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Author Topic: 5 countries that banned bitcoin  (Read 2984 times)
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April 23, 2018, 03:58:33 PM
 #241

Governments are having their own issues.  Most of the countries are suffering from illegal trade, terrorism, money laundering etc.  Governments also do not want to give up their control over currency.  They fear that in case their national currency is replaced by bitcoin they will not be able to control their economy due to anonymity of transactions.

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April 23, 2018, 04:13:39 PM
 #242

The core technology of crypto is based on decentralization that means, if the government wants to ban it then they have to destroy it from each and every computer across the globe at the same time. This is practically impossible for any governments so the second way is restricting people from buying crypto and as a part of it, many countries are instructing banks to stop serving to the exchanges out there. Even in this case, we will be able to use and trade crypto along with fiat and banking system so again this is not a concrete way for them. Thus, there is no practical way to ban crypto.

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April 23, 2018, 04:14:45 PM
 #243

This list of country can't move price to down.
I don't see any reason to panic.
In the way I think this is temporary...
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April 23, 2018, 04:40:50 PM
 #244

Hoping to not ban bitcoin in my country this is the one of my source of income some days bitcoins scams is always in the news. and banks here in my country said that bitcoin is not advisable for daily method of income because it has no permanent amount this is always change and bitcoin is a risky thing.
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April 23, 2018, 05:08:29 PM
 #245

The 5 countries that banned bitcoin are:

Bolivia: Back in June 2014, the Bolivian central bank officially banned any currency or coins that aren't regulated by the government. Included in its list of examples was bitcoin. Bolivia's central bank also prohibited its citizens from denominating prices in any currency tha its national institutions haven't previously approved.

Ecuador: Not long after Bolivia's central bank banned bitcoin, Ecuador also removed its welcome mat in July 2014. The country's National Assembly of Ecuador banned bitcoin and other digital currencies while laying the framework for the creation of a new, state-run currency. In other words, the government has the permission to make payments in electronic money, but other digital currencies, like bitcoin, are banned for its citizens.

Kyrgyzstan: In July 2014, the National Bank of the Kyrgyz Republic made it crystal clear that using bitcoin, or any digital currency, as a form of payment is illegal. The only legal tender in Kyrgyzstan is the som, the country's national currency. The Kyrgyz National Bank cited that bitcoin's lack of governmental backing makes public or private regulation almost impossible.

Bangladesh: Bangladesh also followed suit in September 2014. The Bangladeshi central bank cited bitcoin's lack of a central payment system as the reason behind the ban, which it believes would allow people to be "financially harmed." Long story short -- if you're caught trading in bitcoin in Bangladesh, it could lead to legal trouble under the Foreign Currency Control Act of 1947 and the Money Laundering Control Act of 2012.

Nepal: Though it might not be a well-known fact throughout the country, bitcoin is illegal in Nepal, according to Kedar Prasad Acharya, the deputy director of Nepal Rastra Bank. The Nepalese government banned bitcoin on account of not being able to track its transactions, and it has gone so far as to arrest individuals suspected of trading bitcoin.
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April 23, 2018, 06:03:26 PM
 #246

Some countries have banned bitcoin because it is private and not regulated by any government. Many governments believe that it can be used for money laundering.
Counties that have banned bitcoin are:
1.   Bolivia
2.   Ecuador
3.   Bangladesh
4.   Nepal
5.   Kyrgyzstan
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April 24, 2018, 01:33:25 AM
 #247

Friend, i think you should spread some good news about bitcoin. i saw you often posted about a news thats not good for bitcoin.
banned or not, bitcoin cannot be stopped just by ban it. bitcoin is decentralized system, you cannot stop it because it is spreaded around the world.
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April 24, 2018, 10:16:32 AM
 #248

Here are 5 countries that prohibited bitcoin:
1.Iceland.
2.Bangladesh.
3.Bolivia.
4.Equador.
5.Vietnam.
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April 24, 2018, 10:22:23 AM
 #249

Bitcoin is banned in my country. So the traders from my country usually travel to India, in order to buy or sell Bitcoins. But even in India, things have got tough nowadays. You can't trade their without valid ID proof and other formalities.

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April 25, 2018, 12:53:43 AM
 #250

The 5 countries that banned bitcoin are:

Bolivia: Back in June 2014, the Bolivian central bank officially banned any currency or coins that aren't regulated by the government. Included in its list of examples was bitcoin. Bolivia's central bank also prohibited its citizens from denominating prices in any currency tha its national institutions haven't previously approved.

