Why is cryptocurrency illegal in some countries? - page 4.

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Quote from: Tellek Garing on September 28, 2023, 08:47:23 AM

Why is cryptocurrency illegal in some countries?

Bitcoin is illegal in some countries, and there are several reasons for this. The use of Bitcoin is not illegal in most countries, but the countries that have declared it illegal do so for several reasons. The most prominent of the reasons that are often mentioned by the governments of the countries is decentralization. In addition to this, volatility has also been said to be the reason for Bitcoin being illegal. Taking this as a topic, many countries have declared Bitcoin illegal. And the most tangible evidence is presented as decentralized. And although no country wants its financial activities to be controlled, Do anything without governance or without its monitoring.

So, in my opinion, all these reasons that have been presented by different countries are all lame excuses for these countries for declaring Bitcoin illegal. The banks of these countries don't want to abandon our system and introduce a decentralized system in which everyone gets financial freedom.

Olalomi

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Cryptocurrency is decentralized thus it becomes absolutely difficult for many countries to regulate it therefore there isn't any other option than to ban it by those country, the fact that some wicked people adopted cryptocurrency for money laundering for terrorist is another setback for adoption of cryptocurrency in majority of countries who had banned cryptocurrency though even before cryptos a lot of money laundering took place however it becomes imperative for most countries to checkmate and monitor all financial transactions involving crypto which is most often very difficult to track thus it was tagged as illegal.

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Quote from: Tellek Garing on September 28, 2023, 08:47:23 AM

In many countries, it isn't illegal, however the countries that have made it illegal do so for many reasons, volatility is one of the most often cited reasons, as is energy use, concerns over destabilization, or the ease with which criminals' activities can be financed and conducted using them.

They, governments, simply feel threats from Bitcoin and cryptocurrencies so they are fearful about future of their fiat currencies, CBDCs. Consequently, they have to react harshly with restrictions, bans against Bitcoin and cryptocurrencies with hope that those harsh reactions and policies can help their fiat currencies and CBDCs won't lose main roles in financial, monetary flows in their nations.

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Forgetting the advantage of cryptocurrency which has over the years gained popularity amongst investors globally.

They don't forget about advantages and disadvantages of Bitcoin and cryptocurrencies for their citizens as well as side effects to their central bank systems. Because they are clearly aware about it, they do responses that they think appropriately for their systems, not for sake of their citizens' benefits.

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Although there are a lot of reasons as to why cryptocurrency is illegal in some countries, perhaps one that we are often forgetting is the reality that crypto is being used for cases of money laundering. Hence, we cannot blame some government for making it illegal to transact with cryptocurrency, maybe there have been too many of a case that they have to take legal actions regarding it. Although I know many of the replies have stated criminal act which this reason falls, I'm just static the specific.

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Common denominator why government ban crypto is due to its decentralized feature. Not all government has the power to regulate all their citizen to pay their crypto taxes voluntarily since it’s a lot of unless your country is like US which has very strict IRS that can track all your transactions even crypto.

I’m from a 3rd world country which government doesn’t have enough man power to regulate taxes individually. Country that ban crypto hates the idea of being decentralized and they want their own fiat money to be use since they have unlimited supply of it.

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Quote from: Tellek Garing on September 28, 2023, 08:47:23 AM

In many countries, it isn't illegal, however the countries that have made it illegal do so for many reasons, volatility is one of the most often cited reasons, as is energy use, concerns over destabilization, or the ease with which criminals' activities can be financed and conducted using them. Forgetting the advantage of cryptocurrency which has over the years gained popularity amongst investors globally. With technological involvement and industrialization, digital currencies are obtaining a satisfactory position over others, for example, bitcoin. By using cryptocurrency it is easy to transfer money without any involvement of banks and other financial l institutions. Inflation protection, due to inflation the value of so many currencies drops with this many people see cryptocurrency as offering protection against inflation. Bitcoin has a hard cap on the whole number of coins that will ever be minted.

