Why are Corrupt Countries so Fearful of Bitcoin?

in #bitcoin4 years ago


Where is Your Government on This List Put Together by CoinTelegraph?

My adopted country Panama is not on the list but we all know that Bitcoin is welcome in this country. So many great Bitcoin entrepreneurs live here and there are a good deal of companies who are based here as well. I would give us a BRI of 100 even though the corruption number would probably be around 40 since it is part of the culture.

What is BRI?

The system for ordering Bitcoin acceptance (BRI) by countries uses a scale of 0-100 with 0 defined as Bitcoin is illegal and 100 means Bitcoin is completely unregulated by the government and the government has deliberately decided not to regulate.

What is CPI?

The CPI describes governance in a country by a number in the [0, 100] interval with 100 reflecting excellent governance and 0 being corrupt.



The most interesting thing about this post is that România has a CPI of 48.

Since I am born and raised here I must say that that information is very much incorrect. I would personally give it a very indulgent 15 points.

Because I don't know if you know this but this country is on the top 3 most corrupt countries from the EU, actually and sadly I think we occupy 1st place regarding thua matter here in the EU. Last year they silently voted a law at midnight that would officially legalize the Abuse in Service if the prejudice is not greater that 40.000 RON, that is 10.000 USD!!! So if you are a politician, you can legally steal 10k $.

Word got out, people got out of their homes and into the streets for over 3 month, the OUG nr. 13 was postponed and it's not yet taken effect, now the most funny part is th ANAF (The National Anti Fraud Association) is negotiating with the left wing party the amount that cat be legally stolen, form the sum of 10.000 $ to the sum of "only" 200 $.

And no guys, this is not at all a joke. This is what is actually happening in România. And I think bitcoin right now is a very good thing for all this corrupt politicians, because it will make it easier for them to launder their money. Aldo I don't really think they realise this yet because most of them are just mindless thugs in suits and the only thing they really know is to lie, steal and count money. And I'm not exaggerating about it. This is hiwthe majority of them really are. But they have kids... so sooner or later they will realise that btc is their new currency.

You think Romania is bad? Shit, hold my beer.

that is horrible to watch.

omg jeez...

Im not drinking alko ,for me it ok to see how everything is destroyed.haha

LOL, stuff like that happens all over the US too, middle of the morning votes. Congressional fuckers can even trade on insider info. and there is no punishment. Put that in your pipe and smoke it.

Well in my home country it is 75 bri, 41 cpi. We are quite corrupt but quite behind in everything so i guess they aren't that concerned or just well informed about crypto currencies. On the other hand I live in the UK and the BRI is at 75 with quite good CPI of 81. Same BRI for 2 quite different governments, it is quite an interesting study! :)

Interesting that they are all small developed countries - Denmark, Ireland and New Zealand all have populations around or less than 5 million. Good post @hilarski - thanks.

This is very interesting. I am Slovenian like guys who own Bitstamp. My country have score 136. Great for Denmark and New Zealand.

Why is Japan so low? They were the first to legalize bitcoin right??

Similar to the US they have plenty of high level corruption but they try to control Bitcoin. Making it legal and letting Bitcoin do whatever it wants are very different.

Gotcha, KYC.

You can say that again. Its going to put them out of business.

If only they will find a way to regulate it and get taxes...
Let's wait half a year and watch.

I don't know how to react to this comment. : )

I'm trolling lol. I know about your position about government system phehe.

I'm surprised Australia's numbers were so high given how corrupt the government is here.

Woow very good info! thanks for sharing. Only a matter of time before we see crypto as the new financial power:)

Interesting ,cuz I dont see my country there -Latvia. But what can I say about it ?? Corruption is on high level in government. Thanks for sharing this.

Great post @hilarski , i do read it through ^_a^

They're fearful because they are intelligent. If the US government was that intelligent, we would have less problems in the US. Rather, for now the US government is fine with crypto being legal. I like crypto, so I prefer this... however, it also flags to me how ignorant my government is.

A government which funds itself by using inflation and debt, permits other currencies to now exist and thrive inside its borders, which are anti-inflation currencies. If they allow that trend to continue for 20+ years, it is not rocket science as to what results from that. Meaning, my government does not understand how it sustains itself.

Think of how silly this is. The congressmen we elect, do not even understand the Federal Reserve System well enough to realize that money-dominance is the only thing that keeps our government spending afloat, so they wont even protect the one thing keeping the government from going into total financial collapse.

There is a lot of debate between people, is it a conspiracy? or is the government just really stupid? Crypto is a point toward the government stupidity argument.

Every government using a nationally issued fiat currency to fund itself, should be anti-crypto. The ones that are not, are either stupid / near-sighted, or they are fine with the self-destruction of their government's financial solvency.

be thankful that they are stupid.
IF we are lucky crypto will become established and act as cushion when fiat collapses.

hilarski you not far from the truth, though Nigeria is gradually embracing the reality of digitization compare to couple of years ago.we will soon get there, i strongly believe that.''slowly but surely''thanks for sharing!

It's all about control. These countries want to control everything and everyone. What's so great about Bitcoin is that the people holding these coins are the ones in control. It provide the people with more freedom and as you can see those who are in power in such countries want to make sure that only they hold the majority of the power.

And I do not agree with the fact, that Russia is a very corrupt country.

It is or is not corrupt?

Is, but not as terrible as it is portrayed by=))

Can individuals own precious metals there? I did not think they could.

