Why lot of countries do not allow to use Crpto? - page 7.

Akoldi_ibk

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Quote from: udana123 on July 02, 2018, 12:28:15 PM

What do you think about that?

Many countries don't even understand the idea and concept behind cryptocurrencies and the few that do feel they have no control over it. In addition, Crypto gives power and wealth to the people and governments do not for in love with whatever thing that hands power and wealth to their citizens.

onepiece1995

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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?

Yes, I also strongly agree with your opinion, it will improve the economy of our country. however there is no tax on cryptocurrency holders it might be included as an excuse, why many do not allow BTC to be in their country.

nyobaanweh

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Countries banned crypto because they fear that, this might cause them trouble not just in economy but also it might be used on money laundering, another reason is the price of cryptocurrencies is unstable.

Komissarnik

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Control of financial flows is one of the main functions of the state, as well as taxation of these flows. This field of activity is regulated either by the government or a separate group. With crypto-currencies at this stage it is somewhat more difficult to regulate here that many states do not perceive it

Xisunheber

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They have not figured out how to manage and exploit it effectively, states in many countries have banned the use of Crypto. They have also seen the potential that Bitcoin has and what it can do. A meticulous plan may be well prepared before Bitcoin is ready for official use.

ellehcar

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Quote from: udana123 on July 02, 2018, 12:28:15 PM

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.

That's one thing. They fear that they might lose control or authority over currency. We know it for a fact that governments intentionally increase or restrict the circulation of money to stimulate investment and spending, generate jobs or avoid inflation and recession; that's why control over it matters a lot. Another reason is the high volatility of crypto. Since one of the duties of a government is to protect its people from scams and frauds, they see more the unsecured facet of crypto rather than its benefits.

tarable

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Quote from: lehuong on September 07, 2018, 08:53:26 AM

Some countries are still not accepting the bitcoin trade. They fear that bitcoins will make them unmanageable and they will be confused if they do not know who owns the bitcoin and how many bitcoins they possess.

it all depends on the person, if they are not greedy, then using crypto is no problem. but surely there are people who are quite greedy when plunging into the crypto world, so the government is also afraid of that.

Brangos99

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The reasons vary. Starting from the problem of cryptocurrency fraud, to hacking, cryptocurrency is vulnerable to illegal transactions, money laundering, terrorism financing and misuse of virtual money to avoid taxes. For this reason, many countries do not allow crypto.

wasaisi

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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?

Because they have been affected by the negative news. Allows them not to dare to take the decision to accept bitcoin in their country. Therefore they prefer to be banned from bitcoin because it could disrupt the economy in their country.

lehuong

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Some countries are still not accepting the bitcoin trade. They fear that bitcoins will make them unmanageable and they will be confused if they do not know who owns the bitcoin and how many bitcoins they possess.

Ezenwanyi1

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Veil

Most countries do not allow the use of cryptocurrency in their country because, they are of the thought that the use if it could increase the rate of criminal activities like money laundering, drug trafficking etc.

sutejo

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Another reason is the fear that digital currencies are used as terrorism financing.

patrickj

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Quote from: Lake20 on September 05, 2018, 05:40:12 AM

The main reason why they are not allowing is because it is decentralized and virtual in nature which govts can control.

Yes you're right, it is one of the reasons. Decentralized exchange has no legal policies so many will not be able to file a case about their money at the end. Government like it to be centralized to be able to protect the community out of being scammed and also for their main purpose to get taxes from it. Besides, cryptocurrencies can also weakens the economic growth of a certain country so they make an act on it before other business suffered from not knowing about cryto implementation.

Ikay

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As far as I know many countries now are did not allow crypto because of all issues of investors a lot of investors now are angry because they loss big amount of money from investing in crypto and those investors asking for help in government to get back their money that's why countries now are not promoting crypto after all.

Lake20

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The main reason why they are not allowing is because it is decentralized and virtual in nature which govts can control.

Uccccc

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There is no problem regarding financial aspects because they knew that Crypto currencies can be able to help their economy as they also notice the other nations who currently enjoying the benefits of having it legal.

burakdat

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"I invest and Doing Bounty Campaign"

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.

Well there could be more reason than this. As we all know that the system could also be use in a good way like its features like the blockchain technology where transparency really matter. As it could be use in a government department to let the transaction be incorporate to blockchain. However, some countries do not allow the use of crypto like those countries who are always at war because it could be use in a wrong way.

Leocristophe

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The value of Bitcoin affects the interests of the government. Users who use Bitcoin for illegal purposes will be banned from the operation and are responsible for the country.

serizawa

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maybe because crypto is very volatile so many countries reject the presence of crypto. and maybe the government doesn't like it if many people transact with crypto instead of fiat

ParkSaezz

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Investing in bitcoin is the best way to be rich faster than you ever imagined. Using cryptocurrency is not legal in many country because it is not supported by many institution especially banks. They do not allow to withdraw and deposit through bitcoin.

Topic: Why lot of countries do not allow to use Crpto? - page 7. (Read 4308 times)