why bitcoin illegal in asia? - page 18.

mharz

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Quote from: chineseprancing on December 02, 2017, 09:54:12 PM

Quote from: barbenoire123 on November 27, 2017, 11:05:35 AM

I never heard that bitcoin is illegal in "Asia". I think that before writing a paper like that must be on a 100% and there are Asian countries that use bitcoin like Japan ....

It was not totally illegal, because countries in Asia support the crypto currency. However the government study how they can imposed taxes to the income of all users. Otherwise as per Central Bank of the Philippines for now bitcoin or crypto currency had own entity to used. Moreover for now bitcoin was not yet covered by AML but thru help of R.A of the Philippines they can regulates those bank or remittances that accept bitcoin.

Yes it's true I also heard that. Since all banks and remittances center in the Philippines had covered by AML they can regulates the withdrawals and deposits to crypto currency. For example the maximum withdrawals in Coins.ph is Php 300,000 it's because Php 500,000 withdrawals was covered by AML and they need to make a reports with that amount.

Together with the remittances center they can only withdraw not above Php50, 000 because above that amount was also need to report to AML it was do to avoid illegal transaction since bitcoin in the Philippines was not yet covered by the government.

chineseprancing

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Quote from: barbenoire123 on November 27, 2017, 11:05:35 AM

I never heard that bitcoin is illegal in "Asia". I think that before writing a paper like that must be on a 100% and there are Asian countries that use bitcoin like Japan ....

It was not totally illegal, because countries in Asia support the crypto currency. However the government study how they can imposed taxes to the income of all users. Otherwise as per Central Bank of the Philippines for now bitcoin or crypto currency had own entity to used. Moreover for now bitcoin was not yet covered by AML but thru help of R.A of the Philippines they can regulates those bank or remittances that accept bitcoin.

Granxis

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Quote from: barbenoire123 on November 27, 2017, 11:05:35 AM

I never heard that bitcoin is illegal in "Asia". I think that before writing a paper like that must be on a 100% and there are Asian countries that use bitcoin like Japan ....

Being unheeded does not mean that there is no such ban, in 3 Asian countries Bitcoin is currently forbidden. One of them is Bangladesh and the other country is Kyrgyzstan. I do not remember the third country.

zulkarnaen

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Quote from: madwica on November 27, 2017, 05:59:00 PM

As far as i know all government in asia supports digital currency even they do not crease law for it to imposed tax they are declairing support because they see good benefits of bitcoin to many people who are currently earning thru bitcoin also they rely on the feedback of many users that bitcoin is one of the best source of income now a days.

In some countries the bitcoin was banned due to their government seeing the negative impact on their economy but not in asia.

If all government study deeply about benefits of bitcoin or why bitcoin created i think they will adopt and support digital currency like bitcoin.

yes now bitcoin has become a good source of income for some people who have ability and knowledge in using bitcoin.
And I agree with you if in Asia there is no prohibition for the use of bitcoin even some countries have successfully adopted bitcoin.
And so far no regulation has been applied to set about bitcoin, everyone is free to access bitcoin and do activities such as trading and investment as well as others.

madwica

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As far as i know all government in asia supports digital currency even they do not crease law for it to imposed tax they are declairing support because they see good benefits of bitcoin to many people who are currently earning thru bitcoin also they rely on the feedback of many users that bitcoin is one of the best source of income now a days.

In some countries the bitcoin was banned due to their government seeing the negative impact on their economy but not in asia.

If all government study deeply about benefits of bitcoin or why bitcoin created i think they will adopt and support digital currency like bitcoin.

barbenoire123

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I never heard that bitcoin is illegal in "Asia". I think that before writing a paper like that must be on a 100% and there are Asian countries that use bitcoin like Japan ....

Martin Tyler

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Just like China, various governments are trying to manipulate/control cryptocurrencies. That is why they are hesitant to legalize it.

ehdiksayo

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Apparently bitcoin had a large exchange right now. Imagine if in that country everyone will be rich. The economy wont have balance that causes the economy to fall down.

kris_wolf

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Thailand’s bank had ruled Bitcoin illegal. Actually, this came in as a shock to many people who use the virtual currency, especially those who are not Thai. The ruling left those who follow the news wondering: can the bank make laws?
Actually, the answer is uncertain. Bitcoin exchange services in Thailand weren’t actually declared “illegal” per se, but Bitcoin Co. Ltd., the company this news originally came from, has been operating in Thailand without a license, which is illegal.
Any type of currency enchange service in Thailand needs to get a license from the Bank of Thailand, according to control regulations in Thailand whether it’s “real” money or not. That’s why Bitcoin Co. Ltd. needed to be authorized to operate, and since it didn’t have that authorization, it was forced to shut down.

selectaselectine

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This is not true, because in my country bitcoin is not illegal and we are in Asia. I think you are referring to countries who bans bitcoin. Anyway, these countries are controlled by the government, I guess they have their ways on ruling their country.

