Bitcoin Forum

In 2014, all the cryptocurrencies including Bitcoin was banned by the government in Ecuador. This was followed by the introduction of the country’s own digital currency, the Dinero Electrónico.

However, defiant Bitcoin users still continued using Bitcoin and other cryptocurrencies. In fact, Bitcoin use in Ecuador has spiked due to the recent price rise.

Do you think that the Ecuador government will freely allow the use of Bitcoin as its popularity increases?

Sooner or later Ecuador will be also be forced to accept bitcoin into their economy. Japan and Switzerland has already adopted bitcoins while other countries have allowed the use of bitcoin in their area. With bitcoins present in an area the business industry has become lively and active. If Ecuador will not accept bitcoins then they will be left behind.

I think that Ecuador is kind of a special case.
They have no own national currency, they use the UD dollar.
So the people do not have to be afraid of rapid inflation.
A smart move would be to make profit of peoples use of bitcoin, because they will use it anyway. With or without the blessing of the government.
Maybe Ecuador overthinks the situation.
Especially when they look at the decresing economy there, they might come to the same conclusion and see bitcoin as an opportunity.

A third world country like Ecuador can ban anything they want but they will not have the technical know-how and enough man power to enforce the ban. They have other more pressing matters in their country like violent crimes, corruption, poverty and other crimes.

We may not know the real reasons behind this ban

Maybe, Bitcoin prohibition in Ecuador is only a pretext for fighting with opposition there. Since it is hard to prove that you actually own bitcoins (and it is next to impossible in a small country like Ecuador as you have said yourself), it may be as hard to disprove that, i.e. that you don't have any bitcoins. In other words, this law might be directed not against actual Bitcoin users there, but against whoever is against the local government (e.g. political opposition), Bitcoin aside, as is often the case in authoritarian or outright dictatorial states

I would have to agree with that. Enforcing it is the hard specially for a country which not yet cured all the way.
China can do this but it is a long way in standards to what is Ecuador now.
Ban it or not there will be people who can openly use bitcoin whenever they want to.
Being a part of something better in a country which lost its hope is better than staying to what the country is giving

Same as Ecuador Russia banned the usage of bitcoin into the country. This didn't last long, and in a short the ban of the bitcoin into the country was taken back and the government too has focused on making use of the technology behind bitcoin for the effective functioning of the country's financial system.

Not just Ecuador, in the past, there were many bitcoin countries, because they thought it would have bad consequences for their economy. But over a long period of time, bitcoin has shown its ability and power, since then, governments have begun to remove the bans and start accepting bitcoins. This is causing excitement for everyone.

What about their currency? Is it still valuable? Has it improved or the vale has increased? If it has and also has significant users, then maybe they keep the ban, but as said above, eventually they will have to allow them for public openly, they must know that the people are going to keep using anyway.

Why not,  after japan  maybe ecuador could the next  country  to allow bitcoin freely.  They choose bitcoin because of its flexibility,anonymous, and fast transaction. Sooner , instead of fiat , a phone and mobile wallet is enough to pay all transactions.

Bitcoin is banned and another digital currency, their digital currency we're used. That makes sense, so the government wants their people to use their own digital currency, not only it will be popular, but it will be also making a good price giving the government a good profit and making their economy good. Nice strategy though, but if the people wants bitcoin, they can't stop them from using it.

That is the story of the past, at present, there are not any countries that forbid bitcoin. The value of incremental bitcoin is not a reason for governments to adopt bitcoin. Its development and potential are crucial.

You seem to be severely misinformed

Bitcoin has never been banned in Russia, so they couldn't possibly remove this ban for its mere non-existence in the first place. There were threats of banning Bitcoin there, which had been voiced by a few officials from the Russian Ministry of Finance but they remained only threats. There were also rumors of drafts allegedly to be enacted later by the Russian parliament and aiming to ban Bitcoin, but no one had seen these drafts in real life (most likely, for the reason there had been none)

What do you mean by 'make profit of peoples use of bitcoin'? How do you propose they do this? Are you indicating some sort of tax?
Because personally, I prefer Bitcoin with no tax? I believe the general consensus is similar to my view too. Is there any other way the government can make a profit out of Bitcoin?

If they are wise enough then they will definitely allow, Bitcoin popularity is touching sky high now, and now if any country decides to ban it or does not support it then they are stupid enough. I feel it Ecuador will soon be smart enough to support it and it shall soon happen. Or they will confiscated all the coins and sell it off and eat people money, it shall then lead to a revolt. Let's hope it happens soon, that they legalise it and just accept it. But it's funny 3 years they did not take any action that people are yet using it.

Ecuador had banned bitcoins long time ago and I had seen news articles that mentioned the same. Anyways, Ecuador themselves depend on USD as they can't maintain their economy and hence bitcoins would be a far fetched move for them. It matters when big countries like Russia ban bitcoins but they too lifted their ban which means things are still normal.

Yeah i think so it does but on this situation and big adoptions of big countries in the  world will affect ecuador and will be forced or will engaged in adopting bitcoins in their currency

Well, to be honest I don't think such ban would work well for the economy. Since bitcoin infrastructure is so strong that anyone can access bitcoin network from anywhere in the world if they have basic device with an internet connection. I fear that such bans would help to grow the shadow behavior of bitcoin and even ban will affect only to those who are using it legally. However, I am sure in next few years we will have government support at least in the major countries.

The same in venezuela ???
Bitcoin has influenced the country's monetary system ???
I think it's normal

If they able to stand their decision since 2014 until now then i think they would not changed their minds and stick to their focus on their own digital currency Dinero Electrónico. Sad to hear that it was banned but not actually be stopped since people or users of it can really engage or use it no matter what without being traced.If they saw the popularity of bitcoin is increasing to their place then they might somehow changed their minds later on.

Obviously then banned it because they have their own digital currency with is the Dinero Electrónico. But for me, I speculate that there are Ecuadorians who are also bitcoin lovers and thus investing or doing trading underground. We can't forced them to accept bitcoin even it rose its popularity. But rest assured that they are going to miss a lot of opportunity if they didn't accept it.

For countries like Ecuador this doesn't surprise me. Since they have issued their own coin they thought this should be only one people are allowed to use. But we know that any ban never has stoped people from anything, sow Bitcoin users are also not afraid of that ban. But as long as the government supports their own cryptocurrency they will not allow Bitcoin to be used because that would be direct competition.

