why bitcoin illegal in asia?

[doedz]

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

Legality by Asian countries:
 +China: Restricted -  Exchanging bitcoins by people is lawful in China.
 +Hong Kong: Yes -  In any case, the power will be firmly viewing the utilisation of bitcoins mainly and its improvement abroad.
 +Indonesia: Restricted - All risks regarding ownership or use of Bitcoin are borne by the owner or user of Bitcoin and other virtual currencies.
 +India:  Restricted - India presumes that Bitcoins can be utilised for hawala exchanges and subsidising terror operations.
 +Israel: Yes - The Israel Bar Association considers the virtual money a fitting type of installment for lawyers.
 +Japan: Yes - You know! sure 
 +Kyrgyzstan: No - According to national law, the use of bitcoin and similar currencies is illegal.
 +Malaysia: Unrecognised -  The national bank won’t direct Bitcoin operations right now, and clients ought to mindful of the dangers connected with bitcoin use.
 +Philippines: Yes -   Bangko Sentral ng Pilipinas (BSP) will be monitoring the possibility of Bitcoin usage in money laundering and other illegal purposes.
 +Russia: No -  In February 2014, Russia’s Prosecutor General’s Office guaranteed that bitcoin is a cash substitute and “can’t be utilised by people or lawful elements.” In September 2014, Deputy Finance Minister Aleksey Moiseev reported that a law will be gone by Spring 2015.
 +Singapore: Yes -  Organisations that have an arrangement with bitcoin money trades will be saddled in light of their offers of bitcoins.
 +South Korea: Yes - There are no regulations in South Korea regulating the utilisation of bitcoin at the moment. On December 12, 2013, the president of the Bank of Korea recommended at a press conference that bitcoin be regulated in the future.
 +Taiwan: No - Alongside China, they have discharged a joint articulation against the utilisation of bitcoin. Truth be told, controllers have even went as far as to piece endeavors of establishment of Robocoin ATM. While bitcoin itself is not illicit, endorsements for bitcoin ATMs have been disallowed.
 +Thailand: No - A Bitcoin startup denied a business permit which was supposedly informed that purchasing and offering bitcoins, utilising bitcoins to purchase or offer merchandise and administrations, and moving bitcoins all through Thailand were all presently unlawful.
 +Vietnam: Restricted - Being one of the rare countries to ban bitcoin outright, the use of bitcoin in Vietnam is restricted. Despite this, there are still some small businesses that accept bitcoin.
 +Turkey: Yes - Bitcoin is not regulated as it is not considered to be electronic money according to the law.

Wow, thanks Crosshair for the detalised info.

Woow I love to read it, very simple. but I doubt, where the source of this news. is this kind of a joke?
every statement should be based on a fact, so that everyone can hold the truth and not hesitate.
Everyone in the knowledge is limited, thanks for sharing.

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[Cindy1983]

The main reason is these governments afraid that Bitcon will harm their national economy cause they can't control Bitcoin and social evils related to Bitcoin such as money laundering or something like that, beside most of people who earning Bitcoin and other cryptocurrencies in these countries do not pay any pennies for income tax and it'll the big losses for government.

[bryant.coleman]

The last time I checked, countries such as Singapore, Japan and South Korea were also included in the Asian group of nations. And Bitcoin is perfectly legal in these nations as well. And even in China, Bitcoin is not illegal per se. Obviously, the Chinese market is the biggest one and also China is very important in terms of mining power. But Japan is close behind and nowadays a lot of investment from the institutional players have come from that country (and to a lesser extent from South Korea).

[ALT67890]

Your information might not accurately being double checked because I don't see much of news about Asian countries that is banning or declaring bitcoin illegal in they're respected country. Maybe it is one of FUD rumor but it won't worked that way. More countries in the world especially Asian are now legalizing any transactions in Blockchain technology and cryptocurrency like bitcoin.

[jilani]

Bitcoin is illegal its not only for asia.Many countries Bitcoin is illegal out of asia i think and its declared by this country government.And they said BTC impact their country economy thats why Bitcoin is illegal.

[tweetbit]

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

Before I can answer your question. Can you provide more information on what country in Asia your referring to and any list posted would be encouraged. Okay, as long as I remembered correctly I haven't of or read about bitcoin being illegal on any part of Asian continent. I may wrong that's why I'm asking for any links. Because in my country for example bitcoin is not legal but not also illegal were on neutral about it.

[zahed]

There are many reasons exist Bitcoin is illegal in asia country.I think Bitcoin breaks their law of goverment issue and its effect their financial platform but i don't know clearly just i express my idea.

[Kingofbitcoin12345]

Bitcoin is still new to when we're comparing to any other investment who were almost a hundred years been existed.. So let the government take time to adapt to it and we will see,, soon how they will be do to calmed down the eagerness from bitcoin users to be recognized.. Let them suffer for the choice the officials they make if they still ignored bitcoin..

