Bitcoin in your country. - page 5. | Bitcointalksearch.org

Mpamaegbu

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Quote from: uchegod-21 on September 13, 2023, 07:16:37 AM

So, in my country cryptocurrency is not banned but its transaction with banks is banned.

It's not banned but its transactions with banks are banned? So, what's the difference in all that? How can you not ban something but ban its transactions? Truth remains that the Nigerian government doesn't really know what to expect and do when it comes to Bitcoin. The
Nigerian government actually banned Bitcoin trading but since she can't control or regulate it, it's turning a blind eye and acting like she's ok with it. I believe the ban is still on, though inefficient as it's at the moment.

Quote from: Adbitco on September 13, 2023, 10:09:49 AM

Hence I can say the city where I am now currently we are Bitcoin friendly, for those who wanna lodge over there can indicate interest and I drop location.

Until that fear of account seizure is completely gone, that's when I will say Nigeria is Bitcoin friendly. Until then, we aren't. If you doubt it, when next you trade on P2P, put crypto in your narration and see what happens. Of course, your guess is as good as mine.

Quote from: The Cryptovator on September 13, 2023, 03:08:40 PM

Then the government made rules through the central bank that using and trading cryptocurrency were strictly prohibited, and anyone found to use them would be punished for that.

This must be really frustrating for you, isn't it? Does that mean you haven't got the luxury of spending your coins then?

DYING_S0UL

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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.

Bitcoin_people

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In the country I live in, my country's government has made Bitcoin illegal, it is a crime against the law for Bitcoin tenders not to be published in my country. Where different countries around the world do their economic transactions with Bitcoin, the government of my country is completely opposite. My country's government thinks that if bitcoin is legalized by tender, it might threaten their domestic currency, so they don't legalize bitcoin. And does the government of my country think that if bitcoin is legalized then maybe there will be illegal activities and what money laundering will be recognized as a legal crime by Bangladesh government. But we have seen many more bitcoins officially released and they have been able to use bitcoins to improve the economy of the country. Accordingly I think in my country if bitcoin is legalized by the government then surely economically they can develop well and reach a good level in the future.

Z_MBFM

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Quote from: Tony116 on September 15, 2023, 02:46:30 AM

Quote from: kotajikikox on September 14, 2023, 11:20:11 PM

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.

The same thing is happening in my country, cryptocurrencies are not banned but there is also no clear legal framework for crypto. As far as I know, they are rushing regulations in the next few years and what we are getting are warnings about the risks of investing in crypto. That means we are free to invest in any form, but if we are scammed, we will not be protected by law because there are no regulations. For me, I would rather have that freedom than have regulations in exchange for safety at the expense of freedom.

Our government in Bangladesh has declared Bitcoin as illegal. Yet there are huge amounts of people using Bitcoin to trade and hold. But there is not much legal trouble with it. But legal action can be taken against those who make million dollar transactions and campaign with someone. And the government, including Bangladesh Bank, says that the government will not be held responsible if anyone suffers financial loss in bitcoin transactions. He has to take the responsibility himself. so we think that Bitcoin is not completely illegal in Bangladesh as well.

Texac

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Quote from: Ojima-ojo on September 15, 2023, 07:26:49 AM

Most at time, some of the crypto/Bitcoin investors mistake Bitcoin to be some form of a Ponzi scheme, where individuals could invest x amount and get xxxx profits within a short stipulated time, those are all lies and will only lead you to scams, but if you must take the part of Bitcoin investment, then you have to go all in for the long term.

I don't think many people are confused about this today because bitcoin has become so famous and most know it is an asset and not a ponzi scheme. but the problem of many people who have not invested in bitcoin is its volatility, not everyone like us likes strong volatility. however, newbies still mistakenly believe that investing in bitcoin is easy and can make quick profits, which is still a fairly common mistake for newbies.

Quote from: Ojima-ojo on September 15, 2023, 07:26:49 AM

Most countries around the world have not made any stand on Bitcoin since they don't have control over Bitcoin access in their countries, since Bitcoin is decentralized.

Not really, many countries have been introducing regulations on cryptocurrencies as well as bitcoin, they do not ignore them just because they cannot be controlled. You are underestimating the government. they won't easily ignore our huge taxes, don't expect that just because the government hasn't acted yet doesn't mean they will let us be free forever.

Ojima-ojo

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Quote from: kotajikikox on September 14, 2023, 11:20:11 PM

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.

Your situation is same as my country, which is not a banned but a warning to the citizens about the risk associated with cryptocurrencies investments and this could go a long way if and when the citizens decides to take part in anything as related to cryptocurrencies and what area and aspects their involved.

