Why bitcoin is not supported in some countries?

[paeackk]

Bitcoin provide a online transition of currency without any involvement of third party like banks which creates a threat of antisocial activities like kidnapping, bomb blasting, child pronography. No wonder it's not supported. You have to be grateful that its still alowed in some countries.

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[Andalusy]

Some countries fear bitcoin that it would be used for illegal activities and they would not be able to control it.Just like china and russia tried to ban bitcoin at first,they too are discussing on the possible ways to ban bitcoin but sure they would drop their plans as china and russia did.What they could do is that only they could regulate bitcoin.Banning bitcoin is impossible since banning internet is impossible.

[Doge dealer]

I think this is because not a lot is really known about blockchain , because up to now nobody really knows what blockchain really is or whats its really capable of and what it will evolve into , the fact that its anonymous and decentralized also poses several questions for them especially the third world ...poorer countries who really don't have the means to conduct detailed studies into this system because as it is the its difficult to collect taxes on transactions but that can be done from the exchanges end. in the end though they will have to find a way of integration because this is a system that is coming so perhaps what these smaller nations can do is form joint committees tasked with finding ways to integrate and use this innovation to their particular economic advantage because fact is there are many advantages to be had from bitcoins , look at Venezuela ( possible a case study).

[harbin55]

The reason why other countries doesn't support bitcoin because like here in the Philippines, bitcoin is not regulated by the Bangko Sentral ng Pilipinas or BSP.
They didn't encourage Filipinos to use bitcoin because of its being volatile so they cannot put a tax on it.

[dongyi17]

Maybe the reason why some countries do support or accept bitcoin yet is because they have some misinformation or some apprehension about it, this is new to them and they're not familiar with this new system technology and it seems beyond their control plus the effect of it in their economy once they apply it, so they still cannot accept it yet.

[Hasitha1001]

I think the reason behind why some countries do not support bitcoin, that the government itself cannot easily control the money of each user of bitcoin, they cannot easily manage things that is virtual

[Azlan2020]

The main reason is the fear of these countries will be the volatility and uncertainty of digital currency. In addition, as quoted from bitcoinbans.com, another reason is the fear if the digital currency is used as financing of terrorism.

A number of countries such as China are also reasoned, banning other digital currencies because it will issue its own currency.

A country that forbids bitcoin and its reasons

1. Nigeria, since 17 January 2017.
2. China, since January 8, 2017. Reason: will issue its own digital currency
3. Colombia, since 31 December 2016. Reason: worry of cryptocurrency fraud
4. Taiwan, since November 3, 2015. Reason: bitcoin hacking
5. Ecuador, since March 24, 2015. Reason: will issue its own currency
6. Bangladesh, since 22 September 2014. Reason: avoid money laundering
7. Kyrgyzstan, since August 4, 2014
8. Bolivia, since 19 June 2014
9. Vietnam, since February 28, 2014. Reason: can be used for crime and high risk to investors
10. Russia, since February 9, 2014. Reason: bitcoin is used for illegal activities
11. Thailand, since July 30, 2013. Bitcoin is not a currency
12. Morocco, since November 2017
13. South Korea, since December 13, 2017. Reason: to control its finances
14. Singapore, since 29 September 2017. Reason: arising constraints between financial companies
Nepal, since 2017
16. Indonesia, the ban applies 2018. Reason: high-risk natural bubble
17. Israel, starting 2018.

[Jalum]

The reason why other countries doesn't support bitcoin because like here in the Philippines, bitcoin is not regulated by the Bangko Sentral ng Pilipinas or BSP.
They didn't encourage Filipinos to use bitcoin because of its being volatile so they cannot put a tax on it.

The taxes are the little problem to Bitcoin. I feel that most people won't use Bitcoin if all the people in the government was working on a single coin to put out.

[Sampson7]

i really dont know why some countries end support of bitcoin. I have heard that bitcoin is not supported in some countries. But why ? Is it because bitcoin is so risky ? Some countries even declare months jail if her people use bitcoin. Is it fair ? I mined few cryptos and have left mining. It was fun and challenging too. i believe with time bitcoin will be supported in some countries

[loof99]

The reason why many countries not supporting them are because of their nation is not yet well-developed to accept this kind of innovation in their respective system and to adopt as well.

[[As]]

I have heard that bitcoin is not supported in some countries. But why ? Is it because bitcoin is risky ? Some countries even declare 6 months jail if her people use bitcoin. Is it fair ? I mined few cryptos and have left mining. It was fun and challenging too. But I never got any clear answer. What does my gpu actually do ? I pay electric bill, my room temperature goes high and I get paid. With actually no skill on pc hardware and software. Whole thing is still pretty unclear to me

Because our countries can not control bitcoin and they are satisfied with it/

[fuding12]

The main reason is the fear of these countries to the volatility and uncertainty of digital currency. In addition, another reason is the fear that digital currencies are used to crime activity, tax evasion, etc.

[aoebtc01]

because in backward countries the unemployment ration is too high and if they get access to bitcoin they can get money even by invest a little amount of their assets specially in  alt coin

I saw many friend leave their jobs and stay at home, access in Bitcoin, earn money by trading.
This way can't make value for economy of their country, trading based on the price of Bitcoin.
This way is trading money, products is money...

[chichigirl]

Some countries will never support the digital currency because they are afraid since they have no control over it unlike with fiat there are laws about it and they can control the flow of that particular currency that sorrounded in the community or economy.

[adam201288]

 because of their nation is not yet well-developed to accept this kind of innovation in their respective system and to adopt as well.

[electronix11]

I have heard that bitcoin is not supported in some countries. But why ? Is it because bitcoin is risky ? Some countries even declare 6 months jail if her people use bitcoin. Is it fair ? I mined few cryptos and have left mining. It was fun and challenging too. But I never got any clear answer. What does my gpu actually do ? I pay electric bill, my room temperature goes high and I get paid. With actually no skill on pc hardware and software. Whole thing is still pretty unclear to me

I think it is its decentralization is what it makes bitcoin unacceptable to some country, most believe that it is not profitable in nice manner hence they call it illegal or a scam. Unlike fiat which is centralized

[cabitu]

With separate provisions the state has its own law where bitcoin is widely misused for gross transaction purposes such as mapping transactions in a number of countries.
In fact the provisions of the state itself is not to prohibit to use bitcoin because many countries that view bitcoin able to be an alternative transaction tool for doing business, So bitcoin in a country can not be inaugurated.

[bebenduk]

With the growing popularity of the Bitcoin system as a virtual, de-centralized world-leading currency, there has been concern in regulation about the possible impact on real currency, tax implications, potential fraud and criminal use. This has led to many countries issuing legal regulations or guidelines for Bitcoin used in their respective jurisdictions. Let's take a look at the big countries where Bitcoin often has regulatory problems.
one of the countries that ban bitcoin from entering the country.
"Bangladesh"
The Central Bank of Bangladesh has banned the use of virtual currency including Bitcoins in September 2014, making it a violation of the law under strict anti money laundering laws in Bangladesh.

[CryptoMark2585]

Because bitcoin threatens the status of paper money in my country.Bitcoin is not controlled by any person or any government,also bitcoin is always used for illegal activities,so the government banned it.

[pelipurlara]

No one knows, I say if they don't know about bitcoin then they might not love the bitcoin. many States which close access bitcoin fearing legal money will be replace.

I think they could easily legislate to make bitcoin work on their structure, but maybe in practice that is not as easy as my imagination because the main problem is there is not enough bitcoin education and people are just afraid if an investment like Bitcoin they do not understand. Or maybe some countries see some danger in bitcoin to their system.