Why lot of countries do not allow to use Crpto? - page 18.

chromosomes

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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 see crypto as a threat to their economy and their government. With use of crypto, people tend to stop patronizing their government due to the taxes and the high fees of transactions which is very rare to witness in crypto. If all the countries will agree on allowing crypto, maybe things will get better.

maksimukr1989

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It is foolish to ban the cryptocurrency.Promising countries on the contrary are trying to introduce cryptocurrency into their economy.And rightly so

joy99

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Most countries will lose a lot of money that they gain from tax if they are to accept cryptocurrency in their countries. I pity them because majority of people lately, are into crypto which will be difficult to do.

chainedblocks

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Quote from: gunungkembar on July 26, 2018, 10:08:28 PM

I think that's probably because cryptocurrency currencies are so unstable and fluctuating so cryptocurrency has a very high risk that very few accept cryptocurrency.

Well you can say these countries aren’t using these crypto just because of their volatility. Then this is right. Many countries don’t apply this coin as national one because e this might be letting destruction coming into the field so soon. Things aren’t that much good when this coin is taken on national level. To go to such level, development is required and this coin must be made so strong.

Sergio444

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That is really what is going on these days. Its no news anymore. The decentralized nature of cryptos, and the transparency in transaction makes it very difficult for governments to take over and generate income from it, especially tax. So the best way to retaliate is to ban the use of these currencies in the in the countries. But I hope that with time, these governments will realize the potential they just let slip out of their hands.

xuzukami

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There are quite a lot of people wondering about this, but the bottom line here is that the country is afraid that they can not control the amount of money in their country and they fear that money laundering will take place. Do not accept electronic money as underdeveloped countries.

rose9696

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https://streamies.io/

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?

Actually, Cryptocurrency is not bad. but some have taken advantage of its anonymity to carry out some illegal activities such as money laundering and tax evasion. That is what governments are very concerned about and decided not to allow Crypto to circulate in their own country.
I think that's a pretty decent decision and Crypto needs to be fixed at some point to gain credibility all over the world.

Karakas

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there are still many countries that have not legalized bitcoin or crypto currencies because the country has not found a rule that can regulate crypto currency movements. and I think this cyrpto will be a competitor of their country's local currency

Nolimitz84

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You're absolutely right.Cryptocurrency is useful for the economy of any country.It is a pity that the government does not understand

Pattart

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Quote from: cryptocurrencyguru on August 01, 2018, 01:43:53 PM

lot of countries dont nt allow to use crypto is they are afraid of money laundering and other fears of bitcoin and other cryptocurrencies but in order to grow with development they should also adopt for bitcoin

Yeah, all countries are afraid of that, decentralization and anonymity are very favored by users, but that is what the government fears the most because it makes a person become invisible as well as their finances. governments fear that many people will hide their income to avoid taxes..

agnostos

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Because bitcoin is used in black markets, they think it is illegal to use it. They are afraid by the standards of using crypto.
Its decentralized nature can be a threat in the government

tommisetiyawan

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I completely agree with your opinion but something is considered in addition to this point. the government can not handle all transactions used by criminals for illegal activities. Cryptocurrencies are stored by people around the world so that the value of this currency will not be stable. It is impossible for the government to control bitcoin and that could be the main reason that they still do not allow and make bitcoin a legal currency in their country. But it is certain that in the future all these countries will make bitcoin a legal currency. Because bitcoin is a need for modern times and the younger generation feels easier to use bitcoin than fiat currency. And maybe people who are afraid of bitcoin because they don't know what bitcoin is, what are the benefits of using bitcoin, most of them only know about the negative side, not looking at the positive side.

cryptocurrencyguru

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lot of countries dont nt allow to use crypto is they are afraid of money laundering and other fears of bitcoin and other cryptocurrencies but in order to grow with development they should also adopt for bitcoin

Underlord

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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?

the problem is taxes, if every transaction and exchange from digital money to national currency is not taxed, it will hurt the government. Moreover, this happens in large numbers, of course it will greatly affect the circulation of national currency. Actually I would strongly agree if every transaction is taxed if it makes the country accept the crypto, but surely will have many obstacles.

usorin

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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 possible that they don't have real info related to crypto or t hey just don't take is serious, for many of them it is just a child's game, but not for those who earn their incomes 10x to crypto world.

