Why lot of countries do not allow to use Crpto? - page 2.

Himanshu111

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Quote from: Blackamoh on September 15, 2018, 12:18:07 PM

Quote from: Leocristophe on September 05, 2018, 05:04:44 AM

The value of Bitcoin affects the interests of the government. Users who use Bitcoin for illegal purposes will be banned from the operation and are responsible for the country.

I think that makes the country afraid, so it doesn't use Cryptocurrency, because they feel that if citizens use Crypto, the state or the government will not be able to control it.
The main reason for a country that does not accept Bitcoin and Cryptocurrency is, because Cryptocurrency is decentralized, or cannot be controlled, cannot be regulated by a country.

This is because cryptocurrencies are decentralized and no Central Bank or government has any control over it.Only the users have the knowledge about the cryptocurrencies.Cryptocurrencies are also very volatile and unstable and their price depend upon the forces of demand and supply.They also have a risk of getting hacked.They require internet connection which is not possible in every corner of the world.They also require some basic knowledge and are very complex in use.

Bhargurn

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In my perception, a lot countries still not using crypto because they're low technology not like japan which they totally use bitcoin technology as an alternative way mode of payment. And maybe several countries afraid to used It because some Illegal way that Is easy to get In like money laundering and others.

Blackamoh

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Quote from: Leocristophe on September 05, 2018, 05:04:44 AM

The value of Bitcoin affects the interests of the government. Users who use Bitcoin for illegal purposes will be banned from the operation and are responsible for the country.

I think that makes the country afraid, so it doesn't use Cryptocurrency, because they feel that if citizens use Crypto, the state or the government will not be able to control it.
The main reason for a country that does not accept Bitcoin and Cryptocurrency is, because Cryptocurrency is decentralized, or cannot be controlled, cannot be regulated by a country.

boboto

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It is not tracked in any way and many criminals can use it

Fortress12345

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All country has different principles, rules and regulations so maybe not allowing to use crypto has a deep reason behind it. Some country do not allow it because they think that it was used to buy and sell illegal things or for illegal trading. And also some countries think that it can affect their economy in a bad way. And also it was because they can’t control it the way they want to or the way that they can get big benefits for themselves.

Ramonranger

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Taxes ia the most important part of the country to run their economic growth and development, since cryptocurrency is very open to anyone, no control on any transaction, then the main concern of a countries on how they control the digital currency by means of taxes. It need to be more intellegent study on how both country and cryptocurrency to be controlled to avoid any conflict with each fiat and digital currency on the market.

Pikachu12

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In my opinion, many countries grant Crypto because they fear businesses and people launder money through this technology. This blockchain technology is intended for many more bad people. But this will be a tool that will help the rich get richer if they take advantage of it.

shainasaz

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I think a lot of countries fear cryptocurrency because it might affect the usage and growth of their economy. They also think that bitcoin maybe used for illegal business. But in some countries bitcoin are allowed to use it.

jademaxsuy

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Quote from: Eijrafarm on September 14, 2018, 08:14:56 AM

Many countries seen cryptocurrency as a threat in their current economy. Maybe this is due to many issues cryptocurrency suffering. Many has already become a victim of the scams and huge hacking issues.

Well i do not believe that there are so many countries that ban the use of cryptocurrency. I believe that there are only quite few of them and those countries have problems in dealing with national security threat. As we all know that the cryptocurrency has its trademark as anonymity so it could be difficult to trace if transactions being done for smuggling weapons will be done using cryptocurrency system. However, in different countries cryptocurrency is doing good and local exchanges had done KYC to track those people who use heavy or having huge transactions.

semutracing

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in my opinion, the government's current constraints and considerations are the nature of crypto currencies that are still anonymous, so that if the crypto currency is used for criminal acts, the government will not be able to track where it came from

jademaxsuy

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Well there are few countries who does not allow the use of crypto but if compared the number of countries using crypto is greater than those who did not. Well anyway there are many reason why a certain country does not allow the use of cryptocurrency and the main reason is the security of that certain country especially if the rebellion against government is rampant like those in the middle east country where it could be used as payment form in those illegal trading activities like smuggling of weapons and etc.

NevejElad

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There are lot of countries ,do not allow tk use cryptos in their country because the government are not ready to introduced this kind of currency which is digital, and the use of this cryptos might create chaos in their individual and the state, that is why they are not yet accepting cryptocurrency in their country.

crwth

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https://linktr.ee/crwthopia

Quote from: kr105 on September 14, 2018, 08:15:44 PM

Countries are concerned with financial controls, regulation of income and expenditure, and growth of the country. Therefore, they don't like the growth the crypto market because they can't control crypto market. According to them, we have to invest money into the bank and the traditional markets.

I think that’s where the government comes in, where they want a piece of the pie and the growth would surely be coming from the people. Having a decentralised and transparent transactions has an effect for them in my opinion. Probably some has significant things to hide or something.

Cupomi

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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?

many countries still want income from the tax sector, especially incoming goods taxes, while bitcoin is still not taxed for a while and the government is still having trouble monitoring the movement of bitcoin as long as it has not been converted to the country's original currency, so the added value for some countries is not can be felt, so there are still many countries that still use banking services because the existing system is very transparent and easily taxable in addition to maintaining the stability of the country's currency value ..

kr105

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Countries are concerned with financial controls, regulation of income and expenditure, and growth of the country. Therefore, they don't like the growth the crypto market because they can't control crypto market. According to them, we have to invest money into the bank and the traditional markets.

snaper14

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on the other hand the crypto would be ideal to be used for money laundering activities where everyone would be able to use it in a way they want and no tax or where the money came from was required from them

ziac

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”Decentralized Digital Billboards”

They cant monitor it.. Thats one of the few main reasons that theyre afraid of... If they cant control something theyy would rather turn against in it. Although i can see why they dont want the idea of decentralization due to illegal activities that can be made using blockchain techbology

WUUEX79

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Xch4nge.com

Every Government which has a position in a country has certainly had a number of different rules with other countries. But the average of them has almost the same reasons, include:
The government considers bitcoin has the potential to be used for money laundering or attempts to disguise the origin of money, assets resulting from criminal acts.
Terrorist funding is one of the main reasons, which makes bitcoin rejected by some countries. Because by utilizing bitcoin funding will be easy to enter from various backgrounds without a clear identity and the process of disbursement into real money, it will be easier.
Its nature which tends to be anonymous will be vulnerable to acts of fraud, if someone commits fraud by using bitcoin it will certainly be difficult to tell who's the owner and recipient of the bitcoin.
Every type of online payment system including bitcoin cannot be separated from various acts of hackers, as has happened several years ago.

SearchingforS

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“The Future of Security Tokens”

I think that there is one country which is against crypto currently and all other countries should support its position even if don't want too much to do it...

Glok17

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Many countries are really strict with their laws and all dangers regarding their economics, that's the main reason for that I believe.

Topic: Why lot of countries do not allow to use Crpto? - page 2. (Read 4308 times)