Topic: Why bitcoin is not supported in some countries? - page 7. (Read 98470 times)
Actually each country have their own policy maybe the government are concerned will many wiping the money or commonly known as money laundering. fair or not that's what we have to face because until now the existence of bitcoin is still not recognized.
I agree that Bitcoin is a digital coin which works by being invisible. In this, destroying his own future is bringing horrible danger to the whole world with him. And for this reason, bitcoin is completely prohibited for some countries. I think the government has yet to take firm steps because Bitcoin will bring the nation a better future.
If I think there are many countries that are not allowed to do business with bitcoin, because what a country fears is the destruction of their economy later, so they do not want to support something that could undermine their current economy, this is what most governments think of bitcoin , suppose they know that bitcoin will be one that can improve their economy because the price is getting higher. But the fear people will avoid taxes is one reason why they do not support bitcoin.
I think most of them are afraid especially their respective central banks are afraid it will collapse their local fiat currency and render their economy in tatters. There are also growing concerns of the illegal use of bitcoins like paying for drugs through money laundering, pornography, and all other devices that goes contrary to the laws of the respective countries.
Some countries are not supported with bitcoin because it could be a tool to transact illegal activities since people who are involved are remain anonymous. Authorities may find hard to track down suspects who are doing anomalies.
The country is worried that transactions with the virtual currency can raise the risk of money laundering. The exchange rate of bitcoin can rise from 23 million to 184 million in one hour only and of course also can fall back also within one hour. This phenomenon can certainly make a person become rich and poor only in a very short time. Instability of bitcoin exchange rate is what makes some countries forbid the use of bitcoin as a digital currency in transactions in those countries.
Because those countries consider BTC a threat to their national economy. the fact that BTC cant be taxed doesn't go well with most governments as they are denied the income tax revenue. some ban it because of claims that its used to fund criminal activities
In most cases the government and banks see it as a way to fund illicit activity as it can not be fully regulated. It is often suspected of a way for money laundering, undisclosed payment for illegal work. So, generally government tries to implement some sort of legislature that allows them to maintain some control over it or in worst case makes it illegal. In either case, its lack of understanding of blockchain & cryptocurrency and lack of control on money involved in crypto that make govt take such decisions.
They are afraid of the threat which is tax evasion if their citizens using bitcoin. Tax income is a very important source of revenue for the country and by using bitcoin, you can hide your income from the government. This may be a reason why many countries do not support bitcoin.
I think most of them are afraid especially their respective central banks are afraid it will collapse their local fiat currency and render their economy in tatters. There are also growing concerns of the illegal use of bitcoins like paying for drugs through money laundering, pornography, and all other devices that goes contrary to the laws of the respective countries.
Bitcoin is not supported in several countries but that doesn’t mean that you cannot use it over there. We can find a lot of countries where the use of bitcoin is criminalised however it is basically in those countries that bitcoin becomes more useful. These are countries who are going through a fierce capital control and that’s why bitcoin is still one of the best options
The state needs to control currency rights. This is contrary to the core of Bitcoin. Bitcoin is a threat to the current system. Some governments believe that it is only for the sake of making people profitable. Many high taxes give them power. This is how they rule the country. They already know how to control the money supply in the state. They control everything, so some countries oppose Bitcoin.
BTC is not supported in some countries because its considered illegal, Those particular countries consider it a threat to the national economy thus banning its use while some are just locked in a legislation battles with BTC
The main reason of course is because many of the unwanted features of the country, for example are anonymous so that makes everyone will use bitcoin for transactions including for illegal transactions like money laundering, buying drugs and so on.
I am sure that bitcoin is not supported in some countries because until now there are some people is using bitcoin to scam a people that is not knowledgable enough here in crypto world, and there are some negative news about bitcoin that's why some countries still not supporting bitcoin.
As far as I know, over 200 countries now accept Bitcoin. Some countries favor Bitcoin payments. There are still some countries that regard Bitcoin as a social evil that needs to be eliminated. If I'm not wrong, these countries are worried about the bad effects of Bitcoin and non-governmental development. There are some issues dealing with the payment of arms sales, pay for terrorism, assassination ... with Bitcoin. ...
If Bitcoin is under the legal control of an organization or country, then things will probably be better
If Bitcoin is under the legal control of an organization or country, then things will probably be better
Those countries have old people in government
The main reason of course is because many of the unwanted features of the country, for example are anonymous so that makes everyone will use bitcoin for transactions including for illegal transactions like money laundering, buying drugs and so on.
I have heard that bitcoin is not supported in some countries. But why ? Is it because bitcoin is risky ? Some countries even declare 6 months jail if her people use bitcoin. Is it fair ? I mined few cryptos and have left mining. It was fun and challenging too. But I never got any clear answer. What does my gpu actually do ? I pay electric bill, my room temperature goes high and I get paid. With actually no skill on pc hardware and software. Whole thing is still pretty unclear to me
I think if the country are not allowing bitcoin is difficult to accept for those individual people, the reason is if he/she need to convert bitcoin into fiat there's nothing way to convert it because the exchange are not accepting bitcoin because government treated as illegal.
and hoping someday all country waking up and open their minds about the importance of bitcoin how to help to economy and to the community of each country.
I think it does not need a great technology for using bitcoin in a country, does not need the approval of a government if you want to use bitcoin, bitcoin can be used anywhere as long as you are connected to the Internet
Among countries to have banned bitcoin in the past are Bangladesh, Bolivia, Ecuador, and Kyrgyzstan. The bans seem to have had little effect on the global bitcoin network.These countries are of little consequence to the global cryptocurrency liquidity or global blockchain industry direction.
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