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Author Topic: Bitcoin banned in Ecuador  (Read 5844 times)
SoulBargain
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May 31, 2017, 03:26:11 PM
 #81

The reason they probably banned bitcoin in the first place is it's popularity and the fear that there will be a popular coin/financial system active in their country without their supervision. Generally countries afraid of that kind of free payment system that won't give them taxes.

but they can impose taxes if they want, so banning bitcoin is counter productive for them, because they would lose possible taxes gain, if they can't get 100% taxes out of it they still lose a great amount of revenue from taxes, Ecuador is not a big country and bitcoin will not lose much hopefully by being banned in this small country

Though it is still useless and the counter productive is not working because it is not properly enforced hence it is like what you said is different from what you are doing. I strongly believe that bitcoin will help every one of us and a key for the growth in the economy as what Japan jas seen it and will promote financial stability to its people.

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May 31, 2017, 03:28:20 PM
 #82

The reason they probably banned bitcoin in the first place is it's popularity and the fear that there will be a popular coin/financial system active in their country without their supervision. Generally countries afraid of that kind of free payment system that won't give them taxes.

but they can impose taxes if they want, so banning bitcoin is counter productive for them, because they would lose possible taxes gain, if they can't get 100% taxes out of it they still lose a great amount of revenue from taxes, Ecuador is not a big country and bitcoin will not lose much hopefully by being banned in this small country

Though it is still useless and the counter productive is not working because it is not properly enforced hence it is like what you said is different from what you are doing. I strongly believe that bitcoin will help every one of us and a key for the growth in the economy as what Japan jas seen it and will promote financial stability to its people.

Not even sure why it will promote financial stability anywhere, let's again remember that bitcoins are just a financial tool. A medium of exchange if you will, it does not improve anything if there is nothing created or moved in an economy. If you have bitcoins that doesn't mean you're rich, unless you have thousands of them.

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May 31, 2017, 04:25:33 PM
 #83

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

But we do know. Dinero Electrónico. The Ecuadorean government does not want anything competing against their central bank's own and issued digital currency

They don't issue their own currency

Apart from some coins which are mostly collectibles and aimed at numismatists and similar types. Just like a few other Latin American countries (Panama comes to my mind immediately), they are using the US dollar as a legal means of payment. If you mean that they are going to issue their own cryptocoin (a sort of altcoin), that would be, first, too expensive for them, and, second, it wouldn't have any value from day 1 (otherwise they wouldn't be using the American dollar in the first place)

Then whats this Dinero Electrónico nonsense?

As Google tells me, Dinero Electrónico is simply a Spanish phrase which stands for digital currency. So it may mean anything from typical fiat used in a non-cash mode of circulation to cryptocurrencies such as Bitcoin and accomplices. It seems that you may want to be more specific about the context in which this phrase has been used and where you heard this news (rumor). Otherwise, it is like a famous Chinese government cryptocoin that everyone has heard about but no one has seen so far

Anyway, no one would give a fuck about it in Ecuador when they have genuine, truly American dollars

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May 31, 2017, 05:04:11 PM
 #84

Whatever the reason of banning bitcoin in Ecuador it doesn't matter but we have to identify the actual facts. Other wise it will cost huge..it should be fixed and compatible for the general user of bitcoin

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May 31, 2017, 05:08:28 PM
 #85


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 Equador is already thinking ways on how they will block bitcoin in their country. If they cannot find any solution or way in completely banning bitcoin, I believe, they will be forced to accept bitcoin.  For me, as a government, it would be best to just let bitcoin transaction flow freely in the country and put tax to it so that government can collect taxes from bitcoin transaction and make these tax aid the country.

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May 31, 2017, 06:53:02 PM
 #86


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 Equador is already thinking ways on how they will block bitcoin in their country. If they cannot find any solution or way in completely banning bitcoin, I believe, they will be forced to accept bitcoin.  For me, as a government, it would be best to just let bitcoin transaction flow freely in the country and put tax to it so that government can collect taxes from bitcoin transaction and make these tax aid the country

They won't be able to collect taxes

Or do you really expect that anyone is going to pay anything to a rotten and corrupted government? It is the case with all such governments (as well as dictatorial and authoritarian ones), they don't have a lot of options apart from banning something or forcing it. The reason is as simple as it gets, if they don't ban it (e.g. Bitcoin), it will be immediately used against them. Thus they are internally limited to allow only what they can control, what they can't control will be used as a means to limit themselves, which is lethal for them in the long run. Even the dog knows how to piss off authorities

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May 31, 2017, 07:17:55 PM
 #87


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 Equador is already thinking ways on how they will block bitcoin in their country. If they cannot find any solution or way in completely banning bitcoin, I believe, they will be forced to accept bitcoin.  For me, as a government, it would be best to just let bitcoin transaction flow freely in the country and put tax to it so that government can collect taxes from bitcoin transaction and make these tax aid the country

They won't be able to collect taxes

Or do you really expect that anyone is going to pay anything to a rotten and corrupted government? It is the case with all such governments (as well as dictatorial and authoritarian ones), they don't have a lot of options apart from banning something or forcing it. The reason is as simple as it gets, if they don't ban it (e.g. Bitcoin), it will be immediately used against them. Thus they are internally limited to allow only what they can control, what they can't control will be used as a means to limit themselves, which is lethal for them in the long run. Even the dog knows how to piss off authorities
I would not doubt at all that all the problems with Bitcoin in some countries due to taxation of citizens and, first of all, it concerns those who can not pay tax on foreign exchange operations. Well, why then do other countries like Japan, for example, find ways out of these situations?

