Personal interest Over National Interest on Bitcoin By Countries

[Mate2237]

It is not a new news in the cypto space that country's governments ban the use of crypto currencies in their various countries for their various reasons. every country has their reasons of banning it. But I understand it as a personal interest, because the demand is very high from the citizens, mostly the youths of these countries are very much interested to use cypto currencies but the government is restricting them to explore it. The governments only cure about themselves not the citizens. What the citizens need  is not what they (the governments) need, if not, I did not see any tangible reason from any government to stop the citizens of using cypto currency (mostly bitcon) which has no harm to humanity.

Countries that ban bitcoin

These are some of the countries that ban the use of bitcoin in their regions: Algeria, Bangladesh, Bolivia, Colombia, China, Egypt, Indonesia, India, Iraq, Iran, Kosovo, Nepal, North Macedonia, Russia, Qatar, Oman, Morocco, Turkey, Tunisia, Vietnam, Nigeria

The reasons of the bans

The followings are some of the major factors of the ban:

• Economic Factor
• Political factor
• Lack of Regulation factor
• Climate factor
• Criminal factor
• prevention factor

Economic Factor: El Salvador adopts bitcoin to expand its economy but accepted as a legal tender, it was only few citizens used it for daily business transaction, so, IMF, gave a warning that there is risk of countries that accepting bitcoin to be used in their countries because bitcoin is not a stable currency (coin). Though, many countries banned it before El Salvador adopted it but the prediction was there. And also, Bitcoin is a visual currency that not everybody will have access to it.

Political factor: Citizens, mostly the youths in the world undermine the states authorities because of bitcoin. Really most countries do not provide jobs for the teaming youths in their countries so when bitcoin came, they abandoned the government with its activities and focus on bitcoin.

Lack of Regulation factor: We are all aware that bitcoin is a decentralized digital currency which is out of government control, so with that they have to stop it coming to their countries.

Climate factor: Bitcoin uses network and network is not reliable because if the climate is bad or there is is conflict between countries, it will affect the transactions process.

Criminal factor: Since bitcoin is an online currency, criminals will use it to defraud users online

Prevention factor: It is to prevent what has been happening in the globe. such as: MMM and other penzi scheme likes.

https://www.lawyer-monthly.com/2022/01/crypto-crisis-why-are-countries-banning-virtual-currencies/
https://www.euronews.com/next/2022/04/27/bitcoin-ban-these-are-the-countries-where-crypto-is-restricted-or-illegal2

Conclusively, authorities do not concern the welfare of their citizens but for their personal interest. Government is selfish and self-centered. Government is to create enabling environment for the citizens to do business. The question is. Where is the enabling environment?

[Jawhead999]

Countries that ban bitcoin

These are some of the countries that ban the use of bitcoin in their regions: Indonesia

Please do more research before creating a thread, Indonesia didn't ban Bitcoin at all, they're only ban the use of Bitcoin as a payment, but you're allowed to hold, buy or sell it. I believe there's few other countries which doesn't ban Bitcoin, but you're included it.

Read https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory

The reasons of the bans

The followings are some of the major factors of the ban:

• Economic Factor
• Political factor
• Lack of Regulation factor
• Climate factor
• Criminal factor
• prevention factor

Economic Factor: Actually governments can put a warning high risk of losing money like traditional gambling.

Political factor: Why does it's wrong?

Lack of Regulation factor : At least the governments can regulate the exchanges, KYC and give a tax, but they can't control 100% about Bitcoin.

Climate factor: You can use Bitcoin mixer and decentralized exchanges.

Criminal factor: Non sense, criminal can use fiat money.

prevention factor: Non sense, similar like criminal factor.

[Baofeng]

I guess some of those government as authoritarian by nature.

So what do you expect? the central power lies in the government and not into the people. So obviously they wont' allow the people to have control when they go and be in crypto, whether investment or hedge or store of value. So all the reasons you mentioned that this government are not going to allow boils down to one thing: greater control of their population.

[nullama]

It's all about control.

Countries can control their citizens by controlling the supply of money. They can freeze the assets of any citizen.

