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Author Topic: 5 countries that banned bitcoin  (Read 2980 times)
edsnow2017
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January 26, 2018, 10:38:21 AM
 #1

COUNTRIES THAT BANNED BITCOIN

Before we start to our topic this I want to tell that some of you might know about this but I just wanna share this to those who are not.

                Several people believe that bitcoin was a blessing and it was an opportunity
for everyone but not everyone shares the sentiment. From central banks and other finance company, Bitcoin's list of detractors runs for a very long time and gone so deep.But most of the government around the world seeks for the regulation of bitcoin.

                Be due to fear,ignorance and protectionism, governments have a tendency to legislate against perceived threats.Countries such as japan protects its citizens to have free trade of the digital currency.But unfortunately not all countries embracing the change of our technology.In some cases citizens have had their assets seized,accounts got frozen and have been locked up, Government can't stop the blockchain from propagating, but they can stop their people in having access to it.

STOP THE BITCOIN!!

               Like banning drugs,alcohol and other stuffs banning bitcoin sounds nonsensical and unforceable.That's the exact case in five countries:

1.Bangladesh
2.Bolivia
3.Ecuador
4.Kyrgyzstan
5.Nepal

It was recently reported in https://news.bitcoin.com/bitcoin-illegal-in-nepal-police-arrest-seven-individuals-for-trading-operations/
that there were dozens of bitcoin and crypto enthusiasts get imprison seemingly guilty of little more than operating a small-scale bitcoin exchange.

Meanwhile Ecuador has outlawed bitcoin, nit because they opposed this crypto but because they want to regulate and control it and tether it with the Ecuadorian dollar.An Electronic money designed to operate ad support monetary scheme dollarization.Completing the naughty list of countries that have banned bitcoin is Kyrgyzstan, a tiny landlocked state in Central Asia,
And Bangladesh banned bitcoin, it was 2014 where Bangladesh bank stated that anyone that will be caught using such online currency could be jailed mostly because it's about "MONEY LAUNDERING".


this was already an old news for updated list

https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory


so what do you think? will your country will ban the use of bitcoin?
do you know other countries that ban the bitcoins?
Please share it and tell to everyone Smiley
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stompix
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January 26, 2018, 11:24:52 AM
 #2

First, this one shitty title.
You have "BITCOIN HAS BEEN BANNED!" as a title and in your posts you start with "COUNTRIES THAT BANNED BITCOIN".
And it's all in CAPS which is annoying as hell, if you want to scream that much open the window and do it.
What you've done here is trying to get visitors to your topic (for what reason..I can only guess....)

But everything you wrote it's already old news..
https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

The wiki page is pretty up to date so you can check there what country has "banned" bitcoin.
Because in the case of Nepal, bitcoin has not been banned but declared illegal as a method of payment.

https://sanzeevdahal.com.np/bitcoin-banned-in-nepal/
Quote
All wallets site, Mining sites, ICO, HYIP, faucets all sort of bitcoin-related websites are still working in Nepal. So it’s not totally banned but illegal to buy bitcoin.

Also:
Quote
Be due to fear,ignorance and protectionism, governments have a tendency to legislate against perceived threats

If governments would have a tendency to act like that against bitcoin, we would have 90 countries "banning" bitcoin and 5 accepting it instead of the opposite.
Besides, I've always said that people are ruled by the ones they deserve, if you are ruled by some idiots signing stupid laws ...guess what.

edsnow2017
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January 26, 2018, 11:28:04 AM
 #3

First, this one shitty title.
You have "BITCOIN HAS BEEN BANNED!" as a title and in your posts you start with "COUNTRIES THAT BANNED BITCOIN".
And it's all in CAPS which is annoying as hell, if you want to scream that much open the window and do it.
What you've done here is trying to get visitors to your topic (for what reason..I can only guess....)

But everything you wrote it's already old news..
https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

The wiki page is pretty up to date so you can check there what country has "banned" bitcoin.
Because in the case of Nepal, bitcoin has not been banned but declared illegal as a method of payment.

https://sanzeevdahal.com.np/bitcoin-banned-in-nepal/
Quote
All wallets site, Mining sites, ICO, HYIP, faucets all sort of bitcoin-related websites are still working in Nepal. So it’s not totally banned but illegal to buy bitcoin.




Im sorry for all caps sir but yah it was an old news Smiley I just wanna share to everyone who are new again I am very sorry for the all caps Smiley hope u forgive.
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January 26, 2018, 11:31:16 AM
 #4

The Central Bank of Bolivia issued a resolution banning bitcoin and any other currency not regulated by a country or economic zone in 2014. Not regulated, according to a 2014 statement by the Central Bank of Brazil concerning cryptocurrencies, but is discouraged because of operational risks.
edsnow2017
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January 26, 2018, 11:32:10 AM
 #5


If governments would have a tendency to act like that against bitcoin, we would have 90 countries "banning" bitcoin and 5 accepting it instead of the opposite.
Besides, I've always said that people are ruled by the ones they deserve, if you are ruled by some idiots signing stupid laws ...guess what.


yes definitely agree with this sir thanks for this.
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January 26, 2018, 11:36:04 AM
 #6

That depends on point of views of governments. In the truth, no government is taking right decisions in all the time. Don't care too much about government decisions. We didn't create bitcoins, we're getting advantages from something created by someone super genius. Bitcoins is just an opportunity for us. (For me) Bitcoins isn't my life, so, if my country would be be banned bitcoins in the future, I consider it as a lost opportunity and leave away.  
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January 30, 2018, 03:22:42 AM
 #7

Venezuela. Zimbabwe? There was ICO ban noise from SK, but that was not too serious and unrelated to BTC ban.

