Bitcoin banned in Ecuador

[deisik]

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)

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[kevinn669]

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.

I think that Ecuador simply did not know that the cryptocurrency will become very popular. And also did not suspect that it can be used for good purposes. Therefore, the opinion of the government of Ecuador in relation to bitcoin will still change

[NY-city]

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.

I think that Ecuador simply did not know that the cryptocurrency will become very popular. And also did not suspect that it can be used for good purposes. Therefore, the opinion of the government of Ecuador in relation to bitcoin will still change

I think that the time will come and many strange will change their mind. Perhaps this will happen even to the next government changes And then Bitcoin will be in the best light and Maybe even ligalize.

[CryptoSi]

Quite foolish for any government to try and ban Bitcoin or any other p2p crypto currencies. It won't work.

[sportis]

Even though Ecuador government banned bitcoin people continue to use it and their adoption growing instead of declining. This is a good example where any foolish politicians cannot impose their will on their citizens. It's a lost game for them.

[Visin]

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...

That’s part of the reason why a bunch of the Government officials try to ban Bitcoin and they lift the ban a little later then ban it again repeating the cycle multiple amounts of time. Having the media post articles that the Government or Country banned Bitcoin gives the regular reader the idea that a little bit of control is over Bitcoin when in fact they don’t control any of it.

Bitcoin is pretty tough to get rid of if the people want it.

[skorupi17]

Even though Ecuador government banned bitcoin people continue to use it and their adoption growing instead of declining. This is a good example where any foolish politicians cannot impose their will on their citizens. It's a lost game for them.

That is because their government does not have the power and resources in imposing the ban they made. They cannot monitor their every citizen. So basically, imposing such ban is just a waste of time for the government. The only best thing to do is to compromise and accept bitcoin as it is, embrace it fully and gain all the benefit. 

[batang_bitcoin]

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?

Do you have an article about this? It only tells that the people of Ecuador prefer to use more bitcoin instead of their dinero electronico. The advantage will always go to the people that will choose bitcoin. With a massive adoption on a country and if the government sees that they will soon free the usage of bitcoin and they will move the ban on bitcoin.

[BitcoinGirl.Club]

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 be expensive and a waste of resources if the Ecuador government chose to continue with the ban, am certain they will just have to accept that bitcoin is here to stay and its already made a mark on the world map.

[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

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? The news said that after banning Bitcoin they, presumably their government with the help of banks and financial institutions, have issued their own digital currency. Im quite sure its centralized.

[RoooooR]

In 2014, all the cryptocurrencies including  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  users still continued using  and other cryptocurrencies. In fact,  use in Ecuador has spiked due to the recent price rise.

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

That’s a sad thing to discover. But I guess there’s a reason behind this ban. I guess the government is smart enough to anticipate or to prevent what they are afraid of with regards to currency factors that may be affected by the bitcoin industry. But I also agree with the others maybe the government react overly coz in my very own point of view bitcoin industry really helps lot of people specially those who are really want to change their lives. For now let’s see what will happen and good luck to those bitcoin users out there at Ecuador.

[USSENT]

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.

[audaciousbeing]

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?

The government of Ecuador have their reason for banning bitcoin which I know won't be far from the fact that they cannot control it but instead give to their citizen what they feel they can control but little did they know that the set of people initially exposed to bitcoin are the same people that will use their currency if they so wish and this people does not want the prying eyes of government looking into their activities. So, its either they adopt bitcoin or they leave it to fester the more in the society.

[Nathan047]

I think that Ecuador simply did not know that the cryptocurrency will become very popular. And also did not suspect that it can be used for good purposes. Therefore, the opinion of the government of Ecuador in relation to bitcoin will still change

No, I think it's just that Ecuador is a slowly failing South American government grasping for control of it's citizens. Since Bitcoin can't be controlled by them they don't want their citizens using it. At least this is what I'm guessing is happening.

[linkme]

I think that's just normal, as Bitcoin is uncontrolable, government is scared about doing the wrong things with Bitcoin so, they will ban

[snowcrashed]

I think that Ecuador simply did not know that the cryptocurrency will become very popular. And also did not suspect that it can be used for good purposes. Therefore, the opinion of the government of Ecuador in relation to bitcoin will still change

I don't think so. I think they are worrying about the disavantage of Bitcoin, they see that the disavantage is bigger than the advantage so, they decided to ban Bitcoin.

[markjamrobin]

I think that's just normal, as Bitcoin is uncontrolable, government is scared about doing the wrong things with Bitcoin so, they will ban

That's really what governments are worried about, they do not have the power to control the entire bitcoin operation, so they can not manage it. But for developed countries, when they have the capacity, they will accept it as a profitable currency.

[Ravion]

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.

[Ayers]

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

[equator]

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?

No country government wants the currency which cannot be controlled by them that is the main reason of lot of country not accepting bitcoin but some country nowadays have started to know about it and giving legal status to bitcoin and other cryptocurrency. So sooner Ecuador will also do the same when seeing that big country have started to use bitcoin