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Author Topic: Why lot of countries do not allow to use Crpto?  (Read 4218 times)
roadloop
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September 14, 2018, 10:40:28 AM
 #781

use of bitcoin as part of its anti-money laundering efforts. ... Not all countries think banning cryptocurrencies is a way to go.
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Kita Kita
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September 14, 2018, 10:59:46 AM
 #782

the government does not allow the use of crypto because the government cannot control the use of it and the government is worried if crypto is used for crime so that it will harm the country
For me the reason of some countries that are not accepting crypto is because they dont know that crypto can be used as our currency in the future of this world. And maybe a lot of countrues are not supporting crypto because the price of all cryptos is not stable, it can pump very high but it can also dump.

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September 14, 2018, 12:11:08 PM
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A country's currency is the measure of authority. It is the instrument of control of the economy of the state. A loss of this control is a loss of grip on the governance of such a state. It is not just because of tax that the countries do not allow crypto buy the entire loss of economic control.




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cudomixi
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September 14, 2018, 12:28:41 PM
 #784

There are two big groups of reasons – one group of reasons is officially stated by almost every aforementioned country: cryptocurrencies are banned because of security issues. The other group of reasons are usually not stated officially but is largely implied. It is directly associated with cryptocurrencies being decentralized: cryptocurrencies allow people to trade directly with each other (peer to peer), cutting out the need for a middleman, which traditionally is a bank.
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September 14, 2018, 01:14:56 PM
 #785

Many countries seen cryptocurrency as a threat in their current economy. Maybe this is due to many issues cryptocurrency suffering. Many has already become a victim of the scams and huge hacking issues.
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September 14, 2018, 01:58:25 PM
 #786

they do not have enough regulation for cryptography. Governments can not control. it seems to be unregistered money. these and similar situations are not working for governments. wants to get tax. but there is no legal regulation for it. if the necessary legislative arrangements are made, it may cause other problems. the demand for the informal currency increases.
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September 14, 2018, 03:06:31 PM
 #787

Because no countries want to bury by themselves,all the countries were running by the taxes from the citizen if the crypto currency becomes their national currency there is no need that they have to convert them into cash they will start using bitcoins and most of them will never pay taxes since it is hard to getting traced.

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September 14, 2018, 05:29:14 PM
 #788

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.
Different government have different opinions about cryptocurrency agenda. Many government not satisfied  cryptocurrency presence in their country and ban it in their country. The main reason behind this its cryptocurrency decentralised nature. Because of this nature it does not under control of any government rules and regulations and bitcoin also affect an country national currency and  affects national banks profit and progress too. And these two above thing ultimately affects their country economy growth.

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September 14, 2018, 06:01:31 PM
 #789

Because people put their money on cryptocurrency which is decentralized instead of investing in business establishments and if people may gain big at crypto their not obliged to pay tax, and the country needs tax to develop.
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September 14, 2018, 06:21:05 PM
 #790

I think what some of the dislike is that they are not in control of crypto currency and therefore would not like to support that. Government also want people to remain poor so that they remain relevant after they leave office. So anything good that is coming to their people  without passing through them would not be supported.

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September 14, 2018, 07:00:30 PM
 #791

across the market are plunging because users all around the world fear that trading cryptocurrencies could be banned. The last country that announced a possible ban is South Korea. Officials stated that trading cryptocurrencies could be banned entirely, or at the very least it would be regulated.This fall affects all cryptocurrencies, not only Bitcoin, which, as the best performing cryptocurrency, has dropped by more than 15%.South Korea isn’t the first country to ban cryptocurrencies. Last year, countries as Vietnam, China, Bolivia, Ecuador, Kyrgyzstan, Saudi Arabia, Bangladesh and North Korea did the same.
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September 14, 2018, 07:10:26 PM
 #792

Many countries are really strict with their laws and all dangers regarding their economics, that's the main reason for that I believe.

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September 14, 2018, 07:40:23 PM
 #793

I think that there is one country which is against crypto currently and all other countries should support its position even if don't want too much to do it...

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September 14, 2018, 08:46:40 PM
 #794

Every Government which has a position in a country has certainly had a number of different rules with other countries. But the average of them has almost the same reasons, include:
The government considers bitcoin has the potential to be used for money laundering or attempts to disguise the origin of money, assets resulting from criminal acts.
Terrorist funding is one of the main reasons, which makes bitcoin rejected by some countries. Because by utilizing bitcoin funding will be easy to enter from various backgrounds without a clear identity and the process of disbursement into real money, it will be easier.
Its nature which tends to be anonymous will be vulnerable to acts of fraud, if someone commits fraud by using bitcoin it will certainly be difficult to tell who's the owner and recipient of the bitcoin.
Every type of online payment system including bitcoin cannot be separated from various acts of hackers, as has happened several years ago.

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September 14, 2018, 11:24:04 PM
 #795

They cant monitor it.. Thats one of the few main reasons that theyre afraid of... If they cant control something theyy would rather turn against in it. Although i can see why they dont want the idea of decentralization due to illegal activities that can be made using blockchain techbology

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September 14, 2018, 11:44:59 PM
 #796

on the other hand the crypto would be ideal to be used for money laundering activities where everyone would be able to use it in a way they want and no tax or where the money came from was required from them

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September 15, 2018, 01:15:44 AM
 #797

Countries are concerned with financial controls, regulation of income and expenditure, and growth of the country. Therefore, they don't like the growth the crypto market because they can't control crypto market. According to them, we have to invest money into the bank and the traditional markets.
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September 15, 2018, 01:27:31 AM
 #798

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?
many countries still want income from the tax sector, especially incoming goods taxes, while bitcoin is still not taxed for a while and the government is still having trouble monitoring the movement of bitcoin as long as it has not been converted to the country's original currency, so the added value for some countries is not can be felt, so there are still many countries that still use banking services because the existing system is very transparent and easily taxable in addition to maintaining the stability of the country's currency value ..
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September 15, 2018, 02:02:11 AM
 #799

Countries are concerned with financial controls, regulation of income and expenditure, and growth of the country. Therefore, they don't like the growth the crypto market because they can't control crypto market. According to them, we have to invest money into the bank and the traditional markets.
I think that’s where the government comes in, where they want a piece of the pie and the growth would surely be coming from the people. Having a decentralised and transparent transactions has an effect for them in my opinion. Probably some has significant things to hide or something.





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September 15, 2018, 02:08:26 AM
 #800

There are lot of countries ,do not allow tk use cryptos in their country because the government are not ready to introduced this kind of currency which is digital, and the use of this cryptos might create chaos in their individual and the state, that is why they are not yet accepting cryptocurrency in their country.
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