Why lot of countries do not allow to use Crpto? - page 14.

Crafts12

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Quote from: udana123 on July 02, 2018, 12:28:15 PM

Lot of countries do not allow to use crypto currencies and they discourage using them. However as far as I feel, trading with crypto is not that harmful for the economy of the country. As an example, if a person has Eth and someone from another country needs to buy Eth, that buyer needs to pay the seller in terms of dollars. Then that seller needs to convert that Dollars to his native currency which means it creates a the demand for the native currency and increase the value of the currency. May be the government is unable to add a tax on such transactions but it is beneficial for the currency used in seller's country.
What do you think about that?

That is exactly one of the reasons why many country doesn't allow the usage of bitcoin or even promoting the use of it. Governments cannot put a tax on every transaction it will have. Another reason is that bitcoin can considered as a threat to the banks due to ut can also be use as savings and can transac to others. Bitcoin can also be a tool for illegal doings. These are the reasons I see why they won't agrer to it.

chibimanau

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I think most countries banned Bitcoin because they have low technology. They will not be able to manage Bitcoin in commercial transactions, especially in tax matters. Or maybe they are not sure about cryptocurrency, because they see Bitcoin is not really stable.

CPetersson

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Each country wants additional taxes. How will they get them with cryptocurrencies? And probably cryptocurrencies have not "amazing" background

Luthfiyaaa

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maybe some countries do not allow crypto for various reasons, such as fear that if the original currency is replaced, many people who invest in crypto rather than government business or crypto maybe very dangerous. but in a few years there will be many countries that accept crypto, because crypto is very profitable.

v_Harley

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Some investors think that encryption is not very secure, and a lot of encryption doesn't have much value in the first place, so there's a lot of investment products like gold and so on, so there's not a lot of demand for encryption.

Bitcoin2009

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Quote from: Farma on August 13, 2018, 07:45:38 AM

Quote from: TheClownSong on August 13, 2018, 07:40:15 AM

Quote from: tinystone26 on August 11, 2018, 03:18:08 AM

Many countries do not allow to use Crypto in their place because they are not yet ready to adopt any new online currency due to their lack of technology support unlike other country that are not legal to their country but they are accepted to use as a payment in any transaction they made like here in my country bitcoin is not yet legal but we can use it in any estabishments that Crypto is accepted.

A lot country not allowing bitcoin because they dont have good knowledge about bitcoin. In many advance country, the government have good knowledge about cryptocurrency and thats why they allow it. More country will more understand about cryptocurrency and they will regulate cryptocurrency

agree with that. I am sure, when they find out about the benefits of crypto, maybe they will make a new crypto, or cooperate with other crypto companies. this has also been done by countries that have advanced technology.

I think technology can be prepared and studied instantaneously, the hard thing for countries to accept crypto is because anonymous crypto, if crypto users are anonymous, the state does not have data to find out who the user is and feared to be used for illegal transactions.

lester04

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They not allowing crypto cause crypto could use in illegal activities online and some crypto coin are have anonymous transactions so basically they cannot identify if which person making illegal activities and and being volatility of crypto is one factor why they not allowing crypto in their country cause people could lose their money cause they think crypto is like a kind of gambling.

nehemiah31

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Actually most of the countries around the world use crypto already.There are just few who do not because they do not know about it and they are afraid to take risk.

Dod Ong

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Quote from: udana123 on July 02, 2018, 12:28:15 PM

Lot of countries do not allow to use crypto currencies and they discourage using them. However as far as I feel, trading with crypto is not that harmful for the economy of the country. As an example, if a person has Eth and someone from another country needs to buy Eth, that buyer needs to pay the seller in terms of dollars. Then that seller needs to convert that Dollars to his native currency which means it creates a the demand for the native currency and increase the value of the currency. May be the government is unable to add a tax on such transactions but it is beneficial for the currency used in seller's country.
What do you think about that?

I think they did not allow to use crypto because they think that the bitcoin cannot help their country grow. Also they think the bitcoin is illegal and not allow to use. Maybe the government did not want to add a tax on bitcoin. Also they are afraid because the bitcoin can control them.

SB16

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really the main reason a country rejects bitcoin is because they can not control bitcoin. The government's fear of losing the management of financial flows, the uncertainty of the vector of the development of the crypto market. We must not forget that the market is very young and many people treat it with disposition

Bitcoinbitcoin0909

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Quote from: udana123 on July 02, 2018, 12:28:15 PM

Lot of countries do not allow to use crypto currencies and they discourage using them. However as far as I feel, trading with crypto is not that harmful for the economy of the country. As an example, if a person has Eth and someone from another country needs to buy Eth, that buyer needs to pay the seller in terms of dollars. Then that seller needs to convert that Dollars to his native currency which means it creates a the demand for the native currency and increase the value of the currency. May be the government is unable to add a tax on such transactions but it is beneficial for the currency used in seller's country.
What do you think about that?

