Topic: Bitcoin in your country. - page 8. (Read 1223 times)

I agree with you this could be the biggest reason. crores of rupees are being smuggled from different countries every year through banks, but it is possible to smuggle money, although the smuggled money cannot be easily brought back. However, money laundered through bitcoins cannot be traced back, nor can it be traced back to which country the money has entered. And this is why Bitcoin is still illegal in many countries including Bangladesh

in just my point of view in country btc is not acceptable  because our minister think that they search about legal way for that on the others hand  in my my opinion if btc is going to legal then how our minister is doing bussnes of black money because they think about there own pocket they make money laundring in these platform.

The fate / status of bitcoin in different countries is changing very rapidly and in order to keep track of this, need to constantly monitor information about the specific country you are in or are planning to go to. Therefore, in order for your topic to work, it will need to be constantly updated.

For the most part, there will be few countries mentioned here in which it will be possible to live the life of a bitcoiner, which will lead to this topic being spammed with posts like “btc is banned in my country.” It will be easier if we proceed from the opposite: don't mention countries in which bitcoin is prohibited (or mention briefly), but rather concentrate more on information about those countries in which BTC is not prohibited and what goods and services can be used to pay for them. That is, real and useful cases that can really be useful to bitcoiners when moving or going on vacation to another country.

That is, I propose to narrow the topic from “the status of bitcoin in their country.” to “in which countries and how can bitcoin be used by visitors/locals.”

That's good to know, because people are making a lot of money in cryptocurrency then they should also pay some tax so country can also make some money too. I really liked these types of steps in compare to banning the whole crypto sphere in country.

I live in Pak, and crypto is totally ban here, agencies are hunting bigger fishes and they are seizing their funds, but IDK why big influencers and Youtubers are still live and making daily videos on crypto and are not under any type of investigation. They even showcase their profits and lose too but mostly profits. Point is, till now I think agencies do ban the crypto but according to SBF private statements that it made in court during the trial, they said, we do not have any authentic reason to ban the crypto but still they have banned it without declaring any specific punishments.

People already avoid to made direct transaction in banks which are connected with crypto, just like you said. And we almost follow the same method to withdraw funds which you aforementioned.

PS: I really liked the initiative you have started here, because we surely will get to know more about each other's local laws about Crypto.

I am from Bangladesh. Not only Bitcoin but any kind of cryptocurrency is prohibited from use here. You can get into jail just by owning any cryptocurrency. Here's an article you can read on this matter.

Bangladesh Bank has once again asked all to refrain from doing trading of any kind of virtual coin or cryptocurrency in the country.
The banking regulator made the call as the definition of "currency" given by the Foreign Exchange Regulation Act, 1947 does not recognise virtual currencies.
Virtual currencies [subset of virtual assets] is not approved by the central bank to settle any type of foreign exchange transaction or making those for investment as per the act, according to a BB notice.
Virtual currencies or virtual assets have no financial claim embedded and neither issued by any sovereign nor guaranteed by any jurisdiction.
Thus, their value is highly volatile and associated with high financial risks.
The BB in the notice said borderless transactions of unregulated virtual currencies are growing fast and being exchanged with some other foreign currencies.
Treating virtual currency as an alternative form of foreign exchange transactions is contravention of the act.

Source: [click here]

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.

I can say we are cypto-friendly (bitcoin) I mean you can buy and sell bitcoin in my country it is not restricted or ban but as said by op you can't mentioned any crypto words while transacting with bank otherwise there could be some action which may leads to account frozen. Currently A Hotel at Iwofe Port-Harcourt Started accepting bitcoin as an accommodation fee meaning you can pay with bitcoin for whatever you eat & Drink, a public address is placed on the reception and in every single room to make payment and whenever a payment is done you could copy txt id and send to a whatsapp number under the address for verifications and confirmation

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.

The Nigerian Government through CBN and its policies is kind of playing policies here with its contradicting laws and regulations on  Bitcoin and cryptocurrency.

The past administration was not very friendly with cryptos and I can recall vividly the stress it costs most of us "Bitcoiners and crypto enthusiasts" here in Nigeria to try to bypass this ban on crypto transactions, even to the extent of having our ATM cards get blocked and bank accounts banned as well, as a result of being involved in crypto-related transactions then,

However, the situation is a bit calm now but the ban has not been lifted and we no longer feel the impact much as compared initially,  as most of us have resorted to alternative means to purchase Bitcoin like through P2P, and the rest with no hindrance and despite we have a new government in place, they haven't come out with regulatory clarity.

Although Bitcoin is not legal in Bangladesh, users can be seen to be quite active in the Bangladesh thread, which means that Bitcoin is also widely used in Bangladesh. It is not necessary to have a bitcoin ATM to use bitcoins as there are many non-custodial wallets to hold bitcoins and p2p facilities to cash out.  And for this p2p facility, Bitcoin can be easily cashed out in countries where Bitcoin is not legal. One of the biggest reasons for not legalizing Bitcoin in a country is to prevent anti- money laundering. Because bitcoin wallets don't generate country-specific wallets, the same category of wallets are generated for everyone, so it's impossible to tell from a wallet transaction where those bitcoins have been transferred.  In this case it is very easy to launder money through Bitcoin.  And this is why the government fears the most

CAR rejected BTC as a legal tender a long time ago, and I don't understand why people keep repeating it as if something will change if we still believe that Bitcoin could have succeeded in a country where 90% of people do not have access to the internet. Even if you go to El Salvador, you cannot count on being able to pay with BTC anywhere, the law is one thing, but the reality is something completely different.


