5 countries that banned bitcoin

[jdkly]

Bitcoin is in vain regardless of which country is banned. The Bitcoin network is not a real-name system. How the state knows that people have Bitcoin through effective means is a wrong practice. It seems that everything is useless.

[weblouartisan]

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

It was their choice if they are banning cryptocurrency because they are might being 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.

[Dikpora77]

yes bitcoin is still a new thing in some countries, there are still many pro and contra. 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. so this is too risky and they do not want it.

[stuffingfrisbee]

if the developing countries dont accept btcs circulation then it really would be tough for btcs to progress further in global economy its true

[Netnox]

1.Thailand, since July 30, 2013. Bitcoin is not a currency
2. Morocco, since November 2017
3. South Korea, since December 13, 2017. Reason: to control its finances
4. Singapore, since September 29, 2017. Reason: inter-financial constraints arise
5. Nepal, since 2017

Absolute rubbish! Singapore was one of the first Asian nations to legalize Bitcoin, and the crypto-currency is still legal there. And South Korea remains as one of the major markets for Bitcoin. There is no ban on Bitcoin or any other crypto-currency there.

[fortelen]

Those countries have their reasons for banning bitcoin. But we are clear here, there are still many other countries that allow bitcoin and we should spread the good issues of bitcoin. Hopefully, Bitcoin will be accepted in more countries. Even some countries have banned it, it doesn't mean kill the bitcoin. We should respect their decision to ban bitcoin. and we should spread the good issues of this digital currency.

[Bisul]

1. Bangladesh
The country which forbids the first bitcoin of Bangladesh. Bangladesh began to ban bitcoin used in the country since September 22, 2014 on the grounds that bitcoin could potentially become a place of state officials doing money laundering.

2. Indonesia
Afraid of bticoin bubble that can make bitcoin exchange rates rise and fall drastically in a short time, starting in 2018 the Indonesian government banned the use of bitcoin for all digital transactions in Indonesia.

3. Bolivia
Since June 19, 2014, the country located in South America is starting to ban the bitcoin circulating in the country. The central bank of Bolivia says that using an unpublished currency and issued by the state is one of the illegal acts.

4. China
China is also the next country to ban transactions using bitcoins. The ban comes into force on January 8, 2017. China is the largest market for bitcoin circulation. The government prohibits banking institutions and employees to do bitcoin business with or without through banking and is prohibited to serve bitcoin industry business. Bitcoin in Chine is legalized only for ordinary citizens.

5. Ecuador
Ecuador also reasoned that it would issue its own digital currency that could be more controlled by official financial institutions owned by the government. This reason makes bitcoin banned in this country bordering on Columbia since March 24, 2015.

6. Iceland
March 19, 2014 bans on Iceland's bitcoin begins to take effect on the grounds that bitcoin does not comply with the applicable laws in Iceland. Iceland does not expressly forbid bitcoin, but calls it "nebulous designation" which implicitly does not want bitcoin to be used in transactions in Iceland.

[GeorgiyBilyk]

In the world there will be fewer and fewer countries that prohibit the crypto market! I declare that soon all countries will open the doors to the crypto market and bitcoin! large wallets do not want to change the world, they are satisfied with the way it is now! but I'm sure that soon everything will change and we are moving in the right direction!

[Iceblast]

As far as I know 5 countries that have banned bitcoin activity are:
1. India
2. bolivia
3. ecuador
4. bangladesh
5. nepal
These are not countries for bitcoin operations. They think bitcoin can affect the economy of the country.

although 5 countries have banned bitcoin but the country is not the largest bitcoin user in the world, we can see if the country is japanese, korea and china will definitely make world cryptocurrency in the world become chaotic and unstable price. so I think that's not a big deal and bitcoin will still continue to have popularity and good potential in the future.

[cfmoc]

Although the five countries banned Bitcoin, the number of people involved in Bitcoin acquisition and investment has increased rapidly. Bitcoin is becoming increasingly popular among people in many different countries. It is difficult to refuse a form of potential currency trading such as Bitcoin. Bitcoin, the Cryptocurrency market can only provide legal framework to facilitate the management of the Government and the imposition of taxes, but can not be completely prohibited. By Bitcoin, the Cryptocurrency market is an indispensable development trend.

[kimochidesh]

Actually, no government has still taken any decision right know, except a few like China, Japan, Germany. Most of the countries are silent on this issue. Yes, they are holding negative views about this crypto coin but have not banned it yet. So chill, don’t worry much about governments and enjoy its advantages.

[Broesel]

In the long run altcoins will not be banned but maybe regulated to a degree. THere is just to much money and taxes to be made from altcoins to outright ban the whole thing. And we all know that people do not stop using stuff just because it is illegal 

[Vananhkutelacloi52]

I don't see any affect of this news. 5 contries banned doesn't have any mind in cyptomarket.  

[poli.isk]

immediately clear which countries corruption is rampant! I understand why they do that! to people were slaves, to manage them! it is more important than your life! they don't care about people. they want people to keep quiet, work for a couple of dollars a month. and not resented. but why such people are at the head if they don't care about people?

[oxygensignature0]

government are not worried about their people they are worried about losing their money on fiats by decentralization taxations LOL

[Cryppy_guyL]

It seems to me that this will not last long. Crypto currency including bitcoin is the future of the world. These countries will not be able to resist forever!

[Raline]

it is true that bitcoin is vulnerable to crime because it has no legal foundation governing its transactions, as experienced by bangladesh. 5 countries that banned the BTC may also be one cause of the fall in BTC prices

[Broesel]

it is true that bitcoin is vulnerable to crime because it has no legal foundation governing its transactions, as experienced by bangladesh. 5 countries that banned the BTC may also be one cause of the fall in BTC prices

These 5 countries really don't matter in the big picture of cryptocoins. As long as cryptocoins are not completely banned by south korea, japan, china, the US and europe, there is no long term problem ahead.

[secondhandlark5]

I think its better to ban them because in recent days the btcs faced numerous accusition issue and so we cant deny the fact that bitcs are real threat

[fanhuaijiao713]

Now China and India also ban BTC!

These two countries are the most populous countries in the world, and also many countries with BTC users!

I think in the future, when BTC can be effectively regulated, China and India will declare the BTC legal!