Bitcoin banned in Ecuador

[Nathan047]

Yup, and just another country grasping for complete authoritarian control over it's citizens. I know that a lot of other countries have repealed their ban on Bitcoin, and like @d5000 stated, it's not strictly enforced; so perhaps it's just temporary. Regardless, I'm guessing that banning Bitcoin is one of the smaller things when it comes to a loss of rights in Ecuador.

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[avikz]

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 few governments are progressive in nature and they won't allow their citizens to freely use something on which they don't have any control. Bitcoin is not controlled by any government and hence they don't want to allow the users to use bitcoin freely in their country.

Since the Ecuador government has launched their own digital currency, I doubt they will pave the way for bitcoin in future. The government is trying to keep the profits to themselves and not passing the benefits to their citizens. Fascist mentality!

[InvoKing]

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?

Accepting bitcoin or not shouldn't be a problem for bitcoiners since they can use it freely 24h/24h even if it was banned in several countries...The worst scenario, they will transfer funds to an international credit card and ta da!
Back to the Ecuadorian gov, it is silly to ban an unbannable thing  

[pearlmen]

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 most governments don't understand is the moment you ban something, you are actually creating additional awareness because those who have not even heard about it before will not decide and say " let me check this thing out " and when they do, they see the beauty which in the deal sense the government does not have the capacity to stop in terms of technology competencies among others. So in this case its either the Ecuador government fall in line or fall out of the way.

[PhucS]

I think the Government of Ecuador banned Bitcoin in their own country because they wanted to create their own electronic money issued by the Government of Ecuador with the assets of the central bank is Dinero Electrónico as you said, want more control. I think the Government of Ecuador will freely allow the use of Bitcoin but not now, possibly in the future. Currently, they are not completely banned digitized currency, they are not paying attention to the penalty for the use of Bitcoin

[jc89]

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?

Despite of bitcoin being banned in a certain country, some people will continue use it because the government cannot fully control its citizen in enforcing such law that's why, though bitcoin is banned in Ecuador, bitcoin usage spiked.

As for my opinion regarding the government to allow the usage of bitcoin, it is possible. Their perception about bitcoin might change in the coming years. They might see bitcoin's true potential then eventually accepts bitcoin fully. They are aware of other countries utilizing bitcoin and they are keeping a close eye and firmly observing situations. When the time comes, they will accept bitcoin.

[btc_angela]

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?

Despite of bitcoin being banned in a certain country, some people will continue use it because the government cannot fully control its citizen in enforcing such law that's why, though bitcoin is banned in Ecuador, bitcoin usage spiked.

As for my opinion regarding the government to allow the usage of bitcoin, it is possible. Their perception about bitcoin might change in the coming years. They might see bitcoin's true potential then eventually accepts bitcoin fully. They are aware of other countries utilizing bitcoin and they are keeping a close eye and firmly observing situations. When the time comes, they will accept bitcoin.

Then its gonna be too late when the time comes to accept bitcoin. Everybody is jumping on the bandwagon now, and if they are going to wait for more years before changing their stance, then sad to say they have to fall in line and go to the last. O h well, Ecuadorians has other things to take care of besides bitcoin, so we can't do anything but see where they are headed in terms of the crypto market.

[qiman]

Governments think that they can ban Bitcoin and it's uses but it is way too late now. I believe now that not only Bitcoin but other altcoin currencies will become popular and the government there will not be able to do anything about it. They have far more pressing issues, like holding onto power, than to chase bitcoin users.

[stompix]

Governments think that they can ban Bitcoin and it's uses but it is way too late now. I believe now that not only Bitcoin but other altcoin currencies will become popular and the government there will not be able to do anything about it. They have far more pressing issues, like holding onto power, than to chase bitcoin users.

No goverment has ever tried to enforce the ban.
But if they really want to have an all out war they can render bitcoin almost useless.

With shops banned from accepting payments, bank not allowing transactions from or to exchanges , people dealing in bitcoins on localbitcoin getting arrested ...it will all come to what you're risking.
And many will choose not to.

I think the Government of Ecuador banned Bitcoin in their own country because they wanted to create their own electronic money issued by the Government of Ecuador with the assets of the central bank is Dinero Electrónico as you said, want more control.

If they wanted more control they would issue their own national currency and not use the $.
Again dinero electronico is not really a crypto.
Is more like the traditional epayment network than bitcoin.

