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Author Topic: 5 countries that banned bitcoin  (Read 2984 times)
Julia Wilson
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May 30, 2018, 02:51:55 AM
 #461

1. Morocco
2. Bolivia
3. Ecuador
4. China
5. Nepal
Due to how new cryptocurrency technology is, most countries are still trying to figure out how to adapt to the numerous digital currencies that have sprung up in the past decade.
There remains a lot of debate globally around not only if Bitcoin and other cryptocoins should be recognized as legal tender but also if they should be taxable, how cryptocurrency trading should be regulated, and whether or not governments should monitor mining (the process in which cryptocurrency transactions are processed).
Cryptocurrency laws frequently update in many countries as the technology evolves and usage increases.
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May 30, 2018, 02:57:56 AM
 #462

Bangladesh
In a statement the Central Bank of Bangladesh cited concerns over bitcoin’s lack of “a central payment system” which could lead to people being “financially harmed”. It invoked the provisions of the Foreign Currency Control Act of 1947 and the Money Laundering Control Act of 2012. Then, added that trading in bitcoin and other digital currencies could lead to a punishment of up to 12 years in prison.
“Bitcoin is not a legal tender of any country. Any transaction through Bitcoin or any other crypto-currency is a punishable offense,” the bank said in an official statement last September.
The ban comes as an enforcement of sections 4,5 and 8 of the 1947 law that regulate trading in foreign currency without authorization or general permission from the central bank. Section 5 severely restricts payments did outside Bangladesh, which affect bitcoin payments.

Bolivia
The central bank of Bolivia, El Banco Central de Bolivia said in a statement:
“It is illegal to use any currency that is not issued and controlled by a government or an authorized entity.”

China
It is a common misconception that bitcoin and digital currency are totally banned and illegal in China, but China has become the world’s largest bitcoin trading market. The bitcoin ban is strictly on banks, as the central banking authority, The People’s Bank of China is owned 70% by the Chinese government. Banking institutions and employees are banned from engaging in bitcoin business through banking, as well as servicing or doing business with the bitcoin industry. Trading or mining in bitcoin is not illegal for common citizens.

Ecuador
The ban by Ecuador makes the most sense of any ban, as they are building a national electronic cash system, so they feel the need to protect their new currency from something clearly superior. A decentralized currency of finite production that cannot be manipulated by governments or banks might dim the lights on their new program in the eyes of the public, which offers none of those benefits.

Iceland
As of March 19, 2014 the Central Bank of Iceland issued a statement explaining the legal status of digital currency in Iceland. Purchasing them may violate the Icelandic Foreign Exchange Act, which specifies that Icelandic currency cannot leave the country. A nebulous designation, but it sounds like it is banned, in effect.
Coffeehot
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May 30, 2018, 02:58:08 AM
 #463

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.  
bitcoin absorbs a lot of social funds . this is what the government does not want to see . they will set policies to limit the development of bitcoin , however , they cannot prohibit bitcoin
Nunoluck
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May 30, 2018, 02:58:26 AM
 #464

Those are not big countries so the impact will not be big. Bad news related to bitcoin banning in big countries can make big impact on bitcoin and all cryptocurrency price. I hope more countries will accept bitcoin.

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May 30, 2018, 08:19:47 AM
 #465

Hmmm...5 countries of whole world, I thought that they are way more. So we are not is so bad state right now with our bitcoin

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May 30, 2018, 08:22:10 AM
 #466

where is the Russia.
This country dont have regulation of crypto, but any crypto operations are not welcomed

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May 30, 2018, 08:24:56 AM
 #467

In my country indonesia,bitcoin is not banned but it restricted. Can't imagine that everyone is forbidden to using crypto
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May 30, 2018, 08:29:39 AM
 #468

Those are not big countries so the impact will not be big. Bad news related to bitcoin banning in big countries can make big impact on bitcoin and all cryptocurrency price. I hope more countries will accept bitcoin.
true just like for what happen last year in china there is some changes according in crypto and the market are really affects on it so just like this some of the small country banned bitcoin this is may not truly affect bitcoin currency.


