The World of Cryptocurrency - Bitcoin's Fate
We can't deny that cryptocurrency now reigns in the market and even penetrates the world's economy. It somehow levels the business field in terms of trading and investing since in just a small amount of crypto, we can earn more than enough and this is the best start of saving some $$$ for a bigger investment.
Every country looks cryptocurrency differently. Some accept bitcoin as a mode of payment and have monetary value in it while on the other side of the globe, treats crypto as illegal currency and they banned it in their land. And the rest were just neutral - no government declaration on whether cryptos are legal or not, they are just observing the bull run of crypto. I have listed several countries that officially banned cryptocurrencies and make it illegal on their land. Only time will tell if there is a country to be added to this list or be removed.
Bolivia:
In June 2014, El Banco Central de Bolivia, a Bolivian Central Bank, officially banned the use of virtual currencies that were not issued or controlled by their government or any authorized entity. Anyone who is caught using these currencies will end-up in jail and their bitcoin and related assets will be seized. Just this year, authorities arrested people who are trading in cryptocurrencies - Bolivian Authorities Arrest 60 ‘Cryptocurrency Promoters’
Bangladesh:
In section 4, 5 & 8 of 1947 law and Money Laundering Control Act of 2012 that regulates in trading to foreign currencies without the authorization of Bangladesh Central Bank, leads the prohibition of using Bitcoin and other cryptocurrency in their country and anyone caught or proven guilty of trading these banned currencies could lead to imprisonment up to 12 years. The government banned using this virtual currency due to its lack of central payment system which could financially harm their citizens.
Ecuador:
The National assembly of Ecuador garnered 91 votes in favor of amending their existing financial and monetary laws which simultaneously approves the proposed state-regulated electronic currency to be all over the country. The nations central bank, Banco Central del Ecuador, backed its newly approved electronic money. In line with this, they banned bitcoin and other cryptocurrencies to used for its citizens. Authorities imposed severe penalties on all violators of the new regulation which banned bitcoin and other cryptocurrencies. If caught or proven guilty of using banned currency, their bitcoin and other similar assets will be seized and closure for the business establishment who are supporting the circulation of bitcoin and other banned currency.
Kyrgyzstan:
In July 2014, the Kyrgyz Republic National Bank issued a statement on the use of virtual currency such as Bitcoin and the like as a form of payment is illegal and violates their National Law. Anyone caught of trading cryptocurrencies will face legal action and could lead to imprisonment. They stressed-out that it is too risky to engage in this currency due to no laws that will protect the consumers who trade with these assets.
Nepal:
In August 2017, Rastra Bank of Nepal officially declared Bitcoin and other cryptocurrencies illegal and whoever caught trading these virtual currencies will face severe punishment under their law. These currencies will be the gateway to illegal activities such as money laundering and can be used by the criminal minds since its transactions are completely anonymous and no government or central bank can regulate it. Just recently, seven individuals were arrested of trading bitcoin - Nepalese Police Arrest Bitcoin Traders Despite Lack of Cryptocurrency Regulation
Vietnam:
In Oct 2017, State Bank of Vietnam declared the use of Bitcoin and other cryptocurrencies illegal and it is not the lawful means of payment. All their citizens were prohibited to use or trade with this virtual money and starting 1st of January 2018, anyone caught trading these banned currencies will face severe penalties of between $6,600 and $8,800 plus the confiscation of their bitcoin assets. The recent report may tell it all - Vietnam's Central Bank Announces Ban on Bitcoin Payments
Bitcoin and other cryptocurrencies were officially banned on their land and even they arrest and imprisoned those individuals who were caught in trading these prohibited currencies. They are determined to stop the proliferation of crypto in their country to a point of passing laws to make bitcoin and other cryptocurrency trading illegal and is subjected to severe punishment. But in spite of these, their government admits that bitcoin trading still exists on their land and is spreading so fast. It's a herculean task to caught someone using bitcoin due to its anonymity characteristic. All they can do is to shut down the exchanges which I think probably is one of the weakest points of the crypto world because they are the center of receiving and buying coins - just like what China did before, that they shut down exchanges - but blockchain still exist and this is what behind the cryptocurrencies which makes it almost impossible to stop. You can check also my previous post which discussed on What it takes for BTC to Shut Down.
Only time will tell if Bitcoin be totally shut down or it will be accepted worldwide as a new monetary system. But for me personally, I believe the latter most likely will prosper.
Sounds about right... another law that these countries (not excluding my country, Australia) can't (and has no hope in regulating)..... just a combination of ignorance and keeping the poor poor I reckon.. typical political crap
There is no way the government can regulate cryptocurrency, as of now. But technology is fast evolving, maybe time comes that they can discover ways on how to regulate it.
yeah... the problem is governments like to have reasons to prosecute people... take the war on drugs as an example... take the quote from one of Richard Nixons advisers:
"We knew we couldn't make it illegal to be either against the war or black, but by getting the public to associate the hippies with marijuana and blacks with heroin, and then criminalizing both heavily, we could disrupt those communities."
