state: Crypto is banned in China and other countries, but why?

IT

What do you think is the reason for crypto being banned in countries?

The first is the growing number of crypto scams – they grew 40% in 2020 and are forecast to increase by 75% this year – and its links to illicit finance. In theory, restricting the mining and use of cryptocurrency should eliminate this problem. Practically speaking, however, bans do little to dissuade criminals. Scammers will scam, and outlawing cryptocurrencies merely provides “an illegal onramp” for these digital assets in a given jurisdiction The second reason for banning cryptocurrency, is the threat it poses to government-directed monetary policy. While bitcoin or Ethereum may provide citizens with a useful hedge against a plunging national currency, cryptocurrencies undermine central banks’ ability to use monetary policy to fix the problem underlying the currency depreciation, and diminish their influence over investment, spending, or inflation within their jurisdictions.

Which countries in your opinion will follow China's lead and prohibit cryptocurrencies?

Russia While cryptocurrency isn’t outlawed in Russia, there is an ongoing conflict being waged against its use. Russia passed its first laws to regulate cryptos in July 2020, which for the first time designated cryptocurrency as property liable to taxation. The law, which came into force in January this year, also bans Russian civil servants from owning any crypto assets. Russian President Vladimir Putin has repeatedly linked cryptocurrency with criminal activity, calling for closer attention to cross-border crypto transactions in particular. In July, the prosecutor general announced new proposed legislation which would allow police to confiscate cryptos deemed to be illegally obtained citing its use in bribery. Vietnam The State Bank of Vietnam has declared that the issuance, supply, and use of Bitcoin and other cryptos are illegal as a means of payment and are subject to punishment of fines ranging from 150 million VND (€5,600) to 200 million VND (€7,445). However, the government doesn't ban Bitcoin trading or holding them as assets.

What do you think will happen to the crypto market in general after more countries start banning cryptocurrencies?

I think the convenience of cryptocurrencies cannot be ruled out. It is possible that the cryptocurrency will depreciate from its current value. But will then return the value, and possibly increment further. Because above all, there are a lot of big investors and there are people who still believe in the use and recognition of cryptocurrencies.

Design

What do you think is the reason for crypto being banned in countries?

In my opinion, maybe digital currency can replace money in a tangible form that creates fear in the government of a country, or causes criminal acts of money laundering committed by someone who has special interests in a country, such as money laundering resulting from corruption of state money.

Which countries in your opinion will follow China's lead and prohibit cryptocurrencies?

i think saudi arabia, or maybe india that has so much crypto adoption, apart from that maybe more countries that will follow china's footsteps to ban crypto think that china is a big country that has a big level of trade,

What do you think will happen to the crypto market in general after more countries start banning cryptocurrencies?

may collapse slowly considering the panic of a news, which causes everyone to panic and sell their assets so as not to suffer huge losses as a result of a ban in a country

Product Manager

What do you think is the reason for crypto being banned in countries?

This is quite obvious as the state (central banks) is losing its control over finance policy. State is in its definition authoritarian and egalitarian. The crypto is potential threat to the state authority. The citizens will still find the way.

Which countries in your opinion will follow China's lead and prohibit cryptocurrencies?

The totalitarian one such as Turkey, Venezuela and others. The more state has control over the country the higher probability for the ban. The more open and liberal countries the higher probability that crypto will flurish.

What do you think will happen to the crypto market in general after more countries start banning cryptocurrencies?

The crypto will be untouched as there will be still some countries supporting it. As the crypto does not know borders it can be traded anywhere and no ban can stop it.

Community manager

What do you think is the reason for crypto being banned in countries?

Bitcoin and other Crypto-Currencies are considered outlaws in some of the countries as the Government and the financial institutions are not able to control or regulate them. And Cryptocurrency Market attracts Criminals and people interested in tax evasion and money laundering.

Which countries in your opinion will follow China's lead and prohibit cryptocurrencies?

Turkey, bolivia,ecuador,columbia,vietnam,russia,saudi arabia, mongolia, libya, sudan, iran, iraq government and its state bank maintain that bitcoin is not a legitimate payment method, though it is not regulated as an investment.

What do you think will happen to the crypto market in general after more countries start banning cryptocurrencies?

