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.

There are a lot of legal issues pertaining to Bitcoin because of its vast popularity and inability of governments to stop its growth and development. Nonetheless, Bitcoins continue to thrive in the growing market and substantially changes the economy at large. To date, we now open ourselves to the realm whereby Bitcoins have successfully penetrated the economy in that they are now being used as a medium of exchange for goods and services. The problem that now confronts us concerns its regulation to protect both producers and consumers.

The United States Securities and Exchange Commission (SEC) today announced the creation of a Cyber Unit to combat violations involving distributed ledger technologies (DLTs) and early crypto-currency offers ( ICOs), as well as other virtual crimes.
According to an official statement from the US financial market regulator, the aim is to protect small investors from criminal misconduct and investment mischief.
The Cyber Unit will absorb the experience of the SEC Execution Division in combating cyber crimes and will focus on illicit activities.

The main issue is because of the decentralized nature of the bitcoin. And this is why people concern that bitcoin may get ban . But rather than banning if the gov put tax on the transaction then it will be good for bitcoin as well as the government.

Don't underestimate the ability of the government. A few competent programmers can replace the whole Ministry. In fact it will only bring savings. But the government is not profitable. The easier it is to control the money the less the politicians be able to steal.

It'll be so complicated to try to legalize bitcoin and blockchains in general. The government would have to hire a bunch of programmers to figure all of it out.

 

The law of bitcoin in different countries is different because their government has its own rules.
If in my country the government makes a law on bitcoin, which explains that bitcoin can be used, traded, or stored as an asset or a form of digital commodity but should not be used as a means of payment.
The use and ownership of bitcoins is the personal responsibility of each user.

Black cash in all countries illegal because it is a recognized currency. Until bitcoin is not recognized currency, it cannot be considered a black cash. From the moment you sell your bitcoins for Fiat you will receive income. That is why it is important to be able to spend bitcoin avoiding Fiat.

Yes there is an issue about the legalization in Bitcoin. In my opinion it's hard if the Bitcoin will be legal because there is many rules, regulations, responsibilities to do and there is a limitations on what you gonna do. And you will pay a tax that is very big. So your money will be gone of paying a tax. For me that's the issue in Bitcoin.

just like both bitcoin and marihuana enthusiasts might say:
legalise hash!
but in all seriousness,how do you see the unified legislation in regards to bitcoin?
every country has its own interests and legislation,hence in some areas bitcoin is illegal,some encourage its use

if a country has declare bitcoin as illegal currency then they can also declare the income of bitcoin as black money, but a state has consider bitcoin as legal currency or even not give any statement about bitcoin then they cannot declare the income of bitcoin as black money.

we have to respond to it with a cool head, do not take dizziness not necessarily because he knew the truth 

It Is still not that anonymous and legalisation will not take it away.Remember there still are people whose earnings are much more than their declared income.This is called black money and despite it is illegal,it remains untraced in most cases

yes it is right and that is beauty of bitcoin that their community can interact with each other but still do not know about one another, so if the state are going to legalize it their first demand from the people will be to identify themselves. but hope that this will not effect the bitcoin too much.

This is very interesting. Internet evolve much faster than the outside world and it can't keep up with its rules.
Bitcoins can't be controlled so they will become illegal or they'll be put in high disregard in some ways. I think this because the trend of the world is to dominate and control everything, so why its behavior towards bitcoin should be different?
We are speaking about money so we are speaking of power too.

i think now it has become the common issue of about all the countries of the world, some people that some countries have legalize bitcoin but i do not think there still there any official conformation on media or in news paper, on other side some have consider it as illegal, i think that is also not a correct information i think still no a single country has given any statement about bitcoin that either they accept it or not, but some countries most be thinking about this, and hope that soon they will declare it as a legal currency.

Well, in the long run we want to move toward regulating and taxing Bitcoin. That is the only way which can push cryptocurrency toward mainstream.
While I don't necessary agree with some amazingly unwise  harsh legislation (for example I think BitLicense it a bit too much).
At the same time I am happy because it indicates that cryptocurrencies are boldly moving towards financial industry acceptance.

Each Government want control their own coutry by make every thing running within a legal book.
Bitcoin is the thing nobody can control. Therefore, some of them want get rid of , some of them still want make profits then they a involving

i think the main issue of the bitcoin is to legalize it and that is the most difficult process for the government. if this issued solve we will see bitcoin at a very high rate then.

I suspect that a lot of people will challenge such legislation in courts.
Some might just decide to ignore it and not comply.

If bitcoin is legalized, they might make it mandatory for all users to identify themselves then it will not be so anonymous anymore. That will make it less fun.

Fuck the bullshit. I like that, carry on.

yes in these days the most important and big issue related to bitcoin is that of bitcoin legalization. I think most of the people have now thinking about this and they are going to take a final action about this.

yes it is a fact. there must be so many issues related to legalization of bitcoin. i think the one may be that what will be the effect of bitcoin on the local currency. and reaction of financial conditions of the country. what about the taxes and so many other issues.

why should media highlight the issue as they have no interest in bitocin. and they have no benefit from it directly. you know that our media is not free and they are in the influence of powerful people and even under the control of government.

More than likely it won't be of much concern to Everyone until it reaches alarmingly larger value and media starts addressing BTC more in depth worldwide and more often.

Yes, maybe bitcoin related legal concerns are among the arising concerns in digital economy related issues but like eCommerce as long as governments do not legislate some rules then courts will make decision and legislation may take a long time, for example for crowdfunding which has many fans in digital environment the laws were legislated by increasing size of market. You may see this:
https://www.fca.org.uk/static/documents/crowdfunding-review.pdf

Bitcoin is a future of human. No one can defined bitcoin is legal or ilegal. only 3rd can called bitcoin is ilegal because bitcoin become a threads for some parties.

We will have precedents set in different countries.
If governments don't legislate, the courts will express their views when Bitcoin is mentioned in cases.

Extra ordinary claim may be require extraordinary evidence but a genuine claim does require genuine evidence which is legit.

All they have to do is call Marco Santori.  He is a lawyer who knows all about this shit.  

Prove it. Extraordinary claims require extraordinary evidence.

Bitcoin Legal Issues is an important concern in relation to international financial law. Bitcoin is doing well but there are many legal questions need to be analysed in relation to Bitcoin and its standing point as Digital Financial Service. Bitcoin is an Electronic Cash System providing digital financial services globally but there are many speculations and wrong definitions are floating in the Internet. Many governments and bankers as well as public are cofused of legal definition, what Bitcoin is ?  >>