Topic: Bitcoins Regularization in Different Countries (Read 413 times)

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So tell me which part of that map is showing that Bitcoin is illegal in most countries when in fact its legal in most countries including the developed ones. Every time someone here in the forum is posting about Bitcoin being illegal I always remember this map that says exactly the opposite of what they believe. Bitcoin being illegal is something brought by crypto news websites and people creating bad articles, opinion, and misleading headlines that's why in the perspective of many Bitcoin is indeed illegal when in fact it's not. If I were you I'll spend more time doing on my own research and background checks before I start believing in anything what I always just see in the internet.

I don’t think you can start a Bitcoin campaign in a country where it is not accepted, a place it is illegal.
If you start such campaign it shouldn’t be offline and public because you might have some serious problem with the government.

So, it should be something you do online maybe posting about it social platforms and also letting your friends know about it. Maybe when a lot of people in that country starts talking much about it to the extent they will get the attention of the government, maybe the government will consider cryptocurrency and allow people to start making use of it.

Awareness != Knowledge
I am sure that 95% of people are aware of the existence of Bitcoin right now, and less than half of that are probably the people that truly knows what Bitcoin is.  I've seen some people making their own seminars towards making the awareness as well as knowledge to Bitcoin to people. Banning would be like an instant game end for them, unless people could use VPN or do personal tradings in their area. I am not that surprised if every countries that had cryptos banned would do this anyday.

The governments of many countries are very stupid, and before exploring and understanding, they want to ban everything.  In the same way, many officials want to do cryptocurrency, and especially bitcoin.  Of course, on the one hand, governments can be understood when they declare the fight against terrorism and the financing of criminal activity using cryptocurrencies, but if cryptocurrency is legalized, certain regulatory processes will appear and, accordingly, the mass of fraud and criminals in the cryptocurrency market will decrease.  But the government is more willing to ban, not allow.  But I believe that in the near future the situation will change, because many leading countries, including France and Germany, as well as Japan, are already fully using cryptocurrency in their countries.

They probably still don't update it with the current status of the country. Or it may be a mistake made by them because of the lack of information from the country. I think it is understandable but will harm a bit for newbies that never recheck the truth.

Same with me. Not really sure to talk about the status in other countries, so I prefer to choose my country.   Yeah, I know well about the current status of Bitcoin in my country. It is legal as a digital asset, but still illegal for a payment tool. To be a payment tool seems a hard thing since it is prohibited by the law. So, people just convert their Bitcoin to our national currency when they want to use it for paying daily needs.

So North Korea, the country of total population control with unimaginable censorship laws and where freedom of speech is equivalent of death sentence is turning to bitcoin...
Of course, I understand it's not for the people but for the "country" of for those that rule the country but still

Don't you think it is so fucked up?
It's like Nazi Germany organizing a conference on LGBT rights or throwing a party on the slavery abolition day.

Sometimes life beats Hollywood both in special effects but in stupid scenarios hands down.

Well, I think as of now the chances of Bitcoin Regularization is 50/50 chance because the government in different countries have acknowledge the negative side of using the crypto, tho there are still advantages that they see but they are still doubtful about its negative effect.  Based on my research there are 10 countries that up to now they still banned bitcoin and there are also countries that didn't totally ban bitcoin but they are restricted from trading or cannot be used as a payment.

Here is my source:
https://cryptonews.com/guides/countries-in-which-bitcoin-is-banned-or-legal.htm

If a country does not legalize Bitcoin on the grounds of it having been widely used as a bait for people to invest in a ponzi with a too good to be true ROI promises, then I would assume that the country, its leaders to be exact, do not yet know what Bitcoin is. Because of this, they should defer any law or legal policy. A country which considers Bitcoin illegal because its name has already been badly stained by these illegal investment organizations is treating Bitcoin unfairly. As such, the legal policy is based on ignorance and should therefore be removed. That is basically throwing the baby away with the bathwater.

Our country is still in the middle of acceptance as there are happenings also here where many lost their money because a certain organization uses the bitcoin as a form of investment while promising a 30-400% ROI within a month. And because of it the image of bitcoin or crypto currencies in our country has been stained badly.

Other governments are surely looking for this also and still studying whether they are ready for bitcoin acceptance by legalizing or not yet. Each countries have different criteria in regulating the crypto currencies so we can expect that there are still countries that will banned bitcoin and there will be countries that will legalize it.