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buahkudu
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May 30, 2018, 08:37:04 AM
 #469

5 countries that ban bitcoin.
The popularity of bitcoin that skyrocketed in value makes the popularity of digital currencies also hoisted up. Disallow Bitcoin Transactions Before Being Made A number of countries then prohibit the use of digital currencies such as bitcoin as a means of payment and legitimate transactions.

here is a list of 5 countries that prohibit bitcoin
1. Nigeria
2. China
3. Colombia
4. Taiwan
5. Ecuador

Yohr87
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May 30, 2018, 08:38:21 AM
 #470

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
I don't know why there's country banned Bitcoin because they are not satisfied in using Bitcoin?
I think for me before they do that they have a big reason for banning Bitcoin.They don't know what are the advantages and benefits of Bitcoin,it can change the economy of one country.
jessy2000
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May 30, 2018, 08:48:52 AM
 #471

They banned bitcoin because they fear to lose the control of local currency.
BarbieCasino
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May 30, 2018, 09:42:11 AM
 #472

these 5 countries will be definitely  undeveloped countries. Only undeveloped countries banned bitcoin. most of the developed countries did not banned bitcoin they want start service on bitcoin because they want modernism and increase life standard in their countries people . because bitcoin is the digital era in the world and now a day most of business are became digital they  buy and sale their product on digital way that's way for digital business  digital money are so important.

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May 30, 2018, 09:52:51 AM
 #473

Perhaps these countries have temporarily banned bitcoin, or perhaps they are not very competent governments in digital technology.

Last year, China was hostile to bitcoin. This year, China has started to widely develop the blockchain technology. I believe that in the future, bitcoin will be recognized by more countries.
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May 30, 2018, 09:56:50 AM
 #474

The five countries that banned Bitakenai are:
Bolivia
Bangladesh
Nepal
Morocco
Ecuador
All of those 5 countries look like poor countries and I don't think they have many influences on bitcoin neither on its popularity or its price.
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May 30, 2018, 10:05:52 AM
 #475

If they are banning cryptocurrency because they might be affected negatively by the growth of bitcoins.I believe that the reason why they are banning cryptocurrency is because of the people that prefer of investing in cryptocurrency more than on their own banks.All countries that have a high level of corruption like in mine fear the use of bitcoin as money laundering will certainly be difficult to track and the state will not take risks besides bitcoin is considered still not have a strong legal body.bitcoin is still a new thing in some countries.
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May 30, 2018, 10:07:09 AM
 #476

Counties that have banned bitcoin are:
1.   Bolivia
2.   Ecuador
3.   Bangladesh
4.   Nepal
5.   Kyrgyzstan
I think in the future not only will five countries banning Bitcoin but there will be more countries banned and want to remove this currency from the market economy.
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May 30, 2018, 10:08:30 AM
 #477

States are trying to ban, which is almost impossible to prohibit, such as the Internet. But such attempts exist, who today banned the use of crypto currency: Bangladesh, Bolivia, Ecuador, Nepal, Kyrgyzstan. In Nepal, more than 10 people are currently in prison on charges of using crypto currency. Local exchange "Bitsewa" was closed by the order of the Central Bank.

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May 30, 2018, 06:28:53 PM
 #478

These are insignificant countries with low GDP. They are unlikely to have any effect on crypto currencies environment. Sooner or later they will unban them again when rest of the world will start adoption of Bitcoins. Top major GDP are either making Bitcoin legal or regulating them or placing taxes rules on them. Crypto currencies are here to stay.
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May 30, 2018, 06:41:40 PM
 #479

Governments of these countries may have a rong conception about bitcoin that's way they ignore bitcoin.
Larva14
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May 30, 2018, 06:47:44 PM
 #480

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

Fortunately, most countries are neutral about bitcoin and all of the cryptocurrency. But there are a lot of governments that are watching this innovation carefully as they fear it can affect their economy though they are not sure if the effect is good or bad. Hopefully, they will realize soon that cryptourrency's goal is to improve our economy.
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