What is Crypto Currency or Bitcoin? This is a decentralized system through which people can make p2p transactions. And it maintains privacy very nicely. As a result, there are many countries governments in the world, they will not be able to properly collect the additional tax imposed on the people.
Moreover, the heads of state of the countries may have a misconception that these will only have a negative impact in our country, but in fact, their positive aspects are much more. Moreover, if these systems are implemented, many countries have dishonest leaders and dishonest businessmen, both of them will lose out on the illegal money they earn from the people. There can be many such reasons for declaring cryptocurrency or bitcoin illegal in countries.

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Quote from: Tellek Garing on September 28, 2023, 08:47:23 AM

In many countries, it isn't illegal, however the countries that have made it illegal do so for many reasons, volatility is one of the most often cited reasons, as is energy use, concerns over destabilization, or the ease with which criminals' activities can be financed and conducted using them. Forgetting the advantage of cryptocurrency which has over the years gained popularity amongst investors globally. With technological involvement and industrialization, digital currencies are obtaining a satisfactory position over others, for example, bitcoin. By using cryptocurrency it is easy to transfer money without any involvement of banks and other financial l institutions. Inflation protection, due to inflation the value of so many currencies drops with this many people see cryptocurrency as offering protection against inflation. Bitcoin has a hard cap on the whole number of coins that will ever be minted.

You have less clue about crypto and I don't blame you because it seems you are knew, why making up your mind with this opinion of yours instead of you trying to gain some knowledge first?

Volatility isn't one of the reasons why any country put ban on Bitcoin, volatility headache belongs between Bitcoin and it's adopters, not a country, if they can put ban on Bitcoin it shows they aren't investors.

Criminal that want to finance their activities using Bitcoin or the blockchain should proceed and let's see how that ends, stop saying what you don't know, you will never gain any knowledge like this, every transaction using Bitcoin can be traced, it's transparent on the blockchain, a smart criminal will rather use Fiat instead of Bitcoin.

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Yes, nations that want to outlaw something usually use criminal activity and instability as justifications. People always forget to talk about how cryptocurrencies, like Bitcoin, give people power by making it easy to send money without banks taking a cut. A spike in prices? Another bad guy that steals the worth of your money without you even noticing. Bitcoin, on the other hand, act like heroes and protect us from the teeth of inflation. While traditional currencies print, devalue, and inflate, bitcoin have a 'no more' cap that controls inflation. The globe laments energy consumption and instability, but they overlook the independence, self-sufficiency, and inflation hedge that cryptocurrency affords. It never talks about the good things, only the bad. This is a one-sided, biased discussion that is rife with hypocrisy and lack of vision Angry

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Quote from: Tellek Garing on September 28, 2023, 08:47:23 AM

In many countries, it isn't illegal, however the countries that have made it illegal do so for many reasons, volatility is one of the most often cited reasons, as is energy use, concerns over destabilization, or the ease with which criminals' activities can be financed and conducted using them. Forgetting the advantage of cryptocurrency which has over the years gained popularity amongst investors globally. With technological involvement and industrialization, digital currencies are obtaining a satisfactory position over others, for example, bitcoin. By using cryptocurrency it is easy to transfer money without any involvement of banks and other financial l institutions. Inflation protection, due to inflation the value of so many currencies drops with this many people see cryptocurrency as offering protection against inflation. Bitcoin has a hard cap on the whole number of coins that will ever be minted.

For me, I will say that Bitcoin is considered illegal in all these countries, due to the fact that the government and central bank in all those nations wants to remain in charge over the citizen's finance, since if Bitcoin is given a welcome hand, they know many will choose to invest in Bitcoin rather than the old traditional banking system where they always have control and access over a large amount of the public fund, use it for forex trading, make huge profits and then leave the depositor with the exact capital year after year with no interest, whereas, they keep on making millions out of it, and I don't think they are ready for any change, but stick to their traditional means of banking which profit they the lawmakers the most.