Depends on which countries, but most global powers does not accept Bitcoin still as of the moment. It might be also because of political stands, but we're uncertain.

China does not want a decentralized coin, but rather is creating their own (for manipulation and monitoring). US on the other hand, simply does not approve because of anonymity reasons.

But there are still hopes for adoption. Japan started to research about the feasibility of XRP in banks, while Venezuela seems to be close in adopting Bitcoin as one of their alternative currency, hence their problem in economy.

It's difficult to understand even though I am not good with English myself.

I am guessing you are talking about scam exchange which are not giving back funds that are hold in their account.
Then, governments not letting people to join ICO or is it would not let an ICO be permitted to start in their jurisdiction?
I am looking at your post history and it is full of ICO reports and maybe that is why?

Where are you from my friend? Maybe we could expand the explanation if you can add that.

It will be a long way before bitcoin will be accepted and regularized in different countries, as what you have said, there will be a lot of information verification that will lessen the privacy of one consumer, and we cannot say that everyone wants that. Besides, bitcoin is still on developing stage where we invite people who are interested in it. Everyone is used to have transactions and exchanges in fiat currencies, so it will not be easy having a brand new currency that will be used in our daily lives.

I'm not bothered if the other country banned bitcoin or put it into illegal coz in our place, it is already been accepted and been supported by the government. May other countries are in question for Bitcoin's legality because some of their people are in abusing it and used for illegal activities in which if I am the leader of that country I should have to chase them (anyone that uses Bitcoin).

Everyone has a different point of view for Bitcoin and most likely, some government leaders never appreciate then since they can't control the market and even used for some illegalities. And even this regularization may implement but that it assured that we are free from things. 

Actually, Bitcoin is definitely legal in some countries but indirectly, there are some hidden information then we can't even know about them especially in social media, due to  the governments do control them. In addition to that, I see that Bitcoin in a good progress despite it faced a lot obstacles, but to be honest, I don't really think that the governments especially the strongest ones will recognize Bitcoin as a legal currency in a short and medium term, but  I expect that everything is going to change positively in a long term.

The United Nations is warning about the risks of attending North Korea's cryptocurrency conference in February.

Reuters reports Wednesday that going to the event would probably be a violation of international sanctions, according to a confidential report soon to be put before the U.N. Security Council.

The news comes after ethereum developer Virgil Griffith was arrested and more recently indicted over attending the conference to give a talk last April. Griffith has been charged with conspiracy to violate the International Emergency Economic Powers Act.

North Korea has been accused, in another UN report, of funding its weapons of mass destruction program with hacks of cryptocurrency exchanges, as well as banking institutions. The August 2019 report said North Korea has used “widespread and increasingly sophisticated” hacks to amass around $2 billion, which is laundered over the internet.

Any effort seen to be enabling the regime's efforts to circumvent sanctions would likely be illegal under UN rules.

“Supporting the DPRK’s use of cryptocurrency and blockchain technology, risks violating the Security Council’s resolutions because it would unavoidably increase the DPRK’s ability to subvert sanctions and generate revenue for its weapons programs,” an anonymous British government spokesman told Reuters.

The website for the North Korean event is reportedly seeking to attract U.S. attendees, saying their passports will not be stamped on entry, helping to obfuscate their visit.

An excerpt from the new UN report, seen by Reuters, states that past talks at the crypto conference “have included explicit discussions of cryptocurrency for sanctions evasion and money laundering.”

thats bad if they just ban people without returning the funds and these people can file a case in regards with these matter and their reputation can be affected . if you are an owner of the exchange will you do it when you know that it can have a bad impact on your business ? of course no if your still on your right mind  . and what you mean by campaign  ? something like protesting for the legalization of bitcoins  ? i think i have seen some of it before  but i dont get the update if the movement was succesful or not but i knew that many countries are now joining bitcoin  .

When some countries like Japan already adopted BTC, gradually other countries are accepting BTC as well that right now only few countries are banning BTC. China banns it but looks very vague law about it.


Its the only country that isolate itself from the rest but were taught by ETH developer lately which means they were beginning to consider blockchain. Do they have a law already about it that holding BTC is punishable?

