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Author Topic: why bitcoin illegal in asia?  (Read 13074 times)
qwerty12
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January 27, 2018, 12:25:09 PM
 #361

Bitcoin and other cryptocurrencies are not been fully implemented into the legal framework in many countries in Asia.
The subject of taxation is one of the main issues that often arise. governments in Asian countries consider Bitcoin to be used to hide assets and help avoid taxes.
whereas, I think, if the government could draft a law for bitcoin, Bitcoin could be classified as an asset for tax purposes.
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preelee04
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January 30, 2018, 05:54:02 AM
 #362

It is not true, in fact Asia is one of the biggest supporters and investors of bitcoin since all Asians love to invest in bitcoin and start with some innovation. Bitcoin and other cryptocurrencies are not been fully implemented into the legal framework in many countries in Asia.
AmeSakibimasu
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January 30, 2018, 11:28:30 AM
 #363

here in asia the common reason why bitcoin is illegal because it might have connection or maybe will have communication to the bad guys or to sell their illegal products like drugs and weapons. The government should have a move or forced them to close any companies and websites for their safety, but some people are asking why some countries are legalize bitcoin, maybe it is because they used it in a properly way because they give bitcoin significance in life.

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Edraket31
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January 30, 2018, 03:02:40 PM
 #364

here in asia the common reason why bitcoin is illegal because it might have connection or maybe will have communication to the bad guys or to sell their illegal products like drugs and weapons. The government should have a move or forced them to close any companies and websites for their safety, but some people are asking why some countries are legalize bitcoin, maybe it is because they used it in a properly way because they give bitcoin significance in life.
We all know that Asia countries are one with the most number of crimes and this includes the number one enemy of the world which is drugs.
And what is the relationship of that crime to illegal drugs? Well, most of that countries were using bitcoin as a way of transferring their transaction so that they cannot easily be known as bitcoin is anonymous. Aside from that, a lot of scammers has born just like mushroom in numbers and were using bitcoin as their way of scamming people.
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January 31, 2018, 04:35:41 AM
 #365

its not illegal,they are just making wrong stories about bitcoin,cause bitcoin is a very tight competitor of the banks,your money increases good in bitcoin than banks,in my own opinion
togamamora
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January 31, 2018, 04:37:02 AM
 #366

Not really illegal actually

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KwizatzHaderach
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January 31, 2018, 04:40:42 AM
 #367

Illegal? Not really. Japan is currently at the forefront of adoption and doing friendly policies. They know they need to compete.
South Korea is mostly doing regulation which will be good for mainstream adoption long term. Minimizing bad impact to their society as their people tends to be crazy with tech stuffs.

China - since it is a centralized system of government. They would want to retain their control on money matters so that people will always rely on them and not be truly free.

Overall, I think it is a matter of time until governments steps up regulation to curb illegal activities which is good.

Allison567
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January 31, 2018, 08:10:49 AM
 #368

Because governments in Asian countries are afraid that bitcoin is out of control, the introduction of the state will crumble the national economic system because bitcoin is fragmented and uncontrolled.
shanksluffy
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February 01, 2018, 07:46:05 AM
 #369

bitcoin illegal  some asia country bt why?can you give me some reason about this?? thanks
Bitcoin become illegal because of no tax. Government are not favor in bitcoin because bitcoin are always changing price and they cannot control the value of it.
darklus123
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February 02, 2018, 05:45:42 PM
 #370

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

Different perspective for every country in asia. Some of this country wants to gain something from it and if not then they will surely ban it. While on the other hand some Asian countries wanted to learn more about this type of currency so they could give a better information to its people in order to protect them. Lastly would be those country who already adopted it and was able to find an abuse or loopholes that can be fatal to its economy
Kasliono
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February 03, 2018, 01:54:42 AM
 #371

bitcoin illegal  some asia country bt why?can you give me some reason about this?? thanks
In my opinion, It is because only several people know and accept bitcoin, the others still affraid about the risk of bitcoin when you do transacton by using them or just investing on them.
svendoto23
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February 04, 2018, 05:24:32 AM
 #372

bitcoin illegal  some asia country bt why?can you give me some reason about this?? thanks
Depends on where or how you use it and it is rarely seen as illegal because no one can regulate/control it . Each country has a different approach on the Cryptocurrency and trying to regulate and make a law to find a way on stopping the fraud/evil use of it .
Japan: It is totally a legal Currency to them and some establishments accept it as a payment or salary
China: Doesn't see it as a legal tender and consider it as illegal and China wants to have a full control of it
Korean: In South Korea they see it as a bubble and can be a way for money Laundering act