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Quote from: Tellek Garing on September 28, 2023, 08:47:23 AM

In many countries, it isn't illegal, however the countries that have made it illegal do so for many reasons, volatility is one of the most often cited reasons, as is energy use, concerns over destabilization, or the ease with which criminals' activities can be financed and conducted using them. Forgetting the advantage of cryptocurrency which has over the years gained popularity amongst investors globally. With technological involvement and industrialization, digital currencies are obtaining a satisfactory position over others, for example, bitcoin. By using cryptocurrency it is easy to transfer money without any involvement of banks and other financial l institutions. Inflation protection, due to inflation the value of so many currencies drops with this many people see cryptocurrency as offering protection against inflation. Bitcoin has a hard cap on the whole number of coins that will ever be minted.

Countries make everything illegal that they can't control or tax on. Actually, countries are an abstract concept. Behind any such prohibitive laws there are specific individuals who act in their own interests.

The reasons cited by countries should not be taken seriously or literally. This is just rubbish for the mass listeners of such rubbish. They always voice plausible pretexts, but the purpose of such restrictions is to control the financial flows of their citizens, which is impossible if people use the bitcoin p2p.

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Our government is afraid that cryptocurrencies could be used for criminal activities including money laundering, tax evasion, and fraud. This is the fundamental reason for the lack of regulation in our country. They might prohibit or limit cryptocurrency use until they can put in place the necessary rules to reduce these dangers.

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Quote from: Tellek Garing on September 28, 2023, 08:47:23 AM

In many countries, it isn't illegal, however the countries that have made it illegal do so for many reasons, volatility is one of the most often cited reasons, as is energy use, concerns over destabilization, or the ease with which criminals' activities can be financed and conducted using them. Forgetting the advantage of cryptocurrency which has over the years gained popularity amongst investors globally. With technological involvement and industrialization, digital currencies are obtaining a satisfactory position over others, for example, bitcoin. By using cryptocurrency it is easy to transfer money without any involvement of banks and other financial l institutions. Inflation protection, due to inflation the value of so many currencies drops with this many people see cryptocurrency as offering protection against inflation. Bitcoin has a hard cap on the whole number of coins that will ever be minted.

Because their governments want it. As simple as that! Legality depends on the laws and the government controls the law in their country. Some progressive governments made it legal and some old-school governments are either still debating about legality or have banned it.

Regardless about what benefits bitcoin brings in, it's legality will always depend on the government and no one else gets to decide.

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Why is cryptocurrency illegal in some countries?

The only reason governments ban cryptocurrencies, specifically targeting bitcoin, is because they cannot control it, they fear their power will be threatened if bitcoin becomes widely used. But they don't dare to say that directly to their people, and they find all kinds of nonsense reasons like you are mentioning to ban bitcoin and keep people away from it. But they seem to be gradually failing because as you also said, many governments have accepted and many governments have not accepted. In my opinion, over time all governments will also accept it because they cannot stop it.

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I think not in some countries but almost all countries do not support bitcoin,
sometimes one country's reasons are also unclear when it comes to legal and illegal for bitcoin
but the main reason every country rejects btc is that they don't want to let their citizens use Bitcoin to avoid taxes for security/investments and wealth owned

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Quote from: Tellek Garing on September 28, 2023, 08:47:23 AM

In many countries, it isn't illegal, however the countries that have made it illegal do so for many reasons, volatility is one of the most often cited reasons

Bitcoin is volatile and this is one of the core reasons why we can earn from it because it renders us the opportunity to make profits each time the price rises and those that Invested take this advantage in it, initially, the government thought about it that when the market dumps and people are loosing their asset values, it's take away their money and such is nothing more different from a ponzi scheme, they also believed that scammers are the ones that uses this digital currency to do evil acts, but now bitcoin is being recognized allover and people are accepting it as a digital currency even though many countries are yet to adopt it use as a legal tender.