This is it. Some dictatorship or totalitarian regime here and there. But generally this market will be more regulated, not banned. And past 19 communist party congress I am sure that China will relax its temp regulations, which nobody comply with anyway within China.

I don’t think that Russia or S Arabia will ban BTC exchanges. Not at all.
Geoll29
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January 30, 2018, 03:28:11 AM
 #8

I don't think countries should ban bitcoin because of money laundering. Every existing digital currency has their limit. They may have other reasons in banning bitcoin. I think they haven't seen yet the benefits they can get with digital currencies.

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January 30, 2018, 03:48:23 AM
 #9

it really does not matter any country does banning on bitcoins,
but they must learn Blockchain, the technology behind bitcoin
I think the purpose of Bitcoin is to introduce a highly transparent blockchain technology

First77
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January 30, 2018, 04:17:03 AM
 #10

I don't think countries should ban bitcoin because of money laundering. Every existing digital currency has their limit. They may have other reasons in banning bitcoin. I think they haven't seen yet the benefits they can get with digital currencies.

Finance ministry of India said "Bitcoin is fraudulent scheme"  Angry
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January 30, 2018, 04:30:44 AM
 #11

Korea decide to ban bitcoin Do you know ? In response to a recent Republic of Korea (ROK) bureaucrat’s statement, causing mainstream media to roar about a “ban” on bitcoin, the South Korean street riled to virtual barricades. Citizens flooded petition signatures to the President. Social media contained oceans of angry comments demanding the offending minister’s sacking. The pressure grew so intense, agencies within the same government began contradicting one another, ending with an official presidential announcement no “ban” was forthcoming
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January 30, 2018, 04:44:14 AM
 #12

In Ecuador at least, it is not at all clear if Bitcoin is really banned.

The Congress of this country has banned the unauthorized issuing of "currency", but "currency" in the same law (the "Código Orgánico Monetario y Financiero", Art. 94 and 98) is defined as money emitted by a State, and in Ecuador, it's the US dollar. So the law often cited as "Bitcoin ban" does not really touch Bitcoin - cryptocurrencies are not mentioned in the law at all.

There are some newspapers that reported the law as "bitcoin ban", but without any fundamentation. What seems to be right is that the few merchants in Ecuador are being actively discouraged to use cryptocurrency for business operations by public institutions, and the Central Bank issued a statement that Bitcoin is not an authorized means of payment.

So for me, the most likely interpretation is that privately, you can use Bitcoin if you want, but you cannot accept it "officially" for payments if you run a business in Ecuador.

Beehives
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January 30, 2018, 04:47:30 AM
 #13

Countries can banned BTC/Cryptocurrency but they can't stop it. I believe there are still lot of people doing business in cryptocurrency even though the government banned those things.

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January 30, 2018, 04:54:11 AM
 #14

These are insignificant countries with low GDP. They are unlikely to have any effect on cryptocurrencies environment. Sooner or later they will unban them again when rest of the world will start adoption of Bitcoins. Top major GDPs are either making Bitcoin legal or regulating them or placing taxes rules on them. Cryptocurrencies are here to stay.

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January 30, 2018, 05:37:04 AM
 #15


really ironically, I'm not surprised by what you describe in your post. basically a banking system that does not approve the development of bitcoin in a country. there is much debate and regulation in every state law. some small countries like in asia, greedy for corruption. this is a fact that happens, although there are many factors that cause the ban.
I believe
gradually, many countries will begin to adopt crypto., the development of the digital age today can not be separated from our lives, and bitcoin is part of digital technology.

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January 30, 2018, 05:45:39 AM
 #16

Crypto currency is prohibited in countries with a weak economy, an authoritarian regime of government and infringed upon the rights of citizens. The authorities in these countries are afraid to provide their citizens with financial freedom and the fact that due to their inept government, capital outflow will flow through the crypto currency from their country. I think this situation will improve with time as the recognition of other countries' crypto currency and the optimal regulation of the Crypto-currency in them.

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January 30, 2018, 06:03:56 AM
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here are the countries that prohibit the circulation of BITCOIN and the reason: 1.Colombia, Reason: worry of cryptocurrency fraud
2.Bangladesh, Reason: avoid money laundering
3.Vietnam, the reason: can be used for crime and high risk for investors
4. Russia, Reason: Bitcoin is used for illegal activities
5. South Korea, Reason: controlling its finances
6. Singapore, Reason: arising constraints between financial companies, the last
7. Indonesia, Reason: High risk natural bubble
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January 30, 2018, 06:16:03 AM
 #18

There is some news spreading that bitcoin is banned in so many countries but without reliable sources. Those countries who banned bitcoin has lots of reasons for sure, but for me, the government of a certain country should at least know that there is a limit for the block chain. Here in our country, I think bitcoin is accepted for only few establishments and stores and just like the others, I hope it won't be banned here.

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January 30, 2018, 06:20:43 AM
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I think they dont know the future value and reach of bitcoin thats'y they are opposing it Cheesy Wink Smiley
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January 30, 2018, 07:54:35 AM
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Although the article is old but for me as a newbie it adds a lot of insight but with it I do not care, "the important thing is my investment smoothly and no obstacles" in my country also a lot of rumors about bitcoin ban but until now nothing is blocking about bitcoin, If in your country is still in a weak condition and there are no obstacles you do not panic.
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