They can decide, it's completely unclear why they should limit its use, if in Ecuador US dollars are used, and only coins are issued in centimo. It is clear, if they had their own currency, as in Venezuela, and I do not even know what they are protecting

It is obvious the ban of bitcoin then was as a result of personal interest. The government’s move was “more precisely, a monopoly privilege as the Ecuadorian state has the exclusive power to put its own digital money into circulation via the central bank but the funniest part was that the law wasn't really enforced as its use has not halted in Ecuador. There are buyers and sellers in the country who still list themselves on Localbitcoins.com. Apparently, the government will be compelled to embrace it anytime soon whether they like it or not.

It is their country, they can do whatever they want as long as they are not hurting other people and country or breaking some rules. But I don't think they need to ban bitcoin, at the same time they released their own digital currency, I am just thinking one reason, maybe they just want to make their digital currency be known to the market.

This did not make that much sense to me me since Equador is really not important for bitcoin community. Their government is better focuss on the internal problems rather than bitcoin.

I guess they will, once they realized that bitcoin can give them a better economic stability they will soon remove the ban on bitcoin. And the people will be their basis for the adoption of it. If they noticed that there is a tax income decrease for each year and the main reason of it is bitcoin, I doubt it they will continue the ban.

Cryptocurrencies and Bitcoin were never explicitly banned in Ecuador. The law all media quote as the "Bitcoin ban" is actually this one:

CÓDIGO ORGANICO MONETARIO Y FINANCIERO (http://www.seps.gob.ec/documents/20181/25522/CO%CC%81DIGO%20ORGA%CC%81NICO%20MONETARIO%20Y%20FINANCIERO%20publicacio%CC%81n%20web%20SEPS%2029-04-2016.pdf/d0b6d779-f707-48ed-b512-51a9787b82be)

and in particular, Article 98:


Even if you don't speak Spanish, you can see that "Bitcoin" or "Cryptocurrencies" are never mentioned in this article.

Actually, the law is prohibiting the emission of "money" not authorized by the State. But "money" ("moneda") in Article 94 is defined as "the United States Dollar" (yes, Ecuador is using the dollar). So actually what is prohibited is probably only the emission of tokens that are replacing the US dollar (e.g. TetherUSD should be banned then).

Conclusion: Although the law definitively bans some forms of unauthorized digital currencies, it is totally open if cryptocurrencies are also banned, because they haven't a value tied to the US dollar and therefore do not qualify as "money" as defined in Article 94. It is a legal vacuum or grey area - someone would actually have to file  a lawsuit to clarify the status of cryptocurrencies in Ecuador.

In the recent article this situation is also cited (Source (https://news.bitcoin.com/use-bitcoin-ecuador-grow-government-ban/)):

they are staying behind for a few years then agree for BTC ;D ;D ;D

Well it's their loss, everyone is happy and wanting to be a part of Bitcoin but if you have decided otherwise then it's fine we wish them luck with their cryptocurrency but we are headed for the moon and they might have to come look for us there.

Governments usually overreact when you act defiantly against their totalitarian rules and regulations. So when you push, you should expect them

to push back. I would not trade bitcoin openly if I were living there... I would rather buy it from people I know and trust and store them away

from my home. {People get raided, when the government banned something and they know you are using that illegal commodity or currency} 

How long bitcoin was banned in Russia? as Ecuador has banned bitcoin for 3 years, and this is 3rd world countries which has slow economic growth compare to Russia. Furthermore, if their citizens proven have bitcoin will ended with confiscate and the risk of prosecution as well that prevent people from trade it freely. Ecuador government maybe banned cryptocurrencies to eliminate rivals of the country’s own digital currency, the Dinero Electrónico.

Bitcoin should not be banned by their government since they can earn revenue by taxing it. In some 3rd countries bitcoin is regulated as stock as like gold,silver etc. I think their government only worried about what if their official currency can be replaced by the bitcoin, they think bitcoin is a bigest competitor for them . In fact banning bitcoin is not making bitcoin totally paralyzed, with the pseudonymous nature of it they still use it whatever happen in their country. Sooner or later they the government will realize it's existence and maybe regulate and make it legal.

Who cares about Ecuador and their position about crypto. You do understand it s big time hypocrisy banning BTC and then introducing their own crypto. South American countries really need to get rid of this govt control socialist oriented economies.

Dinero electronico is nothing like a crypto
http://www.sri.gob.ec/web/guest/dinero-electronico

Second and most importantly Ecuador uses the $ as a currency so it's not about the control.

Third, let's not start another bitcoin is banned in Ecuador thread when this happened two years ago.


Can I rolf?

When some stupid blogs announces Ghana is embracing bitcoin everybody is talking about it like it's a member of G7 , when Ecuador "bans" bitcoin , who cares about it....double st much?

With some countries they banned bitcoins because they were so worried about what bitcoin could do to their country. Bitcoins have a big impact on the economy and cause corruption, so Ecuador banned bitcoin also because it brought bad consequences for their country. However, in the future, if the value of bitcoin continues to increase and is widely accepted by many countries, perhaps ecuador will also review bitcoin and remove the ban on its use

You just said it well. Bitcoin is getting the recognition of big and influential countries and soon countries which banned Bitcoin can be forced to rethink their arguments against cryptocurrency. And soon they will also realized that even if they banned Bitcoin it would be really impossible to stop the trend and they could not police all people at all times. A government-sponsored cryptocurrency can be a good idea on facade but in the long run it may not really work at all (though I can be wrong here).

every country on this planet is a piece which makes bitcoin stronger and stronger. Do not ever abandon any country, they are all good to bitcoin

funny, the ecuadorian government is trying to play monopoly with their economy. Banning bitcoin has never worked, and I believe it is just a matter of time before they rescind that decision.

With the change of government and Rafael correa gone,  surely it will be reversed. My understanding is that, people openly use bitcoin in Ecuador despite the government best efforts to curb it.

They even have an Ecuadorian bitcoin community,  and they recently celebrated bitcoin pizza day on May 22.

https://news.bitcoin.com/use-bitcoin-ecuador-grow-government-ban/

Probably because the law of bitcoin is banned in Ecuador, this is a triangular country that forbids bitcoin or whatever they want but they lack the technical and enough energy to impose it.

Yup, and just another country grasping for complete authoritarian control over it's citizens. I know that a lot of other countries have repealed their ban on Bitcoin, and like @d5000 stated, it's not strictly enforced; so perhaps it's just temporary. Regardless, I'm guessing that banning Bitcoin is one of the smaller things when it comes to a loss of rights in Ecuador.

