Bitcoin Forum

For eastern countries, who don’t have things like democracy to worry about, it was easy. They banned it.

The West took a more subtle approach using the jab-cross-left-hook of fear, dis-accreditation, and tax. Fear of capital loss and distrust. Stories of stolen coins, bankrupt and corrupt exchanges. Linking cryptocurrency to crime, and what the government will do to anyone who actually makes a profit.

It worked.

Globally the response to the rise in the market capitalisation of cryptocurrencies was not homeopathic.

Governments didn’t bring out the heat lamp and cream to soothe the problem.

They brought the sword and started swinging.

On the demand side…

China outright banned ICO offerings and cryptocurrency trading, but India was slightly more subtle. The Indian government made an offer the banks couldn’t refuse — sure, you (banks) are free to do what you want. But if you let your customers swap between rupees and cryptocurrency the Indian Central Bank will cut you off. Not quite waking up with a prize stallion head in the bed, but Johnny Fontaine got his movie.

South Korea, a country whose citizens are understandably Bitcoin crazy, initially banned ICO’s but allowed the restricted buying and selling of cryptocurrency. The restrictions include prohibiting anonymous deposits and reporting anyone who moved more than 10 million won ($9,300) a day into the cryptocurrency market.

In the West, while not outright banning cryptocurrency trading, the campaign to stop cryptocurrency demand moved into full swing and included…

Full KYC (know your customer) requirements to open a cryptocurrency account.

Restrictions on how much fiat currency can be moved in and out of exchanges.

Huge increases in fees from credit and debit cards to fund cryptocurrency accounts.

New tax laws. The IRS now treats cryptocurrency as property. Any profit must be disclosed. Not just from moving fiat currency into cryptocurrency and then back again, but on every individual transaction.

Strong-arming cryptocurrency exchanges with new regulation caused massive delays in account opening, and all this combined with a negative media frenzy successfully killed the demand.

Big companies too joined the anti-cryptocurrency stance.

Facebook and Google outlawed cryptocurrency advertising. Perhaps they have been persuaded by the wisdom of the establishment, considering the lightness of touch over regulation and taxation. Why bite the hand?

The speed and aggressiveness in response to the rising value of cryptocurrencies is a significant tell on the future of this technology.

The establishment wants your seat at the table.

Right... but it didn't really work, did it? Cryptocurrencies are traded more than ever and the price is still significantly higher than it was 3-4 years ago. Not everything is a conspiracy, government fear about taxes makes sense, can you imagine if no one paid any taxes? The fear of linking cryptos to crime is also fair, of course crime has existed way before cryptos but it's not crazy to think crypto might enable criminals to do even more harm even though it doesn't seem to be the case.

Great write up on the travails of this wonderful currency called bitcoin and its underlying blockchain. The government of many nations have tried to stop the use of bitcoin through various legislation but still bitcoin has even grown stronger. These government would all be swept by the crypto wave sooner than expected.

The very conceptual idea of the State is to keep people under control, and for that, people need to be poor, undernourished, distracted and ignorant. A State exists to protect an aristocracy which have the monopoly of force. Without the armies and the weapons, they cant enforce poverty and enrich at the costs of the enslaved.

Fiat money is based on the PoS model, where the money is stacked into debt. People who criticize the PoS model says it will eventually go to zero. Fiat money had already reached this level, after it was debased from gold, and hence it became negative: each bank note is a garantee for a unpayable debt, which in some countries is equal to the GDP, implying that each citizen is a slave, cattle to be grinded in the machinery of what they call "honorable" work.

People are taught since childhood to be poor, and to accept work as it is: enslavement where you work like a mule for the entire day, doing repetitive stuff you dont like. In this way they dont have time to think and ponder about what they are doing. For the weekends, they can be brainwashed with stupid television programs, or look for breeding "needs" in nightclubs, spending their hard-earned money with drinks and drugs.