Jimitieu

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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 that is the problem that the governments of countries do not like it. Because when you do business or trade in cash, you will have to pay taxes to the government. But when you trade in cryptocurrency, you do not have to pay taxes and that leaves the state unable to get money to invest in other areas or pay for social security of people.

anntlevel

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Quote from: Sled on July 25, 2018, 08:25:21 PM

Quote from: Gameroid on July 25, 2018, 06:57:46 PM

Quote from: fight-T on July 25, 2018, 06:22:16 PM

As far as I think the countries that do not allow the use of crypto may be they have not controlled this market. Controlling the investment of citizens will benefit the nation.

It is not possible for any government to control bitcoin and that can be the main reason that still they are not allowing and making bitcoin as lgal currency in their country. But it is for sure that in future all such countries will make bitcoin a legal currency. Because bitcoin is the need of the modern time and the young generation feel it more easy to use bitcoin instead of fiat currency. Therefore i think that they will very soon change their decision about bitcoin and will make bitcoin a legal currency in their country.

If the generation of the people like 40 yrs old and below will become the dominant generation then the cryptocurrencies will be used because the people who are older than 40 yrs old are not that open minded when it comes to the new technologies or inventions. Fiat money is still good but if we will go for cryptocurrencies then we will have a better flow of economy.

The government of most of the counties is still waiting for the crypto currencies to gain more fame and popularity in the international market. They just want to be sure that they are only taking this step of legalization of the crypto currencies at time when things are in favour of the crypto currencies. They are not worried about anything and that they will declare these crypto coins as legal currencies but at the right time.

noah tall

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Quote from: boyshx on July 02, 2018, 12:52:26 PM

You are not wrong with your math but its about the security and laundering stuff that may come up front. Most of the countries are afraid that huge amount of money might be laundered with the help of bitcoin and thus it may cause the disturbance to economic circulation in that way. It has recently discovered that many cases of mafia has been found who are actually using the bitcoin this way only. This is the biggest and prime reason why countries are trying to avoid the unwanted use. They also want to protect the peoples funds by stealing methods, crypto fake exchangers and schemes etc.

Well, the security and laundering stuff is not an issue that cannot be solved and this is why regulations can be in place with the government being in control of the exchanges which could mainly serve as the main source where laundering can simply occur.
It is just simply because they are looking for every way not to make it work and reason why they would rather stop it than try to do anything about it at all. Unfortunately for them, it is a battle they are really not going to end up winning.

Twentyonepaylots

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Quote from: TianaStam on July 02, 2018, 04:13:46 PM

What do you mean under 'a lot of'? Google search tells me that there are only less than 10 countries who banned crypto and in all number of countries of the world its actually not so much. In explanation why one or another country banned bitcoin its written that its out of their economical laws. So, they simply do not want to change their laws cause of bitcoin, changing laws is long and expansive process as I know.

Well, that's your own perception, one should remember that Bitcoin or crypto currency is not yet fully adopted globally. we have issues on Banned, Scammer, Hacking in this crypto world not to mention the issue on Regulation by Countries whom critical on Digital Crypto currency transaction. Once this issues are resolved i am optimistic that crypto currency market will be accepted globally.

RockBar0

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Quote from: dlouulmusthofa on July 30, 2018, 06:32:52 AM

the country that does not allow the use of crypto is a country that is afraid of the crypto currency will losing its domestic currency, if the state allows the use of crypto for transactions, I am sure more citizens use it, so the use of domestic currency is reduced and causes its value to decrease

The country may not be ready to participate for many national reasons. When they stabilize their country, they will probably have a more sympathetic look at the finances. Or maybe they are afraid of possible social evils and many other factors, but certainly no one can miss this financial opportunity.

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