How is bitcoin banned in some countries?

[charlzyeby]

I can't understand how bitcoin gets banned in some countries and not others. Is it possible to still keep trading in bitcoin with an offshore account(exchanging your bitcoin to real currencies in an account abroad)? Are there any legal implications?

[xheon]

Some countries ban bitcoin because it is very fluctuating, and some think that bitcoin is same as gambling. There are also country think that bitcoin may endanger their legal currency. Many thought about it, but some day I believe that they will accept bitcoin as a part of technology-development.

It is definitely possible for you keep on trading using offshore trading platform, but maybe it will be more complicated to withdraw your money.
Every country has has their own financial law, depends on where you live, any legal implication? I'm not sure either.

[pikebu]

I can't understand how bitcoin gets banned in some countries and not others. Is it possible to still keep trading in bitcoin with an offshore account(exchanging your bitcoin to real currencies in an account abroad)? Are there any legal implications?

Some countries that gets banned the bitcoin because they are think that the bitcoin can be used for the crime, money laundry and other crime activities, they just blamed the bitcoin and other digital coins without learning about the benefits of digital coins, but the countries gets legal of bitcoin they have different rules, of course we can trade digital coins on another countries that are friendly with the bitcoin.

[monalia]

I can't understand how bitcoin gets banned in some countries and not others. Is it possible to still keep trading in bitcoin with an offshore account(exchanging your bitcoin to real currencies in an account abroad)? Are there any legal implications?

Few countries are banned in trading because many peoples invest in trading so government should take action how to control this activity. So south Korea fix the taxes in cryptocurrency it is one of the advantages of the governments. But few peoples are invest in gambling it is illegal in some countries they are all strictly punished. Some countries are implementing the advanced technology of digital currency it is improve our country economic status. The future all over the world cryptocurrency is legal I believe this technology.

[bttcoin]

Because Bitcoin is beyond control for many countries, it is too risky for people to invest in, and some people use Bitcoin for illegal transactions. But if the blockchain rises, they end up admitting bitcoin.

[progenic7]

I think countries that ban cryptocoins are suffering extreme paranoia  and they probably have no expert advisors on this matter so assume the worst (criminal activity, drugs, arms, people trafficking ect) and ban it. Hopefully once they become enlightened they will lift these bans and form acceptance of cryptocurrencies

[Polipog]

Those countries banned and stopped accepting bitcoin transactions are only concern for their safety and security, and that such countries don't have enough trust on bitcoin business, and they don't think on what good contribution of bitcoin to their living people.

[saicoolguy]

even though they ban bitcoin i think it is still possible to invest in crypto and trading.

fialt to bank to paypal to exchanges. similarly backwards to withdraw.
i think it is not possible to regulate the currency.

[Shirin16]

I can't understand how bitcoin gets banned in some countries and not others. Is it possible to still keep trading in bitcoin with an offshore account(exchanging your bitcoin to real currencies in an account abroad)? Are there any legal implications?

this bitcoin technology has a great variety of risks, including an uncertain price and also in a country not in tax so many countries that may not want to take that risk.
if indeed in a country is no longer allowed to trade bitcoin, I think we will not be subject to the law if the transaction using exchangers from abroad. but the fee may be more expensive.

[colmenajose]

Hello, I believe that the prohibition of bitcoin in some countries, is mainly due to the fact that governments do not want to lose control of money transfers that are made daily in any economy of a country, however, it is an unstoppable process that must be accept governments and their banks.

[allthingsluxury]

Each country is allowed to do what they want and create their own laws, unless they are a puppet country.

Pay attention to your laws, this is something that is going to increase as the years go on.

[Dapper]

Offshore is a grey area that people are often simply too scared to take advantage of.   It's often a difference between actual and only 'claimed' extraterritorial jurisdiction.   Unless there is an agreement between the countries involved, or the presence of an identical law in Country Y, breaking Country X's laws in Country Y has no real implication or causation.       

[charlie_cutie2002]

Bitcoin banned in some countries because they think bitcoin is gambling and some think it is risky if embrace the Bitcoin World.In additional some are they think it cause of crime or any unsuccessful effects to their citizens.But it is not true the truth is they affraid to have no big collection tax of every investors they dont know to manage it because they have enough knowledge how to it.

[Juggy777]

I can't understand how bitcoin gets banned in some countries and not others. Is it possible to still keep trading in bitcoin with an offshore account(exchanging your bitcoin to real currencies in an account abroad)? Are there any legal implications?

No country can ban it, as there is virtually no way to stop it, what they can do at max is we do not accept it and we'll prosecute you. Can you trade in a country while livings in b country yes you can. You can trade via this forum, or use local bitcoins. Till you don't use your legal documents to buy and sell there're no legal complications.

[pooya87]

when people say "some" they mean less than 5 countries out of 195 total countries in the world have banned bitcoin. each are different and you need to study them on a case by case basis. i haven't really checked it out, what others said here seem more like guesses to me.

as for buying, you can do that and use offshore accounts but you can also always trade bitcoin peer to peer. like buying it off the market on localbitcoins or anywhere else you can find people willing to sell/buy bitcoin.

[marcous]

in each country has its own legal provisions, and we should be able to appreciate it. perhaps the country is only minimizing the transaction that is not in want.
but in my country I have started to learn about bitcoin and system blockchain now. hopefully there is a positive response.

[reingelz09]

Bitcoin is banned in some countries by using its force to crackdown some exchanges in a certain country or by sending FUD through news, articles, messages. etc

[qwertyup23]

I can't understand how bitcoin gets banned in some countries and not others. Is it possible to still keep trading in bitcoin with an offshore account(exchanging your bitcoin to real currencies in an account abroad)? Are there any legal implications?

The reason on why bitcoin has been banned to certain countries is due to its decentralized nature meaning, no government entity or institution can regulate it. As bitcoin is being used as the main medium of exchange under the dark web, a lot of individuals are abusing its nature by transacting illegal goods, things, and services. You can check out this article as this shows an example of bitcoin under the dark web: https://www.thebalance.com/what-is-a-dark-market-391289

Hello, I believe that the prohibition of bitcoin in some countries, is mainly due to the fact that governments do not want to lose control of money transfers that are made daily in any economy of a country, however, it is an unstoppable process that must be accept governments and their banks.

This is definitely true. Since there are insufficient laws catering to the transactions involving cryptocurrencies, the government cannot impose tax on something that they cannot regulate. Though these transactions may be beneficial to the economy, we all know that the government wants control over most things. Hopefully in the near future, cryptocurrencies may be accepted as a part for the integral aspect in the society, more importantly the economy.

[jseverson]

I can't understand how bitcoin gets banned in some countries and not others.

Each country has different laws, so I don't know what you can't understand there. Some are closed off to the idea, some simply don't want to go through the regulatory trouble, etc.

Is it possible to still keep trading in bitcoin with an offshore account(exchanging your bitcoin to real currencies in an account abroad)? Are there any legal implications?

If you have an offshore account, I don't see why not. The legal implications would depend on what law is in place, but I seriously doubt you could get in trouble for dealings that technically happened abroad. That being said, it should be pretty hard for governments to find out you're trading Bitcoin if you don't go through an exchange, which will be illegal anyway if a ban is in place. If people can get away with illegal torrenting, it won't be much of a problem to get away with peer-to-peer trading.

[captin crunch]

So if bitcoin is banned in your country and you are not allowed freely it even might cause some legal constituencies, even if you trade with offshore account, and it is much more complicated to deal with offshore accounts.