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Author Topic: why bitcoin illegal in asia?  (Read 13066 times)
zulkarnaen
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November 28, 2017, 04:48:16 AM
 #241

As far as i know all government in asia supports digital currency even they do not crease law for it to imposed tax they are declairing support because they see good benefits of bitcoin to many people who are currently earning thru bitcoin also they rely on the feedback of many users that bitcoin is one of the best source of income now a days.

In some countries the bitcoin was banned due to their government seeing the negative impact on their economy but not in asia.

If all government study deeply about benefits of bitcoin or why bitcoin created i think they will adopt and support digital currency like bitcoin.

yes now bitcoin has become a good source of income for some people who have ability and knowledge in using bitcoin.
And I agree with you if in Asia there is no prohibition for the use of bitcoin even some countries have successfully adopted bitcoin.
And so far no regulation has been applied to set about bitcoin, everyone is free to access bitcoin and do activities such as trading and investment as well as others.

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December 01, 2017, 07:26:34 PM
 #242

I never heard that bitcoin is illegal in "Asia". I think that before writing a paper like that must be on a 100% and there are Asian countries that use bitcoin like Japan ....

Being unheeded does not mean that there is no such ban, in 3 Asian countries Bitcoin is currently forbidden. One of them is Bangladesh and the other country is Kyrgyzstan. I do not remember the third country.



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December 03, 2017, 02:54:12 AM
 #243

I never heard that bitcoin is illegal in "Asia". I think that before writing a paper like that must be on a 100% and there are Asian countries that use bitcoin like Japan ....
It was not totally illegal, because countries in Asia support the crypto currency. However the government study how they can imposed taxes to the income of all users. Otherwise as per Central Bank of the Philippines for now bitcoin or crypto currency had own entity to used. Moreover for now bitcoin was not yet covered by AML but thru help of R.A of the Philippines they can regulates those bank or remittances that accept bitcoin.

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December 03, 2017, 03:05:00 AM
 #244

I never heard that bitcoin is illegal in "Asia". I think that before writing a paper like that must be on a 100% and there are Asian countries that use bitcoin like Japan ....
It was not totally illegal, because countries in Asia support the crypto currency. However the government study how they can imposed taxes to the income of all users. Otherwise as per Central Bank of the Philippines for now bitcoin or crypto currency had own entity to used. Moreover for now bitcoin was not yet covered by AML but thru help of R.A of the Philippines they can regulates those bank or remittances that accept bitcoin.
Yes it's true I also heard that. Since all banks and remittances center in the Philippines had covered by AML they can regulates the withdrawals and deposits to crypto currency. For example the maximum withdrawals in Coins.ph is Php 300,000 it's because Php 500,000 withdrawals was covered by AML and they need to make a reports with that amount.

Together with the remittances center they can only withdraw not above Php50, 000 because above that amount was also need to report to AML it was do to avoid illegal transaction since bitcoin in the Philippines was not yet covered by the government.
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December 04, 2017, 06:28:54 AM
 #245

As far as i know all government in asia supports digital currency even they do not crease law for it to imposed tax they are declairing support because they see good benefits of bitcoin to many people who are currently earning thru bitcoin also they rely on the feedback of many users that bitcoin is one of the best source of income now a days.

In some countries the bitcoin was banned due to their government seeing the negative impact on their economy but not in asia.

If all government study deeply about benefits of bitcoin or why bitcoin created i think they will adopt and support digital currency like bitcoin.
Agree with you mate that crypto currency is not illegal in asia, most of the government are studying how they will support digital currency and how to imposed tax but i think bitcoin will be free in taxes because there are no such thing to trace all our transction to make government add our income in bitcoin to our annual income.
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December 05, 2017, 10:08:53 AM
 #246

I never heard that bitcoin is illegal in "Asia". I think that before writing a paper like that must be on a 100% and there are Asian countries that use bitcoin like Japan ....

I agree, for the countries in this part of Asia was indeed not many legalize Bitcoin. But, I've read on the internet in the country of Indonesia especially in Bali there is already a place that provides transactions for the use of the Bitcoin.

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December 05, 2017, 11:02:10 AM
 #247

You need to be specific. "Asia" is not a nation and it is a large continent. And the status of Bitcoins there vary from country to country. In certain countries such as Japan and Singapore, Bitcoins are 100% legal. Then we have countries such as India, where BTC is neither legal nor illegal. And in the end, we have countries such as Nepal and Kyrgyzstan, where Bitcoin is banned altogether.

