Why bitcoin is not supported in some countries?

[traderethereum]

in my opinion, some countries is not yet already with bitcoin and blockchain technology because it need internet connection to use both and in the third country, internet connection doesn't available as in other country. but i think the bitcoin user in that country still exist and they are going to survive to use bitcoin and introduce bitcoin to other people around them.

[Doms]

I read an article last week regarding three Venezuelans being arrested because of bitcoin mining, illegally using electricity that is heavily subsidized by the government. I heard that electricity is relatively cheap in that country and miners surely took advantage of it. That might be another bad news for bitcoin and that could add in the decision making of governments whether to allow such a thing or not.

[Gilliam]

I read an article last week regarding three Venezuelans being arrested because of bitcoin mining, illegally using electricity that is heavily subsidized by the government. I heard that electricity is relatively cheap in that country and miners surely took advantage of it. That might be another bad news for bitcoin and that could add in the decision making of governments whether to allow such a thing or not.

That's their fault. Using illegal electricity is really prohibited that's why in the first place it was called illegal lol.

It's not a bad news for bitcoin? How is that going to be bad? The persons involved are the primary characters and not bitcoin itself. Just wondered that why use illegal electricity in that country if the current price of it per kwh is already cheap. Too much greeds on profits and don't want to spend something.

[leminerale]

maybe because as currency bitcoin has no tax or it could be because the bitcoin system Anonym ( no identity ) or prices of bitcoin only affected by supply and demand and as not to give advantage to the country

[requester]

maybe because as currency bitcoin has no tax or it could be because the bitcoin system Anonym ( no identity ) or prices of bitcoin only affected by supply and demand and as not to give advantage to the country

they will see the negative side of bitcoin that is anonymity which is enemy of country's economy. Beggar it induces black money. But with bitcoin country's economy could be lifted up because it gives the user opportunity to earn money from internet that too with little effort and almost no investment. So they should understand its potential to make the country rich. And also new technology should be welcomed. Paper money are old and may be within 10 years they will only digital transaction.

[Carlsen]

I don't think that there is a government that supports bitcoin.
Some goverments make it harder for their people to deal with bitcoins than others do.
But the real support for bitcoin must come from the people and the industry by using it.
I think that in countries where the population is more conservative the support for bitcoin is not that strong.

[slapper]

maybe because as currency bitcoin has no tax or it could be because the bitcoin system Anonym ( no identity ) or prices of bitcoin only affected by supply and demand and as not to give advantage to the country

I agree to what you say. It is hard to control the people if most of them use Bitcoin instead of Fiat. And because of the anynomity, there is no way that the government can collect tax from citizen if he/she is using Bitcoin as a currency.
However, in my country, they ban Bitcoin because they do not know and understand fully about it. They scare that Bitcoin can harm the ecosystem so they decide to forbid Bitcoin temporary

[Babayega31]

Other countries doesn't support bitcoin because government is strict about taxes, but in my country its been permited because it helped a lot of people who seeks opportunity of money using digital currency income. The online wallet in my country is been taxed by the government, thats why its been allowed to used by people and legal to everyone who has freedom.

[diegz]

Other countries doesn't support bitcoin because government is strict about taxes, but in my country its been permited because it helped a lot of people who seeks opportunity of money using digital currency income. The online wallet in my country is been taxed by the government, thats why its been allowed to used by people and legal to everyone who has freedom.

Good for you if your government is supporting bitcoin and only charge taxes on the local exchange that you have. I haven't experience that yet. All I experience is that government don't care about the existence of bitcoin and only tax the exchange so when we cash out our bitcoin to fiat as we don't have any choice, then the exchange site will be earning thru ins and outs transactions and they will be taxed thru it. That's clever I think for the government.

[roadbits]

Other countries doesn't support bitcoin because government is strict about taxes, but in my country its been permited because it helped a lot of people who seeks opportunity of money using digital currency income. The online wallet in my country is been taxed by the government, thats why its been allowed to used by people and legal to everyone who has freedom.

You are lucky your government is supporting bitcoin transaction. Which country do you belong to?  In my country, we don't know our government is thinking about bitcoin or not. Becasue we will not see any news regarding this bitcoin in my country. But some exchange companies are making money by using this our govt negligence. I don't know when our govt will think about this bitcoin and accept it as legal currency.

[TastyChillySauce00]

Other countries doesn't support bitcoin because government is strict about taxes, but in my country its been permited because it helped a lot of people who seeks opportunity of money using digital currency income. The online wallet in my country is been taxed by the government, thats why its been allowed to used by people and legal to everyone who has freedom.

