Topic: Bitcoin in your country. - page 4. (Read 1223 times)
Thanks for sharing your experience. It's a testament to how volatile the regulatory environment can be. Let's hope for more transparent and crypto-friendly policies in the future, not just in Nigeria but worldwide. It's a wild crypto world out there!
In my country from the beginning there is no big support for cryptocurrency from the government. It didn't make any information or announcement regarding the acceptance of bitcoin or legalizing the usage of bitcoin. Over time this had changed as the government found the increased interest for cryptocurrency among the common people. At some point government took cryptocurrency acceptance into discussion and taxed 30% on revenue and 1% tds. Even after that there is no official announcement on the legal status of cryptocurrency within the country.
Here in our country, digital currency like Bitcoin or cryptocurrency is not banned. Well, in fact, there are even events that are happening regarding the spread of adoption of Bitcoin or blockchain technology that they tackle.
And when it comes to those who have adopted Bitcoin or crypto, there are many merchants who have accepted it as a mode of payment in their businesses as well. The only problem is that sometimes it is still unavoidable in the news that scammers are still using cryptocurrency here to prey on people, something that should not be the case.
It is mostly the same here in the country I live in. Bitcoin or cryptocurrency is not banned at all. However, there are still news and portrayal from the media that is severely negative. Hence, a big percentage of the general public's opinion and perspective of Bitcoin and cryptocurrency is that of a source of scam and illegal transactions. However, much like in your country, there are also a good percentage of individuals using them and conducting transactions, there are also events that spreads factual information about Bitcoin and cryptocurrency to make a better name for them and eliminate false negative news that are present in local social media and unverified news platforms.And when it comes to those who have adopted Bitcoin or crypto, there are many merchants who have accepted it as a mode of payment in their businesses as well. The only problem is that sometimes it is still unavoidable in the news that scammers are still using cryptocurrency here to prey on people, something that should not be the case.
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Bitcoin and crypto currency have been outlawed in our country and security agencies are cracking down on those involved in such activities. We cannot legally transfer dollars or transactions through the bank, but we do not mention dollars in the money we send to each other's banks. , because here banks also monitor every transaction. Bankers can freeze our accounts if they suspect that they are doing P2P transactions or buying dollars. But often talk of legislating to ban it.
Most security agencies warn banks to identify people involved in crypto currency trading and freeze their accounts, but since no such law has been passed yet, people are still Investing in crypto currencies and Bitcoin. So, crypto currency is not banned in our country like your country, but transactions with banks are prohibited. There is confusion in our country that whenever there is any news in the media that mentions crypto ban, many people panic and sell their assets at a loss and transfer their money to banks. there are often talks of Binance and other exchanges being banned from working in the country. Which creates an atmosphere of fear.
The state of your nation makes it harder. Your indirect trades demonstrate how people adapt to limitation. Unfortunately, lack of information causes panic and unusual behaviours, forcing people to make fast decisions.
Though, crypto technology improve constantly. Decentralised financial platforms may solve problems without banks. Until then, it might be best to stay aware, be careful, and seek for help in online community, like bitcointalk
Greetings to all,
It's notable that some countries remain hesitant to embrace cryptocurrency, but I firmly believe that doing so could potentially have a positive impact on their economies. Swift adoption often leads to significant improvements in areas where there may be shortcomings.
but we have some countries that tries to even adopt bitcoin and yet half or more than of their people are going against the said adoption like how EL Salvador facing the problem now?It's notable that some countries remain hesitant to embrace cryptocurrency, but I firmly believe that doing so could potentially have a positive impact on their economies. Swift adoption often leads to significant improvements in areas where there may be shortcomings.
but that doesn't mean I believe that this is not helpful at all because I myself believe in what and how bitcoin will help each country that will accept it.
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I must admit that here in Slovenia, my home country, cryptocurrency has gained significant popularity, and its adoption has been rapid. This has empowered individuals to securely store, transfer, trade, or convert cryptocurrency into fiat currency. Slovenia is also actively working towards establishing a taxation framework for cryptocurrency, which I consider to be another crucial step towards achieving widespread adoption of crypto.
proud that you have a country that gaining its bitcoin or crypto popularity so we are looking for a brighter use and acceptance of Bitcoin in Slovenia in the coming years?