I assume you mean Slovenia, which is often mentioned (although I don't see any particular reason), because Portugal or Germany are also very friendly countries when it comes to Bitcoin, especially taxes. As for Honduras, it is not true that Bitcoin is legal tender there, but it is a tourist project of the Santa Lucia enclave called Bitcoin Valley. A similar thing exists on the Philippine island of Boracay, and BTC is not legal tender there either.

Your idea that Bitcoin can only prosper if it is legal tender is completely wrong, because forcing someone to use something they don't want is counterproductive in most cases.

Brazil is a crypto friendly country 

Although there aren't many stores which accept bitcoin yet, we have already more than 3 bitcoin ETF to buy in out stock exchange.

Bitcoin gains is also tax free below 6k usd (approximately )

There are quite few local exchanges and it is easy to buy bitcoin,  however binance dominated there market here and has about 60% of total volume in BTCBRL pair in the country

Overall,  nice place to invest and own crypto.

Bitcoin made things easier when traveling abroad, as it is now easier to send money our of the country

Bitcoin is not allowed in the country where I live and Bitcoin users are considered criminals in our country. If a user is caught doing Bitcoin transactions then the law holds him guilty and he is brought under the law on conviction. Our country's government, mobile banking institutions or our country's top news media always make negative campaigns about Bitcoin. We who are Bitcoin users take a lot of privacy then use Bitcoin. Although Bitcoin is not directly approved in our country, a large number of people use Bitcoin. A significant number of people use Bitcoin, which is why the government is so strict with Bitcoin. If the maximum number of people in the country use Bitcoin, it will be very challenging for the government of our country to maintain its economic system.

There is no restrictions on owning, buying, trading and investing in cryptocurrencies in my country.
The law recognizes it as a payment method that is not linked to the local currency.
payment services and exchange service providers have some additional restrictions related to regulating money laundering rules and are prohibited from providing services without a license.

There is a website that will answer all your questions.
https://www.japaneselawtranslation.go.jp/en/laws/view/3078/en#:~:text=Article%201The%20purpose%20of,the%20clearing%20of%20exchange%20transactions

I'm from Indonesia and here are some points about crypto that I understand so far and that still apply.

- Crypto assets in Indonesia are not products like money, but they are commodities and this is regulated by BAPPETI (a government agency that regulates commodities)

- Crypto assets cannot be used as a means of payment in Indonesia. The only official and valid medium of exchange in Indonesia is IDR (Indonesian Rupiah)

- Every crypto trade will be subject to a tax of 0.1% of the transaction amount through the official exchanger in Indonesia.

Maybe there are still some points that I haven't included, but the points above are important points that need to be paid attention to when using crypto in Indonesia.

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.

My country does not close or limit the space for Bitcoin and crypto to be used as assets for investment. In fact, recently the government has launched a futures exchange.
As someone who is very pro Bitcoin, I am very happy with those who still provide space for crypto actors to carry out their activities as long as they do not violate the legal provisions that have been made as I have mentioned above compared to other countries which are anti to all forms of crypto and perhaps even issuing special rules for those involved in crypto activities such as heavy sanctions.

Our country is just trying to leech as much taxes as they could but they are completely fine having bitcoin trades of any type. That is currency to currency or currency to whatever is possible. I am more or less happy that at least we do not have to worry about our accounts getting banned.

We pay 1% TDS at the financial year end on only bitcoin to altcoin exchanges that happen on any exchanger. This is traced as exchangers are subject to submit the trade data to authorities during that financial year. Secondly we have to pay 30% taxes on the bitcoin sell to local currency and any profits that we got from such sells.

However, this is again calculated based on various expenses, income slot during that financial year.

It’s pretty much easy if you have business and you can end up paying less as compared to what is given. The country is India.

Legal tender is useless like in El Salvador and I read some articles that El Salvadorians have to accept bitcoin because it is legal tender there but they are not happy. They don't want to be Bitcoin holders, investors and accepting Bitcoin for their small businesses is risky because of Bitcoin volatility.

In nations where Bitcoin is not legal tender but locals are ready to use it, national-wide accept it for their businesses without much fear. It's different like you said between legal tender and non legal tender nations.

Bitcoin with its decentralized network, non custodial wallets can be used and transacted without need to be legal tender.

Well in the Philippines, government doesn't really have any restrictions about Bitcoin since there's a lot more of issues that they need to solve first than Bitcoin. Since Bitcoins is not that popular to the people here especially the adults one which they are not involved in crypto thinking its a fraud or a scam. Mostly the people who's involved are the new generation one due to they are influenced by the media and in the internet. Last time I've heard government concerning about crypto is about NFT game axie where they are trying to put taxes but they cannot since it's decentralized.

Whether or not people can spend bitcoin in any country depends on the level of adoption specially in countries where they are just "bitcoin friendly", you may not see that many places where they accept bitcoin payments. Things are only a little different where bitcoin is legal tender, many still don't have any clue how to accept it and the few who do are going through a lot of centralization.

There might be people from either of the countries in this forum, so they will want to tell us about it. Or are you suggesting that since we know only two countries made bitcoin a legal tender, we shouldn't mention it again.

Yes, I will really love to know the level of bitcoin acceptability in the bitcoin friendly countries and if they can say about bitcoin taxation, it will also be fine.

I do not think bitcoin legalized as a legal tender should be included because bitcoin has been made a legal tender in just two countries which are El Salvador which was the first country, and Central Africa Republic (CAR) which was the second country. Go to those countries and spend bitcoin, it is accepted everywhere.

For other bitcoin friendly countries like Netherlands, Slovania, Switzerland and many of them. If people are from these countries, this thread can be helpful to let us know the level bitcoin is accepted in these bitcoin friendly countries. But I think tourists will spend bitcoin easily in countries that has been made as legal tender. The third for tourists is an island in Honduras where bitcoin is also a legal tender.