Miles123

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Bitcoin is not illegal in Asia because it's not known in every country. Governments are busy on how to prevent all the people who use drugs and do a criminal. Some are busy of how to improve their economy. Here in my country there are many users, but there are many more people who don't know Bitcoin.

Mobshady24

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Quote from: GreenBits on August 26, 2017, 08:43:01 PM

Quote from: bs9 on August 26, 2017, 08:28:41 PM

bitcoin illegal some asia country bt why?can you give me some reason about this?? thanks

Depends on where you are at. Its fine in a bunch of Asian locales, but again, you would have to define Asian a little more specifically. As far as I see, only Kyrgyzstan, Saudi Arabia and Bangladesh has expressly forbid/prohibited btc/cryptocurrencies. The common feature of all these governments is they are a Muslim majority. This is curious, is there something in the Koran against bitcoin, or more specifically, speculation on it?

I think it has nothing to do with religion, most likely because of the effect of cryptocurrency in their economy.
I'm a bit shock when i first read the title Cheesy

as far as i know most countries in asia do not ban or even support the bitcoin, there are some issues in china though i didn't know exactly what it is. If any country imposes ban on bitcoin or other coins it will be surely because of the impact to the businesses and the community

RedX

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There are just certain parts where bitcoin is illegal because of conflicts and different interests of each countries. Some of the reasons that I hear why they banned it because crypto is not suited for them which is basically from poor countries.

warunacrypto

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Hello everyone,
who told you to Asia region already ban the BTC. i live in Sri Lanka its wrong for my country because young generation people ready to addict with BTC because it should like this.. Huh

semarmesem195

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Quote from: erpbridge on August 26, 2017, 08:32:56 PM

Quote from: bs9 on August 26, 2017, 08:28:41 PM

bitcoin illegal some asia country bt why?can you give me some reason about this?? thanks

Could be anything ranging from private corruption to just a conservative government. I am sure in some countries private countries pay politicians or decision makers to not allow bitcoin because if bitcoin becomes really big, it can cause losses to those corporations.

That's just one reason why illegal bitcoin is in Asia, but i think there are other things that cause illegal bitcoin in Asia, as it's known that most countries in Asia are a developing country and the country has economic problems that makes the Asian country government afraid of bitcoin.
If the state legalize the bitcoin it could reduce the state revenue. How not? bitcoin tax free, while the country's economic income comes from taxes if there is no tax that sustains the country's economy then the country will experience a monetary crisis.

wjchong

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Bitcoin is not illegal in Asian countries, it is in grey zone because countries are afraid to accept a virtual currency in their country for daily uses.

KEPLER99

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Quote from: Sithara007 on November 15, 2017, 03:04:22 AM

Quote from: jdole on November 14, 2017, 04:10:46 AM

I do not know the country where bitcoin is illegal in Asia.
Please tell me which country is bitcoin illegal in asia.

There are a lot of countries. A few examples are Bangladesh, Nepal, and Kyrgyzstan. Trading and even possession of Bitcoin is banned in these countries (although it is rarely implemented). Even in China, the trading of Bitcoin to CNY and vice-versa is banned. You can only trade BTC for other crypto-currencies.

But I hope that soon the ban will be lifted and people will be allowed to trade in bitcoin and make their living easy by earning good amount of money in bitcoin, it is helping people to overcome their poverty. I think the countries are banning it and are not accepting bitcoin for the reason that they are of view that it will push their national currency down and the worth of currency will decrease

Snub

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Quote from: blockman on October 30, 2017, 05:53:47 PM

Quote from: Snub on October 30, 2017, 05:16:15 PM

The biggest country that illegalized to use bitcoins is Russia... I think that their goverment just wants to control everything... They just don't realise that bitcoins - is the most powerfull currency for now, and they can't just stop it, even in their own country

I haven't read any news that Russia started to say that bitcoin is illegal. And if bitcoin is illegal then what do you think about their shitcoin cryptoruble that they will be launching soon? And besides, I think Russia is not part of Asia, it's a big country and many says it's part of Europe. And for the OP, most of the countries in Asia are supporting bitcoin. Philippines, Japan, China and only few Asian countries are getting out of their interest about bitcoin so they say it's illegal.

There was an incident when a couple of people were using BTC and went to jail for that. So even if Russian government says that it's legal - it's not true because people are sitting in jail

franco123

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Actually, Bitcoin is not illegal, it is just banned in some asian countries. I am not part of the countries which is why I am not sure about it but probably, countries that do not support bitcoin and banning it are countries that wants to keep track every transactions and use only currencies that are regulated by them.

Also to correct, several countries actually did not ban Bitcoin in specific, but instead they banned the ICOs.

Vastraint

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Quote from: bs9 on August 26, 2017, 08:28:41 PM

bitcoin illegal some asia country bt why?can you give me some reason about this?? thanks

If you said that because China and Indonesia banned bitcoin (what I heard from news), is maybe because their government wants the full control over their currency where in bitcoin they cannot. But they are not the whole Asia, so I guess you should change the title of your thread, just for correction and to avoid misunderstanding. And I think Asia has nothing to do on it, but it is those country who just want to make cryptocurrency illegal.

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