Money is the lifeblood of any modern person's life. If you can control the access to that money, then you can control that person.

Bitcoin being global allows citizens to have financial freedom from any country in particular. Some countries don't like that.

Being decentralized is the main point of Bitcoin. Any other type of money can be used for crime, scams, etc...

[bestcoins1]

Countries that ban bitcoin

These are some of the countries that ban the use of bitcoin in their regions: Algeria, Bangladesh, Bolivia, Colombia, China, Egypt, Indonesia, India, Iraq, Iran, Kosovo, Nepal, North Macedonia, Russia, Qatar, Oman, Morocco, Turkey, Tunisia, Vietnam, Nigeria

In 2018 Qatar did not ban Bitcoin because Qatar itself had plans to build a financial technology known as fintech. And I think for now it's still the same because in some other news that I read on liputan6.com it also mentions that there are several crypto exchanges that have officially become sponsors of the Qatar world cup.

And a little quote that I read on the cnbcindonesia.com website says that "Bitcoin exchanges have been opened in several Muslim countries. BitOasis is the first virtual wallet in the Middle East. This digital wallet is not for customers of the United Arab Emirates (UAE). Currently BitOasis available in Saudi Arabia, Kuwait, Qatar, Bahrain and Oman" (Kalimullina said).


Likewise with what @Jawhead999 said where Indonesia has not banned Bitcoin until now even though it cannot be used for payments. But to save it is still possible and it is not a problem for all Indonesian citizens.

[Lucius]

Please do more research before creating a thread, Indonesia didn't ban Bitcoin at all, they're only ban the use of Bitcoin as a payment, but you're allowed to hold, buy or sell it. I believe there's few other countries which doesn't ban Bitcoin, but you're included it.

I have to admit that I did not know this information, because I was aware that Bitcoin is banned as a means of payment in Turkey and Thailand. As I have already written several times, it is a good thing that it is not a complete ban, but the countries that do such bans are actually hitting the very essence of Bitcoin. This is actually an indication that they are afraid that Bitcoin could succeed as a currency at some point, but also a sign that the authorities want to have ever greater control over the people in these countries.

[hatshepsut93]

Government is to create enabling environment for the citizens to do business. The question is. Where is the enabling environment?

Governments that ban Bitcoin don't see it as major economic opportunity for their citizens. They think that the negatives are larger than the positives, so they ban it. All those reasons that you listed serve public interest, not own interests of the government. If you wanted to criticize governments from that angle, you should have pointed out that they view Bitcoin as a threat to their financial power and control.

[ultrloa]

Government is to create enabling environment for the citizens to do business. The question is. Where is the enabling environment?

Governments that ban Bitcoin don't see it as major economic opportunity for their citizens. They think that the negatives are larger than the positives, so they ban it. All those reasons that you listed serve public interest, not own interests of the government. If you wanted to criticize governments from that angle, you should have pointed out that they view Bitcoin as a threat to their financial power and control.

Most of the country ban bitcoin are first world and they really don't need bitcoin for now because they are self sustaining. They maybe see bitcoin as bad investment option that's why they warned their citizens to take participation on any activities which involve crypto on circulation.

We can't blame them to think that way since there are many frauds and other type which can cause heavy financial lose by certain circumstances that's why maybe this one see as valid ground for some first world countries to ban bitcoin.

[franky1]

Climate factor: Bitcoin uses network and network is not reliable because if the climate is bad or there is is conflict between countries, it will affect the transactions process.

there have been multiple wars. millions of deaths, people starving. bombs, guns, Molotov cocktails, riots, raids. oil crises, pension crises, financial crises.. you name it. its happened.. find any country. you will find problems

. but bitcoin network has been running EVERYDAY since january 2009

[tranthidung]

I don't go to personal and national details but let's say general things.

Governments in different countries care more about their power, regime, etc. at first, and at last they look at their citizens. It's true from capitalism to communism or others, and from all aspects.

So citizens have to figure out ways to escape. One of solution and innovation is Bitcoin and blockchain that are initiated successfully for the first time by Satoshi Nakamoto. After more than 13 years, personal interest is still bigger than national interest but things are changing.

