[2017-11-17] Five Countries Where Bitcoin is Illegal

[CryptoBry]

To those who understand it, bitcoin is a blessing, but not everyone shares that sentiment. From scaremongering CEOs to entrenched central bankers, bitcoin’s list of detractors runs long and deep. Elected officials reserve particular ire for bitcoin however, with leaders across the globe weighing in. While most governments seek regulation, others have gone further, passing laws that ban the use of bitcoin altogether.

Haters Gonna Hate, Legislators Gonna Legislate. Be it due to fear, ignorance, or protectionism, governments have a tendency to legislate against perceived threats. The first prerogative of every government is to govern, after all, and any disruptive technology that erodes their power is liable to receive short shrift. Governments that ‘get’ bitcoin, such as Japan, have passed legislation that protects its citizens whilst facilitating the free trade of the digital currency.

Sadly not all countries are as progressive, not just when it comes to embracing new technology, but in respecting basic human rights that people in developed nations tend to take for granted. In the most egregious cases, citizens have had their assets seized, accounts frozen, and been locked up. Governments can’t stop the blockchain from propagating, but they can severely hamper their citizens’ attempts to access it.

Like banning drugs, alcohol, or the internet, banning bitcoin sounds nonsensical and The World’s Most Hostile Bitcoin Countriesunenforceable. Nevertheless, that’s exactly the case in five countries: Bangladesh, Bolivia, Ecuador, Kyrgyzstan, and Nepal. As news.Bitcoin.com recently reported, the Nepalese government has jailed almost a dozen cryptocurrency enthusiasts, with the latest pair seemingly guilty of little more than operating a small-scale bitcoin exchange.

In South America, bitcoin is mostly synonymous with Venezuela, whose people have been turning to the cryptocurrency as a haven amidst rising inflation and a failed economy. It is the continent’s most centralized country geographically, however, which has come out against decentralized currency; In 2014, the Central Bank of Bolivia banned bitcoin and the government has since sharply cracked down on its usage.

Taken from here...please read more in this site.

It is sad that there are countries which declared a war on Bitcoin and not giving their own citizens the opportunity to enjoys the possible benefits of Bitcoin and cryptocurrency. Anyway, each country is sovereign so we have no choice but to respect their choice of action. I am lucky to be in a country which have open-minded leaders and accepting financial authorities.

[kjlimo]

Good thing I had no plans of going to any of these 5 countries!

[Stedsm]

Talks are going on in India too (where I live) that they may either ban or "regulate" Bitcoins and Government is warned by the Supreme Court to prepare a framework in which they will decide and define the rules made by them for the regulation purposes as they are threatened that many "money-laundering" transactions as well as schemes are going on in the country that they are not having an account of. Governments are right at their places unless they fear of losing power, because Bitcoin is such a technology which should be appreciated rather than kicked out straight away in such style those 5 countries did.

[crypto1010]

Sometimes doing nothing Is the best thing to do and that's what the govt should have done but when the government chooses to make things illegal they just fuel the hype and attract people to dig around to know what this precious bitcoin is all about, hope the internet isn't illegal too

[Yieng7th]

it is unknown countries which not have any effect of bitcoin but how they know about users ?? because no one can track you when use bitcoin

[BitHodler]

it is unknown countries which not have any effect of bitcoin but how they know about users ?? because no one can track you when use bitcoin

They don't know who or what uses Bitcoin, unless an illegal exchange service gets busted alongside all users, from where the authorities start investigating everything properly.

It still doesn't mean that people will be found, but it at least brings the authorities closer to them than ever before. IP information most of the times is enough to find out who and where a person is, unless they use a proxy.

Authorities can even set themselves up as a buyer, and from there arrest you. It's basically the same principle as how they do so with drug dealers ~ it's an easy but yet very effective method.

[Aiga7phoiy]

bad news i just want to visit Nepal and want to invest some bitcoin 

[bubblebit]

To be on that country is the last option to travel with. I know it’s not the people that has problem with it but the greedy government and corrupted bankers who manipulated what is illegal that can affect they’re profits. They’re afraid of cryptocurrency, they have self interest and that’s is the big reason behind it.