Greetings to all,
It's notable that some countries remain hesitant to embrace cryptocurrency, but I firmly believe that doing so could potentially have a positive impact on their economies. Swift adoption often leads to significant improvements in areas where there may be shortcomings.
I must admit that here in Slovenia, my home country, cryptocurrency has gained significant popularity, and its adoption has been rapid. This has empowered individuals to securely store, transfer, trade, or convert cryptocurrency into fiat currency. Slovenia is also actively working towards establishing a taxation framework for cryptocurrency, which I consider to be another crucial step towards achieving widespread adoption of crypto.
It's notable that some countries remain hesitant to embrace cryptocurrency, but I firmly believe that doing so could potentially have a positive impact on their economies. Swift adoption often leads to significant improvements in areas where there may be shortcomings.
I must admit that here in Slovenia, my home country, cryptocurrency has gained significant popularity, and its adoption has been rapid. This has empowered individuals to securely store, transfer, trade, or convert cryptocurrency into fiat currency. Slovenia is also actively working towards establishing a taxation framework for cryptocurrency, which I consider to be another crucial step towards achieving widespread adoption of crypto.
This thread is created to enable bitcoiners in this forum to narrate the status of bitcoin in their country. This will include whether bitcoin is legalised, outlawed or a legal tender in your country. You have the liberty to mention your country or not. Other details may include if bitcoin is mined in your country and the overall friendliness of the government to cryptocurrency in your country.
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The status of crypto currency in the country where I live is as a commodity asset. ~Snip
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In its function, Crypto Assets are still prohibited from being used as a means of payment, but as an investment tool they can be included as a commodity that can be traded on the futures exchange.
Source: https://legalitas.org/tulisan/hukum-kripto-indonesia#:~:text=Dasar%20Hukum%20Peraturan%20Perdagangan%20Aset,dapat%20diperdagangkan%20di%20bursa%20berjangka.So with the issuance of this regulation, crypto investors in my country can be more comfortable and not afraid of investing and trading crypto assets.
In addition, cryptocurrency mining in my country is also carried out. A big example is mining bitcoin. In fact, some time ago, there was news that crypto mining in my country was the cause of a lot of pollution. So with this, we can be sure that there are quite a lot of crypto miners, such as bitcoin, in the country where I live.
And regarding the government's friendliness towards the existence of cryptocurrency, in my opinion the response is mediocre. Because until now there has been no criticism or anything attacking cryptocurrency from the government in my country. So you could say that the government in my country has a neutral response to the presence of cryptocurrencies.
Here in our country, digital currency like Bitcoin or cryptocurrency is not banned. Well, in fact, there are even events that are happening regarding the spread of adoption of Bitcoin or blockchain technology that they tackle.
And when it comes to those who have adopted Bitcoin or crypto, there are many merchants who have accepted it as a mode of payment in their businesses as well. The only problem is that sometimes it is still unavoidable in the news that scammers are still using cryptocurrency here to prey on people, something that should not be the case.
And when it comes to those who have adopted Bitcoin or crypto, there are many merchants who have accepted it as a mode of payment in their businesses as well. The only problem is that sometimes it is still unavoidable in the news that scammers are still using cryptocurrency here to prey on people, something that should not be the case.
This thread is created to enable bitcoiners in this forum to narrate the status of bitcoin in their country. This will include whether bitcoin is legalised, outlawed or a legal tender in your country. You have the liberty to mention your country or not. Other details may include if bitcoin is mined in your country and the overall friendliness of the government to cryptocurrency in your country.
I go first:
I am a Nigerian.
On 28th May, 2023 Nigeria government signed into law the finance act 2023 which grants 10% tax on gains in digital assets including cryptocurrency while still keeping cryptocurrency transaction banned in the country. This is the state of the confusion about bitcoin and cryptocurrency in my country.
I go first:
I am a Nigerian.
- On the 5th of February 2021, The Central Bank of Nigeria directed all the banks in Nigeria to close the accounts of all the people that are involved in cryptocurrency transactions in the country. The banks swung into action immediately. This made Nigerians believe that the government has banned cryptocurrency in the country.