Unfortunatelly, we cant change this. Bitcoin will not change it. The whales manipulate the price, and this brings misery to the enslaved ones who dont have enough money to invest on it. How can you have bitcoin as a currency if its manipulated as a speculative asset? And then theres the electricity costs: people rejoice at the idea of bitcoin valuing 1 million dollars, but dont think about the electricity it would need to mine at that level. The large ammounts of electricity would bring a Matrix-like scenario in a matter of years: people would need to plug their own bodies in the network and offer their own energy to mine bitcoin, which could become the framework for an AI. But then I wonder: would it be better or worse than the current system? We cant know it.

Banning has been happening for years and the fact that Bitcoin is continuously developing only proves that banning it couldn't stop it. In fact, people are even wiser. They know how to deal and to get involved in cryptocurrency despite all the bannings and restrictions. Lucky are those countries who are accepting and adopting cryptocurrency because it will be a big help in their economic growth.

''People are taught since childhood to be poor'' Meh, are they really? Where exactly does that happen? I don't believe my parents ever said to me, hey, you should be poor all your life, they always wanted me to be someone important as most parents do, like a doctor or a lawyer, etc. People are poor because people are idiots. We need idiots, though, we need people to do the shitty jobs, at least for now, hopefully in the near future we will have robots to take care of that for us.

What's the point of this thread?
We are already familiar with the history of governments banning crypto trading,ICOs and all the KYC policies and "transparent" regulations.
Most of the doesn't work,so the government clerks will invent new regulatory BS.Don't worry about that. ;D

In my part of research, what I concluded is opressive governments are the ones that restricts the use of cryptocurrency.
Crypto is associated with freedom and several countries in this world are just a bunch of bugglers eating off from terrorising it's own people and keeping them in dark.
China doesn't want's its citizen to know what's the world about so that they never revolt against the regime.
India keeps it's people illiterate and poor just for the politician to buy votes for cheap. US is controlled by oil and arms elite who runs the largest scam country in the world.

This increasingly heated competition between economic and crypto policies makes lay people feel more curiosity about how crypto works. Actually, I also haven't seen a significant impact because of crypto trade even since 2 years ago when Bitcoin and several other Altcoin reached ATH. This crypto affect nothing.

Government bans cryptocurrencies for following reasons :-

1. They are afraid of the power it's giving people
2. People are using it for illegal activities and government is not able to control it
3. They want to bring their own cryptocurrencies
4. People are hiding behind it to save them from paying taxes

Etc...

Whatever they are doing , they are just making it more likely that people will use more underhanded methods to use it.

We can do nothing about it, government and banks are still exist because most of the people do not withdraw their money and they are also afraid of thieves around them. So baby lives that money can be safe inside banks but little they know that money is being used on other stuff like giving loan or giving someone else as his money. I do not care if government ban cryptocurrency there's just making another mistake and it was very expected from them.

they banned it but they are having a hard time regulating it, its easy for them to say that something is banned but to realy stop it is a whole other ball game.

It is laughable to be honest. How can you ban something that is not physical and exists only on a network created by the people for the people which connects to their private wallet which is outside everyone elses control but the holder. Will the government force people to unlock their wallets? They don't know if you have bitcoin.

They also have better things to do then run around arresting people or banning bitcoin. You will never prove that someone is a bitcoin holder.
Governments don't know how to even handle drugs and many other problems so how on earth will they deal with banning currency?

If criminals can launder money for all of history then crypto holders can surely bypass the ban as well?? The difference is it is their money not stolen funds. Having to resort to such heavy measures is ridiculous.

Good luck getting tax payers to go along having their money wasted chasing after digital currency that exists in cyberspace.

China, among many other countries, have banned ICOs because even a blind person can see how scammy they are. and raising funds like this is illegal to begin with.

wrong! they have never banned trading. you are misled by the social media FUD

a lot of banks all around the world have been doing the same exact thing! they close accounts of customers who dump fiat for bitcoin! it is not exclusive to India or even "eastern countries" as you put it.


almost all of these were already true and that is in fact among the main reasons why bitcoin as a decentralized currency that is created to cut the power of the corrupt  banks and governmetns off, was created in first place.

