why some country still not legalized bitcoin ? - page 2.

jakezyrus

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Quote from: olliepearl on November 15, 2017, 09:13:30 AM

According to what I've read. Here in my country, which is Philippines, Bitcoin Exchange services are now registered with the Central Bank of the Philippines. The Central Bank of the Philippines recently mentioned how Bitcoin is becoming popular here in the Philippines. But Central Bank of the Philippines wants to manage the risks involved with cryptocurrencies. Because they want to prevent some people to inject dirty money into the country through Bitcoins that gets converted to Pesos.

first of all op's question is totally different from your answer, op is asking why bitcoin is still not legalized on most countries and that simply means he only wants to know the reason of this , he doesnt want to hear how great bitcoin was in your country philippines or any of these central banks of the philiipines blah blah blah. anyways @op i think the main reason why some countries wont accept and legalized bitcoin is because bitcoin is just only a digital currencies and other factors i think is that they sees bitcoin as a rival or threat to their company for example banks because people tends to invest more in bitcoin due to the fact that they can earn more interest on it instead of banks.

johnbencan

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Quote from: BrixtonCF on December 06, 2017, 12:45:45 AM

I think the main reason is their technology still not developed enough to control Bitcoin and its disadvantages as well. Bitcoin has both advantage and disadvantage. A country will not legalize Bitcoin unless they can be able to control Bitcoin totally both advantage and disadvantage.

Not exactly nowadays technology is improved a lot in all over the world. what i am thinking is there is no profit to the government that is why they adopt bitcoin.

BrixtonCF

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I think the main reason is their technology still not developed enough to control Bitcoin and its disadvantages as well. Bitcoin has both advantage and disadvantage. A country will not legalize Bitcoin unless they can be able to control Bitcoin totally both advantage and disadvantage.

markleal

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Quote from: wellsontheja on October 17, 2017, 08:45:41 AM

I seen some big country started to legalized bitcoin like japan, but i seen some country was ban bitcoin too just like what i hear about south korean and issues about russian will ban bitcoin in next month.
But why they ban bitcoin and some country still not make bitcoin legal in that country ?

Hi there wellsontheja! Based on my reading from different sources there are actually a handful of country that tell bitcoin is legal. What mostly government and banks announce is that bitcoin or cryptocurrencies could be a potential financial risk. Many company took advantage to ask investor to funding in their new more advantageous coin in the market. Whoever, not all altcoins are considered successful enough to generate revenue which ended up to discontinue. Another reason is that the government could not endorse something to the community which they alone cannot regulate or control. Wink

pathapoddo

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I think there is three reason not to legalized bitcoin. First reason is committing crime or buying drugs. I hear it so many times in this forum that buying drugs with bitcoin.
second is avoid income tax. There are so many people so income by bitcoin which cross the income limit but they don't give income tax. So that government ban bitcoin. Third is Government think that for butcoin their currency will vanish.

rurubot

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I'm not really sure about their true reasons but i think, those countries aren't fully ready yet to adapt to the changes once they embrace bitcoin. They might think that bitcoin isn't healthy for their economic stability and it may trigger the increase of crime rates.

whitemacna

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maybe because he does not want to compete with the endorsement of the dollar

Renampun

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Quote from: wellsontheja on October 17, 2017, 08:45:41 AM

I seen some big country started to legalized bitcoin like japan, but i seen some country was ban bitcoin too just like what i hear about south korean and issues about russian will ban bitcoin in next month.
But why they ban bitcoin and some country still not make bitcoin legal in that country ?

we all know, the country of Japan is the origin of the inventor Bitcoin is Satoshi Nakamoto is what I hear...
Japan is a country that really appreciates the discovery coming from the country then the government gives the legality of Bitcoin.

ahtremblay

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Because of they afraid that Bitcoin can kill their currency. As you know, Bitcoin has many advantages and it also has huge value. What happens if all citizen use Bitcoin for payment instead of National cash? Government definitely does not let it happens.

Fulmand

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Quote from: siddu1 on November 16, 2017, 03:17:19 PM

My Country Still not Legalized Bitcoin Coz.... Bangladesh Ministry of Finance is concerned with money-laundering and terrorists financing potential of Bitcoin. Basel AML Index 2014 & 2015 states that Bangladesh is in a growing risk zone, because of the border it has with Myanmar — top-10 country in the money-laundering activity list. Another concern for free bitcoin usage in Bangladesh is illegal substances traffic, which is highly developed in the "Golden Triangle" of the South East Asia. Therefore, at September 2014, Bangladesh Bank stated that "anybody caught using the virtual currency could be jailed under the country's strict anti-money laundering laws".

