Topic: Bitcoin Legal Issues (Read 4504 times)

And this is really a big problem for all countries ... And so we can ask the question: how can bitcoin be raised in these critical processes? Can he neutralize the impact of such an economic catastrophe?

Legal regulation of bitcoin in different countries will determine its functioning, as well as those spheres of life in which it will be applied.

Since Bitcoin is still not governed by any law, it is just to have no definite legal definition. It should be dependent on how a sovereign country should define it based on their sociological framework.

Take a look at the collective debt the world owes to the central bank. Every new born citizen in the US alone is born with a 40 thousand dollar debt attached to them. It's fiat not Bitcoin that's gonna be the biggest bubble mankind has ever seen.

It is only the legislature of a country that makes laws and in that case , the courts can only interpret what the intent of the law is. Precedent can only follow when a certain instance has happened before which is law and interpreted by the court.

Thus, if bitcoin has been legislated upon, then precedent can follow vice versa.

When we are talking about the fact that bitcoin allows people to launder money then why don't we say that they earn this capital with the help of Fiat. Let the government controls Fiat. It was his duty. It is easy to blame bitcoin not to recognize their own mistakes. Governments don't want bitcoin because they are all bought by bankers. Banks can't compete with bitcoin.

On most countries they do really have this kind of law which is AML where it would really keen on seeing transaction when it comes to money laundering and this is the reason why Bitcoin cant really pass and consider to be adopted because of the risk connected to it because of its decentralized and anonymity feature and I do really understand why it cant really be accepted easily because of these things.

A user not interested in the problems of the government to combat money laundering. I don't see any major problems that dishonestly earned money will work on the country's economy. Bitcoin is a currency created in opposition to the state currency. Officials do not have to climb your hands on bitcoin. I am against any cooperation with the state.

Most of the country used Anti-Money Laundering (AML) to prevent suspicious and anomalies in any transactions. That's why even though bitcoin is decentralize they were need to follow the rules and regulations of each country, to have a protection to their assets.

In addition using AML policy is not bad because thru help of this policy bitcoin amount will be lessen their risks.

only developed countries can apply it, otherwise it will be a big problem because not all countries are able to close the gap in the washing of bitcoin transaction traces, this problem is very complicated because America also can not manage it until now.

KYC is indispensable but can only monitor 1% of user accounts because the creation and ownership of unlimited wallets will not be able to be fully monitored.

Surely an essential part of the resistance against new forms of currency comes from those who gain the most from the way the system is currently set up. Could you imagine what’d happen to the BIS if there was to be a truly viable alternative?

There is still not a formal low around the world of bitcoin,so we need to know more .

One of the major concerns for Governments and Banks to use bitcoin, and other cryptocurrencies, are the Know Your Client (KYC) process with is being used to prevent fiat currency from the Money Laundering in contrast with the anonymity of cryptocurrency transactions.

But what these institutions don't take in consideration is that cryptocurrency accounts for the identity of its users both at the beginning and end of transactions through digital wallets and that in the blockchain each transaction is supervised, validated and recorded as a complete transaction history. So one solution to include cryptocurrency into regulations and, at the same time, improve regulations themselves could be to expand KYC as a worldwide pre-requisite to issue global e-wallets by setting designated wallet standards, thereby prohibiting token transfer to a wallet which does not meet those same standards.

That way Money Laundering issue could be erased of the equation and cryptocurrency can become more reliable on the major public eyes and institutions.

I took this conclusions after reading this article in which explains how blockchain could provide the answer to the anti-money laundering issues that crypto-currencies face based on the examination of the situation made by to experts, and I think it could be interesting also for you to read:

https://bravenewcoin.com/news/blockchain-could-provide-the-answer-to-the-anti-money-laundering-issues-that-crypto-currencies-face/

I think some governments from most of the countries are still preparing related legal issues to bitcoin and are still monitoring their progress and usage, I think most governments haven't really made sure what point of views are on using of bitcoin. But some news from that I read, that the one of country already exist that legalized bitcoin or the using of bitcoin itself. In that country it's no longer blame for the using of bitcoin, and it has been officially responded well to its use, but may still be always under the government oversight on using of bitcoin.

up to now no one declare bit coin is legal. most of the country's using bit coins but court not declare any statement it is legal or illegal. few people using bit coins legally but most of the people using bit coins illegally. bit coins are not banned in any country's so every one using this coins for their daily life.

no one country didn't legalyzed cryptocurrency. many of them like blockchain more

Give me one example of a country that legalized the use of bitcoin and recognized it as currency. Yes, there are many countries who think about how to do this but they don't have a control mechanism. Without this legalization will not. State institutions do not recognize bitcoin but want to get from it.

Because you have more than  200 countries and which one have many rules so bitcoin legal or not Depend on that rules which is difference between countries so that some make bitcoin legal and other not

You can avoid paying taxes, laundering dirty money and committing other crimes  with the help of bitcoin

Currently, bitcoin has not been legalized in all countries in the world, but there have been some countries that have legalized bitcoin and made bitcoin as the official currency in their country that can be used as a legitimate transaction tool. this proves the Government of the country that legalize bitcoin has fully understood the rules in this cryptocurrency, and this proves worthy bitcoin to be the currency in their country.