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Author Topic: Why lot of countries do not allow to use Crpto?  (Read 3066 times)
udana123
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July 02, 2018, 05:28:15 PM
 #1

Lot of countries do not allow to use crypto currencies and they discourage using them. However as far as I feel, trading with crypto is not that harmful for the economy of the country. As an example, if a person has Eth and someone from another country needs to buy Eth, that buyer needs to pay the seller in terms of dollars. Then that seller needs to convert that Dollars to his native currency which means it creates a the demand for the native currency and increase the value of the currency. May be the government is unable to add a tax on such transactions but it is beneficial for the currency used in seller's country.
What do you think about that?
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trako
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July 02, 2018, 05:35:58 PM
 #2

state wants to get tax. the input and output of the money can not be controlled. also a serious competitor for bankers. also a good way to make money. countries are opposed to it. a money they can not control is troubling governments.


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newinbtc
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July 02, 2018, 05:38:40 PM
 #3

the value of that currency already decreasing due to lot of international trading , after crypto come , people investing that country in bitcoin and save that money thus their funds decreasing . In India they banning crypto for reason - Decrease of rupee price , lots of scam happens , People us bitcoin as illegal trading . if people use bitcoins , its direct loss of government as they are not getting any tax on bitcoin transfers

Why US bans crypto ?
South Korea also banned
  
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July 02, 2018, 05:52:26 PM
 #4

You are not wrong with your math but its about the security and laundering stuff that may come up front. Most of the countries are afraid that huge amount of money might be laundered with the help of bitcoin and thus it may cause the disturbance to economic circulation in that way. It has recently discovered that many cases of mafia has been found who are actually using the bitcoin this way only. This is the biggest and prime reason why countries are trying to avoid the unwanted use. They also want to protect the peoples funds by stealing methods, crypto fake exchangers and schemes etc.

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July 02, 2018, 06:01:51 PM
 #5

the value of that currency already decreasing due to lot of international trading , after crypto come , people investing that country in bitcoin and save that money thus their funds decreasing . In India they banning crypto for reason - Decrease of rupee price , lots of scam happens , People us bitcoin as illegal trading . if people use bitcoins , its direct loss of government as they are not getting any tax on bitcoin transfers

Why US bans crypto ?
South Korea also banned
  
Different country has a different perception in bitcoin, I guess that was mostly government thinking of that people may be used bitcoin to have an illegal transaction and easy to make any action against the law of the country. And the next is they think also that bitcoin may be the big competitor against the banks near in the future and they can't control it.
Yes, it has a big effect on the local currency, because our local currency is manipulated by our government they know how much the demand and also the value of the foreign exchange.

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July 02, 2018, 06:02:26 PM
 #6

thread like this I think has a lot to make, but I will answer your question. I think because every government has a different thinking for the currency crypto. therefore there are those who do not accept the crypto currency in the country, perhaps the reason is because the crypto currency can not be controlled.
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July 02, 2018, 06:06:08 PM
 #7

Crypto industry is new and can' be fully regulated as it is International in nature, not restricted in the boundaries of any country. A lot of scams, money laundering, price volatility and market manipulations are the reasons countries do not allow crypto.
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July 02, 2018, 06:15:34 PM
 #8

Lot of countries do not allow to use crypto currencies and they discourage using them. However as far as I feel, trading with crypto is not that harmful for the economy of the country. As an example, if a person has Eth and someone from another country needs to buy Eth, that buyer needs to pay the seller in terms of dollars. Then that seller needs to convert that Dollars to his native currency which means it creates a the demand for the native currency and increase the value of the currency. May be the government is unable to add a tax on such transactions but it is beneficial for the currency used in seller's country.
What do you think about that?



we cannot control how the government is going to accept bitcoin and other cryptocurrencies. i am just concerned by the government is focusing on regulating bitcoin when there are other issues that needs their attention.
leonair
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July 02, 2018, 06:41:50 PM
 #9

Government can tax cryptocurrencies though but they are not yet ready for this as it will require a lot of resources to do that and they must build a specific department for this to implement. Many countries are against it because they don't have a full knowledge about it, if people don't know something they always tend to think of a negative thoughts than positive so I think that's normal for some government to not support it for the betterment of their citizens.
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July 02, 2018, 07:01:39 PM
 #10

The reason for lot of countries doesn't allow Crpto is to get some tax from their people.Same thing is happened in South Korea,at first South Korean government ban bitcoin in their country.In a short time period ,they announced bitcoin is legal one in South Korea and the bitcoin investors have to pay some tax to the government.
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July 02, 2018, 07:06:11 PM
 #11

