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Author Topic: 5 countries that banned bitcoin  (Read 2985 times)
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April 19, 2018, 06:03:12 PM
 #201

Hey I have my own list of countries too ! Not exactly but it would always be relevant no matter which countries take the top 5 list! Here it is,

1.Most corrupt government who fears that their economical scams will stop if crypto continues to grow.
2.Third world country whose Government doesn't have any intentions of developing it.
3.Country where poor pay tax,rich get interest on their untaxed deposits.
4.Another shit-hole democracy where profits are only meant to make rich richer.
5.People have already lost faith in their currency,yet governments like to keep moving forward since they have rich natural resources.


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April 19, 2018, 06:21:43 PM
 #202

bitcoin is growing rapidly around the world. It can overwhelm other currencies. bitcoin influenced the development policy of the national currencies of some countries. So, five countries have banned bitcoins.
1. nga.
2. India.
3.ecuador.
4. nepal.
5. China.
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April 19, 2018, 06:50:52 PM
 #203

I believe that in those countries where the government banned bitcoin, people still found a way out and build their business on cryptocurrency despite the ban.
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April 19, 2018, 06:55:20 PM
 #204

Five countries have banned bitcoin activity:
1. Chinese.
2. India.
3. bolivia.
4. philipin.
Bangladesh.
These countries believe that bitcoin may have a major impact on the development of the national currency system, so they have banned bitcoins.


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April 19, 2018, 07:03:23 PM
 #205

Add few more to list. India and Pakistan also banned bitcoins and altcoins. Any sales, trade, exchange and investments are prohibited. The official statement was that since the virtual coins provide high level of anonymity they can be used for illegal activities.

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April 19, 2018, 07:13:43 PM
 #206

Every time I hear news like this, it's almost always some poor, pretty much unknown country. Either they are too afraid it might "ruin" their economy or the ban is only temporary while they sort things out, deciding what regulations to put in place.

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.

Read the article and wondering if they can still exchange their btc for fiat. The freeze on buying bitcoins seem to be an attempt to finally get rid of it in the users wallets. Curious about the ICOs not being banned, how will the users dump those new coins if they can't exchange it for bitcoins.

Five countries have banned bitcoin activity:
1. Chinese.
2. India.
3. bolivia.
4. philipin.
Bangladesh.
These countries believe that bitcoin may have a major impact on the development of the national currency system, so they have banned bitcoins.

I'd like to object on your #4. It's perfectly OK here, I use it to pay my utilities. If it's banned then the electric company won't accept it as payment.
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April 19, 2018, 07:17:56 PM
 #207

Five countries have banned bitcoin activity:
1. Chinese.
2. India.
3. bolivia.
4. philipin.
Bangladesh.
These countries believe that bitcoin may have a major impact on the development of the national currency system, so they have banned bitcoins.

They are restricting the use, not banning. I can't imagine how a ban would actually look like. How the heck could they monitor it?
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April 19, 2018, 07:24:49 PM
 #208

As far as I know, the five countries that banned bitcoins are India, China, Russia, Venezuela and Zimbabwe. These countries think that bitcoins affect their country. bitcoin can affect the economic development. so they do not accept bitcoin.

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April 19, 2018, 07:28:39 PM
 #209

And these are not the best doing countries in the world...are they afraid that crypto will ruin the remaining of their economies?
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April 19, 2018, 08:56:45 PM
 #210

Bitcoin regulation in our country is unclear because for them Bitcoin is a digital currency and not a political threat because Indonesia has other issues that are more important to face. However, The Central Bank of Indonesia (BI) does not prohibit the existence of Bitcoin.
Because Bitcoin and its support network (blockchain) is a technology and they let this technology develop. Hence they only forbid if Bitcoin's used as a means of payment. Because Monetary Risk is one of the issues they want to tackle as soon as possible.
I know and believe some countries have banned bitcoin as they do not see the real positive potential of bitcoin. I'm very sure, Bitcoin and other crypto-currencies will be more prominent if their politicians know and understand how it works.
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April 19, 2018, 09:12:22 PM
 #211

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.

Ofcourse, specially those investors that who invested a large amount of money in cryptocurrency.
In our country many are using bitcoin for crime no wonder it someday it will be ban.
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April 19, 2018, 09:31:24 PM
 #212

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
Blockchain technology is an innovation that I think is very good,
I agree, the developed countries and poor countries must learn this technology in order to suppress fraud and corruption in their country.

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April 19, 2018, 09:37:37 PM
 #213

The countries banned in bitcoin
1.CHINA because the republic of peoples in China announced in 2017 that the country will use their own digital currency
2.NIGERIA also banned bitcoin the bank of nigerian informed that all transaction in bitcoin and other virtual currencies has been banned in nigeria
3.EQUADOR the bitcoins has been entirely banned and to fill the void the government has declared an intent to issue state-backed cryptocurrency.
4.THAILAND the virtual currency in bitcoin has been banned in thailand, according to a prominent bitcoin exchange that operates in the southeast asian country.
5.VIETNAM  banned the virtual currency bitcoin, citing its ease of use for criminal purposes and its high risk for investors.
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April 21, 2018, 12:37:54 AM
 #214

popularity bitcoin that skyrocket value make the popularity of digital currency or cryptocurrency also terkerek up. but the middle of the rise "pride" bitcoin, arising million doubt will currency digital this from both sides of security and users, a number of countries then prohibit the use of digital currency like bitcoin as a means of payment transactions and legitimate, some countries which prohibit bitcoin is Nigeria, China, Taiwan, Thailand, Russia
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April 21, 2018, 12:58:15 AM
 #215

they are banned because they may not know the rules here in bitcoin or abusive that they can not be banned from being banned when they are correct
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April 21, 2018, 01:04:50 AM
 #216

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.
I agree to you, that countries never see the good benefits of Bitcoin. I think that countries afraid in BTC because this is decentralised and they cannot hold. So if the bad people use it in bad way, they cannot detect it.

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April 21, 2018, 01:14:48 AM
 #217

It is being banned to other countries because Crypto currency is prohibited in countries with a weak economy.The authorities in these countries are afraid to provide their citizens with financial freedom.
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April 21, 2018, 01:32:26 AM
 #218

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
yes we know that some countries banned bitcoin, maybe because of money laundering, because they use bitcoin in an illegal way. I think if people use it in a legal way and the government seen it that bitcoin have a good intention to help people i think their is no reason that government may banned bitcoin in our country.
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April 22, 2018, 07:44:24 AM
 #219

The five countries which ban bitcoin are.
-1st country to ban bitcoin was Australia they banned bitcoin dec 2013.
-2nd country to ban bitcoin was Germany they banned bitcoin on August 2013.
-3rd country to ban was Hong Kong they banned bitcoin on 16 NOV.
-4th country to ban bitcoin was Indonesia they banned bitcoin on 25th DEC 2013.
-The 5th country to ban bitcoin was Israel they banned bitcoin on 19 Feb 2014.
Behind this some countries such as
-Bangladesh
-Nepal
-Bolivia
-Ecuador also banned bitcoin.
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April 22, 2018, 07:51:27 AM
 #220

I come from a country of indonesia Smiley. My country does not prohibit to trade bitcoin and cryptocurrency. But, it is illegal to purchase goods using bitcoin. They reasoned bitcoin is a bubble, just for terrorists, money laundering. They do not know about the actual bitcoin, they just looked at negative bitcoin.

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