Why is Crypto Banned?

[Suba]

Currently many countries (governments) prohibit crypto either directly or indirectly. As China has banned all crypto transaction activities, it is even considered illegal and will be subject to punishment. In Indonesia crypto is prohibited as a means of exchange, so it can only be used to buy on foreign sites such as domains or web hosting on Namecheap. In Indonesia, crypto is considered a commodity that can be traded on crypto exchanges. But indirectly, the government also limits the movement of crypto by imposing a tax for every sale transaction subject to an income tax of 0.2, while if a purchase is subject to VAT of 0.11%, how is crypto treated in your country?

 

[Sanjeev]

Here also there is a high tax for trading cryptocurrecy.

 

[Suba]

Here also there is a high tax for trading cryptocurrecy.

What is the percent trading tax in your country, is it also charged on all crypto exchanges,

 

[Sanjeev]

30% tax on profits from trading, selling or spending crypto and a 1% TDS tax on the sale of crypto assets exceeding more than RS50,000 in a single financial year.

 

[SHAHID987]

Although it is banned in many countries but its prices showing upward trend as it grow and grow which shows people interest.

 

[uptrendfinancialsignal]

Most of the financial institutions of these countries believed that cryptocurrency could be a threat and that is why they kicked against it.

 

[Shavkat]

I am not sure in my country. It is not that trendy so they have not imposed taxable fees to pay. This is what I know so far.

 

[Sanjeev]

I am not sure about my country. It is not that trendy so they have not imposed taxable fees to pay. This is what I know so far.

It became popular in my country so that was the reason why they imposed tax on them.

 

[flower]

Crypto are banned because they attributed that its transactions cannot be traced.

 

[Bisolami]

Currently many countries (governments) prohibit crypto either directly or indirectly. As China has banned all crypto transaction activities, it is even considered illegal and will be subject to punishment. In Indonesia crypto is prohibited as a means of exchange, so it can only be used to buy on foreign sites such as domains or web hosting on Namecheap. In Indonesia, crypto is considered a commodity that can be traded on crypto exchanges. But indirectly, the government also limits the movement of crypto by imposing a tax for every sale transaction subject to an income tax of 0.2, while if a purchase is subject to VAT of 0.11%, how is crypto treated in your country?

There was also a time that cryptocurrency was banned in my country but the ban has been lifted

 

[Suba]

There was also a time that cryptocurrency was banned in my country but the ban has been lifted

I am happy to hear that, if your government has lifted the crypto ban, because as far as I know your country Nigeria is one of the biggest users of crypto, but is the tax rate.

 

[cherry123]

Crypto are banned because they attributed that its transactions cannot be traced.

I think so since everything is done anonymously. But I would have preferred a regulation than a ban

 

[Enxx]

I think so since everything is done anonymously. But I would have preferred a regulation than a ban

I don't think that is the reason. They might be scared that it is a Ponzi scheme and of which it is not.

 

[Heatman]

One thing that's very obvious is that the government want to control cryptocurrency but that's going to be very difficult. It's banned in my country but we still find a way to deal with it.

 

[Imran Noori]

Although it is banned in many countries but its prices showing upward trend as it grow and grow which shows people interest.

No one can stop Bitcoin because it is decentralized.

 

[Suba]

No one can stop Bitcoin because it is decentralized.

Even though no one can stop Bitcoin, the government has a powerful weapon by blocking crypto exchanges so that bitcoin users will find it difficult to access.

 

[Imran Noori]

Even though no one can stop Bitcoin, the government has a powerful weapon by blocking crypto exchanges so that bitcoin users will find it difficult to access.

Not all exchanges are centralized, people could use decentralized exchanges.

 

[Suba]

Not all exchanges are centralized, people could use decentralized exchanges.

You are right that the government cannot interfere with decentralized exchanges, but the government can block decentralized exchange exchange sites in its area so that users are forced to use VPN.

 

[cherry123]

I don't think that is the reason. They might be scared that it is a Ponzi scheme and of which it is not.

Yeah I think so as a lot of us are yet to fully understand how the whole network works.

 

[eldavis]

There was also a time that cryptocurrency was banned in my country but the ban has been lifted

There are still restrictions on the use of crypto currency in Nigeria even till now though. I received a message from my raven wallet some days back reminding me that they would block any account they noticed is dealing with crypto.