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Author Topic: why bitcoin illegal in asia?  (Read 13080 times)
golek upo
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April 05, 2018, 11:46:06 PM
 #481

bitcoin illegal  some asia country bt why?can you give me some reason about this?? thanks
I think the reason is probably that governments in some Asian countries are too pessimistic with the development of bitcoin. They are afraid to try the latest innovations.

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April 06, 2018, 12:48:00 AM
 #482

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.
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April 07, 2018, 04:10:11 AM
 #483

Living and travelling across all the South-East Asia I have never heard if crypto being illegal. For fairness, I also never heard of it being legal either Smiley

Bitcoin was banned in Thailand many years ago, although I am not sure about the current status. Vietnam has also made all forms of crypto-currency illegal in that country. Indonesia has also imposed a ban on Bitcoin. The only South-east Asian nation with a positive attitude towards crypto-currency seems to be Singapore.

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April 07, 2018, 07:37:02 AM
 #484

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

Could be anything ranging from private corruption to just a conservative government. I am sure in some countries private countries pay politicians or decision makers to not allow bitcoin because if bitcoin becomes really big, it can cause losses to those corporations.
Yes these are the most common reasons for many of the countries not giving acceptance to bitcoin. While on one hand I see Japan on the verge of becoming bitcoin capital of world, then we have countries like India in Asia where they aren't ready to let people trade in crypto assets. They have discontinued all the services for purchase and selling of Bitcoin and other virtual currencies. This has borne a risk factor in minds of many Indians and this definitely is going to have a negative impact on the bitcoin rice and other virtual currencies as well. Probably the scenario would change a lot after the government happens to impose a ban on the bitcoin in India for real!!!

  

 
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arion6868
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April 07, 2018, 09:42:37 AM
 #485

can you be more specific about which country? im from asia and my friends all around is talking about bitcoin and even other coins as well, as far my knowledge, singapore malaysia taiwan philippines thailand vietnam we all is talking about bitcoin too
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April 07, 2018, 11:11:44 AM
 #486

Generally a country who ban bitcoin is a developing country, and generally a country who accept bitcoin is a developed country. You can distinguish the contrast a country who ban an who accept. For developing country still much a corruption, less social welfare, and the average community is also less understood about financial technology. So they are more comfortable to choose money physic compared use cryptocurrency. Whereas in asia still much a developing country compared developed country.

For government who ban cryptocurrency they have a reason, if they accept cryptocurrency the society will much using cryptocurrency with a ilegal transaction like buy drug, money loundry because a corruption. And they afraid the society more comportable using bitcoin as a payment and this situation can be sure the national money will dissapear.

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April 12, 2018, 12:36:18 PM
 #487

Asian countries differ from each other greatly, some of them are pushing innovations (like South Korea, for example)
So bitcoin isn't illegal in all Asia, just in small parts of it
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April 26, 2018, 05:14:45 PM
 #488

I think Bitcoin is not illegal in Asian countries, it is in grey zone because countries are afraid to accept a virtual currency in their country for daily uses.
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April 26, 2018, 09:10:36 PM
 #489

This is because if bitcoin gets legal in asia then banking industry will get affected very badly as everyone wants more profit in less time so they will shift there funds from banks to crypto-currencies which will cause banks heavy losses, so to avoid this loss bank owners have asked government not to allow crypto-currencies.
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April 27, 2018, 02:13:12 AM
 #490

Living and travelling across all the South-East Asia I have never heard if crypto being illegal. For fairness, I also never heard of it being legal either Smiley

Not all countries are declaring Bitcoin is illegal but only few of them declared it compared to most of the countries are adapting and regulating the Bitcoin currency. The most common reasons of this banning is likely the same reasons of other countries that ban Bitcoin like it might use in illegal activities like money laundering, smuggling and scam. For your convenience for the research you may use the google to inquire which asian nations are supporting and opposing the Bitcoin existence.

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April 27, 2018, 03:11:32 AM
 #491

bitcoin illegal some Asia country but why?can you give me some reason about this?? thanks
Bitcoin is illegal in some Asian countries because:
1. Transactions using Bitcoin cannot be traced to the Government.
2. Transactions using Bitcoin are not taxable. Surely this would not be beneficial to the Government.
3. Bitcoin can be used for money laundering.
4. Bitcoin can be used for illegal activities. Because now a lot of illegal transactions that use Bitcoin as a means of
    payment. This is because of the nature of anonymous Bitcoin transactions.
5. The existence of Bitcoin can harm local currency that can damage the financial system.

Maybe this is just part of what I know and if there are shortcomings please to add.

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April 27, 2018, 10:45:38 AM
 #492

i'm from India, but illegal in Asia , and if there some countries in asia been legal or some illegal , maybe in the near future in the asia  will follow others country to legalize this.
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April 27, 2018, 10:50:23 AM
 #493

Is bitcoin illegal in Sri Lanka ? Huh
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April 27, 2018, 01:27:34 PM
 #494

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

Well not all countries on Asia are not implementing bitcoin , such as my country which is Philippines now our government looking and taking a review on bitcoin , and also they debating , they setting regulation regards to implementing bitcoin on our state.

One of the reason why they illegalizing bitcoin is that , they afraid on committing or legalizing bitcoin , they doubt it and thinking that it's just a scam , or a ponzi scheme.

But then again i'm looking forward on implementing bitcoin on our state and also to our neighbor countries.

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April 27, 2018, 04:08:44 PM
 #495

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

Yes. Currently, there are only 5 countries where the usage of Bitcoin is illegal. These countries are; Bangladesh, Nepal, Cambodia, Vietnam, and Indonesia. The common reason is strict anti-money laundering laws. It becomes illegal in Vietnam and Indonesia once it is used as a payment tool but it is legal to trade and hold. Source: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory
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April 27, 2018, 05:07:07 PM
 #496

I think that those countries who prohibits the use of bitcoin and made it illegal are mostly poor countries. While the other asian countries just like China is just regulating the ICO. People sometimes misunderstood regulated as illegal or banned.
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April 29, 2018, 01:11:44 PM
 #497

So dumb.
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April 29, 2018, 07:57:48 PM
 #498

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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April 30, 2018, 08:40:46 AM
 #499

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

Yes. Currently, there are only 5 countries where the usage of Bitcoin is illegal. These countries are; Bangladesh, Nepal, Cambodia, Vietnam, and Indonesia. The common reason is strict anti-money laundering laws. It becomes illegal in Vietnam and Indonesia once it is used as a payment tool but it is legal to trade and hold. Source: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory



Those are small under-developed countries. Most crypto-friendly countries are those that have progressive economy like Singapore and South Korea. It's not really a huge deal because poor countries can't really keep up with the latest tech.

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April 30, 2018, 08:49:03 AM
 #500

 “Electronic money is designed to operate and support the monetary scheme of dollarization,” explained an economist affiliated with the government. Completing the naughty list of countries that have banned bitcoin is Kyrgyzstan, a tiny landlocked state in Central Asia, and Bangladesh.

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