Why bitcoin is not supported in some countries?

[snowcrashed]

I think one of the reasons why some countries don't supported Bitcoin is that people (or criminals) can use Bitcoin as a anonymous way to send money to each other, on one can track their transactions so that if they use Bitcoin to break the rules, the government can not do anything about them

[densuj]

Bitcoins is new in technology of digital currencies without regulator, it can be dangerouse for invest in bitcoins also bitcoins is anonymous, many people who doesn't understanding about bitcoins, bitcoins be considered place to money laundering, i think that is some reasons some countries doesn't support for bitcoins.

[CarnagexD]

my country is not supporting anything like drugs/bitches
bitcoin is accepted as well in my country so

We're lucky because our country accept bitcoin. Drugs was never be supported in any country because its illegal and it can cause war and other crimes. I think the reason why bitcoin is not accepted in some country is because of their law and policy.

[foxbat]

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

Each country has the principles and legal basis of their own. The ban on bitcoin, too, they concern the risk that bitcoin may cause.A part also of the bitcoin network very difficult to manage, and crime can strike at any time.Although banned, but the user can also access the bitcoin easily through the internet and use them.

[Feri577]

each country has rules and laws, respectively. there is a consideration that is certainly very important. there are some countries that do not use bitcoin, and some countries are using bitcoin. it is a right of every government.

It's true that every country has rules, and my own country has not been approved, I'm sure someday acceptable to its existence

[dmamigo]

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

Each country has the principles and legal basis of their own. The ban on bitcoin, too, they concern the risk that bitcoin may cause.A part also of the bitcoin network very difficult to manage, and crime can strike at any time.Although banned, but the user can also access the bitcoin easily through the internet and use them.

Beside the principles due to the anonymity, though it is possible for tracking, creates some hesitance for few countries.
Though our Country is hesitating, but it might accept Bitcoins legally, there are chances. But to do so they will make some rules if someone uses it.

[Piasta]

That's not the fault of bitcoin, but the financial inefficiency of most of the countries banning it, or the fear of an unregulated currency in some countries -which do not believe in anything "free"-
Russia and for a brief time China, banned bitcoin for users due to the fear of increased devaluation of the currency if was traded directly to USD, something these countries are used to doing monopolizing the economy of their countries. Ecuador, mostly due to fear of the unregulated community and currency.

[Tamilson]

I've read in some article abaout bitcoin which is pro and contra in its use, the conclusion is :
The presence of bitcoin as the virtual currency reaps the pros and cons. Bitcoin is considered to facilitate financial transactions. However, transactions with this virtual currency can also raise the risk of money laundering.
Different countries respond differently to the presence of bitcoin in the country.
The bitlegal.net site classifies three legal statuses of bitcoin in different parts of the world with color indicators. A country colored green means allowing bitcoin, yellow means there is still a debate, and red means forbidding.
Russia and Iceland are the countries that prohibit the use of bitcoin. According to Iceland's central bank, transactions with bitcoin are considered as movements of capital abroad and illegally due to capital controls conducted in the country after the collapse of the banking system in 2008.
The Russian central bank warned businesses using bitcoin as a means of payment would be potentially considered to be involved in money laundering or terrorism financing. However, transactions with bitcoin in Russia are very large and underground.
Russia is in the red category, but the transaction is huge. The bitcoin transactions there account for 20 percent of all bitcoin transactions worldwide.
Meanwhile, China, India, Thailand and Kazakhstan still have debate over bitcoin. In China, for example, bitcoin circulates freely with warnings. Prohibition applies to companies, but the public is allowed transactions with bitcoin as a commodity trading activity on the internet.
Many countries respond to bitcoin transactions with permissiveness, which is marked by a green legal status. In the United States, bitcoin may be circulated as an electronic transaction.
In Singapore, the central bank decides not to interfere with transactions with bitcoin, but will impose taxes because bitcoin is considered a commodity.
In Malaysia, the central bank allows transactions with bitcoins. However, people are encouraged to be careful in transacting and investing with the virtual currency

Sounds like bitcoin is like is selling drugs ha?
I didn't know there are some countries are prohibiting bitcoin. What kind of law is that?
The officials in those country maybe have nothing to pass a law that's why they pass a law that prohibits the usage of bitcoin. They are morons.
Just like leave the bitcoin alone and mind their own business.

[javalemcgee]

Some of the countries or their governments are very conservative and they reject all attempts to break or bypass their conventional economic system. And they simply ban bitcoin or all other digital assets.

[JimmieA]

Maybe some conservative nations believe that btc accreditation will increase the crime rate, they do not trust btc's security. And with the thought of recognizing the btc will affect the country's finances and especially the currency price without thinking that btc will diversify its way of doing business in a cooperative economy.

[chairul.muttaqin]

Perhaps everyone's assumption about bitcoin is different and sometimes bad assumption is more dominant among the public who do not know about bitcoin completely.  But bout punishment 6 months for just using bitcoin is very arbitrary rules because not everyone using bitcoin for illegal things.

[Xester]

Perhaps everyone's assumption about bitcoin is different and sometimes bad assumption is more dominant among the public who do not know about bitcoin completely.  But bout punishment 6 months for just using bitcoin is very arbitrary rules because not everyone using bitcoin for illegal things.

Six months of imprisonment just by using bitcoin?  What country is that?  How did they trace someone who uses bitcoin?  Anyways, different countries different rules.  Like what you said, it is about perception or assumption on what bitcoin is.  Maybe they are using it for gambling that is why they were punished.

[DainSLane]

In some countries like bolivia bitcoin is banned by their government because bitcoin is decentralized it means it cannot be controlled by the government or bank and bitcoin is tax free so the government won't take profit from it. and some people use bitcoin to buy drugs in black market.