- Nigerians began to use centralized p2p to trade and when there is need for banks, they send the money without using any crypto keywords in the narration. Meanwhile, the information was that crypto is banned in Nigerian
- QuoteMarch 21, 2021: The CBN clarifies its position on the ban and states that individuals are not prohibited from buying and trading crypto, just not through any Nigerian bank or fintech.
- So, in my country cryptocurrency is not banned but its transaction with banks is banned.
On 28th May, 2023 Nigeria government signed into law the finance act 2023 which grants 10% tax on gains in digital assets including cryptocurrency while still keeping cryptocurrency transaction banned in the country. This is the state of the confusion about bitcoin and cryptocurrency in my country.
Bitcoin and crypto currency have been outlawed in our country and security agencies are cracking down on those involved in such activities. We cannot legally transfer dollars or transactions through the bank, but we do not mention dollars in the money we send to each other's banks. , because here banks also monitor every transaction. Bankers can freeze our accounts if they suspect that they are doing P2P transactions or buying dollars. But often talk of legislating to ban it.
Most security agencies warn banks to identify people involved in crypto currency trading and freeze their accounts, but since no such law has been passed yet, people are still Investing in crypto currencies and Bitcoin. So, crypto currency is not banned in our country like your country, but transactions with banks are prohibited. There is confusion in our country that whenever there is any news in the media that mentions crypto ban, many people panic and sell their assets at a loss and transfer their money to banks. there are often talks of Binance and other exchanges being banned from working in the country. Which creates an atmosphere of fear.
In Nigeria, our government doesn’t have problems with bitcoiners, but the only thing we face with the government is that they don’t legalise using bitcoin. If you wish to use it, go ahead; you are free to do it, but they won’t legalise it, and it will not be part of the country's law. Again, they won’t say anything if anything happens to your funds; that is, the local banks won’t put their hand up in any case, and you will be the one to sort yourself out. And I believe that with this, gradually we will start getting more people to accept bitcoin in the country.
In your country Nigeria if Bitcoin not legalize payment transaction but allowed or not using bitcoin as investment assets? Nigeria is most popular country with Bitcoin transaction due in this forum I see many user from there. In my country Indonesian, Bitcoin is not legal currency transaction but allowed for trading and investing. Government in my country have adopt taxes transaction by using cryptocurrency when trading in local currency exchange market. For me Bitcoin allowed or not as legal payment currency transaction is not bigger problem during we are allowing for trading and investing with bitcoin. Government friendly with cryptocurrency trader and they are happiness when huge transaction of bitcoin or cryptocurrency will earn much benefit from taxes income. Hope your government there have friendly respond with cryptocurrency and looks adopt taxes for all transaction in local currency exchange will worth and don't worry with bitcoin will banned one day later.
This thread is created to enable bitcoiners in this forum to narrate the status of bitcoin in their country. This will include whether bitcoin is legalised, outlawed or a legal tender in your country. You have the liberty to mention your country or not. Other details may include if bitcoin is mined in your country and the overall friendliness of the government to cryptocurrency in your country.
In Nigeria, our government doesn’t have problems with bitcoiners, but the only thing we face with the government is that they don’t legalise using bitcoin. If you wish to use it, go ahead; you are free to do it, but they won’t legalise it, and it will not be part of the country's law. Again, they won’t say anything if anything happens to your funds; that is, the local banks won’t put their hand up in any case, and you will be the one to sort yourself out. And I believe that with this, gradually we will start getting more people to accept bitcoin in the country.
However, the same thing happened to one guy in 2021/2022 when the Economic and Financial Crimes Commission (EFCC) said he was using something that was not legalised by the county government. We call him B-Lord (Bitcoin Lord). They went to court by then, and the guy won the case because the guy was in his right, and he kept on saying that the government doesn’t say we shouldn’t use it, but they won’t legalise it, so anyone who wishes can use it, and since this guy even has his house, he teaches people about bitcoin and other cryptocurrencies.
there is no concrete law or stand in My country , either this is adopted or not but we have no restriction and no tax applied in crypto earning.
though the government keeps giving warning to the people about the risk and the potential scam that may come across .
and also seemingly that our president now has a good look for crypto and wishing adoption will come before His terms ended.