Gradually we are witnessing Bitcoin legal tender, CBDCs and global adoption.

[NotATether]

Conclusively, authorities do not concern the welfare of their citizens but for their personal interest. Government is selfish and self-centered. Government is to create enabling environment for the citizens to do business. The question is. Where is the enabling environment?

Anarchy is just as bad as an overly restrictive government.

Governments have two main functions: 1) To enforce their own national security, and 2) to take care of the welfare of its citizens. All policies fall into one of these two spheres or control, because everything else is not the concern of the government.

Economics can be argued to fall under the category of citizen welfare, but it's inlikely that governments are banning cryptocurrencies because of its economic factor, but they are rather banning it from a national security perspective (funds can be laundered out to other nations/criminals, and lack of regulation) and largely override the welfare factors (climate, scammers running amok, etc.).

[noorman0]

I have to admit that I did not know this information, because I was aware that Bitcoin is banned as a means of payment in Turkey and Thailand. As I have already written several times, it is a good thing that it is not a complete ban, but the countries that do such bans are actually hitting the very essence of Bitcoin. This is actually an indication that they are afraid that Bitcoin could succeed as a currency at some point, but also a sign that the authorities want to have ever greater control over the people in these countries.

For a while the issue of bitcoin volatility is very complex. Think if as normal citizens where previously they were used to using conventional currency and then forced to use "weird" currency that suddenly decreases in value because they will trade with us the next day, then chances are they think we have done something with that decline.

There was a lot of homework for the government before bitcoin was actually legalized as a currency, especially measuring the ability of its citizens on average.

[Text]

In my opinion, the personal interest of the government is still greater than the national interest of the country, which is the dominant and sad reality. In those countries that welcome Bitcoin or even have no strong opposition to its use, the main thing they see here is money. Because they know they are powerful, they can enforce any law so that only they can always obey. So by being open to this industry they are not inferior so second only to the welfare of the country's economy.

[buwaytress]

As Jawhead999 points out, read more into these "bans". Most of the restrictions are really on commercial use of crypto (not just Bitcoin) -- if you're trading it or using it to facilitate business, then you're not allowed to use it. That actually makes sense from most regulatory perspectives if you consider that most of these countries already struggle with international financial compliance, they simply don't have enough resources to monitor yet another system/network they don't even fully understand.

But they're not going to go after individuals who buy and own Bitcoin. Localbitcoins will prove this (check out trades for Indonesia, Turkey, Egypt, to name a few). That's not even needing to go unmonitored p2p like Bisq.

[Doan9269]

The reasons of the bans

there's no much reasons for the ban other than their inability to regulate the affairs of bitcoin and their mindset believe that bitcoin is use to perpetrate illicit act which are fraudulent using the digital network as a means.

mostly the youths of these countries are very much interested to use cypto currencies but the government is restricting them to explore it

government only place a ban in from it use by the commercial banks and fail as well to adopt it as a legal tender but that does not stop you and i from using bitcoin independently using p2p

El Salvador adopts bitcoin to expand its economy but accepted as a legal tender, it was only few citizens used it for daily business transaction, so, IMF, gave a warning that there is risk of countries that accepting bitcoin to be used in their countries because bitcoin is not a stable currency (coin).

forget about all the circumstances of different thoughts and views from people up and down, that's their own believe, but what i know is that none of them  is and will be ready to alleviate countries suffering from poverty and poor economy except they help themselves, so what are we talking about, they can't help but rather complain your actions, El-Savador is well ok and fine with the adoption, the citizens are using it and it's not forced on anyone to use but rather a choice.

authorities do not concern the welfare of their citizens but for their personal interest. Government is selfish and self-centered. Government is to create enabling environment for the citizens to do business.

they won't give you that which is supposed but if you realized the need then you go for it, never expected any enabling environment from them that will benefit you than them

The question is. Where is the enabling environment?

it is in bitcoin, going fully decentralized, and use of p2p is the means to it, while another option maybe in countries where bitcoin is legalized like El-Savador

[tadamichi]

Economics can be argued to fall under the category of citizen welfare, but it's inlikely that governments are banning cryptocurrencies because of its economic factor, but they are rather banning it from a national security perspective (funds can be laundered out to other nations/criminals, and lack of regulation) and largely override the welfare factors (climate, scammers running amok, etc.).