[ServBit]

I've read in some article abaout bitcoin which is pro and contra in its use, the conclusion is :
The presence of bitcoin as the virtual currency reaps the pros and cons. Bitcoin is considered to facilitate financial transactions. However, transactions with this virtual currency can also raise the risk of money laundering.
Different countries respond differently to the presence of bitcoin in the country.
The bitlegal.net site classifies three legal statuses of bitcoin in different parts of the world with color indicators. A country colored green means allowing bitcoin, yellow means there is still a debate, and red means forbidding.
Russia and Iceland are the countries that prohibit the use of bitcoin. According to Iceland's central bank, transactions with bitcoin are considered as movements of capital abroad and illegally due to capital controls conducted in the country after the collapse of the banking system in 2008.
The Russian central bank warned businesses using bitcoin as a means of payment would be potentially considered to be involved in money laundering..

Sounds like bitcoin is like is selling drugs ha?
I didn't know there are some countries are prohibiting bitcoin. What kind of law is that?
The officials in those country maybe have nothing to pass a law that's why they pass a law that prohibits the usage of bitcoin. They are morons.
Just like leave the bitcoin alone and mind their own business.

This might work with big countries, though due to their sheer size the effect would be negligible (at least so I think), but with smaller countries, the net effect will be negative on the whole. The majority of small countries have export-oriented economies, and they are always stuck between the nether and the upper millstone, so to speak. On the one hand, to be competitive on the international markets they have to keep the exchange rates of the local currency low (which is good for exports and consequently to the whole country), but, on the other hand, this might lead to higher inflation (which would mean impoverishment of the population)...

In this manner, Bitcoin is neither here nor there for such smaller economies, and could potentially wreak economic chaos and devastation in them

[Faiyz]

I've read in some article abaout bitcoin which is pro and contra in its use, the conclusion is :
The presence of bitcoin as the virtual currency reaps the pros and cons. Bitcoin is considered to facilitate financial transactions. However, transactions with this virtual currency can also raise the risk of money laundering.
Different countries respond differently to the presence of bitcoin in the country.
The bitlegal.net site classifies three legal statuses of bitcoin in different parts of the world with color indicators. A country colored green means allowing bitcoin, yellow means there is still a debate, and red means forbidding.
Russia and Iceland are the countries that prohibit the use of bitcoin. According to Iceland's central bank, transactions with bitcoin are considered as movements of capital abroad and illegally due to capital controls conducted in the country after the collapse of the banking system in 2008.
The Russian central bank warned businesses using bitcoin as a means of payment would be potentially considered to be involved in money laundering..

Sounds like bitcoin is like is selling drugs ha?
I didn't know there are some countries are prohibiting bitcoin. What kind of law is that?
The officials in those country maybe have nothing to pass a law that's why they pass a law that prohibits the usage of bitcoin. They are morons.
Just like leave the bitcoin alone and mind their own business.

This might work with big countries, though due to their sheer size the effect would be negligible (at least so I think), but with smaller countries, the net effect will be negative on the whole. The majority of small countries have export-oriented economies, and they are always stuck between the nether and the upper millstone, so to speak. On the one hand, to be competitive on the international markets they have to keep the exchange rates of the local currency low (which is good for exports and consequently to the whole country), but, on the other hand, this might lead to higher inflation (which would mean impoverishment of the population)...

In this manner, Bitcoin is neither here nor there for such smaller economies, and could potentially wreak economic chaos and devastation in them

I think that could also be the case but bitcoin is somewhat not supported in as you said small countries. I have meet someone in the internet who lives in some part of southern asia who is also a bitcoiner and he said that bitcoin is not really supported there. But i think most cryptocurrency like bitcoin and etheruem are becoming popular day by day,and i think there is a high risk that it could be adopted in some country's currency. And also price of cryptocurrency like bitcoin isn't stable or fixed. So government adopting cryptocurrency for it's country could sometimes be an advantage.

[Sniper150]

Their countries , their laws.  It really depends on your definition for not supported too . If we speak about banning then as far as I know I don't think there is a country that actually banned bitcoin , at least nothing official and If there is then Its related to the banking system with one way or another . If its about the lack of usability in ATMs , local shops then there are plenty of countries and It takes time as some countries have more priorities .

Yes, you're right. I think there are some countries that bitcoin is being banned. Bitcoin in other countries was not legal. There is no tax in bitcoin. It is another type of currency that we can use to buy things like goods and services. But there is also countries that bitcoin was supported. Like here in my country, bitcoin was being popular gradually because its price was fluctuating. You noticed that the value of BTC every minute is shifting.

Lack of usability in ATM's? I think people would choose ATM's for the fastest transaction of money. But in terms of bitcoin, It could also be saved it to your wallet and you can cash out whenever you need money.

[bitbob82]

In some countries like bolivia bitcoin is banned by their government because bitcoin is decentralized it means it cannot be controlled by the government or bank and bitcoin is tax free so the government won't take profit from it. and some people use bitcoin to buy drugs in black market.

i am hearing it for the fest time that they are banning bitcoin, but i think most of the states are not getting bitcoin as legal but still they even not banned bitcoin yet. they are just thinking about it and may be they consider it as legal because they have very good example of japan.

[Cazkys]

I'm not sure what countries are not supporting Bitcoins, but for what I understand, not all countries are supporting online earnings. Basically, Paypal is not open to use in some countries and Bitcoins should enter those countries as an alternative payment processors. It is not supported when the people are not using internet because Bitcoins needs online since the transaction is needed to use Cryptocurrencies.

[welligon]

Bitcoin is not supported in some countries because goverment are afraid bitcoin is used for criminal offenses.

[xLittlegirly]

Because of law and government is scared that people use it for hiding black money and for Crime .