illegal Why Bitcoin is illegal in Asia?

[magd 5231]

Not all countries of Asia reject encryption. Japan and China are among the countries with differing opinions about encryption, while South Korea has agreed to give acceptance to cryptocurrencies in my opinion. It will take a little time, but it will become legitimate in all of Asia.

[Rezort 846]

There are some countries in asia that just don't have that big impact on the global market like China and I don't actually think that we need to care about those countries.

[Saj555 2250]

Maybe the countries have not yet gained faith in electronic techniques of tradings. That's why they are actually not added as a trading option I guess. And also they are afraid about getting replaced of their native currency by that. So they are not actually legalising the cryptocurrencies. But maybe someday they will do their work. 

[Brushless4500KV 4214]

I think you are wrong because I checked the legality of bitcoin in Asian countries and it seems that it is legal in most of them. According to Wikipedia information, bitcoin is legal in most countries located in West Asia, East Asia and South Asia. There are only a few countries in which bitcoin is considered completely illegal such as Nepal and Pakistan. In other Asian countries bitcoin is legal but official financial institutions like central banks may not accept it as a form of money transfer system. This problem is not limited to Asia and can be seen in other countries too. For example, in South America, crypto is banned by banks in Colombia.

Edited April 14, 2020 by Brushless4500KV

[DokAgsikap 145]

On 4/20/2020 at 8:16 PM, MaksS said:

I think the government banned cryptocurrency because the government cannot control the cryptocurrency or cannot track the cryptocurrency, and maybe if the cryptocurrency of banks incurs losses, this is the main reason the government banned cryptocurrency.

Because government are too afraid that cryptocurrency might replace their own coin in their country.

[BrolySSJ 7899]

I think that there are many countries that have bitcoin as illegal and in my opinion i think that this is mainly due to the fact that it is a decentralized currency and therefore it cannot be controlled. I think that another reason why so many countries, especially in Asia deem it to be illegal is that it promotes anonymity in transactions and therefore it can be used in criminal acts and result in corruption.

[Honny143 13612]

On 2/18/2020 at 3:00 PM, Uttom Deb said:

Bitcoin is legal in Asia because their government does not want them to validate Bitcoin if they give it legitimacy, then their country's currency value will decline.

I agree with your statement bro most of Asia countries governments fears bitcoin, and their local banks also not want bitcoin legalized in their country, because they runs their systems through tax's, when bitcoin legalized then they can't collects this tax's.

[Hatred 1388]

On 2/18/2020 at 5:05 PM, AmjadBydn said:

Why Bitcoin is illegal in Asia ? 
in my opinion, why some country in asia was banned to use bitcoin : because bitcoin is electronic data. Thus, it’s not considered a currency and can’t be used for payments, and is not considered legal tender like money. With no self worth, the value of such data varies based on the needs of the market. Bitcoin changes in value very quickly and it could became something of no value if none desired it.
Effectively, bitcoin is just electronic data with no intrinsic value, and its value rises or falls depending upon the whims of the market. Furthermore, consumers' legal recourse will be severely limited in the case of any claims over coins stolen or sent to the wrong wallet, or over goods purchased with bitcoin but not received.
for example bitcoin illegal  some asia country is thailand, Over the past nine months, the illegal status of cryptocurrencies in Thailand has been an issue of great confusion but bank of Thailand just Suggests Bitcoin Not Illegal But Warns Against its Use.

What about your Idea ! tell us about it !

I think now, most of the countries in Asia are already accepting cryptocurrency. Well, those countries who are not accepting it yet may have their reasons. Maybe it is because they can't trust it well. Or maybe they have a history of using it and they've got a bad outcome from using it. We can't say it. But let's hope that they will also accept it already.

[Calvinpriva 17296]

There are some places where bitcoin is steal not accepted because there are people who are steal not believe in bitcoin. Scammers have take a large space to through away the value of bitcoin in some countries by using fake bitcoin sites to steal money.