No, governments force people to use there fiat to pay there taxes and stuff. Redrawing wont help since you still need to pay bills.

It started from the reason that Bitcoin was used for illegal transactions, yeah I am referring about that infamous online black market. The government has a firm belief that cryptocurrencies are just used for this sort and the people are just wrapping that 'fact' by showing the efficiency of cryptocurrencies compared to the present system. Government wants control over everything, they are too paranoid over the things that they can't see.

But here's the thing, even if the government wants to remove digital currency, it is the solution for the problem of the people. We want freedom, privacy, efficiency and control over our own funds.
Have you red the news about facebook starting their own cryptocurrency? I hope this will encourage other huge tech companies to create their own coin. In this way, the bad image of cryptocurrencies will slowly be removed from the head of many people. The government cannot simply kill this digital revolution.

Btw, nice write-up.

The use of cryptocurrencies are frowned upon in countries like China and some others but that is also not enough to stop the development of the crypto industry. Switzerland, Philippines are some of the countries that have welcome the use of cryptocurrencies in their countries. I believe other countries would come round as well and legalize the use of cryptocurrencies.

In my opinion is not good that some countries ban bitcoin, but this is it, we go forward, but is good that other countries accept bitcoin and some of them will put tax on bitcoin, this will help mass adoption.

Cryptocurrency is still strong even with these regulations and countries banning bitcoin. There is still a lot of countries where bitcoin is legal and not banned. That is enough to support the ecosystem of bitcoin.

It is said that what did not kill you can make you stronger. And I think this is quite true with the world of cryptocurrency specifically bitcoin. As a decentralized network, we should not expect any government to just follow what the industry wishes...no that is impossible and no industry has been given an easy pass especially one that involves money and to some extent investment. Bitcoin is meant to ruffle the feathers of people in the establishments and if we don't get the reactions from them maybe bitcoin is not effective at all. Everything is a test for bitcoin because in the first place this is an experimental currency but once it can really bloom we will see its full beauty...and we should be looking forward to that time.

More reason behind that for sure and maybe those big companies are also controlling the government and influence the decision of the government to ban bitcoin and other cryptocurrency especially the BANKS.

They can't stop this market anymore, many countries make this legal and they are good enough to influence the whole world in the future.

It is not a new news. Some country can afford to use it. Because of which they are declaring it illegal. But when the Leading Pogson countries will come forward. Now it will be very easy to work with us using it.

There is too much manipulation going on in India with regard to crypto.. Whales pay media to post shit that ll obviously distress the day trader or even people who are holding bitcoin. A recent news was that a "draft" was produced which suggests a jail time for 10 years for whoever dealing or holding crypto. This was obviously one kind of manipulation I mentioned before. Few days later Reserve Bank of India (Central bank) said they had nothing to do with this "draft", this was known through RTI.

It is nothing but FUD to muddy the waters. Crypto is fairly new to the government still. They are unsure about how it will work. It is not like there is that many using crypto. There are so few
people using crypto for it to be a threat to them yet but I guess they want to prepare.

it is sometimes funny how most people who didn't even know there is a country called India before this are now so concerned about what their government is going to decide to do with bitcoin and are  constantly talking about it while the Indian people aren't so hyped up and scared about it. the worst part is that there has been no bans or anything like that but they are using it like they have been using Chinese news for years, as FUD.

1. True, they do hate to lose power, don't they?
2. This is bs and just an excuse just like the stupid drug laws they use to imprison people.
3. Hmmmm.... not so sure about that, they might fear it too much but a government issues crypto may be one solution to paying tax.
4. Same as 2, yes another lame ass excuse to push laws on people. Criminals don't just move money around as currency they move cars,boats, drugs boats and cars full of drugs, counterfeit items hell anything they can invest in and lie to the government about. Fake companies that do not exist and things like that. It would be a bit more difficult to launder money or make fake companies if every transaction is recorded, eventually, the criminal will make a mistake. So they whole "crypto is good for criminals is bs" crypto is good for everyone this obvious includes bad people too. Bad people alwayas take advantage of new technology.