Very few governments are progressive in nature and they won't allow their citizens to freely use something on which they don't have any control. Bitcoin is not controlled by any government and hence they don't want to allow the users to use bitcoin freely in their country.

Since the Ecuador government has launched their own digital currency, I doubt they will pave the way for bitcoin in future. The government is trying to keep the profits to themselves and not passing the benefits to their citizens. Fascist mentality!

Accepting bitcoin or not shouldn't be a problem for bitcoiners since they can use it freely 24h/24h even if it was banned in several countries...The worst scenario, they will transfer funds to an international credit card and ta da!
Back to the Ecuadorian gov, it is silly to ban an unbannable thing  ;)

What most governments don't understand is the moment you ban something, you are actually creating additional awareness because those who have not even heard about it before will not decide and say " let me check this thing out " and when they do, they see the beauty which in the deal sense the government does not have the capacity to stop in terms of technology competencies among others. So in this case its either the Ecuador government fall in line or fall out of the way.

I think the Government of Ecuador banned Bitcoin in their own country because they wanted to create their own electronic money issued by the Government of Ecuador with the assets of the central bank is Dinero Electrónico as you said, want more control. I think the Government of Ecuador will freely allow the use of Bitcoin but not now, possibly in the future. Currently, they are not completely banned digitized currency, they are not paying attention to the penalty for the use of Bitcoin

Despite of bitcoin being banned in a certain country, some people will continue use it because the government cannot fully control its citizen in enforcing such law that's why, though bitcoin is banned in Ecuador, bitcoin usage spiked.

As for my opinion regarding the government to allow the usage of bitcoin, it is possible. Their perception about bitcoin might change in the coming years. They might see bitcoin's true potential then eventually accepts bitcoin fully. They are aware of other countries utilizing bitcoin and they are keeping a close eye and firmly observing situations. When the time comes, they will accept bitcoin.

Then its gonna be too late when the time comes to accept bitcoin. Everybody is jumping on the bandwagon now, and if they are going to wait for more years before changing their stance, then sad to say they have to fall in line and go to the last. O h well, Ecuadorians has other things to take care of besides bitcoin, so we can't do anything but see where they are headed in terms of the crypto market.

Governments think that they can ban Bitcoin and it's uses but it is way too late now. I believe now that not only Bitcoin but other altcoin currencies will become popular and the government there will not be able to do anything about it. They have far more pressing issues, like holding onto power, than to chase bitcoin users.

No goverment has ever tried to enforce the ban.
But if they really want to have an all out war they can render bitcoin almost useless.

With shops banned from accepting payments, bank not allowing transactions from or to exchanges , people dealing in bitcoins on localbitcoin getting arrested ...it will all come to what you're risking.
And many will choose not to.


If they wanted more control they would issue their own national currency and not use the $.
Again dinero electronico is not really a crypto.
Is more like the traditional epayment network than bitcoin.

I think in the near future Ecuador government will accept bitcoin they will adopt the technology. As they all know many people are into use technology even other countries that are accepting it. So for sure their country will adopt bitcoin.

The more third party countries like Ecuador forbid Bitcoin, the more it becomes popular and interesting for investors. Poor countries and their governments always try to forbid everything they cannot corrupt.

This is my first post here. My wife is Ecuadorian and we just received a call from her mother today and learned of a scam occurring regarding Bitcoin in Ecuador and luckily dissuaded her from investing with the scammers. My wife brother in laws father was not so lucky. It's a massive Ponzi scheme and on a massive scale. 1800 people in this part of Quito have already been impacted this month alone and the group running this scam are now to the point they are booking stadiums and large venues to attract "investors". by my math they have already scammed roughly 9 million dollars in total from people from the last 3 months. My wifes brother-in law father "invested" 1000.00 dollars on feb 1st when the price of Bitcoin was roughly $1000.00. So he should have about 1 bitcoin and be sitting in profit roughly 1000+. Thus far he has been only been given 400 back. He was given no access to the bitcoin itself (no wallet no key ext) and has to recruit 2 two additional people to get the remainder of his investment back and then after that he will begin to receive 12.50 per week if he doesn't recruit these additional people his "investment" was lost. This scam because of the size of it will greatly harm Bitcoins rep in South America especially in Ecuador. Its sad that people who are poor are being taken advantage of like this but then again they have to take personal responsibility for their financial decisions. I thought Id share please let people know whats going on and share hopefully we can stop a fe people from being scammed.

No, the worst thing that could happen would be the BTC users get imprisoned and/or executed for using BTC. I'm sure that's probably not happening in Ecuador at the moment, but you have to remember that in authoritarian countries it's not a good idea to get on the wrong side of the law.

It seems that most developed countries like japan,switzerland accepting bitcoin and under developed countries like Equador,Bangladesh banning bitcoin.We could see the difference tht those countries have not realized the true potential of bitcoin.Even china ,Russia have tried earlier to ban bitcoin and now they have dropped it and have started to regulate bitcoin.Whether its equador or whatever country,one day or the other,they have to accept bitcoin.Its unstoppable.

This is a country that does not accept the arrival of bitcoin as a very good change for the population of Ecuador.
Maybe this country does not accept bitcoin there is only reason that makes not accept bitcoin, what might this country lacks technical and enough power to enforce the ban.

But we do know. Dinero Electrónico. The Ecuadorean government does not want anything competing against their central bank's own and issued digital currency.

With the use of VPN and Tor, they will have a hard time if finding and tracking you. https://localbitcoins.com/country/EC

Bitcoin is very difficult and even impossible to restrain completely, even china isn't banning it completely but forces exchanges to many restrictions and the like during it's use.. Ecuador might be a good spot for BTC, and if the government already failed to prevent it in these years, they might be willing to allow few official exchanges for a while etc...

Just like Russia who undo the ban they have released to Bitcoin and to the entire cryptocurrencies. Russia has seen the light of the opportunity that they have realized it sooner that they shouldn't miss it since it will greatly help them with the crisis they have been facing now. Bitcoin has gained the momentum and it is their loss if they continue this though they even didn't enforce the ban properly like as you said people still continue to use it including the OP.

This won't last long. Russia tried but relented. Japan and Australia are getting into the action. There's no escape, no place to hide. Bitcoin will find you. LOL. ;D

Kidding aside, there's really no benefit to them banning it. Their country is third world for all we care. What are they worrying about, capital flight? They should be more interested in the money that can come in with bitcoin legalized.