Yes i absolutely agree on this also people are trying to skip taxes using crypto currency sm cuntries lost alot of money due to nt getting any tax frm import export due to trade in cryptocurrency thr is a gud chance of countries banning cryptocurrencies
IRS already won the case over Coinbase over customer data. We'll see what comes next... The problem is that if people start using cryptocurrency as currency replacement, there's no way to measure and tax on any realized gain.
Regulation has to come to protect the consumer. Right now no one has been hurt so no one has cried for help. But it will come soon!
oh, really? in Vietnam? thanks for the info.
Thats as per the media publications and reports but still the Vietnamese people will confirm this report if it is really true or not. Every government have its way to ban bitcoin since they are not earning on it, they lose peoples taxes on this bitcoin system of transaction.
We'll find out soon. There are only 2 btc machines in the city where I live...sadly one of them is usually out of order...
wow, thats very nice to have those BTC machine. In my place here dont have BTC machine, we just send it directly to the bank and then withdraw through ATM. Hopefully, Bitcoin will be accepted worldwide as mode of payment and has monetary value. In japan, they can do shopping with bitcoin as their payment of goods that they bought.
Bitcoin shouldn’t be illegal, merchants have the full right to accept it as a mean of payment. Fiat currency are imposed by central banks in order to mantain the slaves in their hamster wheel.
Bitcoin is good for us since we can invest and earn handsomely in it but in the side of government, they lose peoples taxes since its untraceable in doing the transactions and this will be the source of money laundering and for the criminal minds will resort on this on their bad deeds. Banks also may lose clients on the process since people and businesses will not anymore transact in banks but will resort to the peer-to-peer transaction of bitcoin.
Well they have been using their imagination to screw people over for hundreds of years now, maybe this time they can dig theirselves out. Infact they will come up with something to rob their clients once more.
Make no mistake, bitcoin is only around because they allow it. This is not related to bitcoin, but I have memory of a certain episode in Portugal's politic life, where a government, made the proposal, that banks would start to pay taxes like normal businesses, the govenour of Banco de Portugal went to see the President, and that was it. One week later that Prime Minister was out, new elections.
Banks rule the world.
I don't think bitcoin is illegal, they should have broad understanding about how digital currencies work
It becomes illegal due to its anonymity characteristic which cant be regulated or control by the government. It can be used in money laundering and other illegal transactions. But for us cryptonians who are using it in good way is positively accept bitcoin as monetary currency. 😄
Very interesting article. In Economics we are just starting a unit on cryptocurrency. I’ll be sure to show this to my whole class!
Wow, thats very interesting. cryptocurrency should be included in the class curriculum since crypto's are reigning in the market right now. Everyone should learn cryptocurrency and learn on how to earn in it. It will give us a brighter future and be financially free :)
Wont it be profitable to convert crypto into some currency with lower market capacity????????? bitcoins are making so mucg progress right now all for what coz it has only 21 million market cap max... if u invest into something into even lower market cap then today or tomorrow u can make way more money...plus bitcoin mining is becomng so expensive now that unfortunately people will lose interest i think investing into btc wont be the best option u have right nw
As of my experience, I gain so much in ICO's. There are so many ICO's that were launching right now and if you hit the right one then its like you won in a lottery. If you bought a certain ICO @ $0.5 per coin and after it open in the market its price will rise up to $50 per coin and if you bought 5,000 coins, just imagine how lucky you are :)
yup everything is like gambling i bought sm monero yesterday of about 1000$ and today it went 12% up i gt so lucky u know .... m now planning to buy sm erhereum looking and how it is moving m pretty sure it will go up in under 2-3 days... still no one can predict whats gonna happn right they might go low who knows
yup, i totally agree, just avoid those scam ICO's, they were so many proliferating in the web. Usu the trend of ICO when they open their xchange, it will go up. :)
Thanx for sharing bro m gonna do sm research into ICOs now hope it will b worth a while thanx fr the info
Highly doubt it can be stopped at this point!
That's bullshit I hold a major Vietnamese coin at the moment called EA and they are not a small company they also offer cloud mining! They mine BTC,ETH AND ea coin.....
the government only banned those cryptocurrencies but they cant stop their people to trade in it. They have no way to trace those people who are trading in it due to its anonymity. It is reportedly in your country that the Vietnamese Central Bank banned the use of Bitcoin as payment as what stated in this report - Vietnam's Central Bank Announces Ban on Bitcoin Payments
Anyway, if im in your shoes - me too will trade and invest in bitcoin same as you :)
Look man i agree with you Vietnam is a red flag country but I don't know this Ea capital company is pretty exposed, they have videos on youtube of there location and all! They probably treat the government to a little candy!
Person on the ground will have everything to prove it since he is there in the location himself. In this case, i do agree with you buddy. We are brothers in cryptonian family :)
Thats it man your exactly right! BTC to take the world haha !
yup, BTC will soon reign in world's economy :)
If govt. can regulate then only then life will emerge in Cryptocurrency.
Nice post.. Also please check my post for the situation in Turkey..
https://steemit.com/steemit/@anlipkc/potential-of-cryptocurrencies-in-turkey-support-me-to-spread-steemit-within-turkish-market
I have upvoted, keep in touch:)