17 replies to this topic

[LMF]

We should already have a boatload of ETFs for these tulip bulbs......and theres not even a boat yet. The stories about the Tether company and their imaginary tethers to keep things tethered to the USD doesnt exactly Jack up the confidence level. Lets play tether ball. The bull market in bull......it showed up right on time.

[pdx5]

The main risk with crypto as I see it is.. if US congress passes law making it illegal as a trading vehicle.

That has already happened in a few larger countries.

[fib_1618]

We should already have a boatload of ETFs

 

There are...many have been trading since 2018.

 

Fib

[fib_1618]

The main risk with crypto as I see it is.. if US congress passes law making it illegal as a trading vehicle.

That has already happened in a few larger countries.

 

Not likely since our enemies (such as China, Russia and Iran) already have their own digital currencies.

 

Keep in mind that if you're going to only listen to a media outlet that is more like a Politburo, you're not likely to get complete information.

 

Fib

[pdx5]

 

The main risk with crypto as I see it is.. if US congress passes law making it illegal as a trading vehicle.

That has already happened in a few larger countries.

 

Not likely since our enemies (such as China, Russia and Iran) already have their own digital currencies.

 

Keep in mind that if you're going to only listen to a media outlet that is more like a Politburo, you're not likely to get complete information.

 

Fib

 

Countries Where Bitcoin Is Banned In 2020 and Why

Data & Research / 14.07.2020

2008 saw bitcoin’s launch, following a whitepaper on its technology by an anonymous user called Satoshi Nakamoto. Bitcoin became the world’s first cryptocurrency, and since then, there has been a rise of more than 10 thousand other alternative coins. Research shows that the user adoption of crypto in the US has risen to 5%, with bitcoin having a good share. 

The introduction of Bitcoin technology caused upheaval across global financial systems. Many jurisdictions didn’t understand how the new technology worked and placed bans on bitcoin and other digital currencies. As more information has arisen over the years, many countries have lifted the bans and even put regulations to oversee bitcoin use.  

Some countries, however, have stuck with the bans. Others have only recently introduced restrictions on the use of virtual currencies. Here is a complete list of countries that have banned crypto use as of 2020. 

Pakistan

In April 2018, the government of Pakistan announced a ban on crypto usage in the country. Pakistan said this was to curb money laundering and terrorist financing in the country.  

The government introduced licenses termed electronic money institutions regulations. The national securities exchange in Pakistan also criminalized any company or individual holding or using crypto as illegal operations.  

According to the government, all companies are supposed to adhere to government regulations by keeping their customers’ records, including ID, phone details, and other details. All digital wallet providers and companies offering ICO services are all included in the new bill. 

Bangladesh 

The central bank of Bangladesh announced a ban on all bitcoin holdings and used in the country at the end of 2017. The Central bank cited the anti-terrorist act of 2009, the money laundering act of 2012, and the FOREX regulations act of 1947 in the ban’s announcement.  

They also said that bitcoin is not authorized by any regulatory authority and could bring its citizens financial loss. The bank also urged to refrain from performing, advertising, or assisting any transactions through cryptos and other virtual currencies to avoid legal damages. 

Bolivia 

The Central Bank of Bolivia banned the use of any virtual currencies between May and June 2014. The use of any money that is not issued by the central bank was criminalized. 

The central bank termed cryptocurrency as a threat to the Bolivian national currency. The denomination of prices in a non authorized currency has also been banned entirely in the country.   

The reason is that crypto is scarce in supply and is not prone to inflation, unlike fiat currencies. Another reason the central bank gave was that it protected its citizens from losing their money in unstable currencies. 

Saudi Arabia

The Saudi Arabian Monetary Authority announced the ban on crypto and all virtual currency forms in December 2018. SAMA criminalized any action perceived to be participating in the crypto practice. 

They cited market, regulatory, and security risks as their reason for the ban. The fictitious contracts (smart contracts), transfer of monies to anonymous parties were also mentioned as the factors necessitating the ban.  

Qatar 

Qatar banned bitcoins use in 2018, citing high volatility and lack of regulations as its primary reason. The country said that bitcoins and any virtual currencies could fund illegal movements, criminal, terrorism. The statement also included the ease of hacking into cryptosystems as a need for the ban. 

However, recently Qatar Financial Center Regulatory Authority banned the use and transfer of virtual assets. The virtual assets include any valuable items that act as substitutes to the nationally recognized fiat currency.  

Vietnam 

Vietnam banned cryptocurrency use in the country in 2018. The supply or any use of the bitcoin, including the coins’ issuance, is deemed illegal. No reason was cited for the ban, but many have suspected the clash between the traditional fiat system and the digital system as the primary reason. 

Macedonia 

Macedonia uses denars for cash and non-cash payments, while banks make international payments. Bitcoins and other alternative coins are therefore illegal to possess in Macedonia. The governor of the central bank in Macedonia, at one point, called bitcoin a bubble. 

Algeria

Crypto holding and trading in Algeria has been deemed illegal. Law enforcement agencies will severely punish any person going against these regulations. 

Author’s Note

Bitcoin is the oldest member of the digital currencies world. The virtual currency has been under so much scrutiny in its lifetime, which has led to it being banned in several countries worldwide. Most central banks following this path cite insecurity, money laundering, and terrorist financing as reasons for the ban. 

Unlike fiat currencies, bitcoin does not have inflation problems. Some countries, therefore, see the currency as a threat to their fiat systems. Either way, bitcoin use has come a long way in the past decade, and more and more people are welcoming the digital currency. We can only hope that the countries on this list, among others, will lift their sanctions against bitcoin and other cryptos to assure global bitcoin adoption.

 

 

Edited by pdx5, 07 May 2021 - 09:16 PM.

[CLK]

The real risk is not someone hacking your account, it's the exchange itself denying access and stealing your funds, 

which is happening right now at HitBTC, Cryptopia and Livecoin are gone and I don't think customers will see their funds again, you have to stay away from the small obscure exchanges and I think having some of your funds offline on a hardware wallet is a good idea to protect some of your coins. I probably have $20-50k worth of crypto at HitBTC that was about $2k worth 3 years ago, they stall for more information to prove your identity, most of it is impossible to give them and they just ignore you, probably thousands of investors money is stolen by them, why no authorities have shut them down already I don't know, maybe they are getting paid to leave them alone.

This has been going on for over a year. They disable 2FA codes and if you want it reset because you changed phones, they will not disable it so you can access your account.

Edited by CLK, 12 May 2021 - 04:08 PM.

[CLK]

Fortunately for me, I withdrew almost all of my funds from HitBTC in early 2018

after the Bitcoin top.

[CLK]

The crypto market needs regulation now, not later, by regulation, I mean the SEC regulating and holding exchanges accountable to protect customer funds, making sure they are not using customer funds for their own advantage. This is why we can usually trust stock brokerages because they are regulated. I will not trade on a crypto exchange that is based outside of the United States, at least here, I may have a way to get my funds back, overseas you can forget it, they are gone. They might give you access to your account at the bottom of the next bear market, or they just go out of business, and your money goes with them. There are apparently no laws to protect you since this market is mostly unregulated.

Edited by CLK, 14 May 2021 - 04:27 PM.