why bitcoin illegal in asia?

[Qartersa]

In our country, it is not illegal per se because illegal, to us, is defined as a crime that is punishable by the Revised Penal Code. But, it is something that is not supported by our central bank which means that any transactions that use Bitcoin as a form of payment will not shield the parties concerned should there be any illegalities that come with it. Also, because it is not regulated, there may be a lot of crimes that come with it without corresponding protection guaranteed by the government.

It is, in all sense, a case to case basis.   

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[avikz]

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

Firstly, please clear your concept. Bitcoin is not illegal in Asia. The legal status is still not clear for the majority of the countries. People are still thinking that China has banned bitcoin but NO, China didn't ban bitcoin. It has just banned the ICO route to raise funds. They are going to start bitcoin exchanges after proper audit and licenses. Probably they will be asked to maintain a proper KYC documents before they are licensed. SO the question is itself wrong.

[BitHodler]

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

Firstly, please clear your concept. Bitcoin is not illegal in Asia. The legal status is still not clear for the majority of the countries. People are still thinking that China has banned bitcoin but NO, China didn't ban bitcoin. It has just banned the ICO route to raise funds. They are going to start bitcoin exchanges after proper audit and licenses. Probably they will be asked to maintain a proper KYC documents before they are licensed. SO the question is itself wrong.

People here are mostly title only readers, where if the title includes the word ban or banned, that's all they see and look at. It doesn't come up in their mind that it can be a click bait article, or whatever other nonsense.

It was clear from the start that China has only temporarily halted the trading activities from the exchanges operating there, but as I said before, people look at the title only, and directly believe Bitcoin is banned in its entirety.

Chinese exchanges will return, likely before the end of this year. The difference is that they will be subject to far more severe regulations that will turn out to heavily impact the overall privacy of their customers, unfortunately.

[Jamjam nitsuga]

because of federal reserve... federal reserve are allowed to print fiat currency whole world centralized currency... they dont want decentralized currency... all they want is to control us...

[jomich22]

HAH ?

[cakra]

I think because of its anonymous nature. the peer to peer system applied makes it difficult for the apparatus to trace in case of adverse events. some Asian countries are directly prohibiting the use of bitcoin, but some are just give warning to be careful in using bitcoin.

[SMSabuj]

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

The reason is the same with the other non Asian countries that ban bitcoin is because bitcoin is decentralize in which the government can't track or trace the transactions and afraid that bitcoin can be use by bad elements like money laundering that may ruin the country. Maybe they have other reasons in which a self interest but this is the common reason of all government. 

I agree with you Mr. MiF. In Asian country's government fear Bitcoin. They think that if they accept Bitcoin so money laundering will be increased. Because Bitcoin is a decentralize token. The government can't trace the transaction. That's why they didn't accept Bitcoin yet.

[yojodojo21]

There Are Also Reasons Why Bitcoin Is Illegal in some asia country,

In Philippines, There are Lot of Bitcoiners, Maybe millions,
because bitcoin is Legal in That Country Which is A part of Asia.

And, in my own opinion, Bitcoin is Illegal to other asian country because Bitcoin is used for
Trading in Black market in deepweb.
There They can by Drugs and Anything else That could be Bought by Bitcoin.
Through Internet, They Can Hide Their Identity as Lawbreakers.

[daronch]

As far as I can tell, bitcoin is only illegal in 2 countries in Asia? That doesn't really make it illegal in Asia..

In fact, it is way more legal.

[rockyfeller]

huh? this is not true. Bitcoin is legal in asia, the question is new to me. but it's very easy to answer you question. i go for a vacation in some part of asia and i withdraw fiat money using Bitcoin. it's all simple and smooth no hassle at all

[Rupok]

Bitcoin illegal in Asia because of Asia's bank system is not dynamic. They scare Bitcoin. They think that, if they are legalized Bitcoin, so money laundering will be increased. Because Bitcoin is the decentralized currency. The government can not trace any transaction.

[Zackgeno96]

It is wrong to say that bitcoins are illegal in Asia, as not even a single country has banned it. Agreed that bitcoins are not yet regularized by most of the countries but they did not totally rejected the concept of cryptocurrency. Many countries are working to find a best solution to regulate and introduce related law. In future, we may see bitcoins as a legal currency in many countries.

