Lawyer in my country said: CAN NOT BAN BITCOIN

[Jessietahoang]

It can not be banned, because it does not fall under the four conditions that can be enforced by the provisions of the Constitution 2013 and the Investment Law 2014. The law only prohibits the risk, not the opportunity, even though it is extremely risky.
It's great!!!

Bitcoin is not a technology but a product of Blockchain technology.

[YuginKadoya]

That is why there are still many countries not banning bitcoin they are seeing an opportunity and its potential that their country will have a benefit for using bitcoin, I really think the same and I think if they will sure put their thoughts in using bitcoin in a much different perspective even the risk is avoidable regarding the transaction services it provides this is truly an innovation for the future and many are seeing that kind of potential in this kind of technology.

[jseverson]

That's cool, but what country do you live in? It's pretty pointless to cite your constitution and a law if we don't know what country you're from lol.

Also, this doesn't automatically mean that said lawyer is correct. Lawyers argue all the time, with different interpretations of different laws. It's one of the reasons we have courts; they decide which interpretation is the correct one.

That being said, I do hope Bitcoin is never banned in your country, wherever that is.

[bug.lady]

It can not be banned, because it does not fall under the four conditions that can be enforced by the provisions of the Constitution 2013 and the Investment Law 2014. The law only prohibits the risk, not the opportunity, even though it is extremely risky.
It's great!!!

Bitcoin is not a technology but a product of Blockchain technology.

I don't know what country you are refering to, and what you are saying heavily depends on what country it is. If it is US, then maybe you are right, but if you are speaking of Russia, or China, then they are known to change law on ad hoc basis. Moreover, contrary to what people generally think on that forum, I am quite sure the government can effectively enforce the bitcoin ban if they choose so.

So please disclose what is the country you are discussing?

[rudox]

That is cool. The countries banning ICO's that is using bitcoin  and thereby giving negative market sentiments which eventually affect Bitcoin price are just bringing out these policies  to work against the popularity of Bitcoin. They know Bitcoin is legit.

[1Referee]

It doesn't mean anything. Governments can bend the rules at any time to put themselves in an advantageous position. It's not the first time that that things like this happened, and definitely not the last time. The only thing they should ask themselves, is how much sense does it make to enforce a total ban on something that can't be banned at all. If you ban Bitcoin, or just even exchange activity, people will directly jump into their local peer to peer market, which is something that has been growing rapidly, and that globally. It's an important choice to make - will you as government just regulate this market in a fair manner and maintain some control (make people pay 'due' taxes, and know what person holds what quantity of crypto assets), or will you push people into the peer to peer markets that almost can't be controlled at all? Easy choice for me.

[Catmony]

However Bitcoin is banned in many countries and government is arresting people involved with crypto and block chain tech because they are afraid of Bitcoin and block chain tech taking over existing financial system. With Bitcoin they can't create unlimited paper money for banks.

However all of their attempts are worthless because they can't stop Bitcoin because it is decentralized.

[bug.lady]

It doesn't mean anything. Governments can bend the rules at any time to put themselves in an advantageous position. It's not the first time that that things like this happened, and definitely not the last time. The only thing they should ask themselves, is how much sense does it make to enforce a total ban on something that can't be banned at all. If you ban Bitcoin, or just even exchange activity, people will directly jump into their local peer to peer market, which is something that has been growing rapidly, and that globally. It's an important choice to make - will you as government just regulate this market in a fair manner and maintain some control (make people pay 'due' taxes, and know what person holds what quantity of crypto assets), or will you push people into the peer to peer markets that almost can't be controlled at all? Easy choice for me.

I agree that if the choice is whether to tax it and get a due share of the market, or ban it and get nothing at all, it is a no brainer. But the governments sometimes don't follow the rational thinking process

For instance, the same argument holds for drug market. It has been proven all over again in many countries, that if they don't ban drugs, but rather make them legal, they not only get some share of money, but also they can help the victims effectively, number of affected people diminishes and crime rates (especially violent crime rates) diminish as well. But for some reason I am not quite able to grasp, legalization of drugs doesn't happen. Maybe the money is not in the taxes, after all.

Maybe the same is the case with bitcoin. Maybe the governments do not think straight. Or maybe money is not in the taxes.

[rappydoo]

yes, because countries doesnt really have.any laws about cryptocurrencies, thats why no legislation has power to decide of impose a ban, well atleast for now.

[Kprawn]

Bitcoin is global and laws are changed every day. Even if your constitution protects you, then the government might still

over regulate it. They might force people to pay huge taxes on Crypto currency income and this might discourage people

to invest in Bitcoin. In any way, no matter what they do, Bitcoin will always be welcomed in other countries, so you are

free to immigrate or to spend your coins in other countries. {This way, they miss out on the tax income}   

[jpespa]

Other countries ban it because they think people who earn money without paying tax on their government is not good for the country especially when they cannot control the bitcoin to their own benefit. But since they are the government they can enforce law to their people even if it is something that shouldn't be done.

[PeterPPAP]

Lawyers in my country say so ... So I guess you are the same country with me, Vietnam.
And the lawyers also said:

"Bitcoin is not money, it's not foreign currency, it's not local currency; It is not electronic money, money coding, no direct connection with money, but just a kind of money, virtual currency. Countries are and will be creating electronic money on the real money market with the same technology as creating virtual currency. That is electronic money, digital money.

Bitcoin is not the third type of property that includes things, money, valuable papers, but the fourth type of asset, property rights"

Do you agree with this idea?

[Kemarit]

It can not be banned, because it does not fall under the four conditions that can be enforced by the provisions of the Constitution 2013 and the Investment Law 2014. The law only prohibits the risk, not the opportunity, even though it is extremely risky.
It's great!!!

Bitcoin is not a technology but a product of Blockchain technology.

Well I must agree that it doesn't fall on Investment Law of 2014. However, governments around the world are desperately trying to fight bitcoin through heavy regulations that it somewhat make this law useless. Take for example, South Korea, I'm sure that you heard that they are contemplating a full ban, however, because of the clamor from the public, they decided to just put heavy regulations around it. This regulations is so strict that not even the Investment Law could not protect bitcoin. Here's the link so that you will understand it: (https://news.bitcoin.com/korean-crypto-exchanges-share-data-with-banks-new-account-system/).

They might not ban it, but for me it will defeat the very purpose of bitcoin and crypto, (tax purpose, pseudo-anonymity and no third party in between). Tell your lawyer in your country and see what's his take on this.

[Haynes]

It can not be banned, because it does not fall under the four conditions that can be enforced by the provisions of the Constitution 2013 and the Investment Law 2014. The law only prohibits the risk, not the opportunity, even though it is extremely risky.
It's great!!!

Bitcoin is not a technology but a product of Blockchain technology.

exactly, even though many countries today forbid bitcoin, but I think that while the internet is running and the power supply is still there and the most important support from so many people, bitcin will still exist. and with the full support of various aspects can make the world of crypto is growing well and can really become legal throughout the country.