[2014-07-25] Ecuador Becomes First To Outright Ban Bitcoin

[Kprawn]

http://coinfire.cf/2014/07/25/ecuador-becomes-first-outright-ban-bitcoin/

President Rafael Correa of Ecuador will have a new bill to sign in to law this week that bans Bitcoin and other cryptocurrencies and electronic money as the country works to create a new Central Bank backed cryptocurrency backed by the Banco Central del Ecuador.

All these countries want their own digital currency, they can manipulate. 

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[Katekyo]

Maybe this is good news for Bitcoin, anyway. From now on, no government manipulated currency (electronic or not) will succeed, and at least it always helps Bitcoin gain more exposure.

[Kprawn]

Bitcoin can only benefit, if they fail. Any currency digitized and manipulated by any central organization or bank, is not based on bitcoin.

The benefit of bitcoin, is in it's decentralized nature and the fact that it cannot be manipulated, due to it's current protocol design.   

[Bit_Happy]

The "Bankcoin" will be interesting to keep an eye on, but really sorry to see they are trying to ban BTC.
I wonder how harsh the penalties will be for violating the ban?

[bitsmichel]

http://coinfire.cf/2014/07/25/ecuador-becomes-first-outright-ban-bitcoin/

President Rafael Correa of Ecuador will have a new bill to sign in to law this week that bans Bitcoin and other cryptocurrencies and electronic money as the country works to create a new Central Bank backed cryptocurrency backed by the Banco Central del Ecuador.

All these countries want their own digital currency, they can manipulate.  

Bitcoin cannot be banned, the president seems to have been misinformed. Usually politicans don't have a technical background, and sometimes make decisions on things they cannot decide. Bitcoin will stay in Ecuador, no matter what politicians do.

[jbrnt]

This is the first time a nation has outright banned Bitcoin and other cryptocurrencies making it illegal to perform business in them, exchange them or run businesses built upon them.

They are banning local companies dealing with bitcoins, but they cannot stop citizens owning bitcoin, nor can they stop citizens trading them overseas. Interesting to see how successful their own sovereign crypto will become. 

[cbeast]

This is a good thing. Educating a marketplace is time consuming and expensive. Ecuador is picking up the tab. When people learn about cryptocurrencies, they will discover Bitcoin.

[Kprawn]

When something good is banned, it puts a lot of spotlight on this. {Some free advertisement}

People would just go underground with the technology. But if they are not allowed to use it openly, it hampers progress for the country. 

[ajareselde]

When something good is banned, it puts a lot of spotlight on this. {Some free advertisement}

People would just go underground with the technology. But if they are not allowed to use it openly, it hampers progress for the country. 

Perks of free advertisement are not nearly enough reason for joy, since they can be catalyst to widespread baning of bitcoin worldwide.
Bitcoin, in every aspect can be copyed and even upgraded to something better, under different name/brand/whatever, and that is why i believe it will ultimetively fall.
In the meantime, im guessing the ride will be awesome for trading, since nothing is better for earning than a volatile market

[seriouscoin]

When something good is banned, it puts a lot of spotlight on this. {Some free advertisement}

People would just go underground with the technology. But if they are not allowed to use it openly, it hampers progress for the country. 

Perks of free advertisement are not nearly enough reason for joy, since they can be catalyst to widespread baning of bitcoin worldwide.
Bitcoin, in every aspect can be copyed and even upgraded to something better, under different name/brand/whatever, and that is why i believe it will ultimetively fall.
In the meantime, im guessing the ride will be awesome for trading, since nothing is better for earning than a volatile market

Retard, can you copy the blockchain network?

Also the article is misleading. A digital currency issued by central bank is not cryptocurrency. Its just a digital IOUs.

Ecuador government will have alot to learn from Canadian Mintchip.

[Swordsoffreedom]

So Ecuador is considering the route of the Mintchip interesting in one sense embracing digital currencies but at the same time banning it.
I think their opinions will change though.

Although it does bug me that its all the bitcoin news feeds that put this up not to many alternative sources
http://www.ibtimes.co.uk/ecuador-create-government-run-digital-currency-it-bans-bitcoin-1458280

[lihuajkl]

Ecuador is launching its own version of e-currency which means at some extent they accept crypto technology although they ban BTC. We will see their progress and the level of acceptance of people there. After comparing with their gov's cryptocoin,they will know which one is better.

[Junko]

I thought Bolivia was the first to ban Bitcoin and to an extent, didn't Iceland also -even before Bolivia?

http://en.wikipedia.org/wiki/Legality_of_Bitcoins_by_country

[freedomno1]

Thinking about it I think that this bill banned Ecuadorian Banks from making their own crytocurrencies and coins
That is what Article 96 Is about and this article is misinformed on the implications of that.
What it means is that banks and individuals residing in Ecuador cannot make their own banks and coins but since Bitcoin is international along with other currencies they will still be accepted as tradeable materials.

[ThomasCrowne]

Oh my.  What I say what will bitcoin do without good ole I say without good ole Argentina boy?  -Fog horn