Bitcoin was widely used as mode of transactions, source of income, project funding and so on but until now, there's still a lot of country prohibits their people to participate in this platform just like here in the Philippines currently the Chief of  Central Bank gave us a warning about the risks and possibilities in growing cryptocurrency use in the stated country. Most of the government implies that Bitcoin Platform is a potential for funding terrorism which I think is because this platform exhibits anonymity, in which personal information of the people involving in a certain transaction remains anonymous and if anomaly was performed authorities will find it difficult to solve this kind of cases, which I understand but I am till hoping that sooner our country will finally legalized bitcoin in every aspect.

North Korea I guess

Simply because cryptocurrencies are decentralized yet anonymously generating across the world of internet, this will take time for them if their people are getting involved in this kind of monetary system. However, the place where it is prohibited wouldn't get that easy for them to spend their earnings and wait till their government acknowledge the utilization of this currency.

The chances of Bitcoin regularization in different countries are unpredictable. Nevertheless, since the existence of crytocurrency it is neither legal or illegal. Many countries do have the autonomy and freedom to engage with cryptocurrency and has not been forbidden by the government unless their activity is intervening legalized procedures. The endorsement of legalizing the regulation in every aspect of daily life has been long overdue but I do believe that there reasonable factors why it isn't granted. Reasons may include the nature of Bitcoin which has been involve in different crimes and the difficulty of screening transactions.

Always 50/50 depending on how Bitcoin is utilized by many in a specified country. It could cause governments to ban it, due to their people using it for money laundering, terrorism, etc.
However it could also cause government to recognize it so that connections to electronic market will be pretty convenient to people, but of course people should be wary of taxes for that.
In some cases at some countries, the government is just neutral to it.

Glad to hear the news and that also happened in my country, because honestly with no certainty from the government in the past made me worry for owning bitcoin, but what is happening now has changed greatly because there may be a huge effort that continues to be done by the developer many crypto exchange platforms can work well to work on the legality of bitcoin in terms of using and trading it.

Sometimes I even question the decentralization of cryptocurrency. I am not saying this about the government issue, but we that are into it how much have we done to promote the idea of decentralization?

Sometimes I will find some good projects and airdrops to participate and when I try to participate they will tell me that my country is not allowed. Such thing piss me off. I once tried to participate in an airdrop on Coinbase and they wouldn’t let me, so are we also going to blame the government? The way I see it, decentralization is mean to bring the world together and not separate. But whatever... it may take more time than I am anticipating.

Indeed, there are still countries that are regulating cryptocurrencies for some reasons, maybe one of them and the common one is that they are thinking that cryptocurrency is a scam which is definitely not, we can say that there are scammers out there, actually, there are too many of them but the cryptocurrency itself is not. Some projects are scam but you can actually avoid them yourself by studying some important information you need before supporting that particular project. In addition, they cannot collect some taxes to the users because we all know that cryptocurrency is decentralized they do not know who are the organization or group of people running it.Definitely, there are still people who can buy even if the transaction in their country is prohibited, there are some ways to buy some tokens, they can change their IP addresses by using some VPN and to change also their location. No one can stop people what they especially when they really want to earn money and get involved with cryptocurrency.

If the government prohibited people from participating in the projects, people could still register in the exchanges, and they can still trade in those exchanges. When people are buying bitcoin or altcoin in many places, including in the exchanges, they can avoid the government, and the government itself doesn't know what their people do with their money. The government will know if there is a transfer from the exchanges to the bank account, but we have another way to transfer the funds to our bank account. I think it's a matter of time before the government will approve cryptocurrency, especially bitcoin to their country so people will be free to use crypto.

well it is not about the government learning you are owning a bitcoin but what concern of OP is the exchanges and the ICO that denies people from those countries that banned Bitcoin so the problem is even if they wanted to Invest in crypto yet they have no chance of doing so.
but for me?we are lucky because our government has no policy about this regulation instead there are only advises that this is risky so we must take care of our money.

I think there are still many countries that look passive rather than declaring the crypto illegal. Aside from China which I believe their large population really affects crypto, I have not heard about any other big country that has declared it Illegal. Nigeria is ranking 7th as the most populous nation in the world and Number 1 in Africa. Apart from this, I think Nigeria also has the largest population of crypto users and Africa and I do not think the government will anytime soon declare it Illegal. Although they have warned people severally, to stay clear of crypto due to the Ponzi scheme that people use crypto for.

nope only few countries are banning Bitcoin mate and not that exaggerated idea of yours.
there are many countries that has no direct implementing rules against Bitcoin and regulating Crypto is also part of pursuing this market to the edge because government cannot do anything to stop this.
that's it mate,there are more countries allowing us to use Bitcoin and not like what OP is trying to say here.

