Topic: why bitcoin illegal in asia? - page 29. (Read 13880 times)

Asia is the major market for Bitcoin. There is a surge in demand for bitcoin in Asia recently which includes South Korea, Japan, India, China, Singapore, Indonesia as the major countries driving the growth. There might be some 3-4 countries in Asia where Bitcoin is illegal. Asia has almost 48 countries among which if it is banned in 3-4 countries, then that doesn't means Bitcoin is banned in Asia as whole.

As I know should a few countries have accepted bitcoin and have decided to actually create laws that govern bitcoin transactions. The first country to completely accept bitcoin was Japan. Starting on the 1st of April, bitcoin was considered a legal form of payment in Japan, with several public institutions accepting it as currency. The laws governing banking have yet to change, but these are also being considered in order to make bitcoin even more usable.

I don't think it is Koran, Muslims are very much into stock market or specualtion stuff. Also, I don't think that something near to Bitcoin is present or prohibited in Koran. Many Muslim dominating countries are into Bitcoin.

Anyways, in Bangladesh it is banned because country's strict anti-money laundering laws. In Saudi Arabia and Kyrgyzstan, it is more about Government being against Bitcoin or virtual currencies.

Wow, thanks Crosshair for the detalised info.

Legality by Asian countries:
 +China: Restricted -  Exchanging bitcoins by people is lawful in China.
 +Hong Kong: Yes -  In any case, the power will be firmly viewing the utilisation of bitcoins mainly and its improvement abroad.
 +Indonesia: Restricted - All risks regarding ownership or use of Bitcoin are borne by the owner or user of Bitcoin and other virtual currencies.
 +India:  Restricted - India presumes that Bitcoins can be utilised for hawala exchanges and subsidising terror operations.
 +Israel: Yes - The Israel Bar Association considers the virtual money a fitting type of installment for lawyers.
 +Japan: Yes - You know! sure 
 +Kyrgyzstan: No - According to national law, the use of bitcoin and similar currencies is illegal.
 +Malaysia: Unrecognised -  The national bank won’t direct Bitcoin operations right now, and clients ought to mindful of the dangers connected with bitcoin use.
 +Philippines: Yes -   Bangko Sentral ng Pilipinas (BSP) will be monitoring the possibility of Bitcoin usage in money laundering and other illegal purposes.
 +Russia: No -  In February 2014, Russia’s Prosecutor General’s Office guaranteed that bitcoin is a cash substitute and “can’t be utilised by people or lawful elements.” In September 2014, Deputy Finance Minister Aleksey Moiseev reported that a law will be gone by Spring 2015.
 +Singapore: Yes -  Organisations that have an arrangement with bitcoin money trades will be saddled in light of their offers of bitcoins.
 +South Korea: Yes - There are no regulations in South Korea regulating the utilisation of bitcoin at the moment. On December 12, 2013, the president of the Bank of Korea recommended at a press conference that bitcoin be regulated in the future.
 +Taiwan: No - Alongside China, they have discharged a joint articulation against the utilisation of bitcoin. Truth be told, controllers have even went as far as to piece endeavors of establishment of Robocoin ATM. While bitcoin itself is not illicit, endorsements for bitcoin ATMs have been disallowed.
 +Thailand: No - A Bitcoin startup denied a business permit which was supposedly informed that purchasing and offering bitcoins, utilising bitcoins to purchase or offer merchandise and administrations, and moving bitcoins all through Thailand were all presently unlawful.
 +Vietnam: Restricted - Being one of the rare countries to ban bitcoin outright, the use of bitcoin in Vietnam is restricted. Despite this, there are still some small businesses that accept bitcoin.
 +Turkey: Yes - Bitcoin is not regulated as it is not considered to be electronic money according to the law.

If you are asking for more information then you should be more explicit in your question such as giving a link or source of the information because to the best of my knowledge, I don't think bitcoin is illegal over there and if it is, the government of the country knows the reason why they are taking that route in the face of digitalization.

This is what I know:
-"The threat of serious financial crime is constantly evolving, as new technologies emerge and criminals seek to nefariously exploit them. These measures ensure there is nowhere for criminals to hide," said Australia's Minister for Justice Michael Keenan in a press release.
So far in both Japan and China, the 'Know Your Customer' and anti-money laundering processes of exchanges have become stricter, but this has not deterred trading activity as Japan and China remain the largest markets for cryptocurrency trading globally.

All over the world bitcoin use now many ways.But few asia country donot allow bitcoin there.I donot know excectly why bitcoin illegal country.Many online payments and buy anything from online mostly provides bitcoin.But local bank and bitcoin agent donot compromise each other it s can not be possible for legal in this country.i think many asian country dont know more about bitcoin.Blockchain most securied transaction online now,if  any body know it or local bank donot research for this  they dont understand .So i hope bitcoin try to discusson legel for this asian country.

Yes just some of the Asian countries have legalized bitcoin but that's not up to 50%, maybe the reason their government sees bitcoin is a new innovation for digital world payment tools so they adopt bitcoin for a good cause in the future.

I never heard the news that bitcoin has become an illegal thing in Asia, and there is no news to say about it. Even japan, and other countries have legalized bitcoin, and use bitcoin in their country.

in my opinion, why some country in asia was banned to use bitcoin : because bitcoin is electronic data. Thus, it’s not considered a currency and can’t be used for payments, and is not considered legal tender like money. With no self worth, the value of such data varies based on the needs of the market. Bitcoin changes in value very quickly and it could became something of no value if none desired it.
Effectively, bitcoin is just electronic data with no intrinsic value, and its value rises or falls depending upon the whims of the market. Furthermore, consumers' legal recourse will be severely limited in the case of any claims over coins stolen or sent to the wrong wallet, or over goods purchased with bitcoin but not received.
for example bitcoin illegal  some asia country is thailand, Over the past nine months, the illegal status of cryptocurrencies in Thailand has been an issue of great confusion but bank of Thailand just Suggests Bitcoin Not Illegal But Warns Against its Use.

It is not illegal. It is just that it's on the process of legalizing so it's not yet allowed to be used on buying things in countries where it is not yet legal as a currency. Maybe because of its volatility. But there are already countries where cyrptocurrencuy including Butcoin is legal such as in North Korea, Japan and more. But hopefully, it will be legal to most of the countries in the near future, for people to experience the advantages of Bitcoin and how profitable it is.

I think it's not illegal, but it's in the gray zone. This means it has no legal situation. For example, In Japan, bitcoin is legal and considered as an economical asset officially. If China and South Korea take similar decissions, it will be totally legit in Assia. The governments are scared of not controlling money laundering. Then they ban bitcoin.

i dont hear anything like this before as in Asia bitcoin is illegal. but maybe some parts of the world bitcoin is prohibited at not illegal, because it will be a huge part of corruption by government officials, they will not use bank and fiat for there transaction as they have name on it but use digital currency like bitcoin to hide their identity these maybe the reason why some parts of the world [not only in Asia OK!] bitcoin is prohibited and again NOT ILLEGAL.

i'm from asia, but my country not legal this bitcoin, and if there some countries in asia been legal, maybe in the near future my country will follow others country to legalize this, we just wait

Any proofs of this statement? I am from Asia and I had never heard or read this until you post this. Maybe there are some places in the Asia where it is illegal but not in my country. Maybe reading this can help you. Click Here.

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?

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.

I have not heard of this before.  Is it their governments are more interested in controlling everything.

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