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Author Topic: Bitcoin banned in Ecuador  (Read 5875 times)
DOGE12321
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May 29, 2017, 07:27:51 AM
 #1


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?
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May 29, 2017, 07:39:53 AM
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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.

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May 29, 2017, 08:04:41 AM
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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?


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.


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May 29, 2017, 08:06:46 AM
 #4

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.


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May 29, 2017, 08:44:22 AM
 #5

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

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May 29, 2017, 08:46:26 AM
 #6

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.

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

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May 29, 2017, 08:56:56 AM
 #7

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.

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May 29, 2017, 09:02:35 AM
 #8


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?


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.

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May 29, 2017, 09:08:06 AM
 #9


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?

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.
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May 29, 2017, 09:11:15 AM
 #10


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?

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.

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May 29, 2017, 09:14:21 AM
 #11


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?


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.

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May 29, 2017, 09:15:46 AM
 #12


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?

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.

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May 29, 2017, 09:16:42 AM
 #13

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.

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)

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May 29, 2017, 09:31:53 AM
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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?


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.


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?
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May 29, 2017, 09:39:01 AM
 #15


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?


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.

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erikalui
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May 29, 2017, 09:42:42 AM
 #16

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.

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May 29, 2017, 09:51:15 AM
 #17

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

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May 29, 2017, 09:57:56 AM
 #18

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.

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May 29, 2017, 10:00:56 AM
 #19

The same in venezuela Huh
Bitcoin has influenced the country's monetary system Huh
I think it's normal
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May 29, 2017, 10:12:13 AM
 #20


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?

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.

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