The last time that I checked Bitlegal, there were a few dozen countries being given in green, which meant that Bitcoin was completely legalized in those countries. These included Japan, United States, and most of the European Union member nations. So your argument claiming that only 4-5 countries have made it fully legal is not valid. Also, during the past few months there have been encouraging signals in this field and more and more countries are looking forward to make the cryptocurrency completely legal. The death of the ICO market was a boon, as it prevented a lot of scams which would have otherwise tarnished the reputation of the market.

well we can take another 10 years more?until there are government that is not open minded and not willing to take a risk to help their economy then the market will continue experiencing this kind of matter.
exchanges and project has their rights on whom to accept or let participate int heir projects because it is their team will have problem in case they accept illegal members.

In each country the regulations applied will certainly be different.
Indonesia is one of the countries that legalize bitcoin as a commodity product that can be traded on the Indonesian futures exchange. Bitcoin is legal as an investment tool but bitcoin is still prohibited from being used as the primary payment instrument in Indonesia.
With the legal regulation of bitcoin which is used as a futures trading tool and a commodity product, Indonesia is giving space for cryptocurrency or bitcoin to be developed and innovated for the future in the digital currency sector.

Each government has their respective considerations in responding to the development of cryptocurrency. As good citizens, we must follow these rules. Well, before we have to learn well about the status of bitcoin (cryptocurrency) in our respective countries, there are some that fully forbid and some that only for certain sides, for example, may only be used as an investment or commodity trade, and restrictions given usually associated with payment systems. So, even though it is not regulated, it is permissible to trade and invest, and the exchanges available in my country are officially registered at the ministry that deals with trade.
So do not generalize and overdo it, it must be studied more deeply because bitcoin has also been well received in most countries even with high-risk status.

they should make a map of the countries that legalized bitcoin, I believe that 5 countries would not arrive. let's not confuse things, Most countries allow their people to use bitcoin, they have not legalized bitcoin. The bitcoin legalization process is the slowest, even though bitcoin has been around for many years. maybe it's because of political issues

Mostly the reason is about the dark past of it. They still consider bitcoin can't be used for main stream transactions because of the known history of it and those factors you have mentioned are the perfect examples of it. We can't stop them if they still think that it's like that but soon they will turn to the light side and might reconsider their decision. But for now, let's all just wait until they accept and adopt the usage of bitcoin because it's happening already gradually.

Here in our country, the government doesn't care about cryptocurrency. They aren't knowledgeable about on what we call blockchain technology, so they aren't prioritizing this kind of things. Bitcoin really does help a country a lot in its economic state so most of the countries in Asia are very mindful about this cryptocurrency. Some countries in Asia are against crypto but some are already regularizing it, like Malaysia, Singapore, Japan and etc. The country that I knew against bitcoin is China, although it is a big and well grown country but they have communist type of government so they don't want their people to become successful and independent. They always take some part on their people's income and money. If somehow bitcoin, legalized here in our country, I think that it will help us lessen the poverty in some part, not literally but if people take risk using bitcoin. It will be for the benefit of all people.

I don't know much about other countries but I can share about situation in my country - Croatia.
We can,  without any problem,  use bitcoin to pay for different services or products,  even we can sell btc in the post offices around the country.
We also received clear instructions from the Tax office how to report taxes on the crypto profit.

I couldn't really understand what OP means when he says about returning funds, because basically, we have different regulation per country and we couldn't blame if we can't cash in or cash out in various exchanges we have. Thus, the main problem to consider is the regulation of the government to the cryptocurrency holistically. Mainly, cashing in or cashing out relating to returning of funds would be quite easier when the regulation of cryptocurrency (tolerance) is implemented.

While few countries banned bitcoin, there are also bitcoin friendly countries that are open for regulating bitcoin. With so many issues of bitcoin, each government is doing some reviews and study to protect their countrymen.


Yeah, bitcoin is more than 10 years now but can't you see there is still some unsolved issues that were seen by some of the countries that is why until now, it is not fully accepted by some? It is because the reputation of bitcoin is not fully established yet.