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Quote from: Tellek Garing on September 28, 2023, 08:47:23 AM

In many countries, it isn't illegal, however the countries that have made it illegal do so for many reasons, volatility is one of the most often cited reasons, as is energy use, concerns over destabilization, or the ease with which criminals' activities can be financed and conducted using them. Forgetting the advantage of cryptocurrency which has over the years gained popularity amongst investors globally. With technological involvement and industrialization, digital currencies are obtaining a satisfactory position over others, for example, bitcoin. By using cryptocurrency it is easy to transfer money without any involvement of banks and other financial l institutions. Inflation protection, due to inflation the value of so many currencies drops with this many people see cryptocurrency as offering protection against inflation. Bitcoin has a hard cap on the whole number of coins that will ever be minted.

Crypto trading and investing appears to be legal in most countries around the world, but most have yet to legalize crypto as currency or legal tender. I don't completely agree with some of the reasons often cited by governments for banning crypto as a means of payment, but governments have every right to regulate what is best for their own countries and financial systems.

It will take a long time to study the positive and negative impacts of adopting crypto as legal tender if a country wants to adopt it. The government needs to learn from other countries that have adopted it first, but adopting crypto as a legal means of payment is not mandatory for every country. In fact, governments can still earn revenue by not legalizing crypto as legal tender, but they legalize trading and investment which allows them to regulate it with taxes.

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Quote from: Tellek Garing on September 28, 2023, 08:47:23 AM

Why is cryptocurrency illegal in some countries?

The government will make illegal all forms that are not real and that they consider to be detrimental to the country. That is one of the characteristics of the government in almost all countries, Bitcoin cannot be touched and cannot be controlled, the other reason is just the government's hallucinations against the people. that's the logical reason.

I am 100% sure, if Bitcoin could be controlled and touched, since Bitcoin first appeared it would have been legislated, maybe we would have seen the government's reasons for illegal crypto, However, for the reasons of full control that the government expects, if that is not possible they will not want to recognize Bitcoin legally, despite the fact that they use Bitcoin as a basis for investment and trading, transactions and so on.

The government is cunning, if it's not profitable for them, anything can be illegal until they find a profit point for them, otherwise they will make Bitcoin illegal in their country forever, but in fact Bitcoin is growing rapidly in the country where it is illegal.

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To put it simply, a product with the name of decentralization is being used by a user who is a customer of centralized services. I think it's still a matter of harmonizing users when we will create enough reasons for ourselves to believe that crypto harmful, but the issue of legal coercion I don't see really being too influential at the level of countries that want to optimize their power.

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Quote from: Solosanz on September 28, 2023, 09:01:32 AM

Since I'm not one of the president in those countries, my assumption is centralized entity don't want to let their citizen to use Bitcoin to evade tax or safe/invest that related to centralization e.g. fiat, stock, gold, real estate.

The way fiat can not be used to evade tax, bitcoin as well can not be used to evade tax. But in reality, some people are evading tax with fiat, which can make something like that possible with bitcoin. Bitcoin is having a transparent blockchain which is enough to serve the purpose of tracing tax evasion. What I think is the reason few countries ban bitcoin is because the government in such countries, which ban bitcoin wants to have full control over the financial system in the country.

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This is by just simply knowing that Bitcoin is decentralized, which can't be controlled by the government. If you see the people in your country much prefer digital currency which is Bitcoin than the country's own fiat currency, what do you think would be the impact to the economy? Of course it would affect the value of their own currency which eventually drop the economic status of the country. This reason why some of the country doesn't welcome and acknowledge Bitcoin cause of the risk, but some legalized it not only that it's actually convenient to do transaction globally, but the fact that they know the Bitcoin once converted to fiat, would eventually circulate to the market which could be a great news for the country.

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