Bitcoin banned in Ecuador

[iram3130]

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.

Many of the advanced countries are accepting it and started adopting bitcoin in all of their services. Banning Bitcoin will just make it more popular and everyone will start learning about why Bitcoin was banned etc. I don't know the value of Dinero but it can't beat Bitcoin for sure.

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[Restmand]

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 dont think so, but i think it will allow it in their country. But they will make some strategies and put some taxes on it, so that as long as the earner earns bitcoin or alt coin they will also have . It is not good for them that their citizens already earn bitcoin without any taxes. And without any benefits because their own coin will be dump because of the demand of the bitcoins.

[SimmonenY]

I didn't really know that bitcoin was banned in Ecuador. I've seen on many payment services/wallets that Ecuador is one of the countries that they deliver plastic cards to, so it hasn't even occur to me. Is it possible to use bitcoin plastic cards there?

[Przemax]

Ecuador is the special type of country. Its lack of monetary politics shows a grotesque, that such a country is intervening with what currency people use. They should not care. They did not care about their currency that is pegged to USD.

Actually it just shows that this country is bought, owned and fully corrupted. Thats why they do not have any monetary politic. That shows that their voice on the btc is just a voice of those who keep them by their monetary balls.

[chixka000]

Not so sure about it. They have banned crypto currencies before because they are aiming to hve their own independent currency and now that theyve already have plus the government was i think most of them are now new. I think that they would try to consider it

[Gunawan82]

I do not think it should happen in my country, because developing countries need technology to raise the economy in the developing world.

[ecnalubma]

They might lift ban in the future anyway if they discover the financial economic benifit of bitcoin. A lot of countries trusted bitcoin nowadays and few countries left. Economically bitcoin is good only corrupt people are bad.

[Lizzie_Girl]

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?

Yet another example of how prohibition never works and never will work it's been proven over and over and over esspecially with drugs and such. You cannot stop people doing what they want. You can't take their finicial freedom from them. I'm not sure I even believe this.

[fanbeila]

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?

We could see that china and russia already tried to ban bitcoin and at last,they withdrew from their plan.They have just started to regulate bitcoins.Not even Equador,no other country could ban bitcoin.Unless,internet is banned,bitcoin could not be banned.

[Pearls Before Swine]

I'll say this.  There's no way whatever crypto Ecuador invented is going to be as volatile and/or profitable as bitcoin.  No way in hell, and if they introduce something Ecuadorians (as stated) are still going to use bitcoin if they're into crypto.  But I do give that country props for creating something, because S. America is in economic agony right now.  They definitely need a new, stable currency.  I assume everything OP said is true, but that's not my country and I don't follow their news.  Or much crypto news, for that matter.

[ekoice]

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?

Already china and russia have tried to ban bitcoins and they have failed to do so.So they have started to regulate bitcoins.Bitcoin could not be banned unless internet is banned.I don't think that Equador would be able to successfully ban bitcoins.

[deisik]

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?

Already china and russia have tried to ban bitcoins and they have failed to do so.So they have started to regulate bitcoins.Bitcoin could not be banned unless internet is banned.I don't think that Equador would be able to successfully ban bitcoins

Neither China nor Russia ever tried to outright ban Bitcoin

Russia had just been rending the air with empty threats of banning Bitcoin, prosecuting Bitcoin owners, and heavily penalizing Bitcoin miners, but these threats all came to nothing in the end (as it was evident right from the start). China did in fact try to impede and block Bitcoin adoption by forbidding businesses to get involved with Bitcoin, and then proceeding to bug local Bitcoin exchanges with the orders aimed at making their lives harder. But that ultimately turned counterproductive and only showed who had been swimming naked in the Bitcoin ocean (as per Warren Buffett)

[Flodemaga]

There is no way to force you to say what you can do with your money, no one can say those, based on those Ecuador has pushed the people to buy bitcoin hidden and maybe paying a premium value to get them, since its forbidden. People buy anything drugs, guns, ilegal stuff, and they cant control it, because its a free market.

[richsoon]

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 is a small player so no matter what they do bitcoin will not change much in price. As for bitcoin use spiking its not just in Ecuador its the same trend over the world. There is no way for a government to prevent bitcoin short of cutting off the internet so its quite natural people will continue using it in defiance even if its banned.

The current trend however is one of accepting it so I think Ecuador will change its tune in the near future anyway.

[HashieNewb]

There is no way to force you to say what you can do with your money, no one can say those, based on those Ecuador has pushed the people to buy bitcoin hidden and maybe paying a premium value to get them, since its forbidden. People buy anything drugs, guns, ilegal stuff, and they cant control it, because its a free market.

True, just because the Government banned Bitcoin it does not mean that the people in that Country can’t use it. Unless the Government restricts the Internet so that the only possible method to get Bitcoin would be to purchase it from another person then the demand in that area for Bitcoin would decline some.

[MCS23]

There is no way to force you to say what you can do with your money, no one can say those, based on those Ecuador has pushed the people to buy bitcoin hidden and maybe paying a premium value to get them, since its forbidden. People buy anything drugs, guns, ilegal stuff, and they cant control it, because its a free market.

True, just because the Government banned Bitcoin it does not mean that the people in that Country can’t use it. Unless the Government restricts the Internet so that the only possible method to get Bitcoin would be to purchase it from another person then the demand in that area for Bitcoin would decline some.

First you need not to be indignant, but to think about why there has been a ban on bitcoin in some countries and not only in Ecuador. The fact is that the first reason for the government's uprising against the crypto currency is that Bitcoin enables citizens to avoid taxation. Only in this case there is a strong protest from the government, against anyone using Bitcoin. Although a question pops up, why can not legalize Bitcoin, so that the user can pay tax and simultaneously work with the crypto currency.

[hawkins]

Maybe there are many who use bitcoin for negative things. But I do not think it will last long, because it will definitely be fixed, or there may be some problems that result in confidence in bitcoin declining in the country.

[neochiny]

There is no way to force you to say what you can do with your money, no one can say those, based on those Ecuador has pushed the people to buy bitcoin hidden and maybe paying a premium value to get them, since its forbidden. People buy anything drugs, guns, ilegal stuff, and they cant control it, because its a free market.

True, just because the Government banned Bitcoin it does not mean that the people in that Country can’t use it. Unless the Government restricts the Internet so that the only possible method to get Bitcoin would be to purchase it from another person then the demand in that area for Bitcoin would decline some.

Banning definitely won't be able to stop everyone from using it but,
it would make using it harder. Local businesses won't be able/willing to accept btc payments. Payments for bills, utilities, goods won't be possible. Buying and selling would be complicated.
Plus there's always the risk of getting caught.

Anyway, I'm just glad my country is bitcoin-friendly as I'm able to enjoy all it's benefits.

[shield132]

I can't understand what's the hope of countries where bitcoin is banned. Since it's legal, buying eith bank is impossible but who forgot another ways? For example localbitcoins and simply this forum. We can exchamge pp/btc here. So number of people in this country isn't low so they can't control if anyonr is using online wallet or if anyone has bitcoin core. Just silly action.

[Ucy]

Great. Wonder what is wrong with some government though. Why are they so scare of new technology?  Hope people who currently benefitting from Crypto don't end up as these leaders. What a World