Topic: Why lot of countries do not allow to use Crpto? - page 33. (Read 4308 times)
some one can name those countries as shit holes that hesitate to adapt to the digital society.
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?
Since they feel that generally crooks utilize digital money for unlawful exercises. There is no record of venture since it is decentralized and the legislatures have nothing to do with it. Anybody can without much of a stretch put their cash in crypto and can exchange anyplace he needs. This is the principle reason that the vast majority of the nations don't permit the utilization of digital currency. What do you think about that?
because they fear that if the currency is allowed in that country, the country's currency will weaken, and the worst thing is that the country will experience an economic crisis because the exchange rate of their country's currency is worth nothing
I think the reasons will be different from case to case but one of the main reasons is that government leaders are thinking that bitcoin and cryptocurrency alllowance will be harming for the economy of countries.
Harming the economy ? It is actually good for economies, it is just that they are not ready to give it some thought. For instance, governments can increase their revenue in form of taxes as people earn good money with crypto.
They can use that increased revenue as budget for other welfare schemes.
state wants to get tax. the input and output of the money can not be controlled. also a serious competitor for bankers. also a good way to make money. countries are opposed to it. a money they can not control is troubling governments.
This is what i also think, some country government wants to get tax because of being regulated on their country which bitcoin cannot give them as an exchange. Also this could be a potential problem on banking system, take note that bitcoin is used as a currency so there is a possibility that people will use it more than fiat currency. sr. member
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I think the reasons will be different from case to case but one of the main reasons is that government leaders are thinking that bitcoin and cryptocurrency alllowance will be harming for the economy of countries.
state wants to get tax. the input and output of the money can not be controlled. also a serious competitor for bankers. also a good way to make money. countries are opposed to it. a money they can not control is troubling governments.
Yes they still not ready and not capable to track down all the money that goes into cryptocurrency and i believe it makes them hard to tax people. Yes and bank sure have a coporate with goverments so i think many goverments are think crypto still not ready for transaction and we cant deny the volatility is not good and it's changes every minutes. But seems like many country are starting to accept what cryptocurrency is and many company are starting to accept it for transaction and i do think soon or later crypto will be accerpted cause after all cryptocurrency do have a value and that means we could do a transaction using it.
Well beginning of everything is difficult and so many countries do not yet fully understand cryptocurrency very well so for now they will repulse it but with advancement in technology, a time will come that those nations themselves will willngly make cryptocurrency legal.
There are a lot of reasons why a lot of countries do not allow or discourage there people to use crypt in thier country but for me the most reason or the common reason is that they cannot control or they don't have the power to regulate it. There are also some countries that has the reason of this kind of thing the crypt currencies can be used for illegal trade or transactions that is why they don't allow it to thier land. We are just luck enough here in our country because this is somehow accpeted by the government and hopefully they will accept this a whole.
state wants to get tax. the input and output of the money can not be controlled. also a serious competitor for bankers. also a good way to make money. countries are opposed to it. a money they can not control is troubling governments.
really the main reason a country rejects bitcoin is because they can not control bitcoin.I think that's the most plausible reason.
If you look at it, it may be possible but it takes a long time to implement such a thing. the government is still seeing the development of crypto this year whether the enthusiasts increase each year or decrease. if more and more crypto enthusiasts then the government in each country will implement the system of trade between countries using crypto.
This isn't because they do now not like crypto foreign money however perhaps due to the fact they word the massive numbers of the scammers inside the crypto global and media are exposing it at the same time as including a few bad comments. I trust they one day cryptos can be the reason of the annihilation of fiat money due to the fact crypto offers greater gadget examine to our conventional cash.
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?
We can't blame these countries that prohibits the use of crypto currencies because they are just protecting the welfare of its citizens from money laundering, terrorist funding, smuggling and scam investments but i think they overdo it because they only see the negative sides but not the positive aspects of this investment and there is regulation that could protect them.
Encryption has a lot of uncertainty, if a altcoin network security problems, so prices are likely to continue to fall, so in order to protect the investors reason, most of the government will hit the encryption.
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?
The government finds it difficult to impose a tax on the cryptocurrency and also the government has fiat money, the government is afraid if the population prefers cryptocurrency than fiat currency.
The way I see it is the countries who are making crytocurrency be prohibited are countries who are run by the wrong person or at least have the wrong understanding of what cryptocurrencies are or even a wrong understanding on their own laws. The most common news I see from countries that prohibit cryptocurrencies are is that they basically are not their fiat currency that is why it is not allowed to be transacted with other than that is they always related it to being the money for criminals which is simply a dumb assumption to make now. If only the person with power is smart about this topic or even at least open to change there will be more countries that will make cryptocurrencies accessible to their citizens.
I wouldn’t agree with that. Let’s take Russia as an example. The country is huge, its leader is strong and authoritative, many things are done the other way than let’s say in Europe, but the authorities openly welcome blockchain development. State system of electronic voting "Active citizen" uses blockchain protocol. Recently they developed a system of counting votes based on Ethereum. The program proved to be very successful, and officials plan to expand its use next year. Attitude to cryptocurrency is cautious but not banned.
So... it is not always easy to determine how the authorities of different countries treat cryptocurrencies, especially when politicians try to put them in a negative light. Ironically, the same people talk about the prospects of the blockchain and the need to integrate it into the country economy.
I think they ban cryptocurrencies because they want to tax it. But since the government has not made the cryptocurrencies legal and cant be taxed yet then maybe that could be the reason why they ban it instead.
Most of the countries who dont allow bitcoin and other cryptocurrencies are doing this to keep their money strong, they are scared that people will use cryptocurrencies as a form of payment and use it for everyday life, they are scared that the banks will go bankrupt because of people doing this, banks being bankrupt means economy of the country goes bad although many countries seem to forget that the blockchain adoption will be very beneficial for their country and economy, especially when they invest in bitcoin before other countries do.
Many countries banned Crypto because they were not ready to change their current economic system. I think this ban is like the time they spend researching and trying to get Crypto into the economy so that it works. Do not worry too much about this, Crypto will soon be widely used. full member
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Most of the countries who dont allow bitcoin and other cryptocurrencies are doing this to keep their money strong, they are scared that people will use cryptocurrencies as a form of payment and use it for everyday life, they are scared that the banks will go bankrupt because of people doing this, banks being bankrupt means economy of the country goes bad although many countries seem to forget that the blockchain adoption will be very beneficial for their country and economy, especially when they invest in bitcoin before other countries do.
I think the main reason is that the country doesn't benefit much from it. Cryptocurrencies aren't taxed, this makes it very bad for the country
as they do not get anything out of us. This means slow government services. This is a major problem, but most countries are to disloyal
to it's citizen.
as they do not get anything out of us. This means slow government services. This is a major problem, but most countries are to disloyal
to it's citizen.
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