[Thekingcallme 1975]

The main reason why Bitcoin is banned and banned in Asian countries in general is that it is a decentralized currency and cannot be controlled or monitored

[Captain Karim 0]

Bitcoin is not considered illegal in all of Asia, South Korea and Japan have legalized Bitcoin, regulated it and imposed taxes. China is talking about launching its national cryptocurrency, so it cannot be said that all of Asia considers Bitcoin illegal.

[Virgil dijk 1431]

For me I think why bitcoin is illegal in Asia is because the government wants taxes from it's citizen , and if the citizens start investing in bitcoin, government can't no longer get taxes from individual who invest in bitcoin , so there see it as a threat.

[pablomarwan 3082]

The matter is clear regarding the quality of this famous currency, but the matter is that this data is to say that they do not want transactions to be carried out in this currency because the matter is dangerous, as the data stored by this currency and other currencies is considered as one of the information that is sold, this is what I mean about this matter.

[iLatios 8]

It is nearly impossible to control. Bitcoin is illegal in many countries but rich people like it because they can keep secrets how wealthy they are 

[Saboor 511]

If a country just warned their citizens against the used of cryptocurrency that make it easier for the people to either used it or leave it. This ain't a banned and not illegal. There is no restrictions against the useof it in their country

[Soaib khan 1035]

On 4/2/2020 at 11:11 PM, malik6314193 said:

Yes i agree with you and one of main reason is that bitcoin is not controlled by any government so asia country are little bit confused to accept it. 

there are multiple reasons why bitcoin is not legalised I think irreversible transaction is the main problem because if we sent money to wrong address via fiat system then we can take back but if we do from cryptocurrency then there is no chance of getting back your money 

[yuwira 0]

I think that sure, the authorities could be very psychopath there, they ought to alternate that, even though I don't know why they ban it, in the event that they have to use it more, due to the fact they may be one of the countries with the most important number of human beings.

[jamesvince 2389]

Many reason some countries not allowed their business man's to invest into crypto market because their economies not much strong so they don't want that people invested into USD and they more to store more USD reserve that is why they don't allow business man invest into international business. 

[Shaza Ahmad 1682]

You're right, bitcoin in the end is digital data and nothing more than that, but it is people who give value to this data because they trust in its safety and inability to control it from any party.

[Omar Ommeish 4872]

Yes, you are right and there is another reason, too, that it is difficult to collect taxes from cryptocurrencies, so is it also what prevents countries from trusting these currencies?

[CryptoLover21 0]

Bitcoin is illegal in Asia because most of the countries are poor and whose money are not equivalent to 1 cents. If the legalize the bitcoin then their fiat currency will even go down.

[guatazoo 7150]

On 2/18/2020 at 12:30 PM, Uttom Deb said:

Bitcoin is legal in Asia because their government does not want them to validate Bitcoin if they give it legitimacy, then their country's currency value will decline.

I see Asia they are just planned to use cryptocurrencies as the one of source if the government economy, and also they need to implement taxes through cryptocurrencies.

[Wilmer Garcia 0]

Your opinion is very good and I also think that the illegality of Bicoin (BTC) in this way is to its high volatility and it is not a stable currency for the economy which is a little afraid to base part of its economy on a low value currency from one moment to the next 

[BitcryptoHan 2557]

Not all part of Asia are cryptocurrencies illegal, it is so legal I'm some countries to trade with it. But many countries of Asia ban it due to the reason best known to them which can not affect their economy. I do not think there is any good reason for not accepting bitcoin or other cryptocurrencies because nothing is happening to countries that are developed and support cryptocurrencies. 

[AmjadBydn 0]

On 5/13/2020 at 12:48 PM, AH108 said:

There are several reasons why Bitcoin is banned in many Asian countries.  There is a lot of difficulty in managing bitcoin as it is very difficult to meet its deficiencies. it more and more. So banks despise digital market and stop them to work in some states of Asia.That's why Government take action for this. And aslo illegal for whole country.This is the main reason they banned crypto in country.

That's right my friend and I'm completely agree with you ! and I think that because maybe bitcoin will affect on it's economy ! so they do that to avoid any problems in their economy !