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Author Topic: Why lot of countries do not allow to use Crpto?  (Read 2767 times)
Kayuslawal
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September 09, 2018, 09:09:51 PM
 #721

Because they see it as threat, risky and anonymous which can pose a threat to its citizens and also encourage anti money laundering since the transaction run on the blockchain are anonymous and not easy to trace.
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September 09, 2018, 09:36:19 PM
 #722

But the point is actually that they can't control the movement of money. And this problem is really huge for a country economics, maybe even bigger than the demand of the national currency.

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September 09, 2018, 09:47:22 PM
 #723

Because they see it as threat, risky and anonymous which can pose a threat to its citizens and also encourage anti money laundering since the transaction run on the blockchain are anonymous and not easy to trace.

The biggest threat next to money laundering is probably tax evasion. Everything that is outside of the visibility or control of the government is a red flag, so it is natural that so many are opposed crypto. But more see this as an opportunity.

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September 09, 2018, 09:49:53 PM
 #724

Reasons may vary but in my opinion it is mostly because they see economical threat in crypto, that's the main problem obviously, crypto is also not ready yet to be broadly applied.

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September 10, 2018, 03:09:12 AM
 #725

Reasons may vary but in my opinion it is mostly because they see economical threat in crypto, that's the main problem obviously, crypto is also not ready yet to be broadly applied.
I agree with your first case where it could be somewhat an economical threat towards a country’s economy but towards the crypto not being ready to be broadly applied, it’s not right. In view of the fact that it is already being applied to some countries and being accepted as a form of payment which translates to currency.



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Rainbot
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September 10, 2018, 03:35:18 AM
 #726

Main reason behind their opposition regarding crypto is the promotion of their country own currency and their own currency is in the control of them but not the crypto and it is not controllable so they so not allow crypto in their country because their currency usage and value will be less due to crypto.

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September 10, 2018, 03:38:15 AM
 #727

It's because the idea behind bitcoin is being a decentralized system, while the state wants a centralized system where they can place taxes on transactions. I'm not against paying taxes because it helps the people become united under laws. If the whole system is decentralized, it's hard for people to control themselves and their behavior, leading to maybe chaos.
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September 10, 2018, 03:42:03 AM
 #728

I think it is mainly because of the tax issue, but one important matter that affects most countries is the volatility issue, of course they wouldnt risk the use of such thing with a very high risk of it losing its value. Most countries are still unable to produce the technology needed to fully utilize the use of cryptocurrency, as we all know there are still lots of countries that are graded as third world, they dont have the means to support the cryptocurrency system.

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September 10, 2018, 03:42:33 AM
 #729

Because of the unstability of cryptocurrency, I believe.
A coin can go to the moon in weeks and then go dissappeared in a matter of hours. No one can tolerate that.
Also I think we need a stable price for bitcoin. Probably around 10k. As it goes up and down too fast. The government cannot control it.
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September 10, 2018, 03:56:42 AM
 #730

The purchasing and living power of the people and in terms of services of various kinds and does not have an architecture other than that left by the French colonialism is almost equal in all things and at the same time and the oddity of coincidences the most country in the world against the use of cryptocurrency it does not allow even the right people In use Credit cards and the right to transfer money hard currency earned by Internet workers, especially investors in the field of electronic currency to transfer their money to local banks and therefore possession.they are scared that cryptocurrency  will disrupt their ongoing systems.

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September 10, 2018, 04:04:19 AM
 #731

yes it's true cryptos are now one of the biggest threats for govt. and bankers but trying to stop the cryptocurrency growth is just like trying to stop the rain,it is impossible.

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September 10, 2018, 04:20:23 AM
 #732

I think many countries does not accept cryptocurrency because of the regulation issues. This is the most common issue that is considered as a threat for the developed countries which is so strick in their economic outlets.

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September 10, 2018, 05:25:17 AM
 #733

 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. so that is what other governments are afraid of. Since government cannot fully govern, regulate or tax it, they result on fully banning it. 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.
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September 10, 2018, 06:29:20 AM
 #734

yes it's true cryptos are now one of the biggest threats for govt. and bankers but trying to stop the cryptocurrency growth is just like trying to stop the rain,it is impossible.
I think, the rejection is only because they are afraid of the development of bitcoin technology, so there are more ways to become money laundering, or even other illegal transactions. but, rapid development can also overcome that I think. Well, I think it's only a matter of time until they receive it.

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September 10, 2018, 06:41:08 AM
 #735

One of the main factors that I know is that the government cannot give taxes in cryptocurrency transactions, they do not get profits and even though their profits can be returned to the needs of the country. They are afraid of their currency will be destroyed when all their citizens make transactions using cryptocurrency,
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September 10, 2018, 07:20:23 AM
 #736

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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September 10, 2018, 08:03:13 AM
 #737

The downside of the crypto market is causing many investors to panic. That is a sign that the government is beginning to look at the market and introduce laws instead of banning it.
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September 10, 2018, 09:58:22 AM
 #738

cryptocurrencies are disruptive technologies even govt wont accept at initial stages but they will try to implement and understand and prepare guidelines for cryptocurrencies in the coming future
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September 11, 2018, 04:56:18 AM
 #739

Well countries have different reasons for not allowing their country to use crypto. Some of them ban it because they cannot control it and they are afraid that some people will use it for illegal transactions,

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September 11, 2018, 05:59:08 AM
 #740

I think the reason why a lot of countries do not allow to use cryptocurrency is because the governement of the country feels harm on the crypto, they do not want their national money to be abolished. But it does not mean that cryptocurrency affects the economy of the country but it help the economy to have a transaction to another country
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