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December 05, 2017, 03:13:00 PM
 #248

I don't know about other asia countries, but in my country, the government started to give their stance about crypto currencies.
Not only bitcoin, but any crypto currencies is considered "not a valid payment method".
I'm not sure if it will be considered illegal or not in near future :/

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December 06, 2017, 02:37:39 AM
 #249

I think you are generalizing all Asian countries just because China banned ICOs and other exchange and trading sites. You need to study a little about geography because Japan and South Korea are dominating the btc trading in the cryptocurrency market.
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December 06, 2017, 04:29:02 AM
 #250

I don't know why you think bitcoin is illegal in Asia, but it is completely legal in all parts of Asia I think the only country China banned the trading sites and ICOs which made you think bitcoin is illegal in whole Asia.Japan is also in Asia the country who made bitcoin legal initially and still top of the bitcoin using chart.So you can use bitcoin unless you are a Chinese but still China people using bitcoins. Grin Grin

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December 06, 2017, 04:33:23 AM
 #251

Because it's not legalized yet. But people still can use Bitcoin as normal cause it's not banned. People often think that illegal is the same with ban, it's totally different. For example in my country, Bitcoin is not legalized yet so I can't use Bitcoin directly to buy or pay for anything but I still can use it as normal, but if it's banned I'll have to go to jail if I get caught using Bitcoin.
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December 06, 2017, 10:45:51 AM
 #252

I think you are generalizing all Asian countries just because China banned ICOs and other exchange and trading sites. You need to study a little about geography because Japan and South Korea are dominating the btc trading in the cryptocurrency market.

Japan has fully legalized Bitcoins and crypto-exchanges, but the situation with South Korea is a little bit vague. I have seen some of the South Korean users here claiming that Bitcoins are legal there, but then I have also read articles claiming that the government has banned the participation of South Koreans in the ICOs.


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December 06, 2017, 03:24:17 PM
 #253

In what specific countries in Asia bitcoin is illegal? As far as I know only China did prohibited those ICOs but bitcoin isn't ban there. I don't know on what country is OP is preferring to. Asia is a continent and not a country and it's compose of many countries and has a lot of parts, Middle East Asia, South East Asia, etc.

I think you are generalizing all Asian countries just because China banned ICOs and other exchange and trading sites. You need to study a little about geography because Japan and South Korea are dominating the btc trading in the cryptocurrency market.
That's what I think too, he's generalizing Asia.



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Glorious04
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December 06, 2017, 03:46:34 PM
 #254

Oh! Is it? I dont think so. I think big percentage of bitcoin users and holders are in Asia. Bitcoin miners are more in China though recently they banned ICOs but it doesnt mean bitcoin is also prohibited in China. I think you pertain to ICOs when you say illegal in Asia but not in whole Asia though. Some country’s government are even planing to legalize it.

carlisle1
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December 07, 2017, 12:41:49 PM
 #255

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


Depends on where you are at. Its fine in a bunch of Asian locales, but again, you would have to define Asian a little more specifically. As far as I see, only Kyrgyzstan, Saudi Arabia and Bangladesh has expressly forbid/prohibited btc/cryptocurrencies. The common feature of all these governments is they are a Muslim majority. This is curious, is there something in the Koran against bitcoin, or more specifically, speculation on it?


lol why koran being mentioned here?i dont believe that muslims
 koran has something to do about that prohibiting of cryptocurrencies on
those countries i think they had preventing their personal interest because
 of threat bitcoin can bring,thats maybe they are very fragile about bitcoin
 community

Jombrangs
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December 07, 2017, 01:35:48 PM
 #256

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

To be honest Asia does not banned bitcoin. In fact in whole Asia; Kyrgyzstan, Bangladesh, and Nepal are those countries who banned bitcoin.
In some circumstances the government does not banned them for illegal purpose but they are not yet well develop to accept this kind of innovation.

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Swenna
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December 07, 2017, 01:37:09 PM
 #257

I have never heard of such news that tells that bitcoin is illegal in Asia. Well, in my country, it is neither legal nor illegal, the government doesn't pay too much attention to it, yet. There may be some countries in Asia that prohibits the use of bitcoin but there are a lot of factors behind this. Some may be because of political control from the government, fearing unknown and untraceable transactions. Another is that simply, they think of it as a scam or they fear its possibilities as a currency or a money-making platform.

ahmadhidayat27
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December 08, 2017, 07:53:35 AM
 #258

Because the average country in Asia is a developing country. The adoption of Bitcoin as a legitimate means of payment is not considered an effective solution to boost the economy. There are some countries in Asia that have banned bitcoin. Of course this sounds very sad. As for some countries that do not prohibit the circulation of bitcoin in the country but forbid to use it as a means of payment.
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December 08, 2017, 08:41:40 AM
 #259

Yeah some countries do not legalized it, I respect their laws but its just too selfish for government to control everything. I believe theres a future in crypto and a lot of people nowadays are depending on it, it will also help economic growth thru remittances. I just don't understand some political people why they don't allow innovation, maybe they're afraid of something. Only if they just realize the importance of cryptocurrencies nowadays.

       
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rhamzter
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December 09, 2017, 11:34:46 PM
 #260

Yeah some countries do not legalized it, I respect their laws but its just too selfish for government to control everything. I believe theres a future in crypto and a lot of people nowadays are depending on it, it will also help economic growth thru remittances. I just don't understand some political people why they don't allow innovation, maybe they're afraid of something. Only if they just realize the importance of cryptocurrencies nowadays.
Maybe they just want only to centralize their income together with their money circulate in their own country. Yes it is selfish thinking of government but let respect the decision of their country, maybe this is their way to improve the economics of their country. In addition not all country in Asia was prohibited bitcoin, some of them are accept bitcoin and they also make it as one of their source of income. I think if all countries hugged tight bitcoin most of them will become rich also balance of poor and rich will  lessen and soon to be that it will become equal.

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