why bitcoin illegal in asia?

[Sithara007]

I have only heard about it in the China but I don't know the reason why they banned it.

The China ban was expected. Chinese Yuan is one of the most manipulated currencies in the world and it gets devalued every month or so. That is the reason why the individuals there never store their wealth in CNY. Their options are limited. They can't purchase equities since they are very over-priced. Same situation with real estate as well. Bitcoin was one of the few available options.

[Tungsten-1]

Because bitcoin has no tax. So other government in asia planning to control those bitcoin holder by declaring or must be registered as a bitcoin holder by registering who used bitcoin government probably can control those holder and they can put tax on it.

Yes this is may also be a reason but in my thoughts they are scared of the fact that the use of their own currency will be reduced by the legalization of bitcoin which will affect their economy. But they are ignoring the facts that bitcoin will allow their mass to grow and earn a good amount of money by getting into bitcoin and make their life good.

[cotton ball]

Because bitcoin has no tax. So other government in asia planning to control those bitcoin holder by declaring or must be registered as a bitcoin holder by registering who used bitcoin government probably can control those holder and they can put tax on it.

Yes this is may also be a reason but in my thoughts they are scared of the fact that the use of their own currency will be reduced by the legalization of bitcoin which will affect their economy. But they are ignoring the facts that bitcoin will allow their mass to grow and earn a good amount of money by getting into bitcoin and make their life good.

They are more afraid of illegal transactions, many countries know that bitcoin is a global phenomenon but unfortunately they are not moving actively and only say about research and less serious studies. The biggest rumor is that they try to apply blockchain and separate bitcoin.

This is an unlikely thing because they only care about the technology that benefits them without seeing that bitcoin-blockchain is a single entity.

[SixOfFive]

I think it is not illegal till now in most of the Asian countries. Countries like India, China are still in process to understand it and it's impact on their economy. Being decentralized no single authority can control it. But it may be illegal in some isolated countries such Bangladesh, Nepal, Thailand etc because of the decision of government. They fear if bitcoin become enormous in size than it can causes a loss to their nation.

[Risktaker31]

Some of the in country in the asia they dont legalized the bitcoin but some have a regulation on how they can use bitcoin like in the Philippines where the BSP is currently regulating the trading of cryptocurrency in the country. Japan and Korea where bitcoin is legal like an alternate currency is making the use of it on some business or establishment.

[s31joemhar]

The Company of bitcoin is not illegal in Asia. All gossips and rumours about this issue are not true.
In fact many countries in Asia promoting the of using cryptocurrency in all commercial transaction because it will ease the process and save more time and money as well.

[Rony24h7]

People don’t use bitcoin in most of the Asian country but all over the world use it. The main cause of it is inactivity if I say in my opinion. It changes its value very quickly or it could become something of no value if none desired it and it is an electronic data. Again, a major problem is here that most of the Asian countries authority doesn’t know what is bitcoin and how to work with it.
There is no relation available between any local bank and bitcoin authority. People cannot use it physically and it doesn’t consider a currency and no one can use it for any type of payment and of course, any government doesn’t want to take any risk with their people's wallets money and these are the prime reason why bitcoin is illegal in Asia.

[goaldigger]

I think there are more countries outside asia that has been declared illegal by the government. I think or ive read here just about only 5-8 countries involved on illegalization. I hope we do not get to the point where all countries, if not ban, will be illagalize bitcoin.

[darshansetty]

i am not having any idea of why the asian countries have not legalized the bitcoin

[kumarcp]

dont know why they have not legalized in asia but i know that one day asian country will legalize in india

[Sithara007]

I think, because the government is too worried when bitcoin is used as money laundering, terrorist financing, drug deals and other crimes. I think it is normal that the government is worried about it. And maybe for that reason, bitcoin is illegal in asia.

The main concern is with tax evasion, hiding of wealth and money laundering. They are not much concerned about the usage for drug trade as the vast majority of the drug trade in Asia uses fiat cash as a medium of payment. For countries such as India and China, the major concern is tax evasion as high tax rates have fueled large-scale capital flight from these nations.

[immunitychilly]

There is no such news for this. However, if it is, the Philippines is starting to embrace the use and the trade of Bitcoins for better profit and development.

[kobe24]

i am not having any idea of why the asian countries have not legalized the bitcoin

China declared bitcoin ban but some asian countries don't know if bitcoin is legal here in our country  they recognize it but if you will use your bank account as a paymetn option they will automatically close your account they said that account with bitcoin transaction will be force close.

[L00n3y]

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

Can you give 1 particular country in asia because have not heard that there is 1 that says its illegal. In our country (Philippines), our government thru our BSP has taken an initiative to regulate bitcoin.