It depends, governments currently have a monopoly on money. They completely rely on debt to pay their expenses mostly, for this they give out bonds etc. You loan them money, they pay you interest. The problem is that in many economic zones like japan and europe interest rates are negative. You would loan out money and get less money back, its completely ridiculous. So who would still loan them money? The problem is: they arent capable of raising it, because otherwise they would go bankrupt. So the central banks have to start buying trillions in bonds(both government and corporate bonds), by just printing money and financing governments/corporates expenses, which is something that is not even their task and was frowned upon when the system was still healthy. Otherwise entire economies will start to collapse. So you could argue its governments themselves that are weakening national security and welfare, by having become completely reliant on debt that is financed by central banks, instead of the market itself. It has consequences for all of us, because this money is created out of thin air and making our currencies worth less and less and their own citizens poorer over time, and entire nations fragile. The spiral of debasement, there is no fix inside the system itself anymore.

The only reason they would ban Bitcoin is to keep their monopoly alive and this system running, but ofc they will use lies about national security and welfare as cover ups. Even tho the only real way outside of this debt-based monetary system trap is something like Bitcoin that isnt based on debt. The problem is, if they do this they will lose control over the money and cant use it like before anymore. So they rather choose the dumb way of going against Bitcoin to keep their ponzi alive, as it makes fiat whales incredibily rich similar to PoS, as they have the power to rig the system and get most of the printed money/ bailouts.

An example for what happens when a country cant pay back their debts anymore is sri lanka: now they have exploding inflation and no way to pay for energy, food medicine imports etc.

Sri Lanka defaults on debt for first time in its history

[hyudien]

Countries that ban bitcoin

These are some of the countries that ban the use of bitcoin in their regions: Algeria, Bangladesh, Bolivia, Colombia, China, Egypt, Indonesia, India, Iraq, Iran, Kosovo, Nepal, North Macedonia, Russia, Qatar, Oman, Morocco, Turkey, Tunisia, Vietnam, Nigeria

It's careless and scary in a space where the people above are on this forum in part and have become an integral part of how bitcoin contributes to them. Indonesia, Vietnam, India, Turkey, Russia, Tunisia, Nigeria, and many more, we found them here and doing well with Bitcoin.

Regarding government policies, nothing is fixed and nothing can really break the Bitcoin chain.

[kryptqnick]

Whether the government cares about citizens depends on how democratic the country is and how pronounced the will of citizens is. If it's a strong democracy and the public opinion is strongly in favour of something, it is unlikely that political parties won't take it into account and won't argue for the things that resonate with their supporters. If an issue is divisive or if a small number of people care about it, it can be neglected. If it's an authoritarian state, very strong opposition is required to change the decision (or overthrow the government, so it's more difficult). You've listed many countries, but like others have noticed, I believe not all of them banned Bitcoin (some considered bans, some restricted certain activities, some are fairly open to cryptos).
A reason for restriction can also be ignorance, poor-informed decisions.
IMO it's almost always better to regulate cryptos and get the money into the state budget than make serious restrictions or impose a ban.

[2stout]

IMHO the reason for bans, even though they may sound plausible, are really excuses and guises for the real reason being those countries feeling bitcoin is a threat to their fiat control over the people.  Bitcoin allows you to not have to really put up with their unlimited printing of fiat, which in turn devalues the fiat you earned.

[amishmanish]

Bitcoin is still considered as a grey area in many countries and there has been a debate around the world, how crypto needs to be regulated. With rising inflation banks are using their favorite instruments, rate hikes, but why should we suffer, if the world productivity is declining. For me its a step to wipe out poor, not poverty. Government and systems need to be penalized. Rich need to sacrifice their wealth. But its always the poor. A decentralized system will give us choice to handle our money ourselves while fiat go worthless.