I don't know how much they'll possibly get from remittances but allowing their citizens to buy bitcoins and profit from it could do wonders for the economy.


Wow, didn't even know they don't have their own currency? That, um, sounds weird for a country. If they're already using the dollar, they don't really need to worry much about bitcoin.

I think that the ban has been abolished, I do not see any country banned bitcoin at the present time, even, they will accept bitcoin in the future. People often refer to America, Japan, China, but Korea is also a bitcoin country, it will grow strongly in this country.

They don't issue their own currency

Apart from some coins which are mostly collectibles and aimed at numismatists and similar types. Just like a few other Latin American countries (Panama comes to my mind immediately), they are using the US dollar as a legal means of payment. If you mean that they are going to issue their own cryptocoin (a sort of altcoin), that would be, first, too expensive for them, and, second, it wouldn't have any value from day 1 (otherwise they wouldn't be using the American dollar in the first place)

I think that Ecuador simply did not know that the cryptocurrency will become very popular. And also did not suspect that it can be used for good purposes. Therefore, the opinion of the government of Ecuador in relation to bitcoin will still change

I think that the time will come and many strange will change their mind. Perhaps this will happen even to the next government changes And then Bitcoin will be in the best light and Maybe even ligalize.

Quite foolish for any government to try and ban Bitcoin or any other p2p crypto currencies. It won't work.

Even though Ecuador government banned bitcoin people continue to use it and their adoption growing instead of declining. This is a good example where any foolish politicians cannot impose their will on their citizens. It's a lost game for them.

That’s part of the reason why a bunch of the Government officials try to ban Bitcoin and they lift the ban a little later then ban it again repeating the cycle multiple amounts of time. Having the media post articles that the Government or Country banned Bitcoin gives the regular reader the idea that a little bit of control is over Bitcoin when in fact they don’t control any of it.

Bitcoin is pretty tough to get rid of if the people want it.

That is because their government does not have the power and resources in imposing the ban they made. They cannot monitor their every citizen. So basically, imposing such ban is just a waste of time for the government. The only best thing to do is to compromise and accept bitcoin as it is, embrace it fully and gain all the benefit.  ;)

Do you have an article about this? It only tells that the people of Ecuador prefer to use more bitcoin instead of their dinero electronico. The advantage will always go to the people that will choose bitcoin. With a massive adoption on a country and if the government sees that they will soon free the usage of bitcoin and they will move the ban on bitcoin.

It will be expensive and a waste of resources if the Ecuador government chose to continue with the ban, am certain they will just have to accept that bitcoin is here to stay and its already made a mark on the world map.

Then whats this Dinero Electrónico nonsense? The news said that after banning Bitcoin they, presumably their government with the help of banks and financial institutions, have issued their own digital currency. Im quite sure its centralized.

That’s a sad thing to discover. But I guess there’s a reason behind this ban. I guess the government is smart enough to anticipate or to prevent what they are afraid of with regards to currency factors that may be affected by the bitcoin industry. But I also agree with the others maybe the government react overly coz in my very own point of view bitcoin industry really helps lot of people specially those who are really want to change their lives. For now let’s see what will happen and good luck to those bitcoin users out there at Ecuador.

The reason they probably banned bitcoin in the first place is it's popularity and the fear that there will be a popular coin/financial system active in their country without their supervision. Generally countries afraid of that kind of free payment system that won't give them taxes.

The government of Ecuador have their reason for banning bitcoin which I know won't be far from the fact that they cannot control it but instead give to their citizen what they feel they can control but little did they know that the set of people initially exposed to bitcoin are the same people that will use their currency if they so wish and this people does not want the prying eyes of government looking into their activities. So, its either they adopt bitcoin or they leave it to fester the more in the society.

No, I think it's just that Ecuador is a slowly failing South American government grasping for control of it's citizens. Since Bitcoin can't be controlled by them they don't want their citizens using it. At least this is what I'm guessing is happening.

I think that's just normal, as Bitcoin is uncontrolable, government is scared about doing the wrong things with Bitcoin so, they will ban :)

I don't think so. I think they are worrying about the disavantage of Bitcoin, they see that the disavantage is bigger than the advantage so, they decided to ban Bitcoin. :)

That's really what governments are worried about, they do not have the power to control the entire bitcoin operation, so they can not manage it. But for developed countries, when they have the capacity, they will accept it as a profitable currency.

Ecuador issued its own digital currency a while ago, which is backed by assets owned by the Ecuador Central Bank. This currency can only be used by people who've been approved to use it, by the government. They had actually switched to a dollar based monetary system many years ago. The main reason why they banned bitcoin is because they don't want it to be competing with the digital currency that they've issued (I think that this is one of the main reasons why many governments don't like Bitcoin. They want to have a monopoly on the money supply when all money becomes digital, in the future). Many private companies in the country aren't using the digital currency though because they don't trust the central bank.
Although Bitcoin has been banned it's being widely used, and the ban is not really being enforced.

but they can impose taxes if they want, so banning bitcoin is counter productive for them, because they would lose possible taxes gain, if they can't get 100% taxes out of it they still lose a great amount of revenue from taxes, Ecuador is not a big country and bitcoin will not lose much hopefully by being banned in this small country

No country government wants the currency which cannot be controlled by them that is the main reason of lot of country not accepting bitcoin but some country nowadays have started to know about it and giving legal status to bitcoin and other cryptocurrency. So sooner Ecuador will also do the same when seeing that big country have started to use bitcoin

Though it is still useless and the counter productive is not working because it is not properly enforced hence it is like what you said is different from what you are doing. I strongly believe that bitcoin will help every one of us and a key for the growth in the economy as what Japan jas seen it and will promote financial stability to its people.

Not even sure why it will promote financial stability anywhere, let's again remember that bitcoins are just a financial tool. A medium of exchange if you will, it does not improve anything if there is nothing created or moved in an economy. If you have bitcoins that doesn't mean you're rich, unless you have thousands of them.

As Google tells me, Dinero Electrónico is simply a Spanish phrase which stands for digital currency. So it may mean anything from typical fiat used in a non-cash mode of circulation to cryptocurrencies such as Bitcoin and accomplices. It seems that you may want to be more specific about the context in which this phrase has been used and where you heard this news (rumor). Otherwise, it is like a famous Chinese government cryptocoin that everyone has heard about but no one has seen so far

Anyway, no one would give a fuck about it in Ecuador when they have genuine, truly American dollars

Whatever the reason of banning bitcoin in Ecuador it doesn't matter but we have to identify the actual facts. Other wise it will cost huge..it should be fixed and compatible for the general user of bitcoin

I think Equador is already thinking ways on how they will block bitcoin in their country. If they cannot find any solution or way in completely banning bitcoin, I believe, they will be forced to accept bitcoin.  For me, as a government, it would be best to just let bitcoin transaction flow freely in the country and put tax to it so that government can collect taxes from bitcoin transaction and make these tax aid the country.