Its keep straight, just as usual, there are some countries that prohibit it but on the other hand there are also many countries that legalize it. so I think the development of the crypto market will be the same, maybe it will also increase

Crypto analyser

What do you think is the reason for crypto being banned in countries?

The relationship between governments and cryptocurrencies has always been tense. In some countries, this has led to outright bans on buying, owning, and trading. The outright prohibition of cryptocurrencies mainly happened around 2017 and 2018, coinciding with bitcoin’s (BTC) bull run. As central banks and governments noticed the surge in interest in cryptocurrencies, ignoring this growing market was no longer an option. While those were the biggest years for bans, some countries continue to consider prohibitions on these coins they can’t control. Turkey bans crypto payments Most recently, the central bank of Turkey enacted a ban on cryptocurrency payments. However, this move wasn’t a surprise, as the country had been tightening restrictions on the cryptocurrency exchanges over the last few months. Turkey’s reason for this ban is the lack of regulation and a central authority for the coins. They consider this a risk to investors who can’t recover any losses. India continues to threaten a ban India’s government has yet to pass anti-crypto regulations. However, a draft bill proposing the ban on private cryptocurrencies will soon go before the Indian parliament. One of the reasons is because it believes cryptocurrencies fund illegal activities. However, the government isn’t against digital currencies entirely. It is also looking at its own central bank digital currency (CBDC), the digital rupee. Nigeria says no to crypto exchanges Nigeria doubled down on its crypto ban in February 2021. The largest cryptocurrency market in Africa has had a ban on banks and financial institutions providing on and off-ramp crypto services since 2017. In addition, the announcement even threatened to close bank accounts found using cryptocurrency exchanges Bolivia’s ban continues Bolivia’s central bank banned any decentralized cryptocurrencies in 2014. It made provisions to allow those created by the government, however. This ruling was put in place to protect the national currency and protect investors. At the time, Bolivia was the only country in South America with an outright ban. Ecuador follows Bolivia in banning crypto Ecuador quickly followed Bolivia, implementing an outright ban on decentralized currencies, later in 2014. In a vote in the National Assembly, the government amended the monetary and financial laws to allow for payments using “electronic money,” while prohibiting coins not controlled by the state. Algeria doesn’t support internet money In 2018, Algeria outlawed the use of cryptocurrencies. A translation of the law from Arabic defines cryptocurrency as: “A virtual currency is one used by internet users over the internet. It is characterized by the absence of physical support such as coins, paper money, or payments by check or credit card.” Those breaking this ban are punishable under the financial laws already in place. Crypto could mean jail in Nepal Nepal banned cryptocurrencies in a 2017 notice by the Nepal Rastra Bank. Shortly after this notice, law enforcement arrested seven people for running a cryptocurrency exchange. At the time, they faced fines and possible jail time. Currently, the case is still pending. South Korea is not interested in privacy coins Cryptocurrencies are legal in South Korea, with some big players in the space coming from the region. However, the country started 2021 by banning privacy coins like zcash (ZEC) and monero (XMR). The government told crypto exchanges in the country to delist the coins from March 21. The reasons for the ban related to cybercrime syndicates and money laundering. As a result, the South Korean government considers the extent to which privacy coins provide anonymity a hindrance to law enforcement. Qatar prohibits banks from dealing with crypto Qatar warned banks against trading in cryptocurrencies, in 2018. A circular from the Supervision and Control of Financial Institution Division at Qatar’s Central Bank warned banks not “deal with bitcoin, or exchange it with another currency, or open an account to deal with it, or send or receive any money transfers for the purpose of buying or sell this currency.” Those caught were told they will face penalties. In Egypt, crypto is haram Cryptocurrencies are not directly banned in Egypt. However, the Islamic legislator declared transactions with cryptocurrencies haram (prohibited) under Sharia law, in 2017. The Dar al-Ifta considers cryptocurrencies possibly damaging to national security and the economic health of Egypt. Bangladesh doesn’t support crypto Since 2017, Bangladesh has banned cryptocurrencies. The central bank warned against transactions in bitcoin. As it said these are illegal. As a result, trading with unnamed people may go against the country’s Money Laundering Prevention Act. It asked citizens “to refrain from performing, assisting, and advertising all kind of transactions through virtual currencies like Bitcoin to avoid financial and legal damage.” Bans come and go, but crypto stays This list isn’t exhaustive, and bans on cryptocurrencies often change. As mainstream acceptance of bitcoin grows, it’s possible the legal landscape globally will change even more. While it appears some countries are moving towards more restrictive policies, other governments are considering ways they can participate in the future of digital money. In most cases, this is through a central bank digital currency. https://www.google.com/amp/s/finance.yahoo.com/amphtml/news/countries-banned-cryptocurrencies-why-210500613.html

Which countries in your opinion will follow China's lead and prohibit cryptocurrencies?