[Genosx]

Bitcoin is Illegal in Asia, how come? Japanese are the one who promote and created bitcoin so all this allegations, rumours and gossips are not true.
In fact they are supporting bitcoin in their system because it makes the process more convenient and systematic which will give a  great convenience for everybody.

[AVAMONEY]

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

Can you give 1 particular country in asia because have not heard that there is 1 that says its illegal. In our country (Philippines), our government thru our BSP has taken an initiative to regulate bitcoin.

I think some country from asians he means like Bangladesh, Nepal, China which source from News Bitcoin
Which it believes in Bangladesh the reason behind the ban, they would allow people to be "financially harmed." If you're caught trading in bitcoin in Bangladesh, it could lead to legal trouble under the Foreign Currency Control Act and Money Laundering Regulation.

[ihsanskanzaone]

Bitcoin in Asia is considered capable of undermining the economies of developing countries and bitcoin can be used as a money laundering place so that governments in most Asian countries forbid it. except in Japan in the country has legalized bitcoin and has started to regulate the use of bitcoin. Bitcoin also keeps a lot of flaws because everybody does a transaction, we can see the deals they do very easily because they are all stored in bitcoin networks.

[brontosaurus]

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

Can you give 1 particular country in asia because have not heard that there is 1 that says its illegal. In our country (Philippines), our government thru our BSP has taken an initiative to regulate bitcoin.

I think some country from asians he means like Bangladesh, Nepal, China which source from News Bitcoin
Which it believes in Bangladesh the reason behind the ban, they would allow people to be "financially harmed." If you're caught trading in bitcoin in Bangladesh, it could lead to legal trouble under the Foreign Currency Control Act and Money Laundering Regulation.

Trade of bitcoin is illegal only in one asian country and that is Bangladesh. Even Nepal doesn't has any laws for it while China has only stopped local exchanges from operating it hasn't clearly banned bitcoin. We still get a lot of investment in bitcoin from China itself. Saying this I would still say that Bitcoin does causes legal trouble for the countries as it becomes almost impossible for them to keep track of the financial operations of a person and amount of tax payable by him.

[Koadharber]

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

Can you give 1 particular country in asia because have not heard that there is 1 that says its illegal. In our country (Philippines), our government thru our BSP has taken an initiative to regulate bitcoin.

I think some country from asians he means like Bangladesh, Nepal, China which source from News Bitcoin
Which it believes in Bangladesh the reason behind the ban, they would allow people to be "financially harmed." If you're caught trading in bitcoin in Bangladesh, it could lead to legal trouble under the Foreign Currency Control Act and Money Laundering Regulation.

Trade of bitcoin is illegal only in one asian country and that is Bangladesh. Even Nepal doesn't has any laws for it while China has only stopped local exchanges from operating it hasn't clearly banned bitcoin. We still get a lot of investment in bitcoin from China itself. Saying this I would still say that Bitcoin does causes legal trouble for the countries as it becomes almost impossible for them to keep track of the financial operations of a person and amount of tax payable by him.

In some parts in Asia there are really countries which bitcoin is banned but most of them are on neutral phase which they didn't even made such decision regarding on bitcoin but for those who do made such prohibition im sure theres nothing can stop for people to transact with bitcoin since its a decentralized thing. One make use of Tor will surely hidden the transactions even more but be careful not to be caught because once you caught then you would end up on getting prisoned.

[rhamzter]

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

Can you give 1 particular country in asia because have not heard that there is 1 that says its illegal. In our country (Philippines), our government thru our BSP has taken an initiative to regulate bitcoin.

I think some country from asians he means like Bangladesh, Nepal, China which source from News Bitcoin
Which it believes in Bangladesh the reason behind the ban, they would allow people to be "financially harmed." If you're caught trading in bitcoin in Bangladesh, it could lead to legal trouble under the Foreign Currency Control Act and Money Laundering Regulation.

Trade of bitcoin is illegal only in one asian country and that is Bangladesh. Even Nepal doesn't has any laws for it while China has only stopped local exchanges from operating it hasn't clearly banned bitcoin. We still get a lot of investment in bitcoin from China itself. Saying this I would still say that Bitcoin does causes legal trouble for the countries as it becomes almost impossible for them to keep track of the financial operations of a person and amount of tax payable by him.

In some parts in Asia there are really countries which bitcoin is banned but most of them are on neutral phase which they didn't even made such decision regarding on bitcoin but for those who do made such prohibition im sure theres nothing can stop for people to transact with bitcoin since its a decentralized thing. One make use of Tor will surely hidden the transactions even more but be careful not to be caught because once you caught then you would end up on getting prisoned.

In other countries in Asia bitcoin is not illegal, it was become illegal if some rules and regulations are abused by the users or if the users made prohibited and against the law. Most of the country in Asia was supported bitcoin because it's help to increase the economy of each country. Other than that some people who have no job had get work thru help of this coin.