To that I want to add some governments piss away tax money and that is theft. You work your arse off to pay tax to the government and then the road outside your house has holes in it?? Utter bs.

Things have changed today because all crypto banned have been lifted off especially on the country mentioned and more countries now are adopting and embracing crypto currencies as we speak. With all the legalization it is safe to say that crypto is here to stay.

In each country has its own rules about Cryptocurrency. And even the prohibition about cryptocurrencies is long-running. So I think that this Cryptocurrency should have decreased because many countries are prohibiting. But we can see that today's Cryptocurrency is constantly evolving and in my country, many people try to make their own coins. Cryptocurrencies will continue to evolve as time goes by.

The fact that I know even some countries have some high restrictions about bitcoins, there will be no stoppage about its evolutions. Bitcoins are taken care of by some big country too and has not been fall since it has been created.

We can see the full result of its grow when all of the Bitcoins are mined.

Countries that banned the usage of cryptocurrencies have begun to lift the ban. Some countries have the ban, but they've started to give consideration on the usage of the blockchain technology into financial infrastructure developments and on different functional platforms. Cryptocurrency ban completely impossible as it has got the peer to peer access which makes bitcoin unique from the traditional system.

there have been many changes and no need to be afraid anymore. regulations have begun to provide opportunities for improvement so that crypto will continue to run well. There is no need to fear the events that have occurred so far.

The good thing is that there are only few countries that actually banned Bitcoin. I don't think this is something that the majority would follow. Also, total ban isn't possible and something like that would be impossibe to monitor. People will continue to use Bitcoin no matter what but with time some solution that will exclude ban will definetely be found.

Those that ban it due to ignorance and fear only end rejecting the wealth that happily goes to their neighbors. The ban doesn't really work, but it hurts open adoption and investors would rather take their bitcoins elsewhere. By the time they figure out, they have already made their people lose too much that can never be recovered.

You say "Eastern countries" but it was an "Eastern" country that legalize it first: Japan. And while China is quite problematic, its simply where most of the users are, perhaps because its one of the countries with more wealth now that it became everyone Else's factory. See, the only Asic makers that matter are in China.

Cryptocurrencies, especially Bitcoin, are the greatest threat to the banks. Therefore some countries try to ban it. Meanwhile, cryptocurrencies, by analogy with the Internet, are global in nature, and the prohibition of their circulation in a single country is impossible.

Therefore, from complete chaos and lack of control of the state, in the future, some govs can move on to a total ban or tight regulation of the crypto market.

Probably those countries that made the pronunciation did not really understand the technology, or people may have advised them and they still went ahead thinking just making pronunciation or signing some sort of document into law will really make any effect on the usage and then scare people away.

They don’t seems to understand that what they are dealing with is far beyond them, and instead of wasting all their precious time debating on how it can be banned, what they should be doing right now is how they can regulate the cryptocurrency so that it can still benefit them in the way it should, and so that it can also not be used for illegal activities that we see some people use it for today. It will really be hard for even Microsoft to be to do anything about it.

crypto will continue to grow and only a few countries have banned crypto, maybe we all know that Bitcoin has been widely adopted and crypto users will continue to multiply. why does the country ban crypto? maybe because they have their own reasons and I'm not worried, crypto will continue to live because not all countries this in the world forbid crypto.

All these while that I have been hearing of crypto ban, do you know that after I looked at it deeply, I have not really seen any country that really banned it, and has there been any country that has passed it into law yet? We have only heard of India proposing to ban it which the case is still in the court presently, we have also heard of china planning to ban crypto mining at a particular date which we never heard anything from that again, and has we are speaking, I still have some friend in china that are mining.

