Quote from: ServBit on June 18, 2017, 03:29:48 AM

Quote from: Tamilson on June 17, 2017, 07:49:00 PM

Quote from: hendra1988 on June 17, 2017, 04:44:27 AM

I've read in some article abaout bitcoin which is pro and contra in its use, the conclusion is :
The presence of bitcoin as the virtual currency reaps the pros and cons. Bitcoin is considered to facilitate financial transactions. However, transactions with this virtual currency can also raise the risk of money laundering.
Different countries respond differently to the presence of bitcoin in the country.
The bitlegal.net site classifies three legal statuses of bitcoin in different parts of the world with color indicators. A country colored green means allowing bitcoin, yellow means there is still a debate, and red means forbidding.
Russia and Iceland are the countries that prohibit the use of bitcoin. According to Iceland's central bank, transactions with bitcoin are considered as movements of capital abroad and illegally due to capital controls conducted in the country after the collapse of the banking system in 2008.
The Russian central bank warned businesses using bitcoin as a means of payment would be potentially considered to be involved in money laundering..

Sounds like bitcoin is like is selling drugs ha?
I didn't know there are some countries are prohibiting bitcoin. What kind of law is that?
The officials in those country maybe have nothing to pass a law that's why they pass a law that prohibits the usage of bitcoin. They are morons.
Just like leave the bitcoin alone and mind their own business.

This might work with big countries, though due to their sheer size the effect would be negligible (at least so I think), but with smaller countries, the net effect will be negative on the whole. The majority of small countries have export-oriented economies, and they are always stuck between the nether and the upper millstone, so to speak. On the one hand, to be competitive on the international markets they have to keep the exchange rates of the local currency low (which is good for exports and consequently to the whole country), but, on the other hand, this might lead to higher inflation (which would mean impoverishment of the population)...

In this manner, Bitcoin is neither here nor there for such smaller economies, and could potentially wreak economic chaos and devastation in them

I think that could also be the case but bitcoin is somewhat not supported in as you said small countries. I have meet someone in the internet who lives in some part of southern asia who is also a bitcoiner and he said that bitcoin is not really supported there. But i think most cryptocurrency like bitcoin and etheruem are becoming popular day by day,and i think there is a high risk that it could be adopted in some country's currency. And also price of cryptocurrency like bitcoin isn't stable or fixed. So government adopting cryptocurrency for it's country could sometimes be an advantage.