why bitcoin illegal in asia?

[reddolphin]

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.

[hussnainali]

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.

[jaocoincrypto18]

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

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.

[shendy]

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.

[paresh nakar]

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.

[rauma26]

Is bitcoin illegal in Sri Lanka ?

[Hans17]

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.

[ruthbabe]

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

[jembaba1]

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.

[xoxoll]

So dumb.

[klarnetcijamie]

Asian countries are mostly export-based economy and government is concerned about the capital outflux. Bitcoin offers a way to do that.

[imsotiredofmoviereboots]

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.

[Maxxbill]

 “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.

[phamvy8682]

https://t.me/tradecoinvipvip

[pareshnakar]

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

[ariaalex]

Not for all countries in asia..its depend which county you live.only kyrgyzstan, saudi Arabia and bangladesh has expressly forbid/prohibited btc/cryptocurrencies.

[ecnesa101]

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

[Pattart]

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

[VentureHero]

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..

[Ajeng07]

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.