Kuwait Bans Bitcoin and crypto payments, investement and mining

[bayu7adi]

That's Kuwait's problem, they are not even noticed as one of the most adopting Bitcoin countries so it's their choice and in fact if I came across this new online I won't come on here and make a topic about it because it's Kuwait, it's not America, Singapore or China, this isn't also the first Ban on Bitcoin mining, sooner or later it will be lifted.

Especially when they start noticing what they are missing with web3 and others, I believe they have no clue about blockchain technology, few countries where this stupid before, until they understand what they are missing.

As a nation that may not wield sufficient global economic influence, I believe Kuwait's decision regarding its stance on Bitcoin need not be vehemently contested. However, it truly saddens me to witness the predicament faced by some Kuwaiti individuals who harbor a genuine interest in Bitcoin. For them, relocating to a more Bitcoin-friendly country appears to be the sole recourse, as their homeland seems disinclined to embrace Bitcoin as a legitimate cryptocurrency.

It appears that within the Kuwaiti government, there exist certain individuals who are unable to accept Bitcoin as either an asset or a currency. This resistance, consequently, leads to the rejection of Bitcoin for a nation with a population of approximately five million.

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[OgNasty]

I wonder what the motivation for this was. Perhaps they were seeing an influx of crypto miners that was stressing their electrical grid and causing problems? That’s the first thought that comes to mine. Especially considering the timing with the hottest days ever being recorded happening. I’d imagine they want to make sure people are able to use their air conditioners without brownouts due to miners.

[Mate2237]

So it looks like Kuwait has decided to ban crypto payments, investments, and also mining. The reason? is the usual:

Kuwait has prohibited the use of crypto for payments or investment to combat money laundering, according to a circular by the country's financial regulator issued on Monday.

As the article states, any violations of the prohibitions would result in penalties.

I personally wasn't expecting this, especially with their neighbor (UAE and Bahrain) doing the total opposite.

I saw the news early morning today on flash news in social media platform but I snobbing the news. And one thing I discovered from all these countries that are banning cryptocurrency lack the full knowledge about the new technology. is it not better they regulate the transaction process than banning?
Kuwait has been on the deliberation https://freemanlaw.com/cryptocurrency/kuwait/ and what Minister of Finance did in Kuwait is the same thing happened in Nigeria. On their own they just hate cryptocurrency and if you investigate the issue well, you will discovered that it is not because of the money laundering but because of hatred to the bitcoin users. Now the Central Bank of Nigeria for governor is in under DSS custody. He will learn his lesson from there. It would have been better they regulate it.

[Ucy]

This bullish for Bitcoin as it's a decentralized, censorship resistant and independent system, hence won't be affected.
Now concerning the humans who could possibly be affected by this... punishments for using Bitcoin for payments or investments may only be possible if Bitcoin is bad, if they use it for something immoral/illegal, if they pay with bitcoins that are somewhat dependent on the system they control or if they buy/sell things that rely on the system. This is just an idea for those who wish to safely navigate a lawless system that tries to prevent them from using things that are good and permitted for responsible people to use.
 It's always better to use Bitcoin for things that are right or good, use it when you're completely independent of the system they control and don't depend on anyone in the system. Using it otherwise is unsustainable.

[aysg76]

However, as always for ordinary people, this does not have to be a problem because the BTC transaction does not require the approval of the government or any politician, and those smart will always find a way to continue trading with BTC and stay under the radar.

The rules in the gulf countries are very strict and they have severe punishments if you are caught so people won't take risks although smart people find some ways to bypass these restrictions.The fines are also huge that if someone is trading in it they will impose certain amount that can be huge for the accused.

This bullish for Bitcoin as it's a decentralized, censorship resistant and independent system, hence won't be affected.
Now concerning the humans who could possibly be affected by this... punishments for using Bitcoin for payments or investments may only be possible if Bitcoin is bad, if they use it for something immoral/illegal, if they pay with bitcoins that are somewhat dependent on the system they control or if they buy/sell things that rely on the system. This is just an idea for those who wish to safely navigate a lawless system that tries to prevent them from using things that are good and permitted for responsible people to use.

