Why crypto currency banned in your country?

[vs2014]

There are many countries where crypto currency is banned but what is the exact reason due to which the government of that country has to take such a harmful decision. Do you think crypto currency should be adopted and is it helping the economic development of any country? But i have seen many unemployed youths have found economic success through crypto currency.

[TopT3ns]

There are many countries where crypto currency is banned but what is the exact reason due to which the government of that country has to take such a harmful decision. Do you think crypto currency should be adopted and is it helping the economic development of any country? But i have seen many unemployed youths have found economic success through crypto currency.

It is very clear that when there are several digital currencies, such as cryptocurrencies, their use is prohibited in a country because the initial trading regulations in that country must have rules for using certain currencies or local currencies. But when technology develops to the point of finding digital currencies, the regulations must be clear and must comply with the rules of that country. Meanwhile, cryptocurrency is a digital currency that is anti government because its circulation cannot be controlled by anyone, so the best way is to prohibit the use of cryptocurrency in certain countries.

[sampoerna]

In my country, actually crypto is not banned for all tyoes. I mean that crypto is legal if used as a commodity asset, for investment, trading, and other crypto activities related, based on our own risks to take.


but crypto is not legal if used as a currency. the main reason is that the only currency to be used as paent method based on the law and regulation in my countri is only Rupiah.

[alltalk]

In my country, crypto is illegal as a payment tool. But it is legal to use as a digital asset. We have the laws that regulates the matter about payment tool, it only legalizes our national currency. I think it is okay to use crypto for digital assets, we can convert them to our national currency if we need fiats. As long as it can be used for investment, I believe there will be more development and adoption of crypto in my country.

[hair]

I believe there will be more development and adoption of crypto in my country.

I also believe this, maybe the rules are not as strict as those in other countries, which is why crypto in our country is developing very quickly and many new members are even joining. Regarding legality, it depends on the government, it doesn't matter if it is not legal as currency as long as trading crypto is not prohibited

[Sim_card]

The former CBN Governor of my country Godwin Emiefele was the one that restricted banks from using crypto currency, which now made some people said that it has been banned due to his hatred for it because he saw that businesses and some institutions have started adopting it and they are shunning the bank due to their high transaction fe and delay with flaws in their operations. This didn't still prevent the youths to take advantage of this great technology to use as a means to make income for themselves. So I will say that any government that bans crypto sees it as a threat to their own currency because it wasn't created by them. I am happy now that the new administration has legalized crypto recently.

[Ambatman]

I believe government usually ban cryptoccurencies because of its privacy and how its been used for fraudulent acts or terrorism, the thoughts is biased in favour of fiat but they can trace the movements of fiat money via bank.
In my country cryptocurrency was banned from been bought via banks as at 2021 but the ban was lifted of recent. This ban came as a result of the misuse of it by fraudsters in my country in cheating individuals overseas of their funds.

But i have seen many unemployed youths have found economic success through crypto currency.

Cryptocurrency doesn't guarantee success but serves as an opportunity. Yeah people made it big via crypto like other opportunities but there exist many that got liquidated or scammed.

Cryptocurrency is still young. We fortunate to be around during is early days. Now that's an opportunity.

I am happy now that the new administration has legalized crypto recently.

Yes they have but the question is why. I don't really picture our governments as the "I love my youths type". In the case of banning by Godwin, i don't think he is in alone.

[Pandu Gleen]

In my country, cryptocurrency has become something that no longer has to be hidden.  There is some news that has legalized cryptocurrency.  This is in line with the aim of digital currency as a payment method or storage of assets which I think is quite safe

[yohananaomi]

Each country will have regulations that are adapted to its own country's situation, and it is very likely that one country and another will see them differently because they will certainly be adjusted to the country's needs and capabilities in overcoming problems that might be caused by the existence of crypto currency. So I think it's legitimate for some countries to date not to accept it in full or accept it with restrictions. Even though some may say that the existence of cryptocurrencies has helped many people, it is certain that each country will also see other impacts that might arise from this acceptance.
Even though my country does not legalize cryptocurrencies as a legal medium of exchange, it does not prohibit trading, so cryptocurrencies can only be used after exchanging them for local currency.

[hair]

In my country, cryptocurrency has become something that no longer has to be hidden.  There is some news that has legalized cryptocurrency.  This is in line with the aim of digital currency as a payment method or storage of assets which I think is quite safe

Does this mean that in your country crypto can be used for payments and is supported by the government?
This is very profitable because we don't need to use fiat money to carry out buying and selling transactions. I think crypto adoption will continue to grow over time

[Senin]

In my country, crypto is illegal as a payment tool. But it is legal to use as a digital asset. We have the laws that regulates the matter about payment tool, it only legalizes our national currency. I think it is okay to use crypto for digital assets, we can convert them to our national currency if we need fiats. As long as it can be used for investment, I believe there will be more development and adoption of crypto in my country.

As practice shows, the circulation of cryptocurrency is prohibited in states with an authoritarian form of government, where the rights of citizens are infringed, so the government is afraid of losing control over the financial sector of the economy, and this means the end of their economic power of violence. Cryptocurrency gives relative financial freedom to people, and this is very dangerous for such governments.

Democratic states, as a rule, allow the circulation of cryptocurrencies, developing only moderate control over their circulation in order to avoid abuse by individuals and establish uniform rules for their legal circulation in society.

[Zed0X]

From where I am from, crypto is not recognized as a legal tender although there are already some shops/establishments that accepts BTC and other top alts as payment. When it comes to taxation, there is no official treatment yet and I have not heard any recent bill on crypto that's being discussed in our Congress. The closest thing and the best proof that it's legit here is that there are regulated/licensed centralized trading platforms and fiat-payment gateways.

[MUGNIA]

In my country crypto is not prohibited but it is not legalized either, as long as it is not used for payments in my country it is fine to trade, because in my country crypto trading is taxed even in small amounts but indirectly my country seems to support cryptocurrency, but I don't know, I think my country It's really strange with this crypto problem

[Shahinaz]

There are many countries where crypto currency is banned but what is the exact reason due to which the government of that country has to take such a harmful decision. Do you think crypto currency should be adopted and is it helping the economic development of any country? But i have seen many unemployed youths have found economic success through crypto currency.

The biggest possibility is that a country bans crypto because the government is afraid that their local money is useless. All its citizens use digital money. As we know, sending funds in the form of crypto is very fast, as are the profits obtained if we enter into trading, and there will be real fear. there is a lot of money laundering by rich people and high-ranking government officials,
behind the success of crypto holders there is a story that they actually keep, if we only look at their success without looking at the process and risks they have faced it is really easy to adapt to crypto

[MrSpasybo]

There are many reasons for governments to ban crypto:
+ protects fiat and the central bank's control of the economy.
+ protect inexperienced investors.
+ combat money laundering and terrorist financing.

But on the contrary, El Salvador has shown the world that accepting crypto is good for the country's development: increasing global popularity, boosting tourism and the national economy. Additionally, crypto taxes are also quite attractive for country.

In long term: crypto and blockchain can change our finances and society in many positive ways. Governments should promulgate a framework to regulate this crypto market instead of banning it.