Why lot of countries do not allow to use Crpto? - page 25.

BagzMM

member

Activity: 378

Merit: 10

Quote from: udana123 on July 02, 2018, 01:28:15 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 those countries do not allow to use cryto it is because it;s not regulated by them. Cryto currency is decentralized it is not regulated by any authority from the government. They think its illegal for its anonymous to anyone.

burakdat

jr. member

Activity: 252

Merit: 2

"I invest and Doing Bounty Campaign"

I do not know if as of this moment those countries still not allow the use of cryptocurrency system on their country. For all i know especially here in Asia that most of the countries here had already accepted and embrace the use of cryptocurrency. However, there are rules and regulations being implemented on this cryptocurrency system for the good of cryptocurrency and for the people who will going to use cryptocurrency system.

suryana

sr. member

Activity: 1218

Merit: 254

Trphy.io

Quote from: BitcoinMarketer39 on July 26, 2018, 01:54:30 AM

Quote from: udana123 on July 02, 2018, 01:28:15 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?

Not every country can handle the growth of cryptocurrency there are several governments who did not want bitcoins to flow in their country since it can affect their own economy in a negative way.

That right, the countries which do not want Bitcoin existence in their country because they fear if their economy of the country become derailed. People will invest into Bitcoin so their currencies can not be in control of the Government again.

victoryana

newbie

Activity: 154

Merit: 0

The reason that some countries have not allowed the use of bitcoins is because they think that bitcoin will make their economies affected. They fear that there will be many reasons for their national currency to be no longer available. and they are no longer manageable

BitcoinMarketer39

full member

Activity: 392

Merit: 100

ADABsSsSsSsSSSsS

Quote from: udana123 on July 02, 2018, 01:28:15 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?

Not every country can handle the growth of cryptocurrency there are several governments who did not want bitcoins to flow in their country since it can affect their own economy in a negative way.

Kapee

jr. member

Activity: 182

Merit: 1

The government for most countries make the argument that they do not receive any fund from any transaction being made from cryptocurrencies. In view if this, they want to halt every bit of transactions made in the country.

fomiche

newbie

Activity: 29

Merit: 0

That is mainly because of misunderstanding. They are against it because they are not able to understand it completely.

wpc143

member

Activity: 490

Merit: 11

Quote from: Kamote_1102 on July 25, 2018, 06:43:04 PM

I think it's because the Government has no control over the Cryptocurrency. Crypto is not obliged to pay tax since they are not under of anyone. maybe it's the main reason. second, there is a lot of negative news about crypto, that it is being used to some evil schemes.that's why they don't want their Country to be involved with it.

I agree. Some countries think it's too dangerous to engaged with this kind of business due to it's anonymity and the negative reports in social networks about hacking and scamming. And also, there is no concrete assurance that it is safe and secured. So maybe this factors would be the main reason why they don't allow this.

Wayan_Pedjeng

sr. member

Activity: 913

Merit: 252

Quote from: tronghai12345 on July 25, 2018, 09:58:50 PM

The government is greedy. They want to make money out everything possible. A decentralized currency means they cannot place taxing and controlling rules upon it. Which means they do not get anything in return in allowing it's citizens to use cryptocurrencies. This can hurt the government by providing less service since they cannot maintain it but the government isn't always looking for the good of it's people.

You are spot on. The governments are getting greedier by the day. Only the air we breath and the water we drink are tax free as of now. And I don't know for how long the situation will remain like that. Here in Indonesia, the taxes are crushing the middle-class people.

tronghai12345

newbie

Activity: 57

Merit: 0

The government is greedy. They want to make money out everything possible. A decentralized currency means they cannot place taxing and controlling rules upon it. Which means they do not get anything in return in allowing it's citizens to use cryptocurrencies. This can hurt the government by providing less service since they cannot maintain it but the government isn't always looking for the good of it's people.

Sir Cross

full member

Activity: 336

Merit: 106

Quote from: udana123 on July 02, 2018, 01:28:15 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 government not being able to impose taxes on cryptocurrency is a big deal. Taxes are mainly the source of income of a state/country. A lot of people earn huge amounts of money through crypto which could have a great impact on the amount of taxes the government may receive. Some country's ban cryptocurrency to avoid tax evaders to become more rampant. It is quite easy to convert fiat to bitcoin. And once fiat has been converted to bitcoin, the government has no power over the individual's money anymore.

Sled

hero member

Activity: 1680

Merit: 535

Bitcoin- in bullish time

Quote from: Gameroid on July 25, 2018, 07:57:46 PM

Quote from: fight-T on July 25, 2018, 07:22:16 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.

cruz06

newbie

Activity: 33

Merit: 0

Because there are lot of countries the banned cryptocurrencies like bitcoin. Cryptocurrencies are illegal for them because it has no taxes but makes people lives better. They can make an income by just investing and make a huge money than a job.

Gameroid

hero member

Activity: 798

Merit: 501

Quote from: fight-T on July 25, 2018, 07:22:16 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.

BitcoinMarshal

hero member

Activity: 756

Merit: 504

There is no tax for bitcoin so government cannot control the people who use bitcoin. If bitcoin enters in to the country it will dominate the local fiat. There is no value for local currency so this is going to hurt developing countries very badly just because of this they are not allowing but good and positive thing is many countries now working for regulating and bringing this in taxnet which will be helpful for them

fight-T

newbie

Activity: 98

Merit: 0

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.

DiabolicAnt

full member

Activity: 420

Merit: 100

As I see crypto is a serious danger for some peoples power and influence so they don't allow crypto popularity to spread very fast, elites are just following their interests.

Shiro21

newbie

Activity: 101

Merit: 0

Quote from: udana123 on July 02, 2018, 01:28:15 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?

there are several reasons why they do not legalize crypto, one of which is the tax liability that is not charged on every bitcoin transaction, this point becomes important considering it is a great source of state income, tax money is used to build the country, if the dominant people use bitcoin then the level of people paying taxes will decrease and weaken development.

Kamote_1102

full member

Activity: 392

Merit: 100

I think it's because the Government has no control over the Cryptocurrency. Crypto is not obliged to pay tax since they are not under of anyone. maybe it's the main reason. second, there is a lot of negative news about crypto, that it is being used to some evil schemes.that's why they don't want their Country to be involved with it.

Hkim21

jr. member

Activity: 81

Merit: 1

tax is the most important thing in government, it is a great source of state income, perhaps the government anticipates the presence of bitcoin as an effort to increase development for its country through taxes. I think it is a wise move, as long as the internet is still there and the web related to bitcoin is not blocked by the government, I think there is no problem to invest.

Topic: Why lot of countries do not allow to use Crpto? - page 25. (Read 4286 times)