See the concept is that being decentralised bitcoin don't need approval of any third party but still the usage for it will push forward the demand and if all countries start taking such actions against it people won't be able to use it although there could be ways to overrule this but still risks are associated with it so we need more adoption for it but bitcoin is the leading way to having custody of your funds which is what governments fear losing control..

They will always push forward the excuse like used for illicit activities like Kuwait government has of money laundering keeping in mind the transactions can be traced if used without mixing service but what about fiat? It's simple to do crime with it as digital money can be blocked but not fiat but it's their money and legal tender so it doesn't matter a lot to them.

[kingvirtus09]

In that matter, we can't do anything if they don't have Bitcoin or cryptocurrency in their country, and besides the fact that the country of Kuwait does not have Bitcoin, that only affects the crypto enthusiasts in that country.. but for sure it will also be taken back by That's Kuwait in my opinion, especially when they see that Bitcoin will rally in the market when you have a bull run next year. I don't believe they will ban Bitcoin for long.

[Rabata]

Kuwait is prohibiting Bitcoin while the UAE is offering a lot of incentives for its expansion. I think it depends on each country's government what they do. After all, it is clear that such a policy of theirs is not appropriate for the times. I think they still haven't got a good idea about Bitcoin. Because of which they are discouraging it rather than receiving. Bitcoin is not limited to one country. Neighboring countries will be amazed when the UAE takes its country to the heights of prosperity through Bitcoin. Not everyone will join Bitcoin together. So worrying about this ban can be considered a waste of time. I believe that they will accept bitcoin again because when the whole world will be connected to Bitcoin they cannot ignore it.

[coolcoinz]

I wonder what the motivation for this was. Perhaps they were seeing an influx of crypto miners that was stressing their electrical grid and causing problems? That’s the first thought that comes to mine. Especially considering the timing with the hottest days ever being recorded happening. I’d imagine they want to make sure people are able to use their air conditioners without brownouts due to miners.

Or one of the anti-bitcoin lobbyists like the IMF or the World Bank told them that if they do it they'll get a loan (or not get one if they don't). Also possible they were pushed into this by this FATF bullshit organization that wasn't elected by nobody, but has the power to threaten countries with blacklisting.

You can't ban bitcoin, you can only ban yourself from bitcoin!

[panganib999]

So it looks like Kuwait has decided to ban crypto payments, investments, and also mining. The reason? is the usual:

Kuwait has prohibited the use of crypto for payments or investment to combat money laundering, according to a circular by the country's financial regulator issued on Monday.

As the article states, any violations of the prohibitions would result in penalties.

I personally wasn't expecting this, especially with their neighbor (UAE and Bahrain) doing the total opposite.

Meh. Not really bitcoin's problem at this point. Countries that are way well off than them are choosing to allow bitcoin in the country and they aren't, so if shit hits the fan and they come back reeling for bitcoin then that just means that we're really telling the truth yeah? I feel like I'm going off into a tangent here but basically saying that countries can go about banning cryptocurrencies all they want but people are seeing the use and benefits of it and you can't really stop what's already taken traction. In the case of bitcoin and illegalizing it, what are they going to do? Throw every bitcoin user in Kuwait to prison? Unlikely. They're doing this to spite other countries and to probably gain sympathy from others. They'll realize this is not the way soon enough.

[WatChe]

This is not something new as most of governments are doing the same. My country (Pakistan) has already banned crypto and now going hard against anyone who is involved in cryptocurrency. It's also imperative to mention that governments are regulating cryptocurrency i.e. legalising the use of centralized cryptocurrency not the decentralized one. Governments have no objection on use of cryptocurrency if its fully under there control.

[Blitzboy]

Thus, Kuwait appears to be throwing us a curveball. Thats sad, especially considering what their pals are up to. But hey, each nation has its own rules, and weighing the potential benefits against the potential drawbacks can be a bit like walking a tightrope at times.

Its true that they're restricting crypto-to-crypto transactions; this is problematic. But that's not the end of cryptography in general. Keep in mind that there is no overarching authority in the world today. While it's regrettable that only one country participated, this doesn't spell the end of crypto or Bitcoin. It could make the train move more slowly, but it wouldn't stop it.