Ecuador: Not long after Bolivia's central bank banned bitcoin, Ecuador also removed its welcome mat in July 2014. The country's National Assembly of Ecuador banned bitcoin and other digital currencies while laying the framework for the creation of a new, state-run currency. In other words, the government has the permission to make payments in electronic money, but other digital currencies, like bitcoin, are banned for its citizens.

Kyrgyzstan: In July 2014, the National Bank of the Kyrgyz Republic made it crystal clear that using bitcoin, or any digital currency, as a form of payment is illegal. The only legal tender in Kyrgyzstan is the som, the country's national currency. The Kyrgyz National Bank cited that bitcoin's lack of governmental backing makes public or private regulation almost impossible.

Bangladesh: Bangladesh also followed suit in September 2014. The Bangladeshi central bank cited bitcoin's lack of a central payment system as the reason behind the ban, which it believes would allow people to be "financially harmed." Long story short -- if you're caught trading in bitcoin in Bangladesh, it could lead to legal trouble under the Foreign Currency Control Act of 1947 and the Money Laundering Control Act of 2012.

Nepal: Though it might not be a well-known fact throughout the country, bitcoin is illegal in Nepal, according to Kedar Prasad Acharya, the deputy director of Nepal Rastra Bank. The Nepalese government banned bitcoin on account of not being able to track its transactions, and it has gone so far as to arrest individuals suspected of trading bitcoin.

Wikipedia provided those information long ago. The OP even repeated same old, known shit but you still didn't care to read OP's post and wrote same copy/paste shit in the same thread?! The name of the countries that OP mentioned are all third world countries where governments have no clue whatsoever on how to regulate or monitor technologically advanced currency. After making these initial decisions in 2014 those countries haven't even formed any commission to observe and research about cryptocurrency where other improved, rich countries are trying to adjust their monetary system to adapt the ongoing crypto revolution. Looks like the third world countries are also getting so far behind in this sector too.

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April 25, 2018, 12:58:07 AM
 #251

Most countries that has banned bitcoin was those strict countries that its government would like to be the top of all economic related transactions that could generate taxes and other profits for the sake of the economy. And another factor is that the usage of cryptocurrency for crime purposes.
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April 25, 2018, 02:33:38 AM
 #252

many countries ban ico and the speculation, but they are looking forward to the blockchain technology and is developing it very fast, only more people know about bitcoin and there is a way to protect bitcoin from cryminals, can cryptos be free across the world.
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April 25, 2018, 11:21:52 AM
 #253

Currently there are 5 countries banned bitcoin use are: vietnam, china, singapore, korea, nga. These countries have declared BTC an illegal encoding because there is no BTC regulator and this has affected national security.


hopefully there is a good development to be able to make payments using bitcoin. And it's horrible, hopefully in some countries that care about the development of the world of technology still legalize bitcoin
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April 25, 2018, 01:50:55 PM
 #254

Despite all these prohibitions bitcoin protects itself and it keep rises but such prohibitions are temporary and absolutely the ban will take off

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April 25, 2018, 01:54:36 PM
 #255

I do not care much about that, in my country, Bitcoin and the Altcoin are not recommended for use! But I am still and are using as part of internet payments!

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April 25, 2018, 02:01:23 PM
 #256

We are looking forward for development not backwardness, banning crypto is at their own risk because crypto is boosting our own country economy right now, and i believe that time shall come the 5 countries than ban crypto will start regretting
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April 26, 2018, 04:30:57 PM
 #257

When Bitcoin started, many countries accepted it and some countries banned it from using it in their country opposing it. Some countries think that it is a threat to the country's economy. Some others think that it only uses fraud. That's why they banned it. The five countries which have banned it are Bangladesh, Vietnam, Indonesia, Singapore, South Korea.
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April 27, 2018, 07:39:06 AM
 #258

I think it will only last for a while. However we should always keep up with technological developments, if we do not follow, then we will be left far behind. So just wait for a few years.
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April 27, 2018, 11:04:04 AM
 #259

Many countries are being bitten by this bitcoin Those who actually make bitcoin, they are fools.This country are baned Bitcoin
 1.Bangladesh
2.Bolivia
3.Ecuador
4.Kyrgyzstan
5.Nepal
 particular, Bangla desh and Nepal have been made very difficult by law.
 But in my opinion this bitcoin should not be banned because it uses a better currency as a result desh will be better.
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April 27, 2018, 03:52:00 PM
 #260

Here are 5 countries that prohibited bitcoin:
1.Iceland.
2.Bangladesh.
3.Bolivia.
4.Equador.
5.Vietnam.

Additional to your five countries that banned the use of bitcoin is Nepal. Bitcoin is not considered as any type of currency in Nepal, also the exchange of bitcoin in Nepal is considered as illegal.

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