[savushkinTA]

In a statement the Central Bank of Bangladesh cited concerns over bitcoin’s lack of “a central payment system” which could lead to people being “financially harmed”. It invoked the provisions of the Foreign Currency Control Act of 1947 and the Money Laundering Control Act of 2012. Then, added that trading in bitcoin and other digital currencies could lead to a punishment of up to 12 years in prison.The ban comes as an enforcement of sections 4,5 and 8 of the 1947 law that regulate trading in foreign currency without authorization or general permission from the central bank. Section 5 severely restricts payments did outside Bangladesh, which affect bitcoin payments.

[jakezyrus]

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

i lived in asian county but bitcoin is not illegal on our country and infact our government is slowly approving the biycoin as a secondary currency to be used soon on some malls, restaurant, hotels, grocery store. we even have our fist bitcoin atm but it still need some improvement because some says it alyways offline.

[Quietman]

Philippines is part of asia but I never heard a news about bitcoin being illegal. Actually BSP(Bangko Sentral ng Pilipinas), has acknowledge coins.ph, a bitcoin wallet in the Philippines. So I guess, only some part of asia doesn't adapt bitcoin.

[Claire.B]

I have read an article, In Japan, more than 260 000 shops accept the payment of BTC from this April

[Kemarit]

Philippines is part of asia but I never heard a news about bitcoin being illegal. Actually BSP(Bangko Sentral ng Pilipinas), has acknowledge coins.ph, a bitcoin wallet in the Philippines. So I guess, only some part of asia doesn't adapt bitcoin.

I'm from the Philippines and all I can say is that it is a bitcoin friendly country. Its is regulated though, so you have to properly submit valid information for KYC/AML compliant before they approved your account in coins.ph. But overall, I don't think that bitcoin is illegal in Asia, maybe in some part, but overall Asia is a safe haven for bitcoin enthusiast. It used to lead by China, but we all know what is the story, So Japan and South Korea is now the new leader in Asia. We may see in the future that a lot of Asia countries will embrace bitcoin as well.

[Granxis]

Asia is a very large continent, and this generalization is unfortunately wrong, and Japan and Russia have important steps, Singopore and Malaysia remain out of this list.

[Egayerm]

i'm from asia, but my country not legal this bitcoin, and if there some countries in asia been legal, maybe in the near future my country will follow others country to legalize this, we just wait

Yes I agree because bitcoin is not illegal in whole Asia. Because i'm in Asia and my country is Philippines. Bitcoin in Philippines is legal and I can say that there are only a few countries have been banned like this country china, Thailand.

[ipanks]

i'm from asia, but my country not legal this bitcoin, and if there some countries in asia been legal, maybe in the near future my country will follow others country to legalize this, we just wait

Yes I agree because bitcoin is not illegal in whole Asia. Because i'm in Asia and my country is Philippines. Bitcoin in Philippines is legal and I can say that there are only a few countries have been banned like this country china, Thailand.

not all country in asia said that bitcoin is illegal because as i read in previous comment, china and thailand is not approve bitcoin. for china, i see that they have plan to ban bitcoin but i am not so sure because we know china have big populations and china is open minded with new technology so i think that china will make a law or rule about crypto currency development so people can still use bitcoin and other crypto currency.

[onrise]

There are many reasons exist Bitcoin is illegal in asia country.I think Bitcoin breaks their law of goverment issue and its effect their financial platform but i don't know clearly just i express my idea.

There are couple of reason why generally any country may not support bitcoin in future -

If bitcoin is a currency it has to come under Govt purview as currency cannot be de-regulated.
Bitcoin can be misused and no govt will allow such things because they already have many other things to work on.
Also if there needs to be virtual currency govt may like to bring their own currency which people should use it.

[Sithara007]

I have read an article, In Japan, more than 260 000 shops accept the payment of BTC from this April

Probably another fake news from the Coin Telegraph guys. Right now there are only around 100 shops which accept Bitcoin in Japan. Before asking the ordinary shops to accept the crypto-currency, we need to resolve the major issues, such as the high transaction fees and the delay in confirmation.

[mahesh4ever4u]

It is true that bitcoin currency is illegal in many asian nations like bangladesh and Kyrgyzstan. The economy of this countries are very low and also it may be due to religion or any government regulations.

[GreenBits]

It is true that bitcoin currency is illegal in many asian nations like bangladesh and Kyrgyzstan. The economy of this countries are very low and also it may be due to religion or any government regulations.

Curiously enough, notice that all the locales bitcoin is actually banned in are Muslim majority. I have always wondered, since I discovered this, if religion was the catalyst for banning in these particular places. to be fair, these place sall have rally serious capital controls and treat their fiats pretty much the same way. but it was a rare government, at least until of late, that actually had concrete regulation on the books concerning bitcoin. much less laws prohibiting its use.

a serious question to someone who can answer it, and trolls stay away please, but is bitcoin compliant with the financial aspects of Sharia law? given the lack of price basis, how this is so much a "gamble", I could see if this wasnt an ok asset.