Anyway, By which campaign are you suggesting here to promote bitcoin?

this is over statement mate because there are more countries that is not banning Bitcoin or even there are many who has no stand against using this so saying "most Countries" is not appropriate in this sense.
because that is part of the rule since they are not convince about the legitimacy of cryptocurrency that is why they thing this will save their people but not knowing that they are denying a chance of profiting from this.
lol how come they can deposit and holding their funds?only stupid people will put their money on platform or investment that is banned in their country.

10 years isn't enough to convince every country to accept and legalized cryptocurrency. We see it as a long time already but in fact, it isn't. It will take time before most country will finally accept digital currency because fiat is doing well and changing from traditional to digital isn't easy for everyone. And not most country are against crypto. Most country still doesn't have rules and regulations or law about cryptocurrency but it doesn't mean they are against it. The type of government also affects crypto acceptance. But most country, like mine doesn't have law but were not also strict when it comes to using cryptocurrency.

Various reasons they say to reject Bitcoin in their country, they still think that Bitcoin will be used as a money laundering tool so it is susceptible to corruption. That's because they don't understand the true meaning of Cryptocurrency / Bitcoin, but I am optimistic that in the future they will accept Bitcoin in their countries because many people already know Bitcoin.

That map from Wikipedia is somewhat misleading. Our country is colored green and from what dothebeats described
We've seen plenty of cases where funds were locked by exchanges because "user violated TOS" or "flagged for suspected blah blah blah" but funds were usually released once the user complied with KYC verification or some other proofs.

Bitcoin is neither legal nor illegal in most countries, which means that it is allowed. Anything that is not deemed illegal is legal in one way or another.

There are countries where exchanges and coin offerings are not allowed due to certain legal policies but, just like countries where Bitcoin is explicitly illegal, these are very few. The majority of countries all over the world are open for them.

With regard to exchanges and projects running with people's funds, they are not Bitcoin. Those are scams and the people behind those should face the legal consequences of their actions very soon.

The campaign for Bitcoin is running well and smooth. There may not be a single unit or department or person which handle Bitcoin promotion all over the world but Bitcoin itself, its revolutionary and disrupting features, are enough for people to be convinced and get into it. It will take time but the development is consistently moving forward.

We don't have to run a campaign for that particular reason. It's the government of that specific country that isn't allowing bitcoin to rotate on their jurisdiction.
Let them understand what bitcoin is before allowing it to pass and be in their circulation. I think the influence of first world countries do matter once they start considering it.

There’s a big chance for bitcoin and cryptocurrency to be legalized in my country since our government starting to create a committee that will handle this one and BSP approved so many exchanges to legally operate in the Philippines. There’s a big chance that most of the country will do the same thing, though of course some will not because they’re still afraid to let their people decide on their own especially on choosing the best currency for them.

That map is going to piss off about 2 billion people at least
Anyhow, besides the borders, there are a lot of inconsistencies


Yet on the map, only Nepal is red.

Same with Saudia Arabia, which is gray  (Legal /  Banking ban)  while Iran is green (Legal /  Banking ban).


 

Don't mistake illegal for harsh regulation. Bitcoin is illegal in only a handful of countries, most of them speaking Arabic countries.

Regulation has its positive and negative sides, it's really subjective. Depends from which perspective you look at it. But in time, Bitcoin will only become more regulated than it is today. Not less for sure.

The ICOs (and similar token-selling methods of project fundings) should've been banned from the start unless the offerings were processed through some secure websites that will refund money to the project supporters if the team does not accomplish a set of goals they've established since the project has been published.

You mean what are the chances of bitcoin being regulated in different countries? Then the answer is very high chance. Most of the government around the world will not allow people to use bitcoin or any other crypto currencies. They don't want people to have full control of their financial aspects. Thus, they will want to eventually regulate bitcoin and all other crypto currencies. They might even make their own crypto currencies.
It is not the exchanges fault that they can't allow people from certain countries to join their project. People should better be reading their ToS before joining them, they probably already mentioned that users fund will be confiscated.

For country regulations, the future doesn't really look very bright. I don't think we will see an adoption spree in 2020 for cryptos. Majority of the governments are still very much skeptical about bitcoin and its impact on their economy. In countries like India, court cases are being fought against the central bank to uplift the