Indeed it's positive for the citizens of a country who want to increase their income smartly and independently, but it's not good for a select group who usually "control" the country and people's money when they put it on the banks and let it generating pennies as income. When a more profitable opportunity appears (trading, Crypto-Currency), it means there will be less money on these banks, so there will be less money for these powerful guys use to make profit for themselves, while giving you pennies. These powerful guys are being removed from their "confort zone" and it makes them angry... That is a good reason why the use of Bitcoin is discouraged and in some cases banned.

tambok
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July 02, 2018, 07:15:15 PM
 #12

They don't allow to use crypto since they kept saying that it is a big ponzhi scheme which we also doubt at first, but don't worry as it is just for temporary for sure that they will also finally adopt this just like other countries who had change their mind and adopt crypto already.

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July 02, 2018, 07:16:23 PM
 #13

Lot of countries do not allow to use crypto currencies and they discourage using them. However as far as I feel, trading with crypto is not that harmful for the economy of the country. As an example, if a person has Eth and someone from another country needs to buy Eth, that buyer needs to pay the seller in terms of dollars. Then that seller needs to convert that Dollars to his native currency which means it creates a the demand for the native currency and increase the value of the currency. May be the government is unable to add a tax on such transactions but it is beneficial for the currency used in seller's country.
What do you think about that?
The decentralization concept had made some countries to  unaccept bitcoins existence in their countries because they were afraid not to enjoy its benefits,they can put taxes in it,although they can make any regulations but they can't fully control the blockchain technology.
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July 02, 2018, 07:24:48 PM
 #14

They don’t totally hated or officially banning it, they’re against to anything better than them. More crypto investors less tax collections or more bitcoin less bank transaction.

They serve the financial groups of each country, their political sponsors and most of they’re investments on stock exchange.

Most corrupt country wanted to stop blockchain technology for their own self serving interest.

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July 02, 2018, 07:27:07 PM
 #15

Same as what you have said, a lot of people gets sacmmed in cryptocurrency and some are using cryptocurrency to scam people. So, a lot of people are losing money because of the risk. That is what other governments are afraid of. Since government cannot fully govern, regulate or tax it, they result on fully banning it.

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July 02, 2018, 08:41:22 PM
 #16

The reason for lot of countries doesn't allow Crpto is to get some tax from their people.but don't worry as it is just for temporary for sure that they will also finally adopt this just like other countries who had change their mind and adopt crypto already.
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July 02, 2018, 08:45:37 PM
 #17

Lot of countries do not allow to use crypto currencies and they discourage using them. However as far as I feel, trading with crypto is not that harmful for the economy of the country. As an example, if a person has Eth and someone from another country needs to buy Eth, that buyer needs to pay the seller in terms of dollars. Then that seller needs to convert that Dollars to his native currency which means it creates a the demand for the native currency and increase the value of the currency. May be the government is unable to add a tax on such transactions but it is beneficial for the currency used in seller's country.
What do you think about that?
In my country, the government forbids people to use bitcoin as a form of payment for shopping. But they do not forbid people to invest in bitcoins and crypto
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July 02, 2018, 08:46:19 PM
 #18

Those countries avoiding bitcoin doesn't have the clear understanding about it. They just come up with a solution bitcoin is harm and we need to stop its usage. In selected countries to support bank governments have regulated its usage. This will change and surely people will begin to analyze better and adopt it even when governments were with plans of not allowing.

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July 02, 2018, 08:53:10 PM
 #19

The way I see it is the countries who are making crytocurrency be prohibited are countries who are run by the wrong person or at least have the wrong understanding of what cryptocurrencies are or even a wrong understanding on their own laws. The most common news I see from countries that prohibit cryptocurrencies are is that they basically are not their fiat currency that is why it is not allowed to be transacted with other than that is they always related it to being the money for criminals which is simply a dumb assumption to make now. If only the person with power is smart about this topic or even at least open to change there will be more countries that will make cryptocurrencies accessible to their citizens.

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TianaStam
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July 02, 2018, 09:13:46 PM
 #20

What do you mean under 'a lot of'? Google search tells me that there are only less than 10 countries who banned crypto and in all number of countries of the world its actually not so much. In explanation why one or another country banned bitcoin its written that its out of their economical laws. So, they simply do not want to change their laws cause of bitcoin, changing laws is long and expansive process as I know.

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