Bitcoin in your country. - page 7. | Bitcointalksearch.org

Bd officer

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Quote from: uchegod-21 on September 13, 2023, 02:19:48 PM

This is not a good one for Bangladesh citizens. The government might think that they are protecting their citizens against crime or whatever but little will they realise that they are setting their citizens backwards.
Cryptocurrency has come to stay, while other countries are building crypto tech worlds of possibility, they are busy jailing cryptocurrency users who are nit confirmed criminals.

I am also a Bangladeshi citizen. The government of any country does not want their people to back down in any way. If Bitcoin is legalized in our country the government thinks, if legalized local currency will be smuggled out of our country through Bitcoin, illegal weapons will be purchased through Bitcoin, etc. People may be involved in bad activities. However, the people of our country are not so good, it cannot be said that if Bitcoin is legalized in our country they will not do such activities. Millions of people are involved in cryptocurrency in our country while maintaining privacy. Bitcoin is being legalized in different countries, following different countries, Bitcoin will be legalized in our country at some point.

cryptoaddictchie

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I think its good for some people who are early adopter in our country who gets the idea of it. But for some who just into hype in crypto and bought during bull season they hate it and thought of it as scams. There was a case that the government warns about its risk and tells people to avoid it. Im not sure the political status or laws regarding it possibly still on progress as I know my country is slow to speed up things especially on cryptocurrency related.

panganib999

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Bitcoin can pretty much run amuck in the country I live in. Heck there are so little regulatory laws about bitcoin that it might as well just be outright legalized without any repercussions/regulations. However, banks are our greatest enemies here. For the most part, when a bank finds out that you get your money from cryptocurrencies, it's either they won't grant your request of opening a bank account with them, or they will allow you, ban your account eventually for some reason, and then subject you to a lengthy and arduous process just so you can claim your money back.

A lot of us here resorted to centralized Digital Wallet Apps like Paypal, which isn't the most secure but in a country where fiat is still the king, you'd need to have cash in hand if you don't want to starve to death.

taufik123

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Quote from: khiholangkang on September 13, 2023, 05:24:15 PM

-snip-
A few months earlier, my country responded quite positively about Bitcoin, including a regional leader who stated that he was very pro Bitcoin and would build Bitcoin mining in Indonesia using solar power, but this did not reach his goal because his term of office had expired. , I think if he becomes president later, bitcoiners in Indonesia have a good opportunity to carry out mining activities or whatever with bitcoin.

In my country mining is not very popular, only on a small scale at home.

Looking at the facts, Bitcoin or cryptocurrency is indeed welcomed by the Indonesian government and plans to be developed well enough to have clear rules.

Currently, the rules as a commodity asset are also quite good, so there are no restrictions on trading Bitcoin and other crypto assets on the local Exchange.
But it is still not allowed to be used as a means of payment other than rupiah.

The positive response to Bitcoin mining in Indonesia will not go smoothly for several reasons.
Many obstacles will occur, although currently, the Indonesian Government has also set clear rules regarding crypto development by drafting regulations through the Commodity Futures Trading Supervisory Agency (BAPPEBTI).

There will certainly be a larger tax levy on Bitcoin miners if it is supported.
They as miners must officially report their assets.

Mining is not very popular, but there are some big miners who still operate without the shadow of the government, they are even anonymous.

lalabotax

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Quote from: aylabadia05 on September 13, 2023, 10:04:18 AM

In my country, Indonesia. Bitcoin is only permitted as a commodity asset and may not be used as a means of payment. Making payments and purchases other than using fiat currency called Rupiah or Indonesian Rupiah or abbreviated as RP or IDR is strictly prohibited as regulated by legal provisions.

We live in the same country. Yes, right. Bitcoin and cryptocurrency in Indonesia are actually legal as commodity assets. We are allowed to buy and sell crypto on exchanges or other platforms and also invest in the crypto space at our own risk. However, Bitcoin or other crypto is not legal or is still prohibited as currency. This means that crypto is not allowed to be used as a means of payment.

However, in the eyes of the public, crypto still has pros and cons. especially for those who are still debating halal and haram issues. And what's more, there is always some negative news related to crypto. So not everyone wants to invest in or be related to crypto. But at least, now it is getting better and there are a lot of developments compared to a few years ago.

lionheart78

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I am from the Philippines and Bitcoin gained traction in my country in 2017 when it soared from $1000 to $19,000 according to the data found on the internet[1]. From there the BSP had created several dependable network that protects cryptocurrency users. Also during that year, Bitcoin was recognized by the country as a legitimate payment method[2]. The Philippines had been a Bitcoin-friendly country since then allowing Bitcoin to be openly traded and approving cryptocurrency exchanges to operate in the country.

[1] https://www.ijisrt.com/assets/upload/files/IJISRT21MAY196.pdf
[2] https://cointelegraph.com/news/the-philippines-officially-legitimize-bitcoin-as-payment-method

kawetsriyanto

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Quote from: aylabadia05 on September 13, 2023, 10:04:18 AM

In my country, Indonesia. Bitcoin is only permitted as a commodity asset and may not be used as a means of payment. Making payments and purchases other than using fiat currency called Rupiah or Indonesian Rupiah or abbreviated as RP or IDR is strictly prohibited as regulated by legal provisions.