It is simply because they feel threatened with the use of crypto by their people. As time passes by, the influence of crypto gets wider and wider and for some countries, it imposes threat to their economy that's why they consider it illegal. We should not let it happen to all the countries or else we will not be gaining any benefit from crypto anymore in the future.

Irwandho

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Quote from: dams87 on August 06, 2018, 10:02:55 AM

bitcoin is banned in some countries because the government cannot control it, the government is too afraid if bitcoin has a bad impact on the economy and stability in its country. Another reason is that the government cannot apply taxes on bitcoin so there is no income for its government.

I think the government does not want to give their strength and control and that is the reason why the government wants to indirectly eliminate the use of cryptocurrency.
As we all know that a greedy government for control and crypto is something that takes power from a centralized authority and gives it to users.

yusupjatigumilar

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they were worried because they could not monitor and control crypto transactions that occurred, unlike bank transactions, they could easily monitor and control it, but could not be done on anonymous cryptocurrencies

Farma

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Quote from: TheClownSong on August 13, 2018, 07:40:15 AM

Quote from: tinystone26 on August 11, 2018, 03:18:08 AM

Many countries do not allow to use Crypto in their place because they are not yet ready to adopt any new online currency due to their lack of technology support unlike other country that are not legal to their country but they are accepted to use as a payment in any transaction they made like here in my country bitcoin is not yet legal but we can use it in any estabishments that Crypto is accepted.

A lot country not allowing bitcoin because they dont have good knowledge about bitcoin. In many advance country, the government have good knowledge about cryptocurrency and thats why they allow it. More country will more understand about cryptocurrency and they will regulate cryptocurrency

agree with that. I am sure, when they find out about the benefits of crypto, maybe they will make a new crypto, or cooperate with other crypto companies. this has also been done by countries that have advanced technology.

TheClownSong

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Quote from: tinystone26 on August 11, 2018, 03:18:08 AM

Many countries do not allow to use Crypto in their place because they are not yet ready to adopt any new online currency due to their lack of technology support unlike other country that are not legal to their country but they are accepted to use as a payment in any transaction they made like here in my country bitcoin is not yet legal but we can use it in any estabishments that Crypto is accepted.

A lot country not allowing bitcoin because they dont have good knowledge about bitcoin. In many advance country, the government have good knowledge about cryptocurrency and thats why they allow it. More country will more understand about cryptocurrency and they will regulate cryptocurrency

takertrade

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jojowar

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Lot of countries do not allow to use cryptos because they were afraid on the negative effects on it like cryptos maybe use in funding syndicate, these cryptos will become bank competitors and the government have not yet study where they will get taxes out of cryptos.

qumeijia

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Many countries ban or forbid bitcoin because of several factors such. For example it can cause a bubble, bitcoin has the authority which regulates it. And other reason it is sensitive or even it is claimed as an illegal transaction. Through those reason some countries forbid bitcoin.

nealdlover

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Quote from: udana123 on July 02, 2018, 12:28:15 PM

Lot of countries do not allow to use crypto currencies and they discourage using them. However as far as I feel, trading with crypto is not that harmful for the economy of the country. As an example, if a person has Eth and someone from another country needs to buy Eth, that buyer needs to pay the seller in terms of dollars. Then that seller needs to convert that Dollars to his native currency which means it creates a the demand for the native currency and increase the value of the currency. May be the government is unable to add a tax on such transactions but it is beneficial for the currency used in seller's country.
What do you think about that?

Because the Cryptocurrency market is not safe for any country. We can see that manipulation often occurs and fraud occurs a lot. In addition, bad businesses will often take advantage of Bitcoin to launder money.
That is why governments often forbid Cryptocurrency.

Getmon

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Quote from: udana123 on July 02, 2018, 12:28:15 PM

Lot of countries do not allow to use crypto currencies and they discourage using them. However as far as I feel, trading with crypto is not that harmful for the economy of the country. As an example, if a person has Eth and someone from another country needs to buy Eth, that buyer needs to pay the seller in terms of dollars. Then that seller needs to convert that Dollars to his native currency which means it creates a the demand for the native currency and increase the value of the currency. May be the government is unable to add a tax on such transactions but it is beneficial for the currency used in seller's country.
What do you think about that?

A lot of countries are holding their horses pending their own investigations and tedious studies as to the real value and status of cryptocurrencies. So far, there are already a good number of countries that have opened their doors to the use, trade, and investment of cryptocurrencies. Other countries ended up having unpleasant results of their studies and preferred to restrict cryptocurrencies. Others are also classifying cryptocurrencies differently. One even generalized and considered all cryptocurrencies as securities.

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