Algeria Algeria currently prohibits the use of cryptocurrency following the passing of a financial law in 2018 that made it illegal to buy, sell, use or hold virtual currencies. Bolivia. Indonesia Egypt Columbia Iran Iraq

What do you think will happen to the crypto market in general after more countries start banning cryptocurrencies?

Cryptocurrency Regulation Expect continued conversations about cryptocurrency regulation. Lawmakers in Washington D.C. and across the world are trying to figure out how to establish laws and guidelines to make cryptocurrency safer for investors and less appealing to cybercriminals. “Regulation is probably one of the biggest overhangs in the crypto industry globally,” says Jeffrey Wang, head of the Americas at Amber Group, a Canada-based crypto finance firm. “We would very much welcome clear regulation.” China announced in September that all cryptocurrency transactions in the country are illegal, effectively putting the brakes on any crypto-related activities within Chinese borders. In the U.S., things are less clear. Federal Reserve Chair Jerome Powell said recently that he has “no intention” of banning cryptocurrency in the U.S while Security and Exchange Commission Chairman Gary Gensler has consistently commented on both his own agency’s and the Commodity Futures Trading Commission’s role in policing the industry. Gensler recently went so far as to say investors are “likely to get hurt” if stricter regulation is not introduced. Plus, the IRS has an obvious interest in making sure investors know how to report virtual currency when they file their taxes. Like most things with cryptocurrency, regulation comes with hurdles. “There are different agencies that may or may not have jurisdiction to oversee everything,” says Wang. “And it differs state by state.” Clear regulation would mean the removal of a “significant roadblock for cryptocurrency,” says Wang, since U.S. firms and investors are operating without clear guidelines at the moment. https://time.com/nextadvisor/investing/cryptocurrency/future-of-cryptocurrency/

Student

What do you think is the reason for crypto being banned in countries?

In my opinion, the reason for the ban on cryptocurrency is that prices change rapidly, as well as the danger of the abolition of the national currency, it will cause great harm to the state, as well as the fact that we are still not sure whether cryptocurrency will be future money.

Which countries in your opinion will follow China's lead and prohibit cryptocurrencies?

Crypto will be banned in many European countries in the future, such as England, Germany, France and others. As well as America and Asian countries.

What do you think will happen to the crypto market in general after more countries start banning cryptocurrencies?

Many countries do not ban, I do not think this will harm crypto, but it is also important not to start panic in countries and the ban will not take a large scale, but I do not see the danger of this, because crypto has already occupied one of the main places in life.

Pharmacist

What do you think is the reason for crypto being banned in countries?

While bitcoin is welcomed in many parts of the world, a few countries are wary because of its volatility, decentralized nature, perceived threat to current monetary systems, and links to illicit activities like drug trafficking and money laundering. Some nations have outright banned digital currency, while others have tried to cut off any support from the banking and financial system essential for its trading and use.

Which countries in your opinion will follow China's lead and prohibit cryptocurrencies?

Russia Bitcoin is not regulated in Russia, though its use as payment for goods or services is illegal. Vietnam Vietnam's government and its state bank maintain that bitcoin is not a legitimate payment method, though it is not regulated as an investment. Bolivia, Columbia, and Ecuador El Banco Central de Bolivia has banned the use of bitcoin and other cryptocurrencies. Columbia does not allow bitcoin use or investment. Bitcoin and other cryptocurrencies were banned in Ecuador by a majority vote in the national assembly.

What do you think will happen to the crypto market in general after more countries start banning cryptocurrencies?