The last I knew, they could not. That's a really really bad thing. I follow "Survival Russia" on YT, and he is in the Taiga forest of Russia. He just recently got a pistol while in Moscow, so I'm curious about the changes in gun laws there too. It seems Putin is making a lot of liberty leaning changes.

Ooooh, I didn't know about this Dane and about his project on YouTube!
About the gun Law I can not say anything, because do not follow it. And do not think, for myself at least, is important.

He's great, and I love the knowledge he shares.

If US was smart they'd be in top 5!

Perfect post to understand the reality out there, btc is the nemesis of corrupt governments because it can clean their dirty job

Ukraine is not even in this list. We have no good, no bad politics for bitcoin. Apparently, our authorities pretend that they don't know anything about cryptocurrency.

Sounds like here in Panama.

Wow im surprised that US is not on "Top Bad" list.
Great article!

We were recently threatened because we were running Facebook ads in Ecuador for the Bitcoin course @AnaHilarski made. It was quite surreal.

Seems like there are quite a few countries with a BRI of 100. You state that they have intentionally concluded not to try to regulate BTC? Interesting. I wonder if a few of those really just don't understand it yet, or just do not see any way to regulate it and would if they could figure out how.

Fearful or not, bitcoin is the new deal. It is an era. We have moved from coweries to gold to fiats. Now we do more things online, it is only natural we have a currency that goes with it. Enter bitcoin. It's just a matter of time till the corrupt countries will have no choice but to bow to King Bitcoin.

Still more than 6 billion people live under corrupt governments !!!

soooooooo sad 😕

Crypto currency's change the entire economic monetary system worldwide

my country not shortlisted..Ghana

Interesting and eye opening read mate~

Some of those countries, like Nigeria, have ISIS operating in the north, and they're probably scared that bitcoin will make things easier for the Islamists.

And before you dismiss the threat, Boko Haram (the Islamists in northern Nigeria) are real, and they tend to kidnap schoolgirls etc. Any govt in that situation is going to be worried about allowing money to flow to the terrorists.

Good info mate! But I would separate the countries among those who realized that they can collect bribes in bitcoin and those who did not realize it.. XD

no wonder ... I do know that I friend was sacked in Bolivia for selling some BTC's .... he didn't know better at the time ...and yes Bolivia is as corrupt as it can get...!!!

I'll tell you why. Because corrupt countries can't afford to have a currency that they can't controll. Crypto is something that is out of their reach; they can't control it. They are scared to have a source of money they can't alter to profit off of the citezens. It is a game changer and they are scared.

P.s. I'm super jelly of you because u live in panama..lol lucky

Considering the fact that the real government is the banks, this should not be a surprise to anyone.

I am walking home at the moment, but I would be curious where Iceland is on the list since they put their bankers in jail.

Interesting report @hilarski. I'm from Denmark but live in the USA... actually a little surprised Denmark ranks so highly; usually they are pretty quick to jump on things to "legalize" them... so they can collect more taxes. Denmark is an unusual place, compared to many... very free, very low corruption, very safe, very happy, very green, almost utopian... and you basically "pay through the nose" for it.

very true, my friend

Very interesting post. What in the world do you do if you have all this crypto currency and your government decides that it is not legal?

Yeah..if you can't touch it, you can't control it

its so sad but, for countries that want to "keep up", they'll have to allow something

India is corrupted country and because of bitcoin Indian government thinks that money laundering will increase.

@hilarski i think when big company like fb start to adopt crypto it will be no more excuse for those country to not adopt it

I've heard that the Colombian government is spreading false news about BTC.

hey @hilarski, I can't get into my flashcoin web wallet. I've emailed support but I've only received one email from chris asking if I set security questions. I emailed him back stating that I did not but he hasn't responded after the initial reply , any chance you could help?

Great post btw lol

Not much I can do on my end. I use the 2FA security feature for mine and have never had an issue.

understood. I did finally receive a response and saying they are looking into it.

Awesome post my friend. In my country Bitcoin is unregulated until now

You are the guy. Upvoted :)

This is a very interesting graphic thanks for sharing, looks like I'm sitting somewhere in the upper 3/4 living here in Canada.

I guess it is better for them if they do not have to worry about their citizens holding bitcoins.
They can horde all the states money and some of it can go 'mysteriously missing' as ministers and people high in the social hierarchy take money in greed and their self-benefit.
The money that can be spent on infrastructure, education and healthcare are just being seized from the people.
Truly distressing @hilarski

Legal situation in Spain, the case I know better, is not that bad partially thanks to the existence of several attorney firms which are putting a lot of effort to normalize the use of bitcoin.
As always, civil society has a lot of influence, we need to build the place we live in

some countries fear that it will Fund Terrorism i say to them what the hell your Monitoring Team will do they can track easily
Their are many such reasons that why they don't want to regulate they fear corrupt will always be corrupt

I didn't see Central America on the list at all. I am assuming Panama is a 100 for Bitcoin Friendly. And for corruption ?? I am unsure what is Costa Rica's scores, and I am extremely interested in knowing. Thank you for bringing this relevance home, for both of us, and many more living in Central America.

Thank you for sharing, goid luck .

Where are the honest governments again!!

crypto means more freedom. more freedom in human thoughts makes the good government practice . So without boundaries crypto can adopt to any changes. So good governance love Crypto .

The corrupt like their control and they have a hard time wrapping their corrupt hands around Bitcoin.