bank know I am trading crypto?

Banks won't inquire into or investigate the source of fiat currency entering your account, as long as the funds align logically with your occupation. Even if it's your side business, transactions on Binance should be secure because Binance doesn't casually disclose user information. Moreover, peer-to-peer (p2p) transactions on the BTC blockchain network are even more challenging to trace, as blockchain networks have a ledger distinct from banks.

As long as the amount you're transacting on Binance remains within reasonable limits and doesn't raise red flags for Binance or the government, you should be safe from bank scrutiny. That's the essence of Bitcoin's freedom, where there is no interference from any third party when p2p transactions occur.

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Quote from: mamesso on September 18, 2023, 10:16:29 PM

In some countries Bitcoin has been used as an official means of payment while in most other countries Bitcoin is only considered a commodity asset. They do not completely close the door on the presence of Bitcoin, Bitcoin is still accepted even though it is not used as an official means of payment. Government regulations have regulated the status of Bitcoin in their country, but citizens who are interested in all the advantages Bitcoin has to offer will continue to utilize Bitcoin as an asset that provides benefits and ease of transactions.

Public awareness of Bitcoin has made this most popular crypto asset grow and develop, the government prohibits the use of Bitcoin in various government agencies including banks, but the government cannot track individuals who make transactions on each Bitcoin wallet one by one. Public awareness of Bitcoin is a form of wanting to be free from various regulations implemented by the government which force them to always use third parties when sending money, while Bitcoin does not need a third party.

Government can controlling well for tracking individual adopting bitcoin as payment currency transaction although with bitcoin is prohibited currency transaction, in my region bitcoin not allowed for payment transaction but ability use for trading or investing and have legal local currency exchange for saving bitcoin or altcoin assets. Difficult to get regulation bitcoin will be legal transaction payment and we understand how government's fear of replacing fiat transactions with transactions using bitcoin or other cryptocurrency currencies. Seems not serious problem bitcoin have been legal payment transaction trough we can or available hold bitcoin assets and easily for withdrawing in Bank account trough local currency exchange. Need researching and planning for longer time how to make Bitcoin adopted as legal payment transaction in the future exactly with country not adopt with president as highest government level.

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Quote from: mamesso on September 18, 2023, 10:16:29 PM

In some countries Bitcoin has been used as an official means of payment while in most other countries Bitcoin is only considered a commodity asset. They do not completely close the door on the presence of Bitcoin, Bitcoin is still accepted even though it is not used as an official means of payment. Government regulations have regulated the status of Bitcoin in their country, but citizens who are interested in all the advantages Bitcoin has to offer will continue to utilize Bitcoin as an asset that provides benefits and ease of transactions.

Public awareness of Bitcoin has made this most popular crypto asset grow and develop, the government prohibits the use of Bitcoin in various government agencies including banks, but the government cannot track individuals who make transactions on each Bitcoin wallet one by one. Public awareness of Bitcoin is a form of wanting to be free from various regulations implemented by the government which force them to always use third parties when sending money, while Bitcoin does not need a third party.

You're saying governments are handcuffing their citizens by not accepting Bitcoin as a currency. And I agree. Its shameful that in this technologically advanced day, governments are refusing to change with the times. Bitcoin has shown its worth. This isnt a passing trend.

Governments may classify Bitcoin as a "commodity asset", but isnt this just a cunning move to limit its potential and growth? Its like putting a square peg in a round hole. They are completely missing the point.

The ruling class is unaware of how the world is changing under their feet. There is no turning back from the era of decentralized money. By rejecting the new world order and sticking to old ways, they're hurting their citizens. And as for tracking individual Bitcoin wallets, good luck with that. Bitcoin's fundamental feature is its anonymity, which draws users in.

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From my understanding, there are just some individuals who still transact using Bitcoin despite it being illegal in their country due to how beneficial Bitcoin has been/is to them. To be fair, as long as they are not making any transactions wherein they will be detected (like bank transactions) they wouldn't be easily detected. In my case, I live in a country wherein there is no law mandating that Bitcoin is illegal yet I cannot make any bank transactions using it, this shows that Bitcoin is not essentially illegal in my country but is also not being recognized as an official currency. There are for sure a lot of countries that do the same, wherein they do not have legal policies and restrictions regarding Bitcoin but they also do not officially recognized it, hence using it for legal/bank transactions is prohibited.

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Quote from: pawanjain on September 18, 2023, 09:46:33 AM

It is indeed a weird situation because it depends on the banks whether they want to support cryptocurrency or not.
If a bank want's they can simply deny supporting payments made for purchase of cryptocurrency.
Unless there is a crypto friendly bank we will keep facing such issues. That is why P2P is beneficial but the risks of P2P are always there.

But the problem is that every day the banking system has to perform millions of transactions and if you do not have any notes in the transaction, how can the bank detect that you are trading crypto? Like my country, banks also have a similar announcement that they will block accounts if they detect any accounts being used to buy or sell cryptocurrencies. But when I trade p2p on Binance we only make money transfers without any content, so how does the bank know I am trading crypto?

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Quote from: Obari on September 17, 2023, 06:34:07 PM

Please let's discuss as I would really want to hear the opinions of others about this.

In my country where their (government) thinking still imitates developed Western countries, bitcoin as a future and as a new technological breakthrough so it must be adopted and implemented even breaking the rules of currency, so that situation goverment think to make bitcoin as digital asset invesment, not as currency for transastion. But for sure, when many country impmented it, the goverment maybe have try to amendment the law so that it can be applied to transactions.

mamesso

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In some countries Bitcoin has been used as an official means of payment while in most other countries Bitcoin is only considered a commodity asset. They do not completely close the door on the presence of Bitcoin, Bitcoin is still accepted even though it is not used as an official means of payment. Government regulations have regulated the status of Bitcoin in their country, but citizens who are interested in all the advantages Bitcoin has to offer will continue to utilize Bitcoin as an asset that provides benefits and ease of transactions.

Public awareness of Bitcoin has made this most popular crypto asset grow and develop, the government prohibits the use of Bitcoin in various government agencies including banks, but the government cannot track individuals who make transactions on each Bitcoin wallet one by one. Public awareness of Bitcoin is a form of wanting to be free from various regulations implemented by the government which force them to always use third parties when sending money, while Bitcoin does not need a third party.

GreatArkansas

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Quote from: Obari on September 17, 2023, 06:34:07 PM

In my country, there are strict rules against local banks not getting involved in cryptocurrency transactions which simply means that the government has banned all cryptocurrency transactions though local banks but yet people still think bitcoin isn't banned.

I think what we have in some countries is just like this, and people are just overreacting. When banks do this, they think that Bitcoin is already totally banned like you don't have any rights to own Bitcoin at all. Because there are a lot of ways of owning a Bitcoin.

Mr.suevie

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Quote from: pawanjain on September 18, 2023, 09:46:33 AM

It is indeed a weird situation because it depends on the banks whether they want to support cryptocurrency or not.
If a bank want's they can simply deny supporting payments made for purchase of cryptocurrency.
Unless there is a crypto friendly bank we will keep facing such issues. That is why P2P is beneficial but the risks of P2P are always there.

I don't think in the case of the OP thread any banks has any options to take because am also from same country as the OP and the case if this crypto ban is practically base on a direct order passed by the CENTRAL PARK and in my country well I don't know for others but it's not allowed for other banks to go against such others of the CBN.

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