They won't be able to collect taxes

Or do you really expect that anyone is going to pay anything to a rotten and corrupted government? It is the case with all such governments (as well as dictatorial and authoritarian ones), they don't have a lot of options apart from banning something or forcing it. The reason is as simple as it gets, if they don't ban it (e.g. Bitcoin), it will be immediately used against them. Thus they are internally limited to allow only what they can control, what they can't control will be used as a means to limit themselves, which is lethal for them in the long run. Even the dog knows how to piss off authorities

I would not doubt at all that all the problems with Bitcoin in some countries due to taxation of citizens and, first of all, it concerns those who can not pay tax on foreign exchange operations. Well, why then do other countries like Japan, for example, find ways out of these situations?

Maybe, because the Japanese government is not as corrupted and rotten as Ecuadorian?

Though I don't really know how Bitcoin is actually taxed in Japan. Maybe, it is not taxed at all. Anyway, I'm talking about taxes in general. People may be not very smart in general but they are not fools either. And if they see that the authorities really care for "the masses", that the taxpayer's money doesn't get stolen but is injected back into the system via public services or whatever, there is at least a certain reason to pay taxes. Otherwise, there is a definite reason to not pay them. What could be simpler than that?

They're a bunch of backward shmucks down there if they banned bitcoin, and meanwhile people are using it anyway.   That's the great thing about crypto.  Don't have to involve banks or governments.   For the people's sake I hope they eventually get enlightened.

It is difficult to assume that a government will allow users to trade bitcoin if there is a legal ban enforced by the government,either they will be forced to change their decision because they banned something they did not fully understand and in the present situation when more countries are accepting and legalizing bitcoin they should change their opinion and starts regulating rather than rejecting a technology.

Why do people need bitcoin, which governs the government? People want to freely use crypto currency.
There should be no prohibitions on crypto currency, because it is not fair. Every person must decide for himself what currency he can use

However they ban it or not, anyone who use it still untraceable. Ip tracking maybe still can be useful for government, but this is depends on that person, personally. If they (anyone) know how to manipulate the IP or use some proxy they have chance to still anonymous/untraceable.  ::)

Out of curiosity how many of you have been been to Ecuador or know people in the country? I'm reading a lot of these post it seems to be a disconnect with what is actually going on there.

Regulation created in order to stabilise a specific region which the government rule. It's right that everyone must have their own freedom towards cryptocurrency and be able to use it. But, if the government themselves have already made a decision regarding of the rules for the sake of the country. There's no point on arguing that thing furthermore.

In that case, the government still holds the control on the currency they issues. It's just like replacing the fiat currency with cryptocurrency but without leaving the control of it. Alternatively, one of the major cause of bitcoin's popularity is, it breaks the geographical barriers. I am not sure, how governments can compete with any currency which has no barriers.

As long as they are able to regulate and control the exchanges within Ecuador when it comes to people trying to turn fiat into Bitcoin then they have a pretty effective means of competing against the "normal" systems. It forces people to start trading with each other which becomes more inefficient than what would be offered otherwise.
It's not really easy or practical but it can be done by people willing enough.

I don't think they can stop the popularity of bitcoin, the people will still use since there are a lot of ways to bypass the restriction.
Bitcoin will continue to grow and people will use it despite the fact that some countries does not fully support it.

Although the Ecuador government forbids bitcoin, but the use of bitcoin there is increasing. I think this proves that people's interest is getting bigger for bitcoin. But I do not know if the government there will let this happen or take any other action. I think the government will not allow this and will certainly take action. I am sure there are two actions, revoking the ban on the use of bitcoin or committing criminal acts for the offender. But I'm sure sooner or later the government there will revoking the ban because people's interest in using bitcoin is growing and will definitely have an indirect impact, but they have to give up the crypto they make.

Exactly, the worst thing that the governments can do is to ban the companies and other bitcoin activities which are taking the place under the sunlight but it is near to impossible for the governments not only of Ecuador but also for the other countries. I don't think government's actions will restrict the illegal use by any means. It might restrict the usage of banks but it is very difficult for other valued items.

Ecuador was never really a big player in the Bitcoin industry so this does not worry me much at all. If Bitcoin becomes a huge thing and all countries start accepting it, then Ecuador will follow soon. Also, there is really no way to track people who are using Bitcoin in Ecuador if they are using a VPN, which they most likely are.

Many of the advanced countries are accepting it and started adopting bitcoin in all of their services. Banning Bitcoin will just make it more popular and everyone will start learning about why Bitcoin was banned etc. I don't know the value of Dinero but it can't beat Bitcoin for sure.

I dont think so, but i think it will allow it in their country. But they will make some strategies and put some taxes on it, so that as long as the earner earns bitcoin or alt coin they will also have . It is not good for them that their citizens already earn bitcoin without any taxes. And without any benefits because their own coin will be dump because of the demand of the bitcoins.

I didn't really know that bitcoin was banned in Ecuador. I've seen on many payment services/wallets that Ecuador is one of the countries that they deliver plastic cards to, so it hasn't even occur to me. Is it possible to use bitcoin plastic cards there?

Ecuador is the special type of country. Its lack of monetary politics shows a grotesque, that such a country is intervening with what currency people use. They should not care. They did not care about their currency that is pegged to USD.

Actually it just shows that this country is bought, owned and fully corrupted. Thats why they do not have any monetary politic. That shows that their voice on the btc is just a voice of those who keep them by their monetary balls.

Not so sure about it. They have banned crypto currencies before because they are aiming to hve their own independent currency and now that theyve already have plus the government was i think most of them are now new. I think that they would try to consider it

I do not think it should happen in my country, because developing countries need technology to raise the economy in the developing world. ;D

They might lift ban in the future anyway if they discover the financial economic benifit of bitcoin. A lot of countries trusted bitcoin nowadays and few countries left. Economically bitcoin is good only corrupt people are bad.

Yet another example of how prohibition never works and never will work it's been proven over and over and over esspecially with drugs and such. You cannot stop people doing what they want. You can't take their finicial freedom from them. I'm not sure I even believe this.

