Topic: Why lot of countries do not allow to use Crpto? - page 21. (Read 4286 times)
For the government, Bitcoin brings some disadvantage to them. It allows anonymous users, for example, to mean that no one knows their existence nor does they have to pay taxes to the government. In addition, they can trade globally without any permission or intervention from banks or governments.
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 government doesn't have the power to control this crypto, they can't take taxes from it, and usually they use the reason that crypto potentially used for terrorism financing and money laundering. What do you think about that?
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?
What do you think about that?
Definitely, they are afraid of not being able to handle such thing. And bitcoin's value is still unstable making it still unsure to be used so they think it will really be a problem in the future.
Here in India, the government didn't had any problem when the prices were low. The RBI was saying that there is a strong chance that Bitcoin is a ponzi scheme and you may lose all of your money. But when the prices went up in 2017, the tax authorities started their extortion attempts on exchanges and crypto-users.
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?
This is only the face of Crypto brought to the world and some countries. But its negative is very much. Crypto is not only used to make payments, it can also help large businesses evade taxes and users can hide their assets and the government is completely unaware of it.What do you think about that?
Besides, Crypto carries a lot of risk and the government does not want its people trapped by some scammer.
Simply because not all the people on that particular country can't access bitcoin when it get legalized. And I observe one thing that the government cannot legalized bitcoin because there are a lot of news saying that many people were become a victim of scam because of bitcoin. But I think this is going to be happened because of a lack of knowledge about bitcoin.
many countries are still afraid of the fluctuating bitcoin value movement. the economic crisis will quickly happen if the people in the country are many bitcoin holders and the moment the bitcoin value falls. they also find it strange when an investment does not need taxes and records in that country because crypto transactions are anunomous and fairly safe
With each and every crypto users active involvement in cryptocurrency will be a loss to the banking sector as well regulated investment schemes. It can be of a direct impact or else happens in an indirect manner. This is the major reason that most governments doesn't allow people to use cryptocurrency. The scenario will change as it is in much need on a growing economy.
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?
There are such valid reasons why the government of a certain country duly prohibits its people for using cryptocurrency for the fact that just what like you have said, only certain imdividuals will benefits on it because they cannot get the taxes from those individuals who are already up into having their income in terms of crypto in which we all know that taxes is a great factor for the economic growth of a certain country which helps it to innovate its resources for the progressive one. Also, with the state of only certain individuals will benefit, this might bring up into a scenario wherein almost all people may become too greedy wanting for it which is already bad for the unity of a certain country. What do you think about that?
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?
What do you think about that?
I think the reason why their are some other country's did not allow to use bitcoin as of now because they need to study first what is cause and effect of their economy if they accept bitcoin as legal. They might be think that bitcoin is not good for their economic growth.or maybe if they found out that this creation is very helpful to improve their economic growth maybe that's the time they accept bitcoin as legal tender.
Because the government does not want to take the risks that exist in bitcoin, therefore they prefer to banned bitcoin. Actually it depends on the mentality of his government also if they do not dare of course they live banned bitcoin.
Lack of legal support behind crypto is a major cause for concern from governments. Govs like to control the currency. They control it through the central bank. They also like to know who has it, where it is, where it’s going. This is exactly why some govs decided to make ICOs illegal and were shutting down local crypto exchanges.
Decentralization is the archenemy of most goverment officials.
Decentralization is the archenemy of most goverment officials.
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.
You've got a point here.I wish that every lawmaker would think not only about money laundering but also about the benefits crypto brings into economies.
Moreover, intense crypro-related activities testify for the well-being of the population and could be an objective indicator of the economic situation of a country as a whole.
There are so many reasons why a country may not be allowing the use of cryptocurrencies, but to sum up all, it is all about possible effects of cryptocurrencies to the economy. Imagine how easy is it to just waste money through the use of the digital currencies. For example one may just lose it online through gambling, buying things not so necessary for the time being, losing money out of being hacked and so many other things. On the personal note, I do not consider these situations as bad as one thinks and none of these reasons really matter. But even if how small is it that you lose, on a larger view, when there are too many doing it, then it will make a big difference. We should understand that any amount of digital currency misused may just be same as wasting the actual money. So every country is watching everything closely before they have to decide whether it would be good to allow it or not at all.
Because different countries with perception of their currency and acceptability of their currency value s but with no limited time average country will soon be diverted to accept Cryptocurrency just as a matter of time
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?
Simply because they are scared cryptocurrency is going to end up disrupting a lot of things and most especially the banking sector and they are busy looking for lame and flimsy excuses not to allow it. If government wants to add tax, they can do so with the exchanges and it is not like in most cases, taxes are not being deducted for transactions in the banks anyway.What do you think about that?
I feel the only reason why they are having issues with the whole crypto thing is just as a result of the fear of the unknown. But, this cannot be a common reason for all the countries hence taxation and governing as a central authority on economics of a country are prime other reasons for not allowing as of now.
Yes, many countries do not allow the use of cryptos because they are independent and government has no say or control over them. Due to this crypto's are totally free of any control so many people take advantage of this feature and start using it for illicit or illegal purposes. So due to this reason many countries are not allowing the use of Cryptos.
I thought about it not so long ago.Indeed, with the help of cryptocurrency and exchange offices, the country's economy is growing and the Fiat local currency is growing in price.This should be understood by countries that prohibit cryptocurrency.
I think that was mostly government thinking of that people may be used bitcoin to have an illegal transaction and easy to make any action against the law of the country. they say that it is illegal because it has no tax and also they say that it is being used by terrorist and druglords in their illegal transactions.
Well its because of their goverment.There are alot of countries that their government do not allow bitcoin to use because they say that it is illegal because it has no tax and also they say that it is being used by terrorist and druglords in their illegal transactions.
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