Most at time, some of the crypto/Bitcoin investors mistake Bitcoin to be some form of a Ponzi scheme, where individuals could invest x amount and get xxxx profits within a short stipulated time, those are all lies and will only lead you to scams, but if you must take the part of Bitcoin investment, then you have to go all in for the long term.

Most countries around the world have not made any stand on Bitcoin since they don't have control over Bitcoin access in their countries, since Bitcoin is decentralized.

buwaytress

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Nice thread but you might need to distill and verify responses (otherwise it's easier to refer to this wiki page, for example).

More helpful, would be practical status. e.g., can I use Bitcoin easily in my country? Can I easily trade it? Are there actually any repercussions for using it as a person/individual (even where it's supposedly illegal?). And, conversely, is it actually easy and possible to use where it's legal?

I can answer for Malaysia:
- easily traded, big demand, lots of online exchangers accept.
- not easily used, merchant network unclear, unstable, and unpopular (they have plenty of free, instant cash alternatives with deposits insured).
- No repercussions or danger of using unless mining on commercial scale while paying residential tariffs

kingvirtus09

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Maybe at this time, in all countries, there are Bitcoin or crypto believers. Maybe different in its quantity or number. Today, in our country, Bitcoin or any cryptocurrency is not banned. Many companies and merchants here are connected to cryptocurrency, or Bitcoin.

And there are others who have even conducted seminars in different places; that's why sometimes it is reported that cryptocurrency is being used to scam people here.

Tuturtinular

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Quote from: fruktik on September 15, 2023, 12:24:49 AM

The situation is almost identical in my country. You just can’t trade crypto assets yet, and taxes must be paid if there are coins and tokens in your wallets. Well, how do you like this state of affairs?

In my country, trading crypto assets on the crypto market is legal. As I said, we are prohibited from using crypto as a payment currency. I think my country is also not ready to implement payments using crypto because there are still many people who don't know about crypto. So I don't think it's a problem because it's legal for us to own and hold crypto

Quote from: fruktik on September 15, 2023, 12:24:49 AM

In recent years, nothing good has been done for citizens. A dictator has come to power who is terrified of letting go of power. He cannot even imagine letting go of control over financial flows from his bloody hands.
It’s already so sad that the government is trying to tighten any use of cryptocurrencies in people’s lives. As long as they are in power, nothing good will happen. Many remain “in the shadows” and do not stick their heads out once again.

In my opinion, it is not that simple, especially for developing countries like Indonesia, using Bitcoin as a payment currency will make things difficult and can disrupt economic stability. Moreover, many people don't know about bitcoin, this situation can be exploited by individuals to commit fraud using bitcoin.

Do you have an argument and analysis that if a country uses bitcoin as a payment currency, then that country will have a good economy? In my opinion, economic policy must adapt to society, if it is not ready it will be a blunder and worsen economic stability.

Litzki1990

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Bitcoin is a digital currency that has spread all over the world. Maybe in some countries Bitcoin is officially approved and in some countries Bitcoin is not officially approved and in some countries Bitcoin is completely illegal. Even if Bitcoin is illegal in any country, people are using Bitcoin from all those countries. There are many countries which do not support crypto exchange and people of those countries use the exchange and bitcoin through VPN or some other means.

To my knowledge El Salvador is the first country to accept Bitcoin as legal tender in their country. El Salvador may be the next country to adopt Bitcoin as a legal document to change their economic status.

Strongkored

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For the Indonesian state, this has been quite clearly informed by several members and this could happen because the current government really prioritizes digitalization, even during the campaign period several years ago, the current Indonesian president once mentioned cryptocurrency, yes about crypto, not Bitcoin, and maybe that was because of the knowledge he had is still limited enough to think crypto and Bitcoin are the same.
At least for now, Indonesia is still quite friendly about Bitcoin but a change in leadership will probably also change views about Bitcoin but hopefully it will make Bitcoin more widely adopted and not only as a commodity asset but also as a legal means of payment but this will require definite laws.

Tony116

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Quote from: kotajikikox on September 14, 2023, 11:20:11 PM

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.

The same thing is happening in my country, cryptocurrencies are not banned but there is also no clear legal framework for crypto. As far as I know, they are rushing regulations in the next few years and what we are getting are warnings about the risks of investing in crypto. That means we are free to invest in any form, but if we are scammed, we will not be protected by law because there are no regulations. For me, I would rather have that freedom than have regulations in exchange for safety at the expense of freedom.

eightdots

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Quote from: n0ne on September 15, 2023, 01:40:37 AM

Quote from: kotajikikox on September 14, 2023, 11:20:11 PM

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.