We could see that china and russia already tried to ban bitcoin and at last,they withdrew from their plan.They have just started to regulate bitcoins.Not even Equador,no other country could ban bitcoin.Unless,internet is banned,bitcoin could not be banned.

I'll say this.  There's no way whatever crypto Ecuador invented is going to be as volatile and/or profitable as bitcoin.  No way in hell, and if they introduce something Ecuadorians (as stated) are still going to use bitcoin if they're into crypto.  But I do give that country props for creating something, because S. America is in economic agony right now.  They definitely need a new, stable currency.  I assume everything OP said is true, but that's not my country and I don't follow their news.  Or much crypto news, for that matter.

Already china and russia have tried to ban bitcoins and they have failed to do so.So they have started to regulate bitcoins.Bitcoin could not be banned unless internet is banned.I don't think that Equador would be able to successfully ban bitcoins.

Neither China nor Russia ever tried to outright ban Bitcoin

Russia had just been rending the air with empty threats of banning Bitcoin, prosecuting Bitcoin owners, and heavily penalizing Bitcoin miners, but these threats all came to nothing in the end (as it was evident right from the start). China did in fact try to impede and block Bitcoin adoption by forbidding businesses to get involved with Bitcoin, and then proceeding to bug local Bitcoin exchanges with the orders aimed at making their lives harder. But that ultimately turned counterproductive and only showed who had been swimming naked in the Bitcoin ocean (as per Warren Buffett)

There is no way to force you to say what you can do with your money, no one can say those, based on those Ecuador has pushed the people to buy bitcoin hidden and maybe paying a premium value to get them, since its forbidden. People buy anything drugs, guns, ilegal stuff, and they cant control it, because its a free market.

Ecuador is a small player so no matter what they do bitcoin will not change much in price. As for bitcoin use spiking its not just in Ecuador its the same trend over the world. There is no way for a government to prevent bitcoin short of cutting off the internet so its quite natural people will continue using it in defiance even if its banned.

The current trend however is one of accepting it so I think Ecuador will change its tune in the near future anyway.

True, just because the Government banned Bitcoin it does not mean that the people in that Country can’t use it. Unless the Government restricts the Internet so that the only possible method to get Bitcoin would be to purchase it from another person then the demand in that area for Bitcoin would decline some.

First you need not to be indignant, but to think about why there has been a ban on bitcoin in some countries and not only in Ecuador. The fact is that the first reason for the government's uprising against the crypto currency is that Bitcoin enables citizens to avoid taxation. Only in this case there is a strong protest from the government, against anyone using Bitcoin. Although a question pops up, why can not legalize Bitcoin, so that the user can pay tax and simultaneously work with the crypto currency.

Maybe there are many who use bitcoin for negative things. But I do not think it will last long, because it will definitely be fixed, or there may be some problems that result in confidence in bitcoin declining in the country.

Banning definitely won't be able to stop everyone from using it but,
it would make using it harder. Local businesses won't be able/willing to accept btc payments. Payments for bills, utilities, goods won't be possible. Buying and selling would be complicated.
Plus there's always the risk of getting caught.

Anyway, I'm just glad my country is bitcoin-friendly as I'm able to enjoy all it's benefits.

I can't understand what's the hope of countries where bitcoin is banned. Since it's legal, buying eith bank is impossible but who forgot another ways? For example localbitcoins and simply this forum. We can exchamge pp/btc here. So number of people in this country isn't low so they can't control if anyonr is using online wallet or if anyone has bitcoin core. Just silly action.

Great. Wonder what is wrong with some government though. Why are they so scare of new technology?  Hope people who currently benefitting from Crypto don't end up as these leaders. What a World

The government banned bitcoin and introduced their version of digital currency and i am not sure how that progresses ,but i assume that they cannot force anyone to use their currency but another thing i need to know is that ,what happens when you use a banned currency,do you get jail term and under what law you will be booked,if i can have a clarity regarding that ,then i will wage on what will happen.

I’m sorry for the people in Ecuador and having that dumb government but I like the fact they are resisting the efforts of that authoritarian government and continuing business as usual, I hope they elect a new government with a tolerant attitude towards bitcoin, not lie the one they have right now.

Banning bitcoin will only drive demand up. I hope all countries ban BTC and every private currency, would be hilarious.

i dont think the government needs to be forced to accept what they don't want, i believe they have a reason for rejecting it. e'en though it should do them no harm, if not for those who may misuse the opportunity for crime.but they could be convinced overtime to understand the confusing part of it. and as for those who are really interested has found their way into it as you have rightly said.

Government is the tyrany of people, it use to be King, Dictator etc now ti's government ("democracy"). So I predict more and more bad things from tyrants in the future when it comes to bitcoin i predict no (or very little) good just more and more bad from them!

That would obviously depend on the specific law

If you get caught using (or consuming) prohibited substances like, say, drugs, you may get off cheap if you keep them for your personal use. If you are selling them (and Bitcoin would fit here perfectly), your mileage may vary depending on jurisdiction. In some countries you may go to jail for a few (dozen) years, in some other countries you may receive a capital punishment and go straight to the gallows instead like, say, in Iran. If we talk about banned currencies, more specifically, in the former USSR, for example, you could go on a date with a firing squad for illegally keeping as much as 100 dollars (a few dudes had actually been executed for currency speculation back then)

USSR = Tyranny at it's finest! At least they where not deceptive tyrants, my country they pretend it's freedom but they try to be as close as USSR as they can hide it. My government is a stupid corrupt government they are to stupid to even know what Bitcoin is. But one day when they discover it's a threat to the their fake printed "money" they will ban it. I'm sure of it!

They are authoritarian indeed. They treated bitcoin enthusiast like they are a terrorist or doing crimes. Which is sad to say the least. They don't truly understand what bitcoin means to their society. Its like really controlling what the citizens can and can't do. And it doesn't really sound good and its depressing to the citizen. I hope they elect a liberal government which somewhat really relax on bitcoin and other crypto's. We are really lucky that our government is open and freely support bitcoin.

What planet do you live on?

"Its like really controlling what the citizens can and can't do"

That what my government and most on this planet do including the so called "land of the free" America they " controlling what the American citizens can and can't do" look at Poker for example Americans don't have the freedom to play on-line just one example. So this is nothing new, I predict in less then 10 years more of these tyrants will ban bitcoin just like Equator and I hope I'm wrong.

