Topic: Why lot of countries do not allow to use Crpto? - page 38. (Read 4308 times)
They are afraid of competition from the new currency, which they can not fully regulate.
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?
Most of the countries who are not allowing cryptocurrency to circulate in their area are most likely poor countries like africa, countries that has an unstable economy.
Because they cant place tax on bitcoin and maybe some government don't know what help can Bitcoin give to those people who don't have source of income and it also help poor countries solve unemployment.
Some government are discouraging bitcoin and other cryptocurrency business because;
1.They perceive it to be a total scam.
2. They do not understand the general concept about the operations of crypocurrencies.
3. They are unable to place tax on bitcoin operations.
1.They perceive it to be a total scam.
2. They do not understand the general concept about the operations of crypocurrencies.
3. They are unable to place tax on bitcoin operations.
The anonymous nature of cryptocurrencies means that it can be used for illegal transactions such as buying and selling drugs or weaponry. According to central bank officials, Cryptocurrencies can also be used for money laundering or terrorism, There are also instances that cryptocurrencies allows hackers to request ransom payments and stay anonymous.
Off course it’s not harmful to the country’s economy at all but it’s not useful either.
You are saying that it may help nation get taxes from the crypto currencies and benefit it but that is not the case always.
FYI : The money laundering and criminal activities are now getting seeded over the blockchain because of its so called pseudo anonymous nature.
Government is acting on that part of the activities and trying to reduce it. It could cause disrupted economy rather than circulated one. May be things need to be regulated over there before they can accept it.
You are saying that it may help nation get taxes from the crypto currencies and benefit it but that is not the case always.
FYI : The money laundering and criminal activities are now getting seeded over the blockchain because of its so called pseudo anonymous nature.
Government is acting on that part of the activities and trying to reduce it. It could cause disrupted economy rather than circulated one. May be things need to be regulated over there before they can accept it.
I guess this is the other reason government for who banned the utilized of cryptocurrency. More and more the users change over cryptocurrency with foreign currency then the impact will make money fiat decreased. One of the biggest impacts if this continues the government gives a reason if this will lead to inflation. This is not the reason the government can issue taxes on users of cryptocurrency, but they see the negative impact that will arise on their economy.
because they do not know what is bitcoin and they are also scared because bitcoin are useful right now and many payment's method by using a bitcoin. many bank are not allowing also if you widraw your bitcoin to the bank they have many question's too you where did you get that money.
There are many reasons they want to ban electronic money. They are worried about the over-development of electronic money as well as the financial risks that it brings. Speculation, as well as inflation, prompted the government to worry about electronic money. Along with these are the risks of money laundering. However, many countries have begun accepting it and allowing its users to use it but are subject to a tax as well as control of the law.
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.
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.
A lot of countries are just anti-crypto in general, as they see it as a threat to their fiat currency as it takes control out of their hands. As a result, they are reluctant to be honouring bitcoin's legitimacy and would rather ban bitcoin.
Taxation is obviously one of the issues that could potentially be a root cause, but each country that has bans have their own thinking that as outsiders we simply don't know for sure. Some countries that are restrictive economically obviously don't want their citizens to have a global outreach, which could be a reason why they decide to restrict or ban bitcoin altogether.
But to me, not a lot of countries actually do that. Most countries right now are actually striving for regulation instead of restrictions, which is a positive to me.
Taxation is obviously one of the issues that could potentially be a root cause, but each country that has bans have their own thinking that as outsiders we simply don't know for sure. Some countries that are restrictive economically obviously don't want their citizens to have a global outreach, which could be a reason why they decide to restrict or ban bitcoin altogether.
But to me, not a lot of countries actually do that. Most countries right now are actually striving for regulation instead of restrictions, which is a positive to me.
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?
Not only is it a new technology yet, but it also has a moth that can destroy the banking system, the cryptocurrency market. In addition, the fact that there is a new market and that there is no regulation is also shown among the reasons for these prohibitions. Of course, the amateur investor has to take measures like this because every jumper he jumped into the well. We can be confident that everyone will be able to act in a well-informed manner, which will not require any bans.
Governments of some countries look it as a threat to the growth as it is decentralized. One needs to understand the goodness in it. Some portray it as a source of the terrorists, and all this is just because it being decentralized. Some governments that were opposing bitcoin in the past have come up with plans of adopting bitcoin which shows the growth and acceptance of bitcoin around the globe.
In my country, the government does not allow people to use cryptocurrency as a form of payment, but the government still allows people to invest in bitcoin and the crypto market.
I guess because it is something that the goverment cant controll. So it is dangerous for both people and economy of the country. You are able to pass every system of bank fee and bank controll about money in crypto. Pay stuff without paying annual fee for country. Anyway if someone does not protect crypto i think that it will fall down the whole system of cryptocurrency. Everyone is gonna at some point to forbidd using crypto.
They don't really like something that they can't control since they want everything to be taxed or they were just too securing their people, a lot of reason, some reason because they don't really trust bitcoin at all so there is no way for them to let crypto to enter their country and not even giving a chance.
I guess because it is something that the goverment cant controll. So it is dangerous for both people and economy of the country. You are able to pass every system of bank fee and bank controll about money in crypto. Pay stuff without paying annual fee for country. Anyway if someone does not protect crypto i think that it will fall down the whole system of cryptocurrency. Everyone is gonna at some point to forbidd using crypto.
Many countries do not support crypto as it is difficult understand. Moreover As it is a digital system and it works digital method it is secure. For this reason many people use it as an illegal task. Another people do not pay their taxes properly and the government cannot take this apology for the security system. It is really hampers for a country and its development. For this reason lot of countries do not allow to use Crypto.
What do you think about that?
many countries have a very gloomy political system, and in many countries there is a political elite that commands the country, the political elite is owner of everything that exists in the country and they control all trade and banks. The objective of the political elite is to control all people, so you have bitcoin that is somewhat decentralized and pseudo anonymous and on the other hand you have the very centralized system of the political elite, so they are like water and oil. If you live in a very democratic country then it is easier for this country to accept bitcoin. But in countries where there is a "dictatorship," there is a political elite that controls everything and everyone. so bitcoin will not be accepted in a country like this.
I think there are many countries banned from investing in this market because the government can not control this market. If people deliberately invest in this market to evade paying taxes, money laundering, crime. But this is not controlled so the country's new government prohibits this market.
Not many ery very few countires were totally banned the bitcoin in their countries and some have banned it from using as currency and many countries have restrictions in participating the ICOs so we need to be clear in what the status of governments the rumors were the reason for the market to dump. Jump to: