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Author Topic: why bitcoin illegal in asia?  (Read 12840 times)
TrumpD
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November 01, 2017, 11:23:31 AM
 #161

Where is the information that bitcoin is illegal in some parts of Asia coming from? Regulated in some way maybe, but banned or illegal is simply not true. In some countries exchanging them may fall under certain regulations, aside from that, it is all good.


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November 01, 2017, 02:50:59 PM
 #162

bitcoin illegal  some asia country bt why?can you give me some reason about this?? thanks

1) It is a mean of illegal transaction that's why the government is banning it.
2) It is an option for money laundering.
3) Tax earning from it can not be imposed since it's an anonymous transaction.
4) The government wants only their fiat money to be used and circulated in their country.
5) Some thinks it is a threat for a risky investment and it may crash soon.

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November 01, 2017, 03:21:38 PM
 #163

It is illegal only in Bangladesh, Nepal and Kyrgyzstan
---Kyrgyzstan---In a July 2014, statement of the National Bank of the Kyrgyz Republic made clear that "the use of 'virtual currency', bitcoins, in particular, as a means of payment in the Kyrgyz Republic will be a violation of the law of our state
---Nepal---On 13 August 2017 Nepal Rastra Bank declared bitcoin as illegal
---Bangladesh---In September 2014, Bangladesh Bank said that "anybody caught using the virtual currency could be jailed under the country's strict anti-money laundering laws"
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November 01, 2017, 05:04:51 PM
 #164

Because the Government afraid may lose the control of the financial.

bitcoin illegal  some asia country bt why?can you give me some reason about this?? thanks
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November 01, 2017, 05:58:23 PM
 #165

I don't really understand why people would really care about Bitcoin becoming illegal in somewhere in the world. I personally don't care even if it was banned by every single country in the world. Most people here seem to missing a point. It is about liberation. It is about separating money from governments. If you expect it to be accepted by countries in the future, you will be disappointed. They see it as a tread and sooner or later they will try to ban it. But don't worry, they will never be able to stop that.


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November 01, 2017, 06:32:54 PM
 #166

It is illegal only in Bangladesh, Nepal and Kyrgyzstan
---Kyrgyzstan---In a July 2014, statement of the National Bank of the Kyrgyz Republic made clear that "the use of 'virtual currency', bitcoins, in particular, as a means of payment in the Kyrgyz Republic will be a violation of the law of our state
---Nepal---On 13 August 2017 Nepal Rastra Bank declared bitcoin as illegal
---Bangladesh---In September 2014, Bangladesh Bank said that "anybody caught using the virtual currency could be jailed under the country's strict anti-money laundering laws"

These laws exist only in paper. I know a lot of Bangladeshi users who trade in Bitcoins and none of them have ever faced harassment from the cops. And exchanges such as remitano and localbitcoins have their branches in Bangladesh. The situation is similar in Nepal, and there is a vibrant Bitcoin user community.

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November 01, 2017, 09:07:40 PM
 #167

I don't really understand why people would really care about Bitcoin becoming illegal in somewhere in the world. I personally don't care even if it was banned by every single country in the world. Most people here seem to missing a point. It is about liberation. It is about separating money from governments. If you expect it to be accepted by countries in the future, you will be disappointed. They see it as a tread and sooner or later they will try to ban it. But don't worry, they will never be able to stop that.
Oh yes they can!
They can get you to jail, can take away your house, your car, your dog.
I don't think that you are gonna to be happy about that... So, I think that if goverments will ban BTC, it's price will decrease instantly
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November 01, 2017, 09:57:53 PM
 #168

It is illegal only in Bangladesh, Nepal and Kyrgyzstan
---Kyrgyzstan---In a July 2014, statement of the National Bank of the Kyrgyz Republic made clear that "the use of 'virtual currency', bitcoins, in particular, as a means of payment in the Kyrgyz Republic will be a violation of the law of our state
---Nepal---On 13 August 2017 Nepal Rastra Bank declared bitcoin as illegal
---Bangladesh---In September 2014, Bangladesh Bank said that "anybody caught using the virtual currency could be jailed under the country's strict anti-money laundering laws"

These laws exist only in paper. I know a lot of Bangladeshi users who trade in Bitcoins and none of them have ever faced harassment from the cops. And exchanges such as remitano and localbitcoins have their branches in Bangladesh. The situation is similar in Nepal, and there is a vibrant Bitcoin user community.

I think if even bitcoin is ban along with several Asian countries. There are still gonna do trade it underground market because bitcoin is really booming today more than ever. Some people are willing to take that risk, because most of them, bitcoin is their main source of income. They would rather trade than no food in the table for their family. What makes it interesting though is that those country that bans bitcoin doesn't understand how bitcoin works and benefit its citizens. They are taking away most of their people's sideline money or even their main source of income. Just strict compliance is enough, not a total ban. I guess those nations will really be left out with the revolution continue to march till next year and the succeeding years.


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November 02, 2017, 04:38:37 AM
 #169

bitcoin illegal  some asia country bt why?can you give me some reason about this?? thanks


Some third world countries in asia do not permit the use of btc yet. i think the main reason from their perspective is the growing economy,  concerning about the security of economy  and of course from my perspective , the lack of knowledge.  Their main concern is the security. They think involving  or investing in crypto currencies can be dangerous [ in their opinion] because it could control their whole economy .

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November 02, 2017, 05:09:02 AM
 #170

Asian countries are mostly export-based economy and government is concerned about the capital outflux. Bitcoin offers a way to do that.
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November 02, 2017, 08:12:30 AM
 #171

bitcoin illegal  some asia country bt why?can you give me some reason about this?? thanks

1) It is a mean of illegal transaction that's why the government is banning it.
2) It is an option for money laundering.
3) Tax earning from it can not be imposed since it's an anonymous transaction.
4) The government wants only their fiat money to be used and circulated in their country.
5) Some thinks it is a threat for a risky investment and it may crash soon.


Well said, This are the reasons why some or most countries are not legalizing bitcoin as one of their currency. Bitcoin can be use in illegal transactions and tracing those involve people are really hard to do.

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November 02, 2017, 10:10:28 AM
 #172

Bitcoin is not illegal in all over Asia, but just in some countries the governments prohibited their citizens from using Bitcoin, and they can only answer the question "why" because we can only say what we think but not what is actually the correct reason behind it. We mostly think and say too, that governments are afraid if Bitcoin is discovered by the most people in a country and they started using it, then they might lose control of them as it is not in their hands to control bitcoin as their national economy. But still, there can be other reasons behind a ban on Bitcoin in every specific country.


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November 02, 2017, 10:13:16 AM
 #173

bitcoin illegal  some asia country bt why?can you give me some reason about this?? thanks

1) It is a mean of illegal transaction that's why the government is banning it.
2) It is an option for money laundering.
3) Tax earning from it can not be imposed since it's an anonymous transaction.
4) The government wants only their fiat money to be used and circulated in their country.
5) Some thinks it is a threat for a risky investment and it may crash soon.


Well said, This are the reasons why some or most countries are not legalizing bitcoin as one of their currency. Bitcoin can be use in illegal transactions and tracing those involve people are really hard to do.

Yeah, it will really hard to trace it and getting back the funds is impossible to do. For me, btc is not illegal and not legal too. Governments just dont have time to focus in legalizing btc, they have a lot of problems in their own country now.

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November 02, 2017, 12:02:55 PM
 #174

bitcoin illegal  some asia country bt why?can you give me some reason about this?? thanks

1) It is a mean of illegal transaction that's why the government is banning it.
2) It is an option for money laundering.
3) Tax earning from it can not be imposed since it's an anonymous transaction.
4) The government wants only their fiat money to be used and circulated in their country.
5) Some thinks it is a threat for a risky investment and it may crash soon.


Well said, This are the reasons why some or most countries are not legalizing bitcoin as one of their currency. Bitcoin can be use in illegal transactions and tracing those involve people are really hard to do.

Yeah, it will really hard to trace it and getting back the funds is impossible to do. For me, btc is not illegal and not legal too. Governments just dont have time to focus in legalizing btc, they have a lot of problems in their own country now.
Some governments wont really bother into these kind of things but im sure it would really make a buzz into their ears when it comes to bitcoin.Back into the thing being said by OP.I dont have much idea which country did able to make bitcoin as an illegal stuff.I do live on ASIA part but as far as it goes i havent seen than other countries considered bitcoin as an illegal stuff.For OP i would like to know what country and do provide some links regarding on such claim on making it illegal. I agree on the thing being said above. Bitcoin isnt legal and not illegal too.

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November 02, 2017, 12:03:56 PM
 #175

bitcoin illegal  some asia country bt why?can you give me some reason about this?? thanks
I believe that it's bribery and such controlling governments that stop bitcoin from being allowed in some areas.
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November 02, 2017, 12:52:06 PM
 #176

bitcoin illegal  some asia country bt why?can you give me some reason about this?? thanks


Some third world countries in asia do not permit the use of btc yet. i think the main reason from their perspective is the growing economy,  concerning about the security of economy  and of course from my perspective , the lack of knowledge.  Their main concern is the security. They think involving  or investing in crypto currencies can be dangerous [ in their opinion] because it could control their whole economy .

If this is the main reason why some Asian's country is banning then they are dead wrong. Actually bitcoin can help they moved forward in their economy because their people would have a lot of money to purchase products in their nation. I guess the initial impression really last because bitcoin was known in the beginning as currency being used to buy illegal things in the dark web. However, a closer look says otherwise. Its their lost though, really sad. But we can't do anything because those nations have already made their decision, although most of the Asian region still a pro bitcoin, only a handful remains negative about it.


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ishinn99
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November 02, 2017, 01:29:16 PM
 #177

I don’t know the reason why they don’t like the technology of bitcoin but i think not all asian countries bitcoin are illegal. Blockchain technology is our future and asian countries should accept this.

It's not illegal in most of countries in asia but at the same time btc is still not legalized. In our country btc is not that popular, but btc was already a topic in main stream medias, but in a short time only.

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Rupok
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November 03, 2017, 05:36:21 PM
 #178

I have no idea,But I think it will not take much time for Bitcoin to be legal in Asia. Because most people in Asia continent are working on Bitcoin, though it is illegal but it seems to be interested in their work.


ehrz22
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November 04, 2017, 01:46:24 AM
 #179

I have no idea,But I think it will not take much time for Bitcoin to be legal in Asia. Because most people in Asia continent are working on Bitcoin, though it is illegal but it seems to be interested in their work.



I think it will take a lot of time for Bitcoin to be legal in our country - Philippines. Though there are some people using it, our government still dont have that much of time to study bitcoin and legalized it. Also Im worried about the taxes they will put in using it.

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November 04, 2017, 01:07:39 PM
 #180


I am Japanese, but bit coins are legal.
Just cognition is not done much

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