Other few countries I have heard are only not interested that much, US has only come to say its mind about crypto through president trump but they never thought of banning it, so it means that crypto is indeed very difficult to be banned and even if they want to, the structure would not allow it.

maybe even if it isn't banned I will forever believe that cryptocurrency will sooner or later be recognized by the government and the government itself which will make cryptocurrency
currently they are reviewing cryptocurrency at least to be tracked by the government to narrow down criminal acts such as money laundering and also illegal markets

That statement has become commonplace in my country, rules are bought by people who have big money, in order to smooth out their interests. Bribery cases have become commonplace in politics and government. Could it be that the rules of the ban were made because of the request of a certain company, because they felt threatened their business because of bitcoin?

Crypto Is Banned In india, but on the other hand court hearing is going on

All governments clearly have a specific intention to take any action, as long as it is in the interests of the benefit of course done. It usually happens like this and it's not strange anymore because it often happens, but I totally agree with your opinion. prohibit it but cannot take further action. because they also know that they need it.

^ I dunno reason of banning crypto in India but I heard some of my friends still using bitcoin there. Maybe they are using VPN to bypass to other IP address. Probably at this moment, they can still be using bitcoin but can't spend on their places due to restricted by their governments. I hope they will realize soon how bitcoin is useful to the economy not only the negative side on it.

I think different countries only have reservations about cryptocurrencies and their reasoning behind it is just fair. For example, the transactions are public but the anonimity is assured. It means that it can be used for illegal activities and the government can't tax it. But in the end of the day, they can't stop cryptocurrency having the choice to regulate it.

The title you made is quite sensational, "crypto banned?" But it is not really something new about this, and many countries have done that but finally they are willing to accept it too. it is difficult for them to do this because technological developments must be unavoidable, they must accept the crypto.

Now that the crypto has been banned pending the time the court hearing is sorted out, what then has been the gain or benefit if the Indian government, and what effect as it had o their economy? There are so many pressing needs that needs to be handle by them than what they hold as enemy, bitcoin is not their enemy but a friend to them, and they need to focus more on eliminating the enemy that may not make their economy to grow.

Even at the ban of this coin, people are still making use of it to trade and for investment, if they persist, they will only ended up losing the one that ought to have stayed in their country to another country. Imagine that I build my account to $150k now, and you are saying because of your own selfish interest I should not remove it, I will definitely just move to another country and enjoy my life.

I think you are focusing on the bad stuff. Surely, some companies and countries are fighting against cryptocurrencies for various reasons, but mainly because they want to stay in power and are afraid of the freedom Blockchain gives to people. But most of civilised countries are either avoiding the topic of cryptos or making them actually legal.  As for banning ICOs, I think it's a fair nice these days, since it's mainly scam. And many companies are actually positive about cryptos, thinking about supporting them or at least implementing Blockchain.

Crypto isn't officially banned, but it is restricted to be used as a currency. Another thing it is completely on the users own risk, recently a draft was prepared stating that cryptocurrency needs to be banned and the people using the same needs to be sentenced to ten years prison. For this the hearing is going on for months, I believe this will get postponed and postponed for months.

No point in banning crypto if using it requires someone else's permission. 

 https://cointelegraph.com/news/chainalysis-jesse-spiro-on-crypto-wallet-blocking-and-its-potential-impact

Perhaps, the governments don't want to ban cryptocurrency, but they want people to be careful to invest in the cryptocurrency because the price of all cryptocurrency is not stable and fluctuate. The government wants to warn people about the risk of the cryptocurrency so they can use cryptocurrency with their responsibility. But I think that the government still learning more about cryptocurrency and if they found that the cryptocurrency can help their people, they will allow people to use it and even the government will launch their own crypto coin. Let's wait for their announcement related to the cryptocurrency, and I hope in the end, the government will support the existence of the cryptocurrency among the people.

It is very interesting to watch China. Here, the government is trying to control crypto by creating its own national cryptocurrency. I am sure that their crypto will work only in centralized organizations. At the same time, in order to suppress competitors, China banned ICOs, and mining is also at risk of the ban.

In many countries, crypto is already banned and will be banned soon, but many countries still support cryptocurrencies and traders

If the matter is still in the court, it means it is not completely ban.
I have also heard that crypto is ban in china too, but Chinese people are actively using the crypto currencies. A complete ban means that no one is able to use bitcoins and if anyone is found using it, they would have to face legal issues. I do not think this is happening in India at the moment.