Yep, Bitcoin is only allowed to use as a digital asset, it can't be used as a digital currency. In Indonesia, Rupiah is the only legal currency, we even can't use other currencies. So, the government doesn't prohibit Bitcoin only, but all foreign currencies are prohibited from being used as a means of direct payment. We must convert the foreign currencies to Rupiah on the banks, we must change Bitcoin to Rupiah on our local exchanges.

The laws stated a legal currency in Indonesia: https://www.bi.go.id/id/tentang-bi/profil/uu-bi/UndangUndang%20BI/Konsolidasi-UU-No.7-Tahun-2011-Mata%20Uang.pdf

khiholangkang

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In my country, Indonesia, the status of Bitcoin is made into a commodity, nothing more than that, because constitutionally my country's laws cannot be changed. It strictly prohibits "not to use any currency other than the Rupiah as a legal medium of exchange, other than that if anyone does so, they will be subject to criminal penalties".
A few months earlier, my country responded quite positively about Bitcoin, including a regional leader who stated that he was very pro Bitcoin and would build Bitcoin mining in Indonesia using solar power, but this did not reach his goal because his term of office had expired. , I think if he becomes president later, bitcoiners in Indonesia have a good opportunity to carry out mining activities or whatever with bitcoin.

In my country mining is not very popular, only on a small scale at home.

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Quote from: uchegod-21 on September 13, 2023, 08:16:37 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.

In my opinion the government are just been greedy and selfish altogether or more like a witch-hunting policy maker. On the grounds that you have made it hard and very technical for people to do transaction by banning the use of bank with cryptocurrency transacts yet you're still demanding for taxes for making something that would have been easy a hell on the people. The law signed on the day of May 28th, 2023 I still reiterate my stand that it wasn't in the best interest of Nigerians that are crypto savvy, all the government wanted was just to gain tax from cryotopreneurs.

sokani

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There's nothing to say about the position of Bitcoin or cryptocurrency in my country because the Op has said everything that needed to be said.

One area that I'm taking keen interest in is the area of legal tender. I'm hoping that a forum member from El Salvador could give us a first hand information about Bitcoin acceptance in the country. Despite making it a legal tender and some really good things I do read online, I've also been coming across some contrasting information which makes me wonder if it's some kind of political propaganda to rubbish Bitcoin success in the country. So I'll be keeping an eye on this thread and would really appreciate some responses from the El Salvadorians.

Aikidoka

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In my country, the use of Bitcoin or any type of crypto isn't normally supported by the government. To be honest, there are no specific regulations in place yet but I've heard stories of people encountering issues with the police when they were caught mining or dealing with crypto. They were accused of money laundering and related stuffs like that. It's just absurd to be honest and the guys who were mining ain't doing anything illegal tho.

So long story short, Bitcoin isn't well developed here and particularly the older generation is not well-informed about it and I believe that the most of those old people thinks that it could have a negative impact on the government which is really the inverse of it IMHO.

Ultegra134

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I'm from Greece; there isn't any official legislation against cryptocurrencies yet, nor is there any direct taxation regarding them, apart from any investment-related income, which is taxed at approximately 14%. However, Bitcoin isn't widely known or accepted by the public; only a few know about it, and even fewer own it. The government is planning to create more legal legislation regarding cryptocurrencies, but nothing is yet to be implemented. Some banks, on the other hand, have banned any cryptocurrency-related transactions; depositing money at Binance is impossible. You'll have to deposit to a third party, such as Revolut, and then to Binance. I don't understand why they decided to implement such a rule.

The Cryptovator

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My government is too strict against crypto, so sadly, I won't share my country. Though my government sent a team to El Salvador to see the situation after making it legal tender, But the team provided a negative result, or they really don't understand how Bitcoin works. 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. So I don't expect my government to accept Bitcoin very soon. Even if it is not legal tender, we should make it legal so we can take more benefits from that.

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Quote from: uchegod-21 on September 13, 2023, 08:16:37 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.

Importance of the thread

This will enable bitcoiners to know the fate of bitcoin in different countries
This thread will allow travellers to know bitcoin friendly countries that they will travel to for residential purpose or vacation in order to live a bitcoiner's life.

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
Quote
March 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.

This thread is a good idea, although we have had similar threads to this, I think that since we need new updates on the up-to-date state of Bitcoin legality in different countries, a new thread is just what we need. Good job on that.

I would also furthermore recommend that you edit your first, starting post and create a summary in order to add a overview of the collected data.

Countries like to ban, unban and reban cryptocurrencies as if they were too confused on the concept. Even though the truth is that they are just manipulating the market for their institutional investor friends. Another reason why you should never panic-sell your crypto.

