why bitcoin illegal in asia? - page 3.

iMark

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Quote from: ruthbabe on May 23, 2018, 09:03:10 PM

Quote from: bs9 on August 26, 2017, 09:28:41 PM

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

It's because the governments of some of these countries think they're being used by terrorists and drug syndicates to transfer funds for their illegal activities. While other countries suspect it's being used to launder money.

Yeah you're right some Asian countries some time ago give a surprising rule by banning bitcoin circulating in their country, of course it makes us shock, after that some countries follow it, their reason is almost same because bitcoin is used for illegal activities like funding terrorist and threaten the existence of fiat

Mukarram Tariq

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Most of the country in Asia in which bitcoin are illegal because people don't have enough knowledge to understand. My country also against digital currency but one day it will be legal.

TheKeyLongThumbI

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All the countries that support bitcoin in Asia are mostly rich countries like Japan, Singapore, S.Korea and China because they are still who make huge movement towards crypto. So the others must be not fitted to handle advanced tech like this and they are mostly outdated so they just ban it.

palvinta

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Quote from: bs9 on August 26, 2017, 09:28:41 PM

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

Bitcoin is still illegal in some Asian countries because the country's government does not believe in Bitcoin. Yes, the government always assumes that Bitcoin can bring bad impact to its citizens. Yes, maybe this is because Bitcoin can be used for illegal activities such as money laundering and so forth.

nieninja53

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Most of countries like Asia ban crypto currency because they are unaware about the technology of Blockchain and they have no clear thought’s about they of crypto currency working I think this reason may be counted,

nrgmanuk

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Because the bitcoin rate is very unstable and most do not believe the virulent currency

reality18

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Quote from: bs9 on August 26, 2017, 09:28:41 PM

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

For countries like India, Bitcoin is not illegal but its transaction with the banks is banned. The Reserve Bank of India(RBI) has banned all transactions with Bitcoin because it believes Bitcoin is involved in money laundering. However, the bank and bitcoin advocates are to face the court in India in July,2018 to make the final decision on whether to accept Bitcoin or not.

sybotin

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I'll tell you that many countries have already legalized bitcoin, but I think that most of them do not trust the virtual currency.

lynttrs

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Quote from: GreenBits on August 26, 2017, 09:43:01 PM

Quote from: bs9 on August 26, 2017, 09:28:41 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?

A country's government banning may have different reasons why they ban it. It could be because it doesn't go along with the laws of the country. Some countries ban it for security reasons or to avoid crimes like money laundering. While other countries don't totally ban bitcoin, they implement some regulations on it. Some allow bitcoin for trading, but not for paying online transactions.

jerix

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Quote from: bs9 on August 26, 2017, 09:28:41 PM

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

I think there are a lot of factors that cause some Asian countries to declare Bitcoin. Maybe, for example, Bitcoin can be used for money laundering, transactions using Bitcoin transparent so the government can not monitor whether it is used in a positive or negative, Bitcoin can be used for things that are illegal, etc. What is certain is that the government of the country that lawsuits Bitcoin has its own reasons to ban Bitcoin in the country.

ruthbabe

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Quote from: bs9 on August 26, 2017, 09:28:41 PM

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

It's because the governments of some of these countries think they're being used by terrorists and drug syndicates to transfer funds for their illegal activities. While other countries suspect it's being used to launder money.

jak3

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I also belong to some countries from Asia I am from India and our government banned Bitcoin because they say that everything has to give some tax write from import and export of the money. Right now the government is making some strategies by which they can control the people who are using Bitcoin and can take as much as advantages they can before it's too late. I have heard that many banks are trying to adapt to Bitcoin regulation but I hate banks. Yes, banks surely do a lot of hard work but still they did not provide all the information which they are collecting from us.

makolz26

sr. member

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I am from Asian and bitcoin here is not illegal nor legal, we are free to do it and our government are doing their best for it to be implemented or to legalize and to make rules for the protection especially those investors, the country also doing their best to let the public be informed about bitcoin.

Afobaje48

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Because it's of high risk in investing in to bitcoin, so they are afraid of high loss

LegendzX

newbie

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It's normal that in some part of Asia bitcoin is being banned because not all will response the same at the same time as well. There is a perfect time for that country that bitcoin will be freely work in such countries.

Farahtenan

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Quote from: bs9 on August 26, 2017, 09:28:41 PM

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

I think Bitcoin is illegal in some Asian countries because Bitcoin can be used for money laundering and other negative things. So the countries are bitcoin so that no citizens use it.

Sandeep24

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I think, if we are using digital currency then the main issue is cyber security is must for digital currency but several countries are not using security compliance and second reason is government take hold on their local currency. That's way Bitcoin is illegal in Asia.

vessing

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politicians do not want to be hasty in their actions, since the crypto-currency is a relatively new phenomenon. insufficiently clear regulation is what prevents the spread of Bitcoin in Asia

muneeb.zain

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I think bitcoin is forbidden in asia countries because of some restricted government policies

BennyK

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The governments of most of the Asian countries who detest Bitcoin think Bitcoin is used for illegal purposes like the money laundering whereas others see it to be a major disruptive instrument to their banking systems. All these allegations stem from the fact that the concept of Bitcoin is not fully understood by these governments for them to embrace and appreciate it.
Other countries are reinstating the legality of Bitcoin and i wouldn't be surprised when the rest of the Asian countries follow this trend.

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