Consider, too, that they may be pausing in order to assess the situation and plan their next action strategically. The future is never guaranteed. Believe is essential.

[BitcoinPanther]

That's Kuwait's problem, they are not even noticed as one of the most adopting Bitcoin countries so it's their choice and in fact if I came across this new online I won't come on here and make a topic about it because it's Kuwait, it's not America, Singapore or China, this isn't also the first Ban on Bitcoin mining, sooner or later it will be lifted. Especially when they start noticing what they are missing with web3 and others, I believe they have no clue about blockchain technology, few countries where this stupid before, until they understand what they are missing.

It looks like the current leader of Kuwait does not see Bitcoin as profitable asset by as tool being used for money laundering.  I believe they are stereotyping without considering the transparency of the Bitcoin blockchain where transactions can be seen.

I also think that this ban will be temporary and will be lifted when there is a change of leadership or they found out that Bitcoin will be beneficial for them.

Thus, Kuwait appears to be throwing us a curveball. Thats sad, especially considering what their pals are up to. But hey, each nation has its own rules, and weighing the potential benefits against the potential drawbacks can be a bit like walking a tightrope at times.

Its true that they're restricting crypto-to-crypto transactions; this is problematic. But that's not the end of cryptography in general. Keep in mind that there is no overarching authority in the world today. While it's regrettable that only one country participated, this doesn't spell the end of crypto or Bitcoin. It could make the train move more slowly, but it wouldn't stop it.

Consider, too, that they may be pausing in order to assess the situation and plan their next action strategically. The future is never guaranteed. Believe is essential.

I also think that they implement ban while studying the effect of Bitcoin in their country.  They wanted to be on the safer side since many scammer are using Bitcoin and other cryptocurrency to scam people and possibly they wanted to prevent that before they have the full knowledge about BTC in their country.

[sokani]

Kuwait has prohibited the use of crypto for payments or investment to combat money laundering, according to a circular by the country's financial regulator issued on Monday.

It amazes me how these regulators always used money laundering as an excuse for banning cryptocurrency in their country. For crying out loud, people still launder money with the Kuwait dinar, so why ban crypto?

That's Kuwait's problem, they are not even noticed as one of the most adopting Bitcoin countries so it's their choice and in fact if I came across this new online I won't come on here and make a topic about it because it's Kuwait, it's not America, Singapore or China, this isn't also the first Ban on Bitcoin mining, sooner or later it will be lifted.

Kuwait's crypto adoption might not be compared to other parts of the world like US and China but I believe there are individuals and businesses they are going to suffer as a result of this development. Kuwait is the cheapest country to mine Bitcoin, all the miners that have been taking advantage of the country's cheap electricity will have to pack up or go elsewhere. This is not good at all and I hope the government makes a u-turn very soon.

[Cryptomultiplier]

I get really saddened anytime I hear the ban of cryptocurrency by government of any country all for the claim of money laundering.

It would have been better if the government of Kuwait even made moves to regulate or tax everything that has to do with cryptocurrencies, using it as payment, trading or for investment and mining, so as to dissuade it being used for money laundering activities as they claim.
The country is one that I had always known which has good economy and with lowest unemployment rate worldwide, with also no personal income taxes for its citizens. Kuwait provides an attractive job market for expats. So if the government decides to ban crypto and all its related activities because of any claim, it's because the poverty level in the country is less.

[CryptSafe]

Well, I see the ban as inconsequential as that would not stop the full scale adoption of bitcoin globally. I would not be surprise the Kuwaiti be doing bitcoin transaction secretly and there government knows nothing about it. Possibly they must have weighed the options they have at hand which is more favorable to them as every government does before implementation.

Bitcoin can do without Kuwait after all bitcoin never depended on any government approval before it became a global entity but rather government are now becoming dependent on bitcoin as a source of generating revenue for their nation. So who amongst the both needs each other for survival?

