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Why is Crypto mining and anything related to crypto illegal in some countries .

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Readyone
(@readyone)
Eminent Member

Hi guys , So i am here with a simple question . Why is Cryptocurrency mining or anything related to cryptocurrency illegal in some countries like bangladesh . Though there is no suitable reason of this . Can anyone explain ? 

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Topic starter Posted : 05/07/2021 8:05 am
JayDollar
(@jaydollar)
Honorable Member

Hi friend,

To my understanding, Cryptocurrency is illegal in my own country because many Fraudster steals money or purchases an illegal Product from abroad and receive their payments through Bitcoin specifically to just keep the banks in the dark. So the FG banned the use of Bitcoin for trading.

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Posted : 06/07/2021 5:21 pm
Antoine.Assaker
(@antoine-assaker)
Estimable Member
Posted by: @readyone

Hi guys , So i am here with a simple question . Why is Cryptocurrency mining or anything related to cryptocurrency illegal in some countries like bangladesh . Though there is no suitable reason of this . Can anyone explain ? 

Hello brother, not just in Bangladesh, there are other countries where it is illegal, so I think in my viewpoint that it is some political cause, even it could be banned in  your country from the US, IDK what especially the problem is, but hope it could be legal one day

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.”(credit: These Countries Banned Cryptocurrencies, Here's Why (beincrypto.com))

and I also search and found this, hope I could clear your thoughts and helped you

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Posted : 07/07/2021 6:57 am
Readyone liked
ikram1111
(@ikram1111)
New Member

The reason why crypto currencies are not allowed to mine like in china is because mining crypto doesn't help economy while all other earning sources also help country's economy as well.

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Posted : 07/07/2021 9:53 am
batoolabbas
(@batoolabbas)
Reputable Member
Posted by: @readyone

Hi guys , So i am here with a simple question . Why is Cryptocurrency mining or anything related to cryptocurrency illegal in some countries like bangladesh . Though there is no suitable reason of this . Can anyone explain ? 

It’s because lack of regulation and a central authority for the coins. The country consider this a risk to investors who can’t recover any losses. Also, it’s illegal or banned to protect the national currency and protect investors. 
The reasons for the ban is also related to cybercrime syndicates and money laundering. Some countries think that cryptocurrencies possibly damaging to national security and the economic health. 

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Posted : 07/07/2021 10:02 am
Msinyangwe
(@msinyangwe)
New Member
Posted by: @readyone

Hi guys , So i am here with a simple question . Why is Cryptocurrency mining or anything related to cryptocurrency illegal in some countries like bangladesh . Though there is no suitable reason of this . Can anyone explain ? 

Hi readyone,

I will start with a brief background of crypto currency. Basically crypto currency is a form of paper money or in short it is digital money/ currency that allows you to trade all over the world as long as you have an internet connection. We also need to understand that it is based on block chain technology which means that their is a ledger for everyone to see(transparent for everyone to see).

Now just like everything crypto currency has its disadvantages and these disadvantages are what makes some countries ban crypto currency.

Country lacks control of crypto currency as its based on decentralisation and no authority can control crypto currency transactions.

Banks and financial institutions loose out in revenue as their no bank charges and other institutional charges involved in crypto currency and so they see crypto currency as a threat.

Terrorists can easily transact through this medium. This is something most countries would see as a security threat to their nation and would want to avoid and prevent.

All in all the main reason is because government and financial institutions cannot control or regulate crypto-currency.

 

 

 

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Posted : 07/07/2021 10:05 am
Amir K and Readyone liked
Muhammad aown
(@muhammad-aown)
Famed Member

The possible reason that comes into my mind is that if a someone living in a country earns by doing a usual job, it helps the economy but because crypto is not under control of someone, i mean it has no central control, this is why mining crypto doesn't help in economy, neither you have to pay income tax like you have to do in other jobs. So maybe this why it is not allowed

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Posted : 07/07/2021 11:08 am
eXSe
 eXSe
(@exse)
Eminent Member

I doubt that the very act of mining it is illegal (though I'm not a lawyer, nor do I know EVERY country laws 🙂), but some countries may have banned its use for various reasons... money laundering comes to mind.

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Posted : 07/07/2021 4:21 pm
preetchovatiya
(@preetchovatiya)
Estimable Member

Cryptocurrency is not legal in some countries because their country's government won't change their current payment transaction system even better than that system. The main reason according to me is National banks have warned that crypto transactions are related to criminal activity. The Central Bank also cautioned its people that dealing in cryptocurrency is risky because the sites where these transactions take place aren't regulated.

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Posted : 07/07/2021 4:35 pm
Readyone
(@readyone)
Eminent Member

@jaydollar Oh I see . Thanks for your answer . 

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Topic starter Posted : 08/07/2021 2:55 am
Readyone
(@readyone)
Eminent Member

@antoine-assaker Yeah It helped me my friend . 

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Topic starter Posted : 08/07/2021 2:56 am
Readyone
(@readyone)
Eminent Member

@batoolabbas Thanks for your answer . 

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Topic starter Posted : 08/07/2021 2:57 am
Readyone
(@readyone)
Eminent Member

@msinyangwe Nice Answer my friend , Thank you . Have a good day . Keep helping . 

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Topic starter Posted : 08/07/2021 2:58 am
Amir K liked
Readyone
(@readyone)
Eminent Member

@ikram1111 Thank you . 

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Topic starter Posted : 08/07/2021 2:59 am
Readyone
(@readyone)
Eminent Member

@muhammad-aown Yeah this is a good point . Thanks for helping me up . Keep up the good work my friend . 

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Topic starter Posted : 08/07/2021 3:00 am
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