In my country there is continuous conversation and no proper solution have been achieved. The government had on the revenue from cryptocurrency investment. However it hadn't made any statement on the legality of bitcoin. As the cryptocurrency is taxed people consider it to be legal and using it. Even in a meet organised this month have made discussion with different countries. Following the same there is possible chances of regulation coming into effect at the earliest.though the government keeps giving warning to the people about the risk and the potential scam that may come across .
and also seemingly that our president now has a good look for crypto and wishing adoption will come before His terms ended.
though there are noi clear stand yet you are allow to use and invest in crypto.
regulatory means clarity , but not banning so maybe this is much better for the movement of crypto there.
and yes you can have mentione it that the effect will be earliest but yet good riddance for all of you in that country.
Bitcoin in India today is trading at 22,09,802.93 INR yesterday it was at 21,81,422.18
Thank you. Incredibly useful information. Can you tell us in more detail about your country and how things are going for you? Your message is not very informative and leads to strange thoughts.We would all love to read what you personally think about the government's stance on Bitcoin. Do you personally have any advantages, prospects, or plans?
Don’t be shy and write in more detail, in more detail, so that we can assess the situation.
On 28th May, 2023 Nigeria government signed into law the finance act 2023 which grants 10% tax on gains in digital assets including cryptocurrency while still keeping cryptocurrency transaction banned in the country. This is the state of the confusion about bitcoin and cryptocurrency in my country.
Exactly because personally I don't know if to say that bitcoin is banned in my country or not because there are several stories surrounding it and I've also seen cases where people where harassed simply because they posses bitcoin and you'll agree with me that, that's one discouraging act against bitcoin.
I'm not trying to paint my country black but I'm already beginning to wonder why people think k bitcoin or cryptocurrency in general isn't banned in my country when you don't have the right to use it freely and in cases where one mistakenly includes any cryptocurrency term in their bank transactions, then such money or account are at high risk of forfeiture, hence I believe bitcoin is illegal in my country.
Bitcoin has been a hit off in my country in the last couple of year, it gets so popular so many people who doesn't really understand crypto just like FOMO-ing. The worst thing is some scammers abuse it by selling some crappy ponzy scheme claiming that they are a crypto/blockchain project, and they are 'the next Bitcoin', that's also give Bitcoin bad reputation.
Try to share any information related to crypto but I have to strategies how I share such information it is very risky when introducing anyone because some people will start blaming you for how they invested money and the price will go down and will decide to sell, the best thing I will make the nature of bitcoin very clear to avoid drama.
Yeah happened to me once, one of my relatives bought Bitcoin, I wasn't even suggesting him to do that, he was just asking about how do I receive my payment internationally, then I told him about Bitcoin, then he know that Bitcoin is also a kind of investment, he ask me an exchange recommendation, how to buy it, etc. Now, that Bitcoin keep decreasing, he blamed me for telling him about Bitcoin. And I learn from that, now every time I explain about bitcoin, I will also explain the nature of the market, how it's still volatile, and that it's risky like any other type of investment is also risky, it's not quick way to get rich.
Try to share any information related to crypto but I have to strategies how I share such information it is very risky when introducing anyone because some people will start blaming you for how they invested money and the price will go down and will decide to sell, the best thing I will make the nature of bitcoin very clear to avoid drama.
Yeah happened to me once, one of my relatives bought Bitcoin, I wasn't even suggesting him to do that, he was just asking about how do I receive my payment internationally, then I told him about Bitcoin, then he know that Bitcoin is also a kind of investment, he ask me an exchange recommendation, how to buy it, etc. Now, that Bitcoin keep decreasing, he blamed me for telling him about Bitcoin. And I learn from that, now every time I explain about bitcoin, I will also explain the nature of the market, how it's still volatile, and that it's risky like any other type of investment is also risky, it's not quick way to get rich.
I am from bangladesh. Unfortunately like most of the developing countries, it's still illegal to use crypto in my country. Although many people use it from my country, to feed and provide for their family, even me, but we don't/can't share crypto information with others. You can say we secretly use it. We all know crypto can be much much volatile, I'm not just talking about Bitcoin but all that related with crypto. Also crypto is best know for it's anonymity. It is basically untraceable. In short it can be weaponized. I think the Government fear this the most. Can't blame anyone. Everything has it's good and bad sides. But at least, crypto gave us our financial freedom.
