Topic: Why lot of countries do not allow to use Crpto? - page 42. (Read 4286 times)
The reason for lot of countries doesn't allow Crpto is to get some tax from their people.Same thing is happened in South Korea,at first South Korean government ban bitcoin in their country.In a short time period ,they announced bitcoin is legal one in South Korea and the bitcoin investors have to pay some tax to the government.
Government can tax cryptocurrencies though but they are not yet ready for this as it will require a lot of resources to do that and they must build a specific department for this to implement. Many countries are against it because they don't have a full knowledge about it, if people don't know something they always tend to think of a negative thoughts than positive so I think that's normal for some government to not support it for the betterment of their citizens.
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 cannot control how the government is going to accept bitcoin and other cryptocurrencies. i am just concerned by the government is focusing on regulating bitcoin when there are other issues that needs their attention.
Crypto industry is new and can' be fully regulated as it is International in nature, not restricted in the boundaries of any country. A lot of scams, money laundering, price volatility and market manipulations are the reasons countries do not allow crypto.
thread like this I think has a lot to make, but I will answer your question. I think because every government has a different thinking for the currency crypto. therefore there are those who do not accept the crypto currency in the country, perhaps the reason is because the crypto currency can not be controlled.
the value of that currency already decreasing due to lot of international trading , after crypto come , people investing that country in bitcoin and save that money thus their funds decreasing . In India they banning crypto for reason - Decrease of rupee price , lots of scam happens , People us bitcoin as illegal trading . if people use bitcoins , its direct loss of government as they are not getting any tax on bitcoin transfers
Why US bans crypto ?
South Korea also banned
Different country has a different perception in bitcoin, I guess 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. And the next is they think also that bitcoin may be the big competitor against the banks near in the future and they can't control it.Why US bans crypto ?
South Korea also banned
Yes, it has a big effect on the local currency, because our local currency is manipulated by our government they know how much the demand and also the value of the foreign exchange.
You are not wrong with your math but its about the security and laundering stuff that may come up front. Most of the countries are afraid that huge amount of money might be laundered with the help of bitcoin and thus it may cause the disturbance to economic circulation in that way. It has recently discovered that many cases of mafia has been found who are actually using the bitcoin this way only. This is the biggest and prime reason why countries are trying to avoid the unwanted use. They also want to protect the peoples funds by stealing methods, crypto fake exchangers and schemes etc.
the value of that currency already decreasing due to lot of international trading , after crypto come , people investing that country in bitcoin and save that money thus their funds decreasing . In India they banning crypto for reason - Decrease of rupee price , lots of scam happens , People us bitcoin as illegal trading . if people use bitcoins , its direct loss of government as they are not getting any tax on bitcoin transfers
Why US bans crypto ?
South Korea also banned
Why US bans crypto ?
South Korea also banned
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.
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?
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