You are lucky your government is supporting bitcoin transaction. Which country do you belong to?  In my country, we don't know our government is thinking about bitcoin or not. Becasue we will not see any news regarding this bitcoin in my country. But some exchange companies are making money by using this our govt negligence. I don't know when our govt will think about this bitcoin and accept it as legal currency.

Your government will seem or more likely to regulates bitcoin when some organisation which have power in your country force to or many people in your country seem to use bitcoin really often.
Though the nonexistent of the news regarding to bitcoin in your country probably because of the lack of interest to bitcoin which not bring profits to any of those media.

[Mbah Slamet]

As I've said before that the country should be able to control the full finance used inhabitants, bitcoin is common. Everyone can use the bitcoin so that countries consider bitcoin is unlikely to use legally by the State.

[mrayazgul]

Other countries doesn't support bitcoin because government is strict about taxes, but in my country its been permited because it helped a lot of people who seeks opportunity of money using digital currency income. The online wallet in my country is been taxed by the government, thats why its been allowed to used by people and legal to everyone who has freedom.

Good for you if your government is supporting bitcoin and only charge taxes on the local exchange that you have. I haven't experience that yet. All I experience is that government don't care about the existence of bitcoin and only tax the exchange so when we cash out our bitcoin to fiat as we don't have any choice, then the exchange site will be earning thru ins and outs transactions and they will be taxed thru it. That's clever I think for the government.

Govt. only need taxes whether its fiat or bitcoins

[Blitzboy]

Other countries doesn't support bitcoin because government is strict about taxes, but in my country its been permited because it helped a lot of people who seeks opportunity of money using digital currency income. The online wallet in my country is been taxed by the government, thats why its been allowed to used by people and legal to everyone who has freedom.

You are lucky your government is supporting bitcoin transaction. Which country do you belong to?  In my country, we don't know our government is thinking about bitcoin or not. Becasue we will not see any news regarding this bitcoin in my country. But some exchange companies are making money by using this our govt negligence. I don't know when our govt will think about this bitcoin and accept it as legal currency.

You are still luckier than me here, your country has exchange companies while in my place, we don't have companies for that. The only thing we have that is bitcoin-related is one coffee shop that takes bitcoin as payment (sometimes) and two bitcoin ATMs, which later I found out that these ATMs were brought to my place thanks to some foreign guys. You can hardly find anyone here that know only something about bitcoin It's so desperate.

[dEjAvU97]

I think this is because of a lack of good news about bitcoin, my current school economics major, I think the bitcoin system is the best at this time. fiat money is no longer attractive because it is always defeated by inflation. behold country zimbabwe, money there like garbage, but its worth a lot less. with bitcoin it can be resolved.

[e-coinomist]

I think this is because of a lack of good news about bitcoin, my current school economics major, I think the bitcoin system is the best at this time. fiat money is no longer attractive because it is always defeated by inflation. behold country zimbabwe, money there like garbage, but its worth a lot less. with bitcoin it can be resolved.

"Garbage" as in related forex (foreign exchange rates) ? Surely, political instability gets reflected by the countries currency. There is a start-up by the name of BenBen who are participating in the Cambridge Social Ventures incubation programme, tackling property fraud in Africa. The Blockchain on a dusty sidetrail so to speak. They are building up a tamperproof & quickest registry for property transactions and similar land information.
Seemingly frauds in that area are all to common.
That is where you can observe the Fintech elite in action for a better future. Not only the value of a single money bill matters.

[daringdiscovered]

Maybe in that country bitcoin can be used in bad ways. Like money laundering, buy some some illegal drugs or terrorists use it purchase their weapons. In that country there are large number of people who use bitcoin in bad way than people that use it for good. And government there has no choice but to banned their country to put away the risk of more people.

[rozee]

some countries can't support bitcoin because bitcoin is only digital money which is can't used by all peoples on that country and bitcoin is not accordance with the regulations of that countries law, some countries need physical money which is can used by all peoples and accordance with the law

[danherbias07]

The government here is really strong to prevent freedom for people.

In a statement the Central Bank of Bangladesh cited concerns over bitcoin's lack of “a central payment system” which could lead to people being “financially harmed”.

We know that is not the real reason. It may cause the low tax that will be paid for the corrupt officials that is taking it for their own wallets. They are good in hiding it if they could prevent it. I think they also have the controlled media just like other countries.

[Pearls Before Swine]

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 ?

Jail? really? and you are using plural?

No, he's just a retard who doesn't know what he's babbling on about.  And while I don't know every country's laws as regards crypto, I'm pretty sure that not many have banned it outright.  In fact I'm surprised it hasn't gotten the attention from governments it probably should have.  The IRS in the US has kind of poo poo'ed it.