The Ecuadorian government's policy to ban bitcoin and establish dollarization by rolling out their own digital currency has two flaws, Dinero Electrónico is backed by the Central Bank of Ecudaor, but the private banks do not have much faith in this own digital currency system plus bitcoin is banned, but Ecuadorian government has not specified any law against people using it. For example, in Bangladesh bitcoin is banned and people caught using it would be booked under anti-money laundering laws and imprisoned.

in the USA they don't ban it outright but use Stalinist FUD tactics by randomly destroying people's lives

http://www.coindesk.com/libertarian-party-blasts-government-case-bitcoin-trader/

Time to clean the Stalinist & Fascist filth out of governments worldwide  >:(

Dinero Electronico is just an electronic fiat currency, precisely the same as XRP btw.  ;D

Depenflds, but more likely no. Seeing interest from the public doesn't change any decisions made by the government, especially if it's something opposing their ideology and their ally (the banks). Also, they have their own cryptocurrency so they will just shove that to the public's asses rather than lift the ban that is already on for bitcoin.

Ecuador band bitcoin. Other hand Japan and suzarland adopted bitcoin. They made business industry and use bitcoin. They increase their business and ahead. Other hand Ecuador band bitcoin they stay behind.

This is Ecuador not Equator nor equator

While I certainly agree that governments want to control the lives of their citizens, we should still admit that we are nowhere near what happened in the Medieval times or just 100 years ago. Indeed, there are quite a few authoritarian regimes in the world nowadays (the North Korea seems to be the most extreme among these), but overall governments today care less what population does or thinks. In other words, they are trying to control the masses using indirect methods, for example, via mass media, and rarely resort to direct coercion and violence

Well I don’t think it is something about the government wants criminal activities to be reduced by it in the country but the truth is against this. The governments have some other intensions which could be clearly seen by the launching of their own currency.

If it was only about the anonymity issue then the government would only banned it but when it comes to the currency launching then it is competition.

It is not the anonymity that governments are afraid at all

After all, cash is by far more anonymous than Bitcoin while Bitcoin itself is only pseudo-anonymous. Besides, there are quite a few coins that provide true anonymity but no one is going to ban them. Thus this is not the real culprit behind banning Bitcoin. As to me, it is fear of competition exactly that is behind governments looking for banning Bitcoin. In fact, it is not just about Bitcoin, many countries banned the American dollar in the past on various pretexts (e.g. Russia) but the real cause was precisely that, the lack of competitiveness on the part of the local currency

Well this can be better tell by a lawyer that what will happen exactly if you are guilty of using a banned currency.
Every country has its own laws and sentences for the crime. So when you are using a banned currency it means that you are committing a crime now what will be the sentence for it? It depends on where do you live and what the law says about you.

I don't like what ecuador government do about bitcoin. It's too bad when a country are 'not allowed to use cryptocurrencies maybe it can affect bitcoin. in other hand like you said Japan start use bitcoin everywhere even in japanease airline.

This is more of the conspiracists Bitcoin group believing that the world is after them because a handful of laws are thrown around, or in this case a simple declaration of intent.  The law is not a law in fact, simply a statement by the government that they were against the use of Bitcoin in the light that the central banking groups were attempting to work within the markets. 

Another country that says they are banning bitcoins but I think it will not be long since they will change as many countries are considering to accept bitcoins.

Well mate your country's government may be a corrupt one but we there is no doubt in saying it the printed money or the fiat is one of the oldest and commonly used money since centuries so it is not that easy to leave that system of economics and adopt a new one abruptly. Adopting the Bitcoin will take time.

True, tyranny comes in all forms, while some regimes are famous for producing more tyrants than others, like communism, the truth is no political system is absent of them, just look at Hitler he ascended to power through legitimate means in the German republic.

This is what governments of countries that want to maintain their control and wealth over its citizens do, limit their freedoms and opportunities.

I don't get what were they planning when they banned bitcoin? They might as well ban internet as a whole and put people into forced labour so they know what they're doing and where they are at all times.... oh wait...

That ban won't do much, as people have the access to the internet they will be using bitcoin in some way and that "ban" will just turn more heads towards bitcoin. 

It is too sad when a country has been banned bitcoin, why? Because i know that bitcoin could be a big help for everyon, it can change the life everyone and make it better, i hope that bitcoin could be legalize in all countries.

No they're not going to allow for Bitcoin to be allowed to be used legally within Ecuador for the simple fact that the government is wanting people to use a certain designated cryptocurrency, which is going to be the one that they created. I do think this is a pretty dumb idea in practice due to the fact that their banking systems are going to be losing out on a lot of the transcations relating to BTC

If they want to make some money out of it like they seem to want to do, they should really just tax Bitcoin buying and sell because with the increase in media coverage more and more people may flock to the currency for usage, or for trading, which are two pretty prominent things at the moment. I also don't think people will stop using due to a bank though, pretty dumb all around.

You are a sort of tyrant on your own and you don't know

At least, so you call yourself. In any respected tyranny there are quite a few such laws which seemingly don't make a lot of sense, but it is only an illusion and a superficial impression. These laws (like those banning something, say, Bitcoin) are not there to actually prosecute people for using this coin (or anything else, for that matter). They exist purely to control population and more so political opposition. They don't of course mean that the authorities are going to hunt down every Bitcoin user out there. As the famous Russian saying claims, find me the man, and I'll find you the crime

I don't agree to them or to their government that they ban bitcoin in their country. I think the reason why they ban because they want their country that their currency is still protect. If they legalize the bitcoin its possible to attract people from their country. But if the citizen will likely in bitcoin  they did not control. Their governments don't understand about bitcoin so it will happen they ban because they also plans to create their own cryptocurrency they want their currency use only. Maybe the ecuador overthinks especially when their economy decrease.

I think they would. not because the price increase, but because when BTC becomes a part of the main financial system, they would have a difficult time keeping it banned.
The currency they made, can't be considered a cryptocoin let alone an anonymous one, even phone to phone transactions are better.

I hope ecuador will accept bitcoin now in 2017 because for sure bitcoin is now trending to the whole world and for sure ecuador see the potential of bitcoin. But if ecuador not accept bitcoin its their choice. But i hope many country will accpet and adapt bitcoin. If this happen for sure the price will increase to the moon.

It will surely that ecuador will revoke what they did into bitcoin just like what Russia did before into bitcoin they banned it then after
 a short period of time they revoked it and now Russia is one of the strong community of bitcoin nowadays. Which I think sooner or later whether they like it or not they will also accept bitcoin to their country too which is Ecuador.