Some countries have placed limitations on the way Bitcoin can be used, with banks banning its customers from making cryptocurrency transactions. Other countries have banned the use of Bitcoin and cryptocurrencies outright with heavy penalties in place for anyone making crypto transactions. These are the countries that have a particularly fraught relationship with Bitcoin and other altcoins.

Mechanic

What do you think is the reason for crypto being banned in countries?

While bitcoin is welcomed in many parts of the world, a few countries are wary because of its volatility, decentralized nature, perceived threat to current monetary systems, and links to illicit activities like drug trafficking and money laundering. Some nations have outright banned digital currency, while others have tried to cut off any support from the banking and financial system essential for its trading and use. Although bitcoin is over 10 years old, many countries still do not have explicit systems that restrict, regulate, or ban the cryptocurrency. The decentralized and anonymous nature of bitcoin has challenged many governments on how to allow legal use while preventing criminal transactions. Many countries are still analyzing ways to regulate the cryptocurrency. Overall, bitcoin remains in a legal gray area for much of the world.

Which countries in your opinion will follow China's lead and prohibit cryptocurrencies?

Russia Bitcoin is not regulated in Russia, though its use as payment for goods or services is illegal. Vietnam Vietnam's government and its state bank maintain that bitcoin is not a legitimate payment method, though it is not regulated as an investment. Bolivia, Columbia, and Ecuador El Banco Central de Bolivia has banned the use of bitcoin and other cryptocurrencies. Columbia does not allow bitcoin use or investment. Bitcoin and other cryptocurrencies were banned in Ecuador by a majority vote in the national assembly.

What do you think will happen to the crypto market in general after more countries start banning cryptocurrencies?

While widely criticised for its volatility, its use in nefarious transactions and for the exorbitant use of electricity to mine it, Bitcoin is being seen by some, particularly in the developing world, as a safe harbour during economic storms. But as more people turn to cryptos as either an investment or a lifeline, these issues have manifested in an array of restrictions on their usage. The legal status of Bitcoin and other altcoins (alternative coins to Bitcoin) varies substantially from country to country, while in some, the relationship remains to be properly defined or is constantly changing.

lawyer

What do you think is the reason for crypto being banned in countries?

I am sure that none of the powerful countries of the USA, China, and in budush, Russia will never refuse cryptocurrency as phenomena. All this is done exclusively for obtaining control over the crypto from the state over the lavishly developed central banks of its electronic dollars, yuan, rubles and so on. In this see the true goal

Which countries in your opinion will follow China's lead and prohibit cryptocurrencies?

All this will start actively in Southeast Asia: Korea, Singapore, then India ... I want to note that this may not happen, China's example is not mandatory.

What do you think will happen to the crypto market in general after more countries start banning cryptocurrencies?

All this will start actively in Southeast Asia: Korea, Singapore, then India ... I want to note that this may not happen, China's example is not mandatory.

Software engineer

What do you think is the reason for crypto being banned in countries?

This would be finally good news because it proves that cryptocurrencies as BTC have really power to disrupt legal currencies and to decrease some countries to control these as they usually did by making inflation/deflation despite user's thinks.... For example, China is at the moment facing major problems through Evergrande's fall crisis - and now other crisis through Fantasia far from fall... As China being one of countries able to control their currency's, they are afraid about losing this full power of control on all money flows. This fear is prove of cryptocurrencies being able to disable this power and being able to make all user free of this State power, as we could read on BTC's whitepaper... This fear is prove about BTC being exactly that foundators expected it to be.

Which countries in your opinion will follow China's lead and prohibit cryptocurrencies?

First of all, countries with bigger needing of full control of currencies and with thinking they'd be able to decrease cryptocurrencies adoption might make try to lead or to prohibit cryptocurrencies. I think countries trying to prohibit it would be most totalitarian countries as North Korea, China. On other side, most of european countries, USA, North America will try to "lead" cryptocurrencies by making some laws. They will try to improve their power to lead values of cryptocurrencies as they did by leading of stocks.

What do you think will happen to the crypto market in general after more countries start banning cryptocurrencies?

It will have short decrease time due to fear of decrease but on a long time, it won't have any effect because of freedom due to decentralized market being free of all countrie's laws.

This is not a financial advice. Please do your own research and consider the risks of trading cryptocurrencies.