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

Global Strategist

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

There are philosophical reasons for governments to oppose to the adoption of cryptocurrencies. Governments derive great economic and social control through their centralized control of fiat currency and the banking system. The Chinese government, being a communist government, will be particularly opposed to any technology that threatens their existing control of their citizens and economy.

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

There seems to be a couple of trends in countries that have banned crypto: First - an authoritarian government (expressed through various political ideals). Second - Islamic countries with a large population tend to ban cryptocurrency. Third - Governments that believe Cryptocurrency is a destabilizing force in their economic control. As such: Yemen, Niger, and Turkey are all candidates. While they may not be directly following China in religious or political ideals - the values of decentralized finance are in direct opposition to their own value system. In addition - due to political ties, and an already strained relationship with cryptocurrency, it would not be a surprise if Russia followed China's ban.

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

Short term pullback - there are people trend trading, who will rightly see this as a market reduction. The market will shrink dramatically in those countries, although, it will not disappear altogether. The people who are willing to flaunt the government regulations are in the minority. Given that these participants are invested in cryptocurrencies because of a deeply held value set - you should expect to see more long term holders in this group. This creates a bullish long term outlook, since they are still able to interact with the global cryptocurrency community. Cryptocurrencies directly challenge the centralized economic control of fiat currencies. There will always be a market seeking this type of financial freedom. As long as there is that community, cryptocurrencies have a bright future.

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.

Photographer

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

Main reason is banks and government don't have any control over it and it scares them. Crypto currencies being decentralized there is no need of middle man like banks. It has been found that crypto currencies are also used in criminal dealing as these transactions are anonymous/hard to track. There is also tax evasion issue. It is already hard for government to find those who evade tax and crypto has made it even harder. In countries like India only 3 to 4% of population pay taxes.

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

Turkey is already on track to ban crypto. Algeria, Bolivia, Pakistan, Bangladesh, Qatar, Saudi Arabia, Macedonia are some of the countries which have or in process of completely ban crypto currencies.

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

It has always proven fact that whatever China bans, that things flourish and prosper. For example Facebook, WhatsApp, Google, Amazon, Twitter....you get the drift. Since total ban on mining in China...Bitcoin mining hash rate has already back to all time high. Miners simple moved to more welcoming countries. I do see crypto market to grow and out perform any given financial market in the world.

Psychologist

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

Turkey is one of the countries that banned cryptocurrency usage in daily life. You can not buy or sell any product in exchange. Turkey's Central Bank sees dangers in the new practice, and on April 16 banned the use of cryptocurrencies and crypto-assets for purchases from April 30, citing “irreparable” damage and transaction risks. As you know Turkey's inflation is rising every day. This is a sign that taxes have a huge place in the economy, which helps it stand if you would use that term. Blockchain and cryptocurrency are something most of the countries trying to adjust with and some of them will have a hard time doing that. What I think is that the countries with a free and strong economy might adapt easier. And of course, we should consider the politics and cultural assets in this field. Look at the number of trading of cryptocurrency in Turkey. You will see that Turkey is one of the top counties. Why? People are trading small amounts but almost 1 out of 5 people trades and many of them lose more than they could afford. They know nothing about the blockchain system. They have never read the whitepaper of the projects they are investing. This is about mindset, this is about lifestyle. This could be over with the correct education provided. People need to know what is blockchain, how to use it, what are the risks, and more. With the right steps taken nothing is impossible. No one can compete with this new system. So it is either you are in or out and I know one day everyone will be on board.

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

In Turkey, inflation is around 20% announced just a few days ago. There are taxes added to everything almost every month so I think it would be Turkey since inflation makes them cover their steps economically.

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

More countries will ban cryptocurrencies and after some time they will see that it is unstoppable they will come to a conclusion that they are better with 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

officer

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

decrease in seigniorage revenues. each country receives an income in exchange for printing money. cryptos will seriously decrease the seigniorage revenues of states .This is the reason for the ban.

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

I think these are the countries that will follow the Chinese government. Russia and Turkey Iran. These countries are both closer to China and in search of new ones.My guess for the country that will legalize crypto is brazil and ukraine.

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

I think cryptocurrencies cannot be banned. In fact, last week, the United States announced that they would not be banned. The internet needs to be turned off to completely block crypto. but if we think that crypto has been sent via satellite in the past, it will not be a solution to turn off the internet.

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/

Freelance

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

The People's Bank of China declared that Bitcoin has no value. Although it's not the first time China has made such claims, this could be a signal for other countries to follow.

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

Countries such as Indonesia, Turkey, Egypt, and Uzbekistan fall into the category of "blocked" countries. Some of them recognize cryptocurrencies as legal, but they prohibit them from being treated as payment tools. Other countries have completely banned cryptocurrencies.

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

I think it will impact to the price of any token in cryptocurrencies. It will make a crash at market. So many people who hold their token will sell it

BDM

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

The fears arround a new liberal monetary and economic system. We should not forget that the country has a communist regime which wants to control everyone whereas cryptocurrency will let them down in term of cashflow tracking

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

Probably all third world countres Turkey Egypt Algeria Syria Iraq Sudan Jordan Tunisia borma India and I think also any totalitarian country

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

The cryptos will gain on value and will be more stronger when miners, traders and ad faps start claiming their money. It will take time but in the end it will flourish for all

Senior Full Stack Developer

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

Every country values its monopoly on controlling the currency supply and demand. “They don’t want competition from other currencies they can't control.

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

Nigeria for starters, Indonesia, Uzbekistan, Egypt, Iran, Colombia, Iraq, North Macedonia, Russia, Turkey, Vietnam, Bolivia, Algeria and Nepal to mention but a few.

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

We can speculate on what value cryptocurrency may have for investors in the coming months and years (and many will), but the reality is it’s still a new and speculative investment, without much history on which to base predictions. No matter what a given expert thinks or says, no one really knows. That’s why it’s important to only invest what you’re prepared to lose, for everyone's good

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