In my own country, it is not legal it is not illegal so it is still very operational I even see people owing ant minners so to some extent the government is flexible on the Bitcoin environment I only know of periods where the government was locking accounts that are crypto-related but along the line it was becoming more flexible to use or invest in bitcoin, and sincerely bitcoin have helped a lot of people and also provided for a lot of family. I try to share any information related to crypto but I have to strategies how I share such information it is very risky when introducing anyone because some people will start blaming you for how they invested money and the price will go down and will decide to sell, the best thing I will make the nature of bitcoin very clear to avoid drama.
I am from bangladesh. Unfortunately like most of the developing countries, it's still illegal to use crypto in my country. Although many people use it from my country, to feed and provide for their family, even me, but we don't/can't share crypto information with others. You can say we secretly use it. We all know crypto can be much much volatile, I'm not just talking about Bitcoin but all that related with crypto. Also crypto is best know for it's anonymity. It is basically untraceable. In short it can be weaponized. I think the Government fear this the most. Can't blame anyone. Everything has it's good and bad sides. But at least, crypto gave us our financial freedom.
In my own country, it is not legal it is not illegal so it is still very operational I even see people owing ant minners so to some extent the government is flexible on the Bitcoin environment I only know of periods where the government was locking accounts that are crypto-related but along the line it was becoming more flexible to use or invest in bitcoin, and sincerely bitcoin have helped a lot of people and also provided for a lot of family. I try to share any information related to crypto but I have to strategies how I share such information it is very risky when introducing anyone because some people will start blaming you for how they invested money and the price will go down and will decide to sell, the best thing I will make the nature of bitcoin very clear to avoid drama.
As we know a lot is stated by several other users that Indonesia is quite friendly with bitcoin, this has been facilitated a lot including with the legality recorded in its government, now we are very flexible and there is no limit that bitcoin as a commodity / investment asset is nothing more than that because in any payment or use that violates the government will punish it.
Currently;
There are several local exchanges where it is easy to trade bitcoins into local currencies.
The community is growing rapidly.
Support from the government.
Currently;
There are several local exchanges where it is easy to trade bitcoins into local currencies.
The community is growing rapidly.
Support from the government.
but also as a legal means of payment but this will require definite laws.
Not sure about this, because Indonesia will definitely maintain IDR as a legal currency in any transaction. 
In my country Indonesia, Bitcoin still illegal transaction for payment currency and have cases with some tourism and our citizen under arrest when adopting bitcoin for payment tender. But Bitcoin is allowed as commodity assets and available for trading or investing trough many local exchange support from government legalization. In my country one step forward with cryptocurrency transaction, our government have adopted with taxes for all cryptocurrency transaction when trading in local exchange market. Not worry with my country because bitcoin have been supported by government although still can't adopt or using as currency payment transaction.
For Op, if your country not ability withdrawing cryptocurrency assets to the Bank you can use option selling stable coins trough P2P on exchange market like Binance, Kucoin and Huobi.
For Op, if your country not ability withdrawing cryptocurrency assets to the Bank you can use option selling stable coins trough P2P on exchange market like Binance, Kucoin and Huobi.
I am from bangladesh. Unfortunately like most of the developing countries, it's still illegal to use crypto in my country. Although many people use it from my country, to feed and provide for their family, even me, but we don't/can't share crypto information with others. You can say we secretly use it. We all know crypto can be much much volatile, I'm not just talking about Bitcoin but all that related with crypto. Also crypto is best know for it's anonymity. It is basically untraceable. In short it can be weaponized. I think the Government fear this the most. Can't blame anyone. Everything has it's good and bad sides. But at least, crypto gave us our financial freedom.
I hope someday people will get freedom to use crypto freely throughout the world but a bigger challenge awaits us apart from the government who are discouraging people from using crypto currency there are capitalists who are heavily involved into crypto business and manipulating the market using their money to benefit them, I am more scared about these capitalist and crypto mafias than government.
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