Why lot of countries do not allow to use Crpto? - page 36.

BitcoinMarketer39

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ADABsSsSsSsSSSsS

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?

There are countries who cannot handle the growth of cryptocurrency and that is the reason why government are just banning bitcoins immediately, it can actually decrease their funds since it was tax free.

btsjimin

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Cryptocurrency's decentralized nature make it uncontrollable by governments and big companies... unless they started buying all of it. As we know, governments and big companies like to be in control and continue making profit to stay in power. Cryptocurrencies give power back to the people. Governments and big banks see crypto as a threat, this is why they want to make it illegal. They might claim it is because of money laundering for criminal activity, however if that was the sole case they would have to also make every other form of currency illegal.

umar22pk

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Mostly countries aren’t allowing crypto currency due to some reasons…

1.   No controls on transection of digital currency
2.   Can be used in money laundering
3.   High rate of profit & loss can put negative impact on fiat
4.   Main reason is digital currency is out of tax net

Defiantly there should be more reasons but as I understand I describes above some major reasons for not allowing digital currency by most countries.

yohan09

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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?

Bitcoin transactions are highly encrypted and while they can be track by involved parties, Bitcoin provides a way to keep money and transactions away from the prying eye of the regulators, There is a risk that it could be used to fund crime or illicit terrorist activity.

charlemagne_15

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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?

Government do not allow cryptocurrency to circulate in society simply because they see it as a threat. As what you have mentioned above in your example, they cannot put tax on it so they discourage people to use it or even be interested in it. Also, maybe they see it as a negative asset in the economy and in the system they are in.

wahyu wida

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Quote from: laravuemaster on July 11, 2018, 10:20:27 AM

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 government know's what is good for their country or not, if the government thinks that cryptocurrency can bring negative feed backs on the economy then they will just prefer to remove cryptocurrency on their country.

i think the government just does not have the right policy for cryptocurrency. i am sure they are aware that technological developments can not be prevented, if not now, i am sure later will be legalized as well

brotherwood12

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IMO , because country are too scared of the bitcoin system and still dont have any regulation about it , like how to get tax from bitcoin and because noone has approve that bitcoin is secure (?) . maybee

laravuemaster

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When Football meets Crypto

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 government know's what is good for their country or not, if the government thinks that cryptocurrency can bring negative feed backs on the economy then they will just prefer to remove cryptocurrency on their country.

radjie

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most countries worried about people using crypto could have a huge loss because the government can not formalize its existence so that if anyone loses everything there is no accountability from the government, but if the use of cryptocurrency is taxed it is likely the government will take part by facilitating security for its users.

Hiltohen

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Quote from: Sadlife on July 06, 2018, 08:45:43 PM

Bitcoin and altcoin investment and trading is not that harmful like what fiat investors and banking institutions always say. In fact in some countries citizens prefers to use crypto currency more than they're monetary fiat currency for example china. That's why some countries refuse to accept it, in fact they can tax it and gain economic growth but the problem is they hate it.

I think most of the countries think that mostly criminals use cryptocurrency for their illegal activities and to some extent it is right because it is decentralize and the government has nothing to do with it. To control such illegal transactions they banned crypto in their respective countries. But I think it is not good for the rest of the people who wants to make money from bitcoin investment.

MuffinMaster

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Pepemo.vip

For me the main reason is that goverments still don't know "anything" about crypto and world that we know from everyday use. It will take some years till countries will understand that this way of payments and "store" money is normal and doesn't need to be scam or used in bad ways.

Epimetheus

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Quote from: trako on July 02, 2018, 12:35:58 PM

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.

Tax is the most important thing for any country for their economy growth. Where as crypto are digital currency so its user doesn't pay tax to their government and this thing ultimately affects the country economy. Cryptocurrency provide many advantages and privacy to its user because of this many people use it instead of fiat currency and this thing affects the global price of that nation currency in the international market. Another reason because of which countries do not allow crypto is the association cryptocurrency with many illegal and criminal activities like anti money laundering, cyber crime etc.

Godexists

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for me the reason why lot of countries do not allow to use crypto simply because the government concern on tax.bitcoin has no tax or maybe the government think that many people will scam or illegal.

crypki21

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They most likely are afraid of the decentralized nature of crypto. The more control the government has, the more happy it is usually.

Rossy Akbar

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Most countries think that btc will destroy their economy system which is not true if I see from some country which is accepting btc and use it for all their economy system. They're kinda afraid that btc will create a bad community to hacking their secret to advance their own country.

coinxwife

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Exactly i agree of the saying that is why other countries never allow to use crypto in their countries for some reasons,governments cannot control in their hands the cryptocurrencies which are so popular now in this new generation.,.and also about the tax concern.

Hannahanto

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Because they are afraid if allow people to use bitcoin they use it for illegal purpose. Mainly the government face tax problem, there is no tax for bitcoin money in many countries. The government cannot control the bitcoin because it is a decentralized currency. Another reason if bitcoin allows means it will dominate the local fiat. People are ready to invest in bitcoin only not in local fiat. The profit of bitcoin will be more than local fiat.

btsjungkook

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There are probably so many reasons why a certain country will not accept Bitcoin. In addition to tax concerns, there is also the fact that Bitcoin appears too underground with its anonymous and decentralized features. This might give an impression to the government that Bitcoin is only a currency that belongs to transactions under the government radar. And then, of course, cryptocurrency might still be a vague area to them.

ELOCIN

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W12 – Blockchain protocol

Not all countries are in favor the use of cryptocurrencies thinking that it will hinder and destabilize the growth of their economy. They are those country who don't like to be a "rocket scientist" and see whether the result of using crypto can be beneficial to their country or not. They just simply put an exclamation mark right away.

squog

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ANONYMOUS MOBILE PAYMENTS

I think governments want to actually get in to something very safe since they're handling money of their country. We also have to take into consideration if thwy coukd actually control it anytime they want. Plus, countries and governments rise and fall from fiat. So fiat really is in their foundation and they don't want anything threatening that.

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