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Author Topic: why bitcoin illegal in asia?  (Read 13061 times)
normensky012
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March 10, 2018, 12:40:27 PM
 #421

I think you should not mention the entire continent. Bitcoin is illegal in Nepal, initial coin offering is ban in China and South Korea. Some countries have strict regulations about trading and exchanging bitcoin and cryptocurrency. It's not illegal in the Philippines, the bank central issues a permit to cryptocurrency exchanges.
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March 10, 2018, 04:31:22 PM
 #422

Governments fear that there will be cases of using digital money for tax evasion, money laundering or financial terrorism.
fear of serious financial risks

If someone want to engage in tax evasion or money laundering, there are far better options available to them. It is interesting that the governments are not taking any action against the tax heavens such as Cayman Islands and Bahamas, and at the same time going ballistic after the crypto-users.

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March 11, 2018, 05:46:52 AM
 #423

bitcoin illegal some Asia country but why?can you give me some reason about this?? thanks
Bitcoin is illegal in some countries because the Government of that country does not accept the presence of Bitcoin in its country. And the country banned all Bitcoin-related. Probably because Bitcoin is not regulated by anyone and is still free. This is why some countries do not legalize Bitcoin.
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March 11, 2018, 08:57:13 AM
 #424

As far as I know bitcoin is not illegal in my country maybe for now since our government doesn't give much attention to bitcoin or crypotocurrency right now. I hope they will not ban bitcoin when the time come, I don't care if they will implement taxes for bitcoin or any crypto as long as they wont tag it as illegal.
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March 11, 2018, 10:32:23 AM
 #425

i think bitcoin is illiegal is just government dont have that digital vision globally.
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March 11, 2018, 10:34:16 AM
 #426

bitcoin is not illegal all over aisa its in some country only and some country not able to decide how to regulate it.
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March 12, 2018, 01:47:37 AM
 #427

I live in asian country and bitcoin is not illegal here yet there are country in asia who banned bitcoin as i've heard but most of it accepted bitcoin and patronized by asian people. Like in my country, government here is starting to recognized bitcoin as one of a currency uses by my fellow countrymen. And hoping that soon there are establishment that accepts btc as mode of payment here.

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March 12, 2018, 05:46:46 PM
 #428

I live in asian country and bitcoin is not illegal here yet there are country in asia who banned bitcoin as i've heard but most of it accepted bitcoin and patronized by asian people. Like in my country, government here is starting to recognized bitcoin as one of a currency uses by my fellow countrymen. And hoping that soon there are establishment that accepts btc as mode of payment here.
Maybe the Op were referring to almost Asian countries who banned bitcoin, but you are right not all and some countries still in the process of evaluating about the negative and positive side of bitcoin in our life and to the economy so some are still free to do cryptocurrency.
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March 12, 2018, 06:53:21 PM
 #429

Bitcoin in Asea is not illegal at all. There are nations that welcome the system of cryptocurrency in their country. Japan is in Asea, India is in Asea, Philippines is in Asea and there are more at the present planning to welcome also this new order of business through digital to outside computer. Every day there are developments. So everyday there is possibility that another country will recognize bitcoin. Then few years from now we can see bitcoin in Asea as the more active continent that recognizes bitcoin. Let us wait some more times to Asian people who welcomes bitcoin.
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March 15, 2018, 11:02:15 AM
 #430

In Asia, South Korea's Financial Services Commission (FSC) confirmed new rules, already trailed in advance, that anonymous accounts would no longer be allowed in the country. A statement from the FSC said: "Those who do not have their real-name accounts at the same bank with the exchanges will not be allowed to make new deposits into the exchanges' accounts. They will be only allowed to make withdrawals."
Also, persons who do not have bank accounts in the country would no longer be able to open accounts on South Korean crypto exchanges. And, as was also announced a couple of weeks ago, minors would be barred from buying crypto.
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March 16, 2018, 01:58:13 PM
 #431

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

The main reason of why there still some countries that not implementing bitcoin is because they see bitcoin as a threat on their economy or society. Which is far from reality, bitcoin really helps a lot. But theres a but such as my country philippines , the government is planning to legalize the bitcoin on our community which is a great idea and such as the india , korea and many more, i cant wait to see that its now legal on worldwide.

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March 16, 2018, 06:13:06 PM
 #432

Its illegal because in their place they have already good money and they not need anymore a digital money or they afraid that their own money or they judge bitcoin first and not knowing this.I think if they not acknowledge bitcoin its not good for them because its give so much conveniece in life and it gives so much fun for reading different ideas in world of trading and transaction.
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March 17, 2018, 06:40:03 AM
 #433

bitcoin illegal some Asia country but why?can you give me some reason about this?? thanks
Many of the factors why Bitcoin is illegal in some Asian countries. What I know is probably because Bitcoin is fluctuating, nothing is set, free, and the most feared of Bitcoin is Bitcoin can be used in terms of crime and so on.
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March 17, 2018, 01:38:45 PM
 #434

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

I am living in an Asian country. Here either its not illegal or illegal. Government has not yet proclaimed anything. But the government is aware of its existence in their country. They have even planned to introduce its own new crypto coin. We have another business man planning to launch its own crypto currency forming a team under his son. Hope bitcoin is adapted very soon and announced as legal.

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March 17, 2018, 01:55:07 PM
 #435

Singapore

Singapore's central bank has issued a public warning regarding the risk of bubble virtual currency. The Monetary Authority of Singapore declares that cryptocurrency is not protected by any central bank in the world and is illegal, meaning that those who suffer losses in their investment do not get Singapore's legal protection.

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March 17, 2018, 04:19:39 PM
 #436

Singapore

Singapore's central bank has issued a public warning regarding the risk of bubble virtual currency. The Monetary Authority of Singapore declares that cryptocurrency is not protected by any central bank in the world and is illegal, meaning that those who suffer losses in their investment do not get Singapore's legal protection.
In Philippines, it is still in a debate if they are going to legalize bitcoin or not, because they want things to be in order and with effort as their basis on decision, but on the other hand, we are free to do things, so it is just same as legal the difference is it is not yet declared.

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38,000 STORES are
accepting MOZO TOKENS

ebay1990
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March 17, 2018, 05:15:14 PM
 #437

bitcoin illegal  some asia country bt why?can you give me some reason about this?? thanks
my country is living in Asia. They still banned the use of bitcoin coins for trade. I hope the national government will give up the bitcoin ban which will accept bitcoin as banks
GardenChristian
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March 18, 2018, 06:22:09 PM
 #438

bitcoin illegal  some asia country bt why?can you give me some reason about this?? thanks
In Asia, each country's attitude towards bitcoin is different. India and China do not accept bitcoin, and they monitor bitcoin transactions strictly. In Japan, the government accepted bitcoin and encouraged people to participate in it.
corinccy
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March 19, 2018, 05:05:30 AM
 #439

it's because the government couldn't implement tax on it, nor regulate it. plus they dont trust the concept of btc. so they just list btc as illegal trading, name it bubble and whatever. however, it might take more time for asian country for accepting btc, maybe years of decades later  Sad
shaheer001
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March 19, 2018, 05:11:45 AM
 #440

Asian countries want to pay tax to the countries but as every one knows Bitcoin transaction has no such type of technology like fiat currencies bank accounts, and are hidden transactions as per personal identifications and they though in near future it may cause big problems in terms of money laundering and other crime involvement.

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