[carriebee]

I think in the near future Ecuador government will accept bitcoin they will adopt the technology. As they all know many people are into use technology even other countries that are accepting it. So for sure their country will adopt bitcoin.

[moriskarlov]

The more third party countries like Ecuador forbid Bitcoin, the more it becomes popular and interesting for investors. Poor countries and their governments always try to forbid everything they cannot corrupt.

[CryptoGriff]

This is my first post here. My wife is Ecuadorian and we just received a call from her mother today and learned of a scam occurring regarding Bitcoin in Ecuador and luckily dissuaded her from investing with the scammers. My wife brother in laws father was not so lucky. It's a massive Ponzi scheme and on a massive scale. 1800 people in this part of Quito have already been impacted this month alone and the group running this scam are now to the point they are booking stadiums and large venues to attract "investors". by my math they have already scammed roughly 9 million dollars in total from people from the last 3 months. My wifes brother-in law father "invested" 1000.00 dollars on feb 1st when the price of Bitcoin was roughly $1000.00. So he should have about 1 bitcoin and be sitting in profit roughly 1000+. Thus far he has been only been given 400 back. He was given no access to the bitcoin itself (no wallet no key ext) and has to recruit 2 two additional people to get the remainder of his investment back and then after that he will begin to receive 12.50 per week if he doesn't recruit these additional people his "investment" was lost. This scam because of the size of it will greatly harm Bitcoins rep in South America especially in Ecuador. Its sad that people who are poor are being taken advantage of like this but then again they have to take personal responsibility for their financial decisions. I thought Id share please let people know whats going on and share hopefully we can stop a fe people from being scammed.

[Nathan047]

The worst scenario, they will transfer funds to an international credit card and ta da!

No, the worst thing that could happen would be the BTC users get imprisoned and/or executed for using BTC. I'm sure that's probably not happening in Ecuador at the moment, but you have to remember that in authoritarian countries it's not a good idea to get on the wrong side of the law.

[Dimelord]

It seems that most developed countries like japan,switzerland accepting bitcoin and under developed countries like Equador,Bangladesh banning bitcoin.We could see the difference tht those countries have not realized the true potential of bitcoin.Even china ,Russia have tried earlier to ban bitcoin and now they have dropped it and have started to regulate bitcoin.Whether its equador or whatever country,one day or the other,they have to accept bitcoin.Its unstoppable.

[alexsamudra]

This is a country that does not accept the arrival of bitcoin as a very good change for the population of Ecuador.
Maybe this country does not accept bitcoin there is only reason that makes not accept bitcoin, what might this country lacks technical and enough power to enforce the ban.

[pinkflower]

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.

With the use of VPN and Tor, they will have a hard time if finding and tracking you. https://localbitcoins.com/country/EC

[amacl1n]

Bitcoin is very difficult and even impossible to restrain completely, even china isn't banning it completely but forces exchanges to many restrictions and the like during it's use.. Ecuador might be a good spot for BTC, and if the government already failed to prevent it in these years, they might be willing to allow few official exchanges for a while etc...

[SingAlong]

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.

Just like Russia who undo the ban they have released to Bitcoin and to the entire cryptocurrencies. Russia has seen the light of the opportunity that they have realized it sooner that they shouldn't miss it since it will greatly help them with the crisis they have been facing now. Bitcoin has gained the momentum and it is their loss if they continue this though they even didn't enforce the ban properly like as you said people still continue to use it including the OP.

[Mometaskers]

This won't last long. Russia tried but relented. Japan and Australia are getting into the action. There's no escape, no place to hide. Bitcoin will find you. LOL.

Kidding aside, there's really no benefit to them banning it. Their country is third world for all we care. What are they worrying about, capital flight? They should be more interested in the money that can come in with bitcoin legalized.

I don't know how much they'll possibly get from remittances but allowing their citizens to buy bitcoins and profit from it could do wonders for the economy.

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.

Wow, didn't even know they don't have their own currency? That, um, sounds weird for a country. If they're already using the dollar, they don't really need to worry much about bitcoin.

[mackenzied]

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.

I think that the ban has been abolished, I do not see any country banned bitcoin at the present time, even, they will accept bitcoin in the future. People often refer to America, Japan, China, but Korea is also a bitcoin country, it will grow strongly in this country.