The real reason why government is actually against cryptocurrency is not because they so much love their citizens and wants to protect them, but believe they want to protect the fiat they have been using as powerful tools against their citizens for a long time now which they have seen bitcoin as a threat too, and they know they cannot stop it or destroy it, so they want to do everything possible to discourage it and that is why they are not giving in to that aspect of regulation.

If government really cares about its citizens as you said, they ought to have regulated the cryptocurrency for them for a very long time now which would really protect their money and investment in cryptocurrency but they would not so that power of fiat can still remain with them.

Basically, the government only needs cryptocurrency that meets the criteria they want, which is to meet the requirements as a banking company so that the country can feel the benefits of using cryptocurrency itself

The IRS can eat a dick. Not afraid of them sorry. You not touching my crypto or getting a single cent's worth. Corrupt government pieces of shit.
Stop talking shit.


If it will fill their pockets they will allow it.


People on this forum don't know the law thats why. YOu can't ban crypto. I will make a crypto transaction in from of the authorities and they must come arrest me.

I am glad to realize that despite all the prohibitions cryptocurrency not only continues to exist, but also to develop very well. It would be strange if the entrenched global financial system would embrace an independent digital currency with open arms. But I believe in bitcoin and its further development. He wins all the state bans.

That is because blockchain technology is really good and government can’t stop this anymore. We have now an assurance for a good future but expect always the volatility. Crypto banned wont last longer, and as far as I know people can still use cryptocurrency despite of the regulations of their government, its good if we continue to grow.

I think that despite all the attempts of the state to ban the cryptocurrency, it will still flourish. It is no longer possible to simply ban this phenomenon or pretend that it does not exist. Bitcoin is able to completely transform the financial world, or rather it has already done so. And the government has only to accept it and stop obstructing.

Cryptocurrency is banned but cryptocurrencies cannot be killed. Only a few countries have expressly banned the use of crypto. Of course, banning is because it is anticipated in case of undesirable things.

It is, of course, we also cannot ignore it because this crypto is global. Everyone can develop it and there are no restrictions on the industry. Crypto has a very unique system, so people are interested in earning a living in this industry.

This prohibition may not happen in my country because the government also encourages people to develop the crypto industry.

Perfect mate people knows how bitcoin useful and the most important thing bitcoin is helping for every country adopt and accept bitcoin not only country economic growth but also for the people of their communities to give them opportunity to get better using bitcoin.

Crypto is banned in many countries, such as India. And this trend is growing. But at the same time, many countries accept crypto, so the scales are balanced

Government can't stop bitcoin but they can stop the companies from accepting cryptos which can hinder the growth of bitcoin adoption.

But not all governments opposing cryptos which is good thing.

It will be very difficult to ban something people are so passionate about. Especially when it involved their money and livelihood. No good can come of it but plenty bad can. Logically thinking people will never vote in such a law and this will never be passed. The day something like this passes means freedom no longer exists in that country and you should leave asap.

This shows the power and capabilities of Blockchain. The government cannot stop Blockchain and cryptocurrency development. In the light of this, the governments will be left with no option than to embrace this revolutionary technology and integrate it into other renowned payment systems.

I don't think that the crypto can that easily get a ban. All your stated methods like exchange, cards are all third party. And when you are dealing with the third party they always ask you for KYC for their security reason and take a high fee. But do you ever think that if two people willing to a deal directly using the crypto then there is no other to stop. 

No it's not.



Exactly and since everyone has a phone and since making a payment with crypto takes very little data everyone can use it. The fees are much easier to deal with and there are no obligations from the bank or useless forums to fill in.

You need to understand that Bitcoin cannot be simply banned as long as Internet will exist. Your government blocks you from changing  your crypto to fiat in your country? No problem, do this when you go on holiday in other countries.

Another alternative would be to buy goods directly via Bitcoin as a lot of merchants already accept Btc as a payment option.