Those living in that side of the world might suffering now and wanted to go out, the bitcoin enthusiast and investors. I hope this will soon change a bit because regulation is much acceptable than totally banning it.

[TheKeyLongThumbI]

it is unknown countries which not have any effect of bitcoin but how they know about users ?? because no one can track you when use bitcoin

Sorry, but bitcoin is trackable and it is proved many times by arresting big time drug dealers on the darknet so their people can't use bitcoin at all. But I agree that these small countries have no effect whether they join us or not.

[senin]

Cryptovat is banned mainly in countries with weak economies and where rights and freedoms of citizens are limited. The governments of these countries do not trust their citizens and are afraid that the money supply will flow out of the country via the crypto currency. These governments are easier to ban everything than to establish a normal economic policy and regulate the circulation of the crypto currency. Such methods do not lead to positive results, and in a situation where more countries are taking bitcoin, such a policy will lead to the collapse of the government itself.

[Chime19]

Most of these countries ban any things out of it control so that all this news is normal news like NK ban bitcoins.
Do not bother with that ban, but be careful, try to buy and sell without providing any personal data or information about you.
you can buy and sell for free. and when bitcoin became legal in your country sell it and pay your tax.
they will gain one time tax and you will have too many money

[EvaGC]

I'm from Venezuela and the BitCoin situation is becoming quite interesting here. As our currency is probably one of the weakest, more people are starting to secretly buy bitcoins... but on the other side, rumor has it that even banks are starting to mine

[Kemarit]

Those countries that was reported bitcoin as banned is just a small country to begin with. So I believed that they don't have any impact at all in the ecosystem. Although I believed that even if bitcoin is ban,  there are still lots of people in that nation that completely trade bitcoin underground. It just shows that no one can really prevent bitcoin and stop it completely.

I'm from Venezuela and the BitCoin situation is becoming quite interesting here. As our currency is probably one of the weakest, more people are starting to secretly buy bitcoins... but on the other side, rumor has it that even banks are starting to mine

Thanks for the confirmation but it was reported that bitcoin activity is rising in your country despite the economic turmoil you are facing right now. It was said that bitcoin is being used to buy goods outside of Venezuela and deliver to your doorsteps and your money have no value or very week right now. Interesting though to hear Venezuela banks mining bitcoin because they have ban it already.

[snipie]

Most of these countries ban any things out of it control so that all this news is normal news like NK ban bitcoins

NK banned the whole Internet for its citizens except few who should request the authority to enable it. So Bitcoin is the last thing people think about it there  
For the other countries, they simply need politicians with a functional brain, that's all!

[darkangel11]

Most of these countries ban any things out of it control so that all this news is normal news like NK ban bitcoins

It mostly comes down to this. They are scared of their own shadow. Just read this excerpt about Venezuela, one of the countries mentioned in the thread.

This weekend, Venezuela seized an electronics supplier after they "illicitly" raised prices.
This summer, Venezuelans began procuring dollars en masse abroad and bringing them back home to take advantage of their government's currency controls by selling the greenbacks on the black market at a premium.
It's just one of the many odd, unique things that have occurred in the Bolivarian Republic since Hugo Chavez was elected in 1998 and promptly flipped the country's regime from democratic to socialist.


Anyway, why would anyone care? If you heard that North Korea or some banana republic in Africa is banning cryptocurrencies, would you get scared?

[Qartersa]

To those who understand it, bitcoin is a blessing, but not everyone shares that sentiment. From scaremongering CEOs to entrenched central bankers, bitcoin’s list of detractors runs long and deep. Elected officials reserve particular ire for bitcoin however, with leaders across the globe weighing in. While most governments seek regulation, others have gone further, passing laws that ban the use of bitcoin altogether.

Haters Gonna Hate, Legislators Gonna Legislate. Be it due to fear, ignorance, or protectionism, governments have a tendency to legislate against perceived threats. The first prerogative of every government is to govern, after all, and any disruptive technology that erodes their power is liable to receive short shrift. Governments that ‘get’ bitcoin, such as Japan, have passed legislation that protects its citizens whilst facilitating the free trade of the digital currency.

