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Author Topic: Why lot of countries do not allow to use Crpto?  (Read 4082 times)
ir.yance
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August 25, 2018, 03:19:45 PM
 #661

many countries do not allow crypto because they consider crypto currency as a coin that has value but cannot be used as a means of payment in all countries, besides that there are also countries that still want currencies that have been created by their countries that have images of people who merit in their country, like photos of heroes and others.
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August 25, 2018, 05:00:20 PM
 #662

The reason why countries do not legalize bitcoin to be used as a means of payment is, the state has its own currency and of course they do not want the national currency to lose to bitcoin.

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August 25, 2018, 05:20:24 PM
 #663

Many countries fear that crypto usage will continue to increase so that the use of fiat is reduced or even eliminated, this is what makes the country not allow crypto to be used freely.

Yes, that is the most common concern for most of the government against crypto.

I personally feel that it is not a mature decision. If some new system has the potential and features to replace crypto, it should be encouraged. That situation will never come though in my opinion as banks and crypto can exist together.


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August 25, 2018, 08:46:42 PM
 #664

If I would be in the country leader I would also not just take for the truth that fact that people are saying for me that Bitcoin is worthy and positive, I would like to examine all the positive and negative sides.
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August 25, 2018, 08:53:00 PM
 #665

There is still a lot of skepticism in cryptocurrency that is why most countries are yet to accept it.

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August 25, 2018, 08:55:05 PM
 #666

Because it cannot be tracked and most of the countries do not allow the use of crypto because it can be used for illegal activities with no record and the government cannot do anything if something bad happens.


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August 25, 2018, 09:06:14 PM
 #667

The f\government in most countries have come out with the notion that the do not receive any fund from various cryptocurrency transactions we do make in the country hence they always speak against crypto and misconceptions go on to rummage in their minds.
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August 25, 2018, 11:08:09 PM
 #668

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 fact is that many States are afraid that the cryptocurrency will be a way to launder their income by masking and receiving money in another country of the world. And the state will not even know about it.

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August 25, 2018, 11:38:40 PM
 #669

Because it cannot be tracked and most of the countries do not allow the use of crypto because it can be used for illegal activities with no record and the government cannot do anything if something bad happens.

I imagine if crypto is applied as a legitimate means of payment, every transaction that is abused and fraudulent will be a big problem, and of course it cannot be traced clearly, the state has a fear of legitimate accountability, in this case it is still a common fear because there is no the right rules to regulate it.
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August 26, 2018, 12:15:15 AM
 #670

We all know some of the part of our country are banning of using crypto because  the government of different country are against it. But some country is legitimate of use of crypto. They say that crypto will destroyed our financial status but for me crypto will help in grow our economy if we support them.

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August 26, 2018, 05:07:09 PM
 #671

Because most countries think that crypto is very unsafe to use. because the value of cryptocurrency is very unstable. And maybe that's the reason for the state banning crypto. But there are some countries that allow the use of cryptocurrency. It depends on the government.

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August 26, 2018, 08:41:53 PM
 #672

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?
I think the problem is that cryptocurrency can be offshore for big money, which hinders the country's economy. The budget does not go taxes, because part of the money is cashed through cryptocurrency.
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August 27, 2018, 03:49:15 PM
 #673

The problem is, it's hard to collect taxes from everybody that is using cryptocurrencies and buying anything with the use of the. Only countries with huge economies are allowing that to happen.
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August 27, 2018, 04:17:08 PM
 #674

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?
Each and every country has their own reason why they don't allow the use of crypto anymore. Maybe it is because of the threat crypto is showing to the government and the economy or maybe because they are too afraid to take the risk of allowing it yet it wouldn't be so effective. They are just playing safe but still I hope someday it will get legalized all throughout the world.

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August 27, 2018, 06:47:27 PM
 #675

I think somw countries don't legalized or banned cryptocurrencies because they think it will be used as money laundering business because you can transact without revealing your identiry and also it can be done online. One more is that they can taxed cryptocurrency so maybe those are few reasons why they don't legalized crypto in their country.

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August 27, 2018, 06:55:29 PM
 #676

In my country central bank issued public statement about bitcoin.
They said that bitcoin is not currency and also that bitcoin is not financial asset.
I guess that they don't feel comfortable about bitcoin because of high risk, no regulation etc.

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August 27, 2018, 08:26:18 PM
 #677

maybe the government was too scared to take that risk because they think that they can't handle the expansion of crytocurrency in their country when they allow it in their country
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August 27, 2018, 11:35:03 PM
 #678

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?
Each and every country has their own reason why they don't allow the use of crypto anymore. Maybe it is because of the threat crypto is showing to the government and the economy or maybe because they are too afraid to take the risk of allowing it yet it wouldn't be so effective. They are just playing safe but still I hope someday it will get legalized all throughout the world.
Some countries are preventing the use of Crypto because they are afraid of it, They cannot control or manage crypto system because it is a digital money, They can't put some regulations in it , Government tend to control all that there in the country, Some won't allow the use of it because they have no knowledge in crypto.
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August 27, 2018, 11:43:43 PM
 #679

It is largely due to the fact taht such government are ill-advised by their Governments, often times those countries want to have a stiff control on the flow of  money and they feel cryptos will disrupt such
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August 27, 2018, 11:45:13 PM
 #680

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?
There are many reasons for a country not to use crypto currencies. But the main reason is still the law of their country has no law for crypto currencies if the dispute occurs, the effect may be on the national currency. The market for crypto currencies is small and risky.
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