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sunshinelius
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February 04, 2018, 10:57:52 AM
 #373

I am from China, looks like Government never to accept Bitcoin or other coins, while maybe adopt blockchain technology somewhere in a control-manner innernet.  
perper350
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February 04, 2018, 11:55:34 AM
 #374

in china they ban crypto but introduce there own crypto . just monopolizing the cryptocurrency as usual its china's way
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February 05, 2018, 06:54:51 AM
 #375

Some of the countries in South East Asia that make bitcoin and other cryptocurrencies illegal to be used as their payments. There are a lot of news about the local business being closed because of using the cryptocurrency as their payment.
But as long as the crypto-coins are considered as an investment and exchanged with the local currency, it should be fine.

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February 06, 2018, 01:26:22 AM
 #376

As i know, in Japan,China and South Korea Bitcoin is legal. The governments those countries are not scared of  controlling money laundering. Then they ban bitcoin. Some other Asian couturiers like  Kyrgyzstan, Saudi Arabia and Bangladesh , Bitcoin is illegal.  It may be contradictory their social and domestic law.
deppil
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February 06, 2018, 02:08:29 AM
 #377

each in the Asian country has a different understanding about bitcoin.
leaders in Asian countries are afraid if bitcoin could damage the country.
I think that fear should be eliminated from the great leaders.
currently bitcoin image can be said very ugly you know. the government really makes the public view of bitcoin become worse. the government is running this scenario in order for their local currency to survive from the attacks of foreign currency and to avoid the rise of online crime. that's what they told the media why they banned bitcoin. you're right I think we need takes a great leader like a famous investor to tell the media and the world that bitcoin is not as horrible as the government thinks

Kambal2000
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February 06, 2018, 04:17:26 PM
 #378

each in the Asian country has a different understanding about bitcoin.
leaders in Asian countries are afraid if bitcoin could damage the country.
I think that fear should be eliminated from the great leaders.
currently bitcoin image can be said very ugly you know. the government really makes the public view of bitcoin become worse. the government is running this scenario in order for their local currency to survive from the attacks of foreign currency and to avoid the rise of online crime. that's what they told the media why they banned bitcoin. you're right I think we need takes a great leader like a famous investor to tell the media and the world that bitcoin is not as horrible as the government thinks
I am from Asia and bitcoin is not illegal here although our Central banks are disagree about this idea but still we are continuing this process as we are already accepting this innovation from our country, although our country are not yet really in favor as well but still they are opt to this kind of opportunity since they are seeing that a lot of people has change their life because of this.
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February 07, 2018, 03:32:04 AM
 #379

each in the Asian country has a different understanding about bitcoin.
leaders in Asian countries are afraid if bitcoin could damage the country.
I think that fear should be eliminated from the great leaders.
currently bitcoin image can be said very ugly you know. the government really makes the public view of bitcoin become worse. the government is running this scenario in order for their local currency to survive from the attacks of foreign currency and to avoid the rise of online crime. that's what they told the media why they banned bitcoin. you're right I think we need takes a great leader like a famous investor to tell the media and the world that bitcoin is not as horrible as the government thinks

I definitely agree that having good leader is a good ways to let digital currency be implemented, because this will bring good future to the economy due to comfort to be people's financial stability. In fact most of the people now in Asia were having good feedbacks with bitcoin, and why those government economist spreading fud and fake news; that's because of greediness. They don't wanted people to benefit with bitcoin due to it's out of their control and merely brainwashing everyone in the country that it's not a legal mode of currency.
Thyristor
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February 07, 2018, 02:20:41 PM
 #380

Banning crypto trading in Asian countries won't help the situation at all.Lies and rumours will still circulate just to get that extra dollar in the market.If anything,it will simply just cause the acceptability of Bitcoin to fall in the long run.


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