Rruchi man

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Quote from: uchegod-21 on September 13, 2023, 08:16:37 AM

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

It is good that the government is not clear on it, makes things less difficult, but even if the government in Nigeria make it clear that bitcoin now has a banned status in the country, many people like myself will still ignore them and find a way around it.

I am too informed to let my government hold me down.

We have learnt not to trust that the government has our interest.[/list]

DVlog

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Bitcoin is an outlaw in my country and the government is trying to shut it down and discourage users from trading bitcoin or any other digital assets. I once heard the news that some of the bank from our country is working with Ripple and the government is trying to take some regulatory action towards digital currencies. Their current stand indicates something else. News media spreading misinformation about bitcoin as well.

Zenp

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Quote from: bayu7adi on September 13, 2023, 02:42:37 PM

Quote from: Zenp on September 13, 2023, 02:24:21 PM

ATMs: There are a vast number of Bitcoin ATMs that can been seen and used freely.

I'm curious about Bitcoin ATMs in the Western countries. Are these owned by the government or by exchange companies?

Furthermore, when you conduct transactions, you're often required to go through a Know Your Customer (KYC) process for every Bitcoin purchase on government-regulated exchanges. Does this mean that when you buy Bitcoin at a Bitcoin ATM, you also have to scan your ID card or provide other personal information?

I'm intrigued by the presence of BTCATMs, especially since they haven't quite made their way to my country yet. Perhaps it's because our culture and societal norms haven't quite caught up with this technology, given that its adoption hasn't been widespread. Nonetheless, I'm eager to give those BTCATM buttons a try and engage in some transactions when they eventually arrive in my area. Here's hoping BTCATMs will soon be available in my vicinity!

These Canadian ATMs are owned and operated by third party companies. I found a cool list online that shows the breakdown by operator in Canada. Localcoin is the biggest operator. Source

Also Toronto has the most ATMs as expected. Here's a summary of all the locations for Localcoin operated ATMs. Locations

Usually for smaller transactions, sorry not sure how much, but im thinking around <$1000, you only need to provide the ATM with your phone number to be able to purchase, but for larger transactions, ID is required. Here's a snippet from the localcoinatm website: https://localcoinatm.com/faq/

Code:

All users will be required to supply a Canadian phone number and complete a one-time-password (“OTP”) authentication to register on our platform. This is how we will receive receipts after your purchases.

Additionally, for your protection, and in accordance with federal laws, you will be requested to complete a “KYC” verification at specified thresholds.  In these cases, you will be required to provide your name, home address, occupation, and provide a government-issued identification (“ID”), such as a driver’s license or passport for authentication against a “selfie” image. All of your personal information is securely stored in accordance with our Privacy Policy.

bayu7adi

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Quote from: Zenp on September 13, 2023, 02:24:21 PM

ATMs: There are a vast number of Bitcoin ATMs that can been seen and used freely.

I'm curious about Bitcoin ATMs in the Western countries. Are these owned by the government or by exchange companies?

Furthermore, when you conduct transactions, you're often required to go through a Know Your Customer (KYC) process for every Bitcoin purchase on government-regulated exchanges. Does this mean that when you buy Bitcoin at a Bitcoin ATM, you also have to scan your ID card or provide other personal information?

I'm intrigued by the presence of BTCATMs, especially since they haven't quite made their way to my country yet. Perhaps it's because our culture and societal norms haven't quite caught up with this technology, given that its adoption hasn't been widespread. Nonetheless, I'm eager to give those BTCATM buttons a try and engage in some transactions when they eventually arrive in my area. Here's hoping BTCATMs will soon be available in my vicinity!

Zenp

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I'm in Canada and here is a overview of Bitcoin in Canada:

Legal Tender Status: It is currently not considered legal tender, maybe one day in the future Tongue

ATMs: There are a vast number of Bitcoin ATMs that can been seen and used freely.

Canadians are expected to complete KYC to buy bitcoin on almost all exchanges. Binance has stopped providing its services in Canada due to the "tight" Canadian regulations around bitcoin [1].

Digital assets like cryptos are treated as securities, and are under regulation through the different security laws by regional securities regulatory bodies meaning these regulations also operate at the provincial level [2].

I would say Canada is not a very crypto friendly country as of yet. But maybe I'm just biased because I miss Binance.

Links:
[1]. https://www.binance.com/en/feed/post/518931

[2]. https://cointelegraph.com/learn/a-beginners-guide-to-blockchain-and-cryptocurrency-regulation-in-canada

uchegod-21

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Quote from: tjtonmoy on September 13, 2023, 11:12:17 AM

Three people were arrested for owning cryptocurrency in the past year. And now many digital banking platforms are prohibiting to exchange crypto for fiat using their services. They made banners and spread them all over the country.

This is not a good one for Bangladesh citizens. The government might think that they are protecting their citizens against crime or whatever but little will they realise that they are setting their citizens backwards.
Cryptocurrency has come to stay, while other countries are building crypto tech worlds of possibility, they are busy jailing cryptocurrency users who are nit confirmed criminals.

Topic: Bitcoin in your country. - page 7. (Read 1152 times)