[Mr.suevie]

Well, I see the ban as inconsequential as that would not stop the full scale adoption of bitcoin globally. I would not be surprise the Kuwaiti be doing bitcoin transaction secretly and there government knows nothing about it. Possibly they must have weighed the options they have at hand which is more favorable to them as every government does before implementation.

Bitcoin can do without Kuwait after all bitcoin never depended on any government approval before it became a global entity but rather government are now becoming dependent on bitcoin as a source of generating revenue for their nation. So who amongst the both needs each other for survival?

Well said mate, and I would take my country for an example, the government of my country or should I say the central bank governor of the federation actually ban the use of crypto with banks in the nation but like you said that didn't stop the masses from bitcoin adoption and seeing this again, it now came to a stage where the government had to make plans for the actual study of the technology that is behind crypto so that they can regulate and have financial benefits from it's use in the nation.source

[lalabotax]

So it looks like Kuwait has decided to ban crypto payments, investments, and also mining. The reason? is the usual:

Kuwait has prohibited the use of crypto for payments or investment to combat money laundering, according to a circular by the country's financial regulator issued on Monday.

Every time I read bad news like this, I often feel sad, because apparently there are still a lot of negative issues related to Bitcoin in this world. And they have always assumed that Bitcoin only has more negative sides than positives. And issues related to money laundering, global crimes, and scams are the ones that are most often raised by parties who reject and ban cryptocurrency. This is really sad because it's not just Bitcoin that can be used for this crime. but unfortunately, it's always Bitcoin that is the highest accusation. From here, we learn a lot that there are still many parties who reject Bitcoin. But fortunately, not big countries are declaring it again because it will get even worse for Bitcoin's image later.

[The Cryptovator]

Indeed, it took me by surprise. When I came across the news, I noticed that Bitcoin had not reacted as expected. Despite the negative news, there was no significant price drop, which left me astonished. I'm beginning to doubt whether a complete crypto ban is truly feasible. It appears that the authorities are primarily targeting organizations involved in crypto businesses rather than trying to ban decentralized cryptocurrencies outright. The fact is, banning decentralized cryptocurrencies is practically impossible. People will always find ways to utilize them, either through peer-to-peer exchanges or on the black market.

[Z-tight]

Indeed, it took me by surprise. When I came across the news, I noticed that Bitcoin had not reacted as expected. Despite the negative news, there was no significant price drop, which left me astonished.

It is only a negative news for the people that use BTC in Kuwait, the country is not really that popular in BTC adoption and i don't think that too many people out of over 4.3 million people living in Kuwait are using BTC. Surely this news shouldn't have any influence on the price of BTC, people aren't going to panic and sell because of this.

I'm beginning to doubt whether a complete crypto ban is truly feasible. It appears that the authorities are primarily targeting organizations involved in crypto businesses rather than trying to ban decentralized cryptocurrencies outright. The fact is, banning decentralized cryptocurrencies is practically impossible. People will always find ways to utilize them, either through peer-to-peer exchanges or on the black market.

A decentralized crypto like BTC doesn't have a single point of failure, so it is difficult to ban it. Some governments may ban it and warn their citizens not to use it, but there is no way to completely stop people from bypassing your order and using it. I don't think 'important' countries are ever going to ban BTC, they will regulate it and also make money from tax on it.

[Vaskiy]

Indeed, it took me by surprise. When I came across the news, I noticed that Bitcoin had not reacted as expected. Despite the negative news, there was no significant price drop, which left me astonished. I'm beginning to doubt whether a complete crypto ban is truly feasible. It appears that the authorities are primarily targeting organizations involved in crypto businesses rather than trying to ban decentralized cryptocurrencies outright. The fact is, banning decentralized cryptocurrencies is practically impossible. People will always find ways to utilize them, either through peer-to-peer exchanges or on the black market.

The country that have got something around 4.5 million population doesn't make big impact on the market of bitcoin. In the 4.5 million how many would be involved into crypto business. These are out of fear that their currency value would drop and loss its importance. To agree the fear factor the government have described about money laundering and other activities as the reason for the ban. In the past many countries have taken the decision to ban and lifted the ban after year understanding the goodness and need. So, this ban were all temporary. People will find ways in the black market or move to the near country to use it.