[qwertyup23]

It is wrong to say that bitcoins are illegal in Asia, as not even a single country has banned it. Agreed that bitcoins are not yet regularized by most of the countries but they did not totally rejected the concept of cryptocurrency. Many countries are working to find a best solution to regulate and introduce related law. In future, we may see bitcoins as a legal currency in many countries.

I disagree. There are countries in Asia that prohibit the usage of bitcoin like Taiwan, Thailand, and Vietnam. Almost all of them prohibit the use of anything that is related to cryptocurrencies since their central banks does sees it as a threat to their economy and country. Another thing, most of the countries in Asia like the Philippines, Singapore, South Korea, Japan, etc. prohibit the usage of it and also provide certain retailers that accept it as a payment. It all comes down to the perspective of each country with regards to the validity and maximization of bitcoins to the public.

[bitcoworld]

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

In my eyes it is because of the N.Kora issue and ppl are affriad holding
that much national money so they go more and more into crypto what
isnt to contol for the Governments so they shuted Bitcoin down more or less...
I think they will also swim back pretty soon with their decition and go ahead...

One reasson is also in my eyes the most powerful people on this planet have their
fingers into it just look on JP Morgen CEO said that Bitcoin is a fraud and he would
fire everyone of his workers who acts with it while he have a Blockchain
Trading Group for over 2 year already xD
All this is full of **** to be honest

They pump and dump Bitcoin this way and make Billions of ppls money just look
back when Bitcoin Bull runed on 5015$ on Coinbase... After that happend one
Horror news couldnt catch the other one until he was 2880$ again... This should
tell you a lot about how all this stuff works

cheers

[wahb]

Not only asia all countries can’t control bitcoin so that the will try to make it illegal Because government want to Know any one pay for who and must pay  fee to government system (Bank )

I do not agree with this because many Asian countries are investing and trading in bitcoin. The best example is India where the government has legalized bitcoin and the people are making handsome money from bitcoin. Not only in India but in many other Asian countries also use bitcoin. They are investing, trading and using bitcoin for purchasing commodities all over the world.

[supandi wiharja]

I think only some countries in asia are stating that bitcoin is illegal.
I myself come from asia, and in my country, bitcoin is invalid, but that does not mean illegal because bitcoin as a commodity like gold.
In my opinion, governments in Asia are still considering legalization, because anonymous bitcoins are difficult to trace, many people use bitcoin for money laundering and funding for terrorists.

[Dreamchaser21]

Not only asia all countries can’t control bitcoin so that the will try to make it illegal Because government want to Know any one pay for who and must pay  fee to government system (Bank )

I do not agree with this because many Asian countries are investing and trading in bitcoin. The best example is India where the government has legalized bitcoin and the people are making handsome money from bitcoin. Not only in India but in many other Asian countries also use bitcoin. They are investing, trading and using bitcoin for purchasing commodities all over the world.

A lot of countries in Asia use bitcoin for their online transaction and Philippines is one of them we trade bitcoin and we invest on it maybe some part of Asia but not all countries in Asia. Countries like Philippines should adopt this system for a better future.

[snedyolo]

Not all asian countries consider bitcoin as illegal. In my country bitcoin is widely known and they do not consider it as illegal, unless of course if it involves illegal activities such as gambling. So, I don't see the point why they consider it as illegal.

[bitcoworld]

Not all asian countries consider bitcoin as illegal. In my country bitcoin is widely known and they do not consider it as illegal, unless of course if it involves illegal activities such as gambling. So, I don't see the point why they consider it as illegal.

Where are you from if is okey to ask? We talk mainly about China here i tought

[iyan33]

Not only asia all countries can’t control bitcoin so that the will try to make it illegal Because government want to Know any one pay for who and must pay  fee to government system (Bank )

I do not agree with this because many Asian countries are investing and trading in bitcoin. The best example is India where the government has legalized bitcoin and the people are making handsome money from bitcoin. Not only in India but in many other Asian countries also use bitcoin. They are investing, trading and using bitcoin for purchasing commodities all over the world.

yes not all countries in Asia declare illegal bitcoin because some countries in asia have successfully adopted bitcoin and announced their legalization even in my country where the government doesn't legalize bitcoin but they don't prohibit the use of bitcoin for positive purpose either for payment transaction or for business such as trading and investment.