I think a lot of reasons why many countries still not legalized bitcoin one of them considered as a criminal money. The anonymous transaction appeared makes the government find themselves as a criminal platform also. Thats why few countries have accepted and support bitcoin because they improve there policies and conditions on a country rules and agreements by the whole people and a country.

siddu1

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My Country Still not Legalized Bitcoin Coz.... Bangladesh Ministry of Finance is concerned with money-laundering and terrorists financing potential of Bitcoin. Basel AML Index 2014 & 2015 states that Bangladesh is in a growing risk zone, because of the border it has with Myanmar — top-10 country in the money-laundering activity list. Another concern for free bitcoin usage in Bangladesh is illegal substances traffic, which is highly developed in the "Golden Triangle" of the South East Asia. Therefore, at September 2014, Bangladesh Bank stated that "anybody caught using the virtual currency could be jailed under the country's strict anti-money laundering laws".

crytomusica

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Quote from: carlisle1 on November 15, 2017, 09:23:08 AM

Even if other countries dont legalize bitcoin.it doesnt mean crypto will be stopped.so why bother about legalizing bitcoin when we still enjoy its benefits.and other than that those countries that dont legalize bitcoin still thier people uses crypto

legalization is not a big deal actually. most of the countries doesn't legalize because of taxation issues.

carlisle1

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Even if other countries dont legalize bitcoin.it doesnt mean crypto will be stopped.so why bother about legalizing bitcoin when we still enjoy its benefits.and other than that those countries that dont legalize bitcoin still thier people uses crypto

olliepearl

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According to what I've read. Here in my country, which is Philippines, Bitcoin Exchange services are now registered with the Central Bank of the Philippines. The Central Bank of the Philippines recently mentioned how Bitcoin is becoming popular here in the Philippines. But Central Bank of the Philippines wants to manage the risks involved with cryptocurrencies. Because they want to prevent some people to inject dirty money into the country through Bitcoins that gets converted to Pesos.

Aufar

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There are many reasons why some countries ban bitcoin, some do not want to use digital currency and they only focus on their local money and I think some of them choose to invest in what their country develops,

Here are 16 Countries That Prohibit the Use of Digital Currencies Bitcoin:

1. Australia
2. Bangladesh
3. Brazil
4. Bolivia
5. Canada
6. China
7. Equador
8. Finland
9. Hongkong
10. India
11. Israel
12. Kyrgyzstan
13. Russia
14. Taiwan
15. England
16. United States

weishao

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Because Bitcoin is uncontrollable, some governments bar Bitcoin because it believes that Bitcoin can damage the economy of its own country. Bitcoin is anonymous, bitcoin is used by criminals, criminals use bitcoin to launder money or buy drugs or guns, and the government can not track criminals, so some governments bar Bitcoin.

Cointribute

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People are increasingly using Bitcoin so that's should backed by any government.

Ingoats

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Quote from: wellsontheja on October 17, 2017, 08:45:41 AM

I seen some big country started to legalized bitcoin like japan, but i seen some country was ban bitcoin too just like what i hear about south korean and issues about russian will ban bitcoin in next month.
But why they ban bitcoin and some country still not make bitcoin legal in that country ?

Maybe the legalization issue has to do with the characteristic of Bitcoin being decentralized. Bitcoin is decentralized so it means that government has no control to it and greedy governments won't be able to tax the profit that its users and investors are having. Ofcourse if ithey won't benefit to Bitcoin, they won't see any reason of making it legal.

thenameisjay

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Quote from: wellsontheja on October 17, 2017, 08:45:41 AM

I seen some big country started to legalized bitcoin like japan, but i seen some country was ban bitcoin too just like what i hear about south korean and issues about russian will ban bitcoin in next month.
But why they ban bitcoin and some country still not make bitcoin legal in that country ?

I think the point of the government not legalizing bitcoins in countries is because they don't know how to handle bitcoins. They don't know what to do with bitcoins but they think it's getting a huge buzz in their financial systems therefore they are temporarily banning bitcoins. They're studying bitcoins first before allowing them in their countries.

Abebittalk23

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One contributing factor as to why many countries have not legalized/adopted bitcoin is currency control. Bitcoin to the best of my knowledge is a peer to peer transaction and a transaction conducted in such a manner that removes a degree of control many governments and central banks are used to having when it comes to fiat currency. Simply put if you were a government in a developing nation or a country in a fragile economic situation and a currency existed that did not allow you to directly govern or regulate it would you allow it? It is a play to maintain sovereignty, but a backwards attempt to say the least. Peer to peer transactions represent the end game for fiat currency, government backed or produced currency. Bitcoin is the future and many governments are afraid of it because they do not have any idea how to gain a degree a control over it. In my opinion since many countries around the world have their currency backed up in USD it will ultimately come down to what the federal reserve does in the next ten years with regard to bitcoin.

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