Sadly not all countries are as progressive, not just when it comes to embracing new technology, but in respecting basic human rights that people in developed nations tend to take for granted. In the most egregious cases, citizens have had their assets seized, accounts frozen, and been locked up. Governments can’t stop the blockchain from propagating, but they can severely hamper their citizens’ attempts to access it.

Like banning drugs, alcohol, or the internet, banning bitcoin sounds nonsensical and The World’s Most Hostile Bitcoin Countriesunenforceable. Nevertheless, that’s exactly the case in five countries: Bangladesh, Bolivia, Ecuador, Kyrgyzstan, and Nepal. As news.Bitcoin.com recently reported, the Nepalese government has jailed almost a dozen cryptocurrency enthusiasts, with the latest pair seemingly guilty of little more than operating a small-scale bitcoin exchange.

In South America, bitcoin is mostly synonymous with Venezuela, whose people have been turning to the cryptocurrency as a haven amidst rising inflation and a failed economy. It is the continent’s most centralized country geographically, however, which has come out against decentralized currency; In 2014, the Central Bank of Bolivia banned bitcoin and the government has since sharply cracked down on its usage.

Taken from here...please read more in this site.

It is sad that there are countries which declared a war on Bitcoin and not giving their own citizens the opportunity to enjoys the possible benefits of Bitcoin and cryptocurrency. Anyway, each country is sovereign so we have no choice but to respect their choice of action. I am lucky to be in a country which have open-minded leaders and accepting financial authorities.

Well you know what, you cannot expect all governments around the globe will have the same treatment as regards a particular controversy or subject matter. As they say, different strokes for different folks. Laws are unique in each country or State because they necessarily coincide with national/local customs, norms, traditions, and others of like circumstances. Thus, this being the case, you cannot fault one government from effectively banning the use of Bitcoins as against a government that allows such usage.

[MoonJeina]

It is sad that there are countries which declared a war on Bitcoin and not giving their own citizens the opportunity to enjoys the possible benefits of Bitcoin and cryptocurrency. Anyway, each country is sovereign so we have no choice but to respect their choice of action. I am lucky to be in a country which have open-minded leaders and accepting financial authorities.

This survey was officially present on Wikipedia from a long time, the news got bump up after the recent hike in price and increasing popularity of Bitcoin. Every blog or site wants maximum number of users and hence create such news. Also, countries in which Bitcoin is illegal are under developed countries mostly like Bangladesh, Kyrgyzstan and so on, also one can expect such things from low capital countries only; where government fails to recognize the power and presence of Bitcoin around the world.

[Slow death]

It is sad that there are countries which declared a war on Bitcoin and not giving their own citizens the opportunity to enjoys the possible benefits of Bitcoin and cryptocurrency.

I do not understand certain things, for example, in england or united kingdom they did not ban bitcoin, right? or am I wrong? if I am right, why the hell does Neteller forbid their customers to make deposits by bitcoin and use that money with their Net + cards?

I'm from Venezuela and the BitCoin situation is becoming quite interesting here. As our currency is probably one of the weakest, more people are starting to secretly buy bitcoins... but on the other side, rumor has it that even banks are starting to mine

it should not be easy to live in your country, my country is on the same path as yours, regrettable that because of a corrupt government and thieves, other people are left without food, clothing and without house to sleep

[RedX]

These five isn't even enough to be compared to a single country like Japan and China that can affect the whole crypto market. Let them ban or make it illegal because in the future I am sure that they are going to crawl back at bitcoin admitting that what have they done or implemented just made it worse for their countries.

[MoonJeina]

This is very unfortunate . To be honest , i hear about governments banning bitcoin in their country way more than bitcoin legalizing bitcoin .
This outlook  is very bad and upsetting . Bitcoin has so many benefits and i don't understand why governments don't see that coming . This is the time where there are so many defeciencies of jobs in the workplace . Bitcoin can really help a government to fulfill this need by providing several jobs . The ongoing price of bitcoin is not hidden from anyone , then they should understand this that by regulating it how many profits and increment in the economy can be seen .
Governments simply kicks bitcoin due to the fear of getting their fiat endangered , and this truely foolish to think.