Topic: Why bitcoin is not supported in some countries? - page 31. (Read 98470 times)

Because our countries can not control bitcoin and they are satisfied with it/

The reason why many countries not supporting them are because of their nation is not yet well-developed to accept this kind of innovation in their respective system and to adopt as well.

i really dont know why some countries end support of bitcoin. I have heard that bitcoin is not supported in some countries. But why ? Is it because bitcoin is so risky ? Some countries even declare months jail if her people use bitcoin. Is it fair ? I mined few cryptos and have left mining. It was fun and challenging too. i believe with time bitcoin will be supported in some countries

The taxes are the little problem to Bitcoin. I feel that most people won't use Bitcoin if all the people in the government was working on a single coin to put out.

The main reason is the fear of these countries will be the volatility and uncertainty of digital currency. In addition, as quoted from bitcoinbans.com, another reason is the fear if the digital currency is used as financing of terrorism.

A number of countries such as China are also reasoned, banning other digital currencies because it will issue its own currency.

A country that forbids bitcoin and its reasons

1. Nigeria, since 17 January 2017.
2. China, since January 8, 2017. Reason: will issue its own digital currency
3. Colombia, since 31 December 2016. Reason: worry of cryptocurrency fraud
4. Taiwan, since November 3, 2015. Reason: bitcoin hacking
5. Ecuador, since March 24, 2015. Reason: will issue its own currency
6. Bangladesh, since 22 September 2014. Reason: avoid money laundering
7. Kyrgyzstan, since August 4, 2014
8. Bolivia, since 19 June 2014
9. Vietnam, since February 28, 2014. Reason: can be used for crime and high risk to investors
10. Russia, since February 9, 2014. Reason: bitcoin is used for illegal activities
11. Thailand, since July 30, 2013. Bitcoin is not a currency
12. Morocco, since November 2017
13. South Korea, since December 13, 2017. Reason: to control its finances
14. Singapore, since 29 September 2017. Reason: arising constraints between financial companies
Nepal, since 2017
16. Indonesia, the ban applies 2018. Reason: high-risk natural bubble
17. Israel, starting 2018.

I think the reason behind why some countries do not support bitcoin, that the government itself cannot easily control the money of each user of bitcoin, they cannot easily manage things that is virtual

Maybe the reason why some countries do support or accept bitcoin yet is because they have some misinformation or some apprehension about it, this is new to them and they're not familiar with this new system technology and it seems beyond their control plus the effect of it in their economy once they apply it, so they still cannot accept it yet.

The reason why other countries doesn't support bitcoin because like here in the Philippines, bitcoin is not regulated by the Bangko Sentral ng Pilipinas or BSP.
They didn't encourage Filipinos to use bitcoin because of its being volatile so they cannot put a tax on it.

I think this is because not a lot is really known about blockchain , because up to now nobody really knows what blockchain really is or whats its really capable of and what it will evolve into , the fact that its anonymous and decentralized also poses several questions for them especially the third world ...poorer countries who really don't have the means to conduct detailed studies into this system because as it is the its difficult to collect taxes on transactions but that can be done from the exchanges end. in the end though they will have to find a way of integration because this is a system that is coming so perhaps what these smaller nations can do is form joint committees tasked with finding ways to integrate and use this innovation to their particular economic advantage because fact is there are many advantages to be had from bitcoins , look at Venezuela ( possible a case study).

Some countries fear bitcoin that it would be used for illegal activities and they would not be able to control it.Just like china and russia tried to ban bitcoin at first,they too are discussing on the possible ways to ban bitcoin but sure they would drop their plans as china and russia did.What they could do is that only they could regulate bitcoin.Banning bitcoin is impossible since banning internet is impossible.

Bitcoin provide a online transition of currency without any involvement of third party like banks which creates a threat of antisocial activities like kidnapping, bomb blasting, child pronography. No wonder it's not supported. You have to be grateful that its still alowed in some countries.

Different reason why some countries does not support bitcoin, and most of them was that they were just protecting their people, they don't want to see their countrymen scammed and bitcoin was used as the instrument, and some does not want bitcoin as they cannot control its price just like gold.

it is true some countries do not support bitcoin because many people are abusing bitcoin.
but until now I have never heard of any country that jailed its citizens because it has bitcoin.

Many countries do not support because taxes cannot be imposed on bitcoin and many countries collect much taxes from citizens and if they allow bitcoin it will become difficult for them to handle the economy without taxes.

Bitcoin is not supported by 5 countries. Other countries understood that Bitcoin was the real money for the future and should be supported. Politicians are inviting mining companies. Cheap energy and incentive package instruments are offered.

Exactly! All governments are trying to find more ways to apply the tax on everything and even more! Crypto is the best way to earn some money from taxes.

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Yes, the laws of every country are different. Some countries do not recognize bitcoin's legitimacy and ban bitcoin, which they regard as a hoax. Bitcoin has no intrinsic value. When countries accept bitcoin, it may affect the country's economy.

Because of peer to peer transaction and low transaction fee and having no control of government over it are the main reason behind that some government are not allowing bitcoins in their country. But it will soon be longer banned in such country because we can see each day crypto is getting more and more popularity so soon these countries will realize its importance and will allow the use of btc in their country.

Because crypto is decentralized means of transaction where everyone can do digital trade with almost negligible transaction fee and the government has no control over it so government like china are banning the use bitcoin but in the near future they will allow it soon because the crypto is getting popularity each day and soon will emerge as symbol of standard for digital trade.