Yes in this day and age its stupid to have any crypto that is banned because its not like they can really control it anyway. Those that keep it banned will only have its citizens left behind.

Government can't do much about it, bitcoin and other crypto is free to used, even though the government already banned it, there will bunch of people try to used because bitcoin is a very valuable things and can help a lot of people, if the government doesn't want to accept it then the country will be left behind, crypto currency really offered so many good things for future

If we all want to earn bitcoin we should do a way , if we want a thing nothin is hard or nothing could be impossible for us, just be patient and determined. But if its hard dont try it, you will be punished and you will have a penalty, in that case try to find other jobs that is approved or recognize by your country.

So you actually can't buy, or it is illegal if you get caught?

It is obvious the ban of bitcoin then was as a result of personal interest. The government’s move was “more precisely, a monopoly privilege as the Ecuadorian state has the exclusive power to put its own digital money into circulation via the central bank but the funniest part was that the law wasn't really enforced as its use has not halted in Ecuador. There are buyers and sellers in the country who still list themselves on Localbitcoins.com. Apparently, the government will be compelled to embrace it anytime soon whether they like it or not.
   

Sadly, even though the bitcoin is the best solution to financial problems currently, Ecuador officially banned bitcoin but I think this will not be much impact for the user bitcoin globally,

I would like to know this as well.

Even though it would be meaningless for them to ban Bitcoin because the people in that area could purchase Bitcoin from someone who already has a bunch of them. If they have a computer then they could just use some kind of method to bypass their areas restriction on the internet access if they have any and then purchase the coin.

Very regrettable, why the government forbid people to use bitcoin. Economically obviously very useful, many people are able to increase their income from Bitcoin. Hopefully there is no country like ecuador.

It's pretty obvious that it will have no effect because if something impacts a country like Ecuador, which is mostly irrelevant on the major stage of geopolitics and is at best a neighboring power compared to countries immediately surrounding it, it won't get much further than that. The price wasn't even impacted and there was essentially nothing that happened stemming from this. I don't believe there was even much discussion beyond the one or two threads we had about this subject.

Now, if you want to talk about something that had an impact, we can talk about that bill set through American Congress that has implications relating to cryptos. That's an interesting event.

It might have a very little impact to Bitcoin’s price and the amount of people that are using Bitcoin though the people that use Bitcoin will want to begin building something that will allow people from anywhere in the world to get Bitcoin. People can just use their friends computer in another country to purchase Bitcoin as well.

How are bitcoins banned though? Did they ban bitcoin stores?

This dinero electronico is bound to fail in my opinion because it Ecuadorean people fear that it is a plan of the government to eventually dedollarize their economy and they do not trust it. If they manage to unpeg from the dollar, they will then get back to increasing the digital supply to finance their deficit since they have control of the currency.  But its tragic that they dollar is perceived as a store of value because the US is also doing something similar!  That's why I like Bitcoin so much, because of the 21 million guarantee and mathematical inflation rate.

if They did ban all the other cryptos (and I would be interested on how they will enforce this law, since BTC and the other cryptos have no central website or IP to ban" then it's unlikely they will now allow it since it would be competition for the coin they just made.

This new cryptocurrency is completely different than the system of regular coins, being completely centralized and the trades are all recorded by the government linked with the name of the buyer and seller, hence taking away the decentralization, anonymity and taxing authorities will have access to this data, this is just a government-based bank account.

Agreed, since bitcoin was being by the Ecuador they knew that bitcoin is not a kind of regulated or centralize type, instead bitcoin was unregulated industry and decentralized too, where they had no capable to control of it. That's why they rejected it but sooner or later they will revoked it.

I don't know how far Equador is successful in maintaining its own currency and banning bitcoins.But we have to see an interesting aspect that much developed countries like japan adopting bitcoins and normal countries like Equador,bangladesh banning bitcoins.Such countries may change their stand in bitcoins in future and may adopt bitcoins.

I think the government will allow Bitcoin activity when it sees the export of its own money abroad.
Really. I think it's better for government of Ecuador to unban Bitcoin and to observe the movement of capital within the country ;)

In fact, that's a wise policy

Whatever the Fed may be doing with the US dollar, the US still remains one of the strongest (in economic sense of the word, at least) and wealthiest countries in the world, and while it remains so, so will remain the American dollar. In other words, by using the dollar, the Ecuadorian government won't fare any worse  than the majority of other countries out there which happen to print their own currencies (in respect to the stability of their financial system, obviously)

Yeah, it's probably not gonig to affect them all that much compared to other governments that also keep a large reserve of united states dollars in their treasury, however if a company truly wants to make an impact, and in Ecuador's case, make a breakthrough in their status of their country, then they have to take risks. There is really nothing to lose by investing in bitcoins, gold, precious metals but everything to gain.

By banning bitcoin they are making a statement that they don't want progressive technology in their company. This is a bad sign.

What is wrong with these Latin American nations? A few weeks back I read the news about Venezuelan authorities harassing the Bitcoin users there. Before that the Bitcoin users were being persecuted in Argentina. If the Latin American nations can't keep the value of their national currencies stable, then they should blame themselves. Banning Bitcoin will not do any good.

Nothing surprising in this. Bitcoin is dangerous for any economy. I think that any talk about the premature recognition of bitcoin. Most likely bitcoin will always be currency of the offshore areas of the Internet.

Russia is the next country which is planning to adopt bitcoin. I think many other countries will follow that experience and Ecuador will have no choice, it will just be surrounded by bitcoin adopted countries. They banned bitcoin only to give a birth their national crypto currency, which actually didn't reach such success as bitcoin did and continue to do. I am sure that sooner or later they will just have to change their position about bitcoin and other crypto.

Russia is one of the big countries that will adopt bitcoin and the next is Australia that will make bitcoin as a regular money in the month of july. Ecuador banned bitcoin because they don't see potential but just like you i think that they will change their position if they will saw some good potential in bitcoin and if the other countries already adopted bitcoin because it means a good potential for them.

I don't know why equador has come that decisions of not accepting bitcoin despite of it's profitability with price increase on market value capability to gain more investments. With regards to russia, they have a good economy soon by accepting btc to be their another currency linked to fiat money trading and exchanges to crypto market; which provided a lot of opportunities to all people in country. How much more if all countries in the whole world will accept and recognize bitcoin, it wouldn't be a problem to transact online specially on digital cryto currency market exchanges.