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May 31, 2017, 07:41:17 PM
 #88


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 Equador is already thinking ways on how they will block bitcoin in their country. If they cannot find any solution or way in completely banning bitcoin, I believe, they will be forced to accept bitcoin.  For me, as a government, it would be best to just let bitcoin transaction flow freely in the country and put tax to it so that government can collect taxes from bitcoin transaction and make these tax aid the country

They won't be able to collect taxes

Or do you really expect that anyone is going to pay anything to a rotten and corrupted government? It is the case with all such governments (as well as dictatorial and authoritarian ones), they don't have a lot of options apart from banning something or forcing it. The reason is as simple as it gets, if they don't ban it (e.g. Bitcoin), it will be immediately used against them. Thus they are internally limited to allow only what they can control, what they can't control will be used as a means to limit themselves, which is lethal for them in the long run. Even the dog knows how to piss off authorities
I would not doubt at all that all the problems with Bitcoin in some countries due to taxation of citizens and, first of all, it concerns those who can not pay tax on foreign exchange operations. Well, why then do other countries like Japan, for example, find ways out of these situations?

Maybe, because the Japanese government is not as corrupted and rotten as Ecuadorian?

Though I don't really know how Bitcoin is actually taxed in Japan. Maybe, it is not taxed at all. Anyway, I'm talking about taxes in general. People may be not very smart in general but they are not fools either. And if they see that the authorities really care for "the masses", that the taxpayer's money doesn't get stolen but is injected back into the system via public services or whatever, there is at least a certain reason to pay taxes. Otherwise, there is a definite reason to not pay them. What could be simpler than that?

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May 31, 2017, 07:54:35 PM
 #89

They're a bunch of backward shmucks down there if they banned bitcoin, and meanwhile people are using it anyway.   That's the great thing about crypto.  Don't have to involve banks or governments.   For the people's sake I hope they eventually get enlightened.


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May 31, 2017, 08:05:34 PM
 #90

Do you think that the Ecuador government will freely allow the use of Bitcoin as its popularity increases?
It is difficult to assume that a government will allow users to trade bitcoin if there is a legal ban enforced by the government,either they will be forced to change their decision because they banned something they did not fully understand and in the present situation when more countries are accepting and legalizing bitcoin they should change their opinion and starts regulating rather than rejecting a technology.
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May 31, 2017, 08:25:26 PM
 #91

Do you think that the Ecuador government will freely allow the use of Bitcoin as its popularity increases?
It is difficult to assume that a government will allow users to trade bitcoin if there is a legal ban enforced by the government,either they will be forced to change their decision because they banned something they did not fully understand and in the present situation when more countries are accepting and legalizing bitcoin they should change their opinion and starts regulating rather than rejecting a technology.

Why do people need bitcoin, which governs the government? People want to freely use crypto currency.
There should be no prohibitions on crypto currency, because it is not fair. Every person must decide for himself what currency he can use

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May 31, 2017, 08:29:42 PM
 #92

However they ban it or not, anyone who use it still untraceable. Ip tracking maybe still can be useful for government, but this is depends on that person, personally. If they (anyone) know how to manipulate the IP or use some proxy they have chance to still anonymous/untraceable.  Roll Eyes

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June 01, 2017, 02:08:34 AM
 #93

Out of curiosity how many of you have been been to Ecuador or know people in the country? I'm reading a lot of these post it seems to be a disconnect with what is actually going on there.
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June 01, 2017, 04:42:54 AM
 #94

Do you think that the Ecuador government will freely allow the use of Bitcoin as its popularity increases?
It is difficult to assume that a government will allow users to trade bitcoin if there is a legal ban enforced by the government,either they will be forced to change their decision because they banned something they did not fully understand and in the present situation when more countries are accepting and legalizing bitcoin they should change their opinion and starts regulating rather than rejecting a technology.

Why do people need bitcoin, which governs the government? People want to freely use crypto currency.
There should be no prohibitions on crypto currency, because it is not fair. Every person must decide for himself what currency he can use
Regulation created in order to stabilise a specific region which the government rule. It's right that everyone must have their own freedom towards cryptocurrency and be able to use it. But, if the government themselves have already made a decision regarding of the rules for the sake of the country. There's no point on arguing that thing furthermore.

