Bitcoin banned in Ecuador

[rickadone]

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

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.

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 to the gallows 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 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!

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.

[BartS]

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!

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.

[Junko]

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

[Tyrantt]

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. 

[Souldream]

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?

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.

[squatz1]

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.

[deisik]

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

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

[yellow1]

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.

[gentlem3n]

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 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.

[Question123]

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.

[Bunsomjelican]

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?

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.

[buenav]

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.

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.

[xuan87]

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

[Restmand]

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

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.

[CrewKitten]

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

[phaddie]

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.
   

[LegendOF45]

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,

[Jalum]

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

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.

[SomethingMAD]

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?

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.

[Yakamoto]

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,

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.