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Author Topic: why bitcoin illegal in asia?  (Read 12840 times)
imsotiredofmoviereboots
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April 30, 2018, 08:40:46 AM
 #501

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
 #502

 “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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April 30, 2018, 08:54:30 AM
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May 03, 2018, 08:07:17 AM
 #504

Its not true some country are illegal not in whole asia i am from india here is allow to purchase.

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May 04, 2018, 10:13:23 PM
 #505

Not for all countries in asia..its depend which county you live.only kyrgyzstan, saudi Arabia and bangladesh has expressly forbid/prohibited btc/cryptocurrencies.
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May 06, 2018, 01:23:48 AM
 #506

Yes because some people who had knowledge in bitcoin people attract some offer who can double thier money using bitcoin people in asia and perhaps bitcoin is illegal cause the government can't control bitcoin transaction, it's really hard to know exactly who made transaction. Because of this case,  a lot of people have take advantages of it to do some bad things such as money laundering or tax evasion
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May 06, 2018, 02:07:45 AM
 #507

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.
I think so, some developed countries may already be welcome with new technologies and innovations. only some developing countries in asia that don't like bitcoin so give bad rule about bitcoin. so does my country that pose a threat to bitcoin. my finance minister advised people not to invest in bitcoin but there has been no prohibition for it

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May 06, 2018, 10:14:45 PM
 #508

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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May 07, 2018, 05:33:38 AM
 #509

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.

China situation is quite complicated and it's full of contradictions. Just think that ICO and trading platforms are banned, but still most of mining (and trading) comes from Chinese..

The currency regulation plays a big role I think. Formally it's illegal to bring Chinese Yuan outside China's territory..
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May 11, 2018, 09:43:19 AM
 #510

depending on where we live, there are some countries in Asia that still doubt the legality of bitcoin, because bitcoin currency is not yet listed in government, there are some countries in asia are also prohibited to use bitcoin in their daily transactions or trade.
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May 11, 2018, 10:36:15 AM
 #511

Actually some of the country prohibited bitcoin as the government didn't wants the presence of crypto inside their land. There are some valid reason such as the possible sudden collapse of the economy as bitcoin is anonymous. The fear of the government from the citizens to leave the job and focus on crypto without any relation with government.
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May 12, 2018, 07:01:17 AM
 #512

bitcoin illegal  some asia country but why?can you give me some reason about this?? thanks
One can understand any Gov wanting to protect its fiat supply, hence wanting to regulate direct crypto-fiat exchanges where it's done directly with the exchange itself. That may not be an entirely bad thing overall, as it does lend some more acceptability to crypto, and make it easier for everyone to exchange directly back to fiat if necessary.

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May 12, 2018, 07:02:22 AM
 #513

bitcoin illegal  some asia country bt why?can you give me some reason about this?? thanks
Bitcoin is illegal in some Asian countries because the governments of these countries have not fully believed in Bitcoin and instead the Government hates Bitcoin can thrive in their country. There are so many factors that cause illegal Bitcoin in Asian countries and all the reasons we should be able to accept it if we live in that country.

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May 12, 2018, 09:23:31 PM
 #514

Its not true some country are illegal not in whole asia i am from india here is allow to purchase.
Yeah, I think he's just make it general without doing research. Here in our country bitcoin and eth are most valued crypto and many crypto supporters are enjoying with this.

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May 12, 2018, 10:20:16 PM
 #515

Its not true some country are illegal not in whole asia i am from india here is allow to purchase.
Yeah, I think he's just make it general without doing research. Here in our country bitcoin and eth are most valued crypto and many crypto supporters are enjoying with this.
I am from Indonesia and here we are not prohibited from doing all transactions bitcoin and crypto only in our country the government does not meligalkan or menilegalkan they are neutral and this is applied in many areas of Asia in my opinion

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May 13, 2018, 09:11:34 PM
 #516

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

Actually mate, as I'm one living here in asian country I didn't heard that bitcoin is illegal throughout the asia. In fact our government supports crypto currency and some of our business establishments accepting bitcoin as a mode of payments. Maybe, you're just misinformed regarding on that because as far as I know most users are from asian countries which I think most of them helps to increase the popularity of crypto currencies throughout the whole world.

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May 14, 2018, 01:41:31 AM
 #517

bitcoin illegal  some asia country bt why?can you give me some reason about this?? thanks
No much reason have been put across regarding the ban of ICOs and exchange sites in some Asian countries like China and India. The reason mostly given is that ICOs are used to fund terrorism and involved in money laundering, hence the regulation to implement KYC and AML in most ICOs and exchange sites in other countries.

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May 14, 2018, 02:35:39 AM
 #518

First reason govt. Want to control everthing thats y they are not interested to leagal bitcoin bcoz they know if bitcoin legally implemented so they have no control on currency or bitcoin defeted the local currency.
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May 15, 2018, 12:26:42 AM
 #519

I think not all Asian countries assume that bitcoin is illegal, if we look at the role of japan and china that have a big role on bitcoin because it has many users doing business in bitcoin, is the country illegal bitcoin?
and the legality of bitcoin is determined by the policies of the respective state governments.

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May 15, 2018, 03:51:53 AM
 #520

bitcoin illegal  some asia country bt why?can you give me some reason about this?? thanks
I live here in Asia and we can freely used bitcoin , many people here support crypto currencies and most of here are thankful for the benefits that bitcoin given to us. Where in Asia specifically do you mean mate?  maybe you heard it wrong....
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