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June 01, 2017, 04:46:08 AM
 #95

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.

Ecuador issued its own digital currency a while ago, which is backed by assets owned by the Ecuador Central Bank. This currency can only be used by people who've been approved to use it, by the government. They had actually switched to a dollar based monetary system many years ago. The main reason why they banned bitcoin is because they don't want it to be competing with the digital currency that they've issued (I think that this is one of the main reasons why many governments don't like Bitcoin. They want to have a monopoly on the money supply when all money becomes digital, in the future). Many private companies in the country aren't using the digital currency though because they don't trust the central bank.
Although Bitcoin has been banned it's being widely used, and the ban is not really being enforced.

In that case, the government still holds the control on the currency they issues. It's just like replacing the fiat currency with cryptocurrency but without leaving the control of it. Alternatively, one of the major cause of bitcoin's popularity is, it breaks the geographical barriers. I am not sure, how governments can compete with any currency which has no barriers.

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June 01, 2017, 05:07:03 AM
 #96

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.

Ecuador issued its own digital currency a while ago, which is backed by assets owned by the Ecuador Central Bank. This currency can only be used by people who've been approved to use it, by the government. They had actually switched to a dollar based monetary system many years ago. The main reason why they banned bitcoin is because they don't want it to be competing with the digital currency that they've issued (I think that this is one of the main reasons why many governments don't like Bitcoin. They want to have a monopoly on the money supply when all money becomes digital, in the future). Many private companies in the country aren't using the digital currency though because they don't trust the central bank.
Although Bitcoin has been banned it's being widely used, and the ban is not really being enforced.

In that case, the government still holds the control on the currency they issues. It's just like replacing the fiat currency with cryptocurrency but without leaving the control of it. Alternatively, one of the major cause of bitcoin's popularity is, it breaks the geographical barriers. I am not sure, how governments can compete with any currency which has no barriers.
As long as they are able to regulate and control the exchanges within Ecuador when it comes to people trying to turn fiat into Bitcoin then they have a pretty effective means of competing against the "normal" systems. It forces people to start trading with each other which becomes more inefficient than what would be offered otherwise.
It's not really easy or practical but it can be done by people willing enough.
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June 01, 2017, 05:32:56 AM
 #97


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 don't think they can stop the popularity of bitcoin, the people will still use since there are a lot of ways to bypass the restriction.
Bitcoin will continue to grow and people will use it despite the fact that some countries does not fully support it.

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icecube45
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June 01, 2017, 08:54:46 AM
 #98

Although the Ecuador government forbids bitcoin, but the use of bitcoin there is increasing. I think this proves that people's interest is getting bigger for bitcoin. But I do not know if the government there will let this happen or take any other action. I think the government will not allow this and will certainly take action. I am sure there are two actions, revoking the ban on the use of bitcoin or committing criminal acts for the offender. But I'm sure sooner or later the government there will revoking the ban because people's interest in using bitcoin is growing and will definitely have an indirect impact, but they have to give up the crypto they make.
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June 01, 2017, 08:54:59 AM
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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.

Ecuador issued its own digital currency a while ago, which is backed by assets owned by the Ecuador Central Bank. This currency can only be used by people who've been approved to use it, by the government. They had actually switched to a dollar based monetary system many years ago. The main reason why they banned bitcoin is because they don't want it to be competing with the digital currency that they've issued (I think that this is one of the main reasons why many governments don't like Bitcoin. They want to have a monopoly on the money supply when all money becomes digital, in the future). Many private companies in the country aren't using the digital currency though because they don't trust the central bank.
Although Bitcoin has been banned it's being widely used, and the ban is not really being enforced.

In that case, the government still holds the control on the currency they issues. It's just like replacing the fiat currency with cryptocurrency but without leaving the control of it. Alternatively, one of the major cause of bitcoin's popularity is, it breaks the geographical barriers. I am not sure, how governments can compete with any currency which has no barriers.
As long as they are able to regulate and control the exchanges within Ecuador when it comes to people trying to turn fiat into Bitcoin then they have a pretty effective means of competing against the "normal" systems. It forces people to start trading with each other which becomes more inefficient than what would be offered otherwise.
It's not really easy or practical but it can be done by people willing enough.

Exactly, the worst thing that the governments can do is to ban the companies and other bitcoin activities which are taking the place under the sunlight but it is near to impossible for the governments not only of Ecuador but also for the other countries. I don't think government's actions will restrict the illegal use by any means. It might restrict the usage of banks but it is very difficult for other valued items.

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June 01, 2017, 09:11:17 AM
 #100


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?

Ecuador was never really a big player in the Bitcoin industry so this does not worry me much at all. If Bitcoin becomes a huge thing and all countries start accepting it, then Ecuador will follow soon. Also, there is really no way to track people who are using Bitcoin in Ecuador if they are using a VPN, which they most likely are.
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