I think this is generally the case in many countries. In some countries, crypto is defined as risky assets. That's why trading crypto is not prohibited, but it is said that caution should be exercised.

States never say no to income from taxes. That's why governments are working to collect taxes during the periods when the crypto market started to become popular and crypto currencies started to rise. So far, no high tax decision has been made, but I think they will do this through crypto exchanges in the coming times.

n0ne

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Quote from: kotajikikox on September 14, 2023, 11:20:11 PM

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.

Unocoin_official

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Bitcoin in India today is trading at 22,09,802.93 INR yesterday it was at 21,81,422.18

fruktik

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Quote from: Tuturtinular on September 14, 2023, 09:05:12 PM

I come from Indonesia. Here legal crypto is only an asset, but cannot be used for payments. In our country, legal payments only use local fiat currency called “rupiah”. Our country has clearly regulated the legality of cryptocurrencies, and has a list of 500 legal crypto assets (bitcoins and altcoins)

Even though in our country we cannot use bitcoin and altcoins for payments, we are allowed to carry out trading activities on the crypto market. For me, that is good enough, because if bitcoin is used for payments, it is possible that our society is not ready because there are still many people who don't know about bitcoin. I think it's only a matter of time until bitcoin can be used for payment transactions

The situation is almost identical in my country. You just can’t trade crypto assets yet, and taxes must be paid if there are coins and tokens in your wallets. Well, how do you like this state of affairs?
In recent years, nothing good has been done for citizens. A dictator has come to power who is terrified of letting go of power. He cannot even imagine letting go of control over financial flows from his bloody hands.
It’s already so sad that the government is trying to tighten any use of cryptocurrencies in people’s lives. As long as they are in power, nothing good will happen. Many remain “in the shadows” and do not stick their heads out once again.

kotajikikox

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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.

Tuturtinular

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Quote from: uchegod-21 on September 13, 2023, 07:16:37 AM

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 come from Indonesia. Here legal crypto is only an asset, but cannot be used for payments. In our country, legal payments only use local fiat currency called “rupiah”. Our country has clearly regulated the legality of cryptocurrencies, and has a list of 500 legal crypto assets (bitcoins and altcoins)

Even though in our country we cannot use bitcoin and altcoins for payments, we are allowed to carry out trading activities on the crypto market. For me, that is good enough, because if bitcoin is used for payments, it is possible that our society is not ready because there are still many people who don't know about bitcoin. I think it's only a matter of time until bitcoin can be used for payment transactions

ancafe

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Quote from: uchegod-21 on September 13, 2023, 07:16:37 AM

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.

Perhaps only El Salvador currently legalizes bitcoin as a legal means of transaction and most other countries only accept bitcoin as an investment asset, but do not allow users to use bitcoin as a legal means of payment. Several other countries completely reject the presence of bitcoin in their countries due to various aspects of consideration. Currently my country legalizes bitcoin as a commodity asset and we are also charged a tax of 0.1% of the transaction amount through the official exchange when making transactions, so it is still quite safe when talking about the growth of bitcoin in my country.

Our country is quite open to bitcoin investment and there are no restrictions whatsoever regarding investment, as long as users comply with these rules in my country bitcoin can still be used. We are still quite lucky, especially those involved in investment, because we can use Bitcoin without worrying about regulations that limit it.

Sarah Azhari

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Quote from: nurilham on September 14, 2023, 04:19:01 PM

You're right. Indonesian government supports the development of Bitcoin investment. They legalize Bitcoin asset, people can have Bitcoin as their digital assets. Although we must pay taxes for the transaction of selling-buying Bitcoin in our local exchanges, Bitcoin trading and investment are legal at least. Sure, Bitcoin still can't be used for payment tool because it violates the laws. In Indonesia, the laws has stated that only Rupiah is legal currency to use for any transaction.

Well, Bitcoin has been accepted very well in Indonesia. We don't doubt to trade or invest in Bitcoin anymore. Through BAPPEBTI, the government has regulated all crypto-related activities, including Bitcoin trading or investment. They already released legal exchanges in Indonesia and legal crypto to buy-sell in the exchanges.

That's right, we're quite comfortable using crypto in our country even as digital asset investment, I don't reject this, and I can accept it. And, of course, what you said is true, tax has become a problem because it's quite expensive and numerous. We don't know how to resolve it, because crypto is not a priority, and not as basic goods needs, so that situation we can't find an official government, senator, or prosecutor who can pay attention to this. Maybe after the election (2024), there will be a President who focuses on crypto, and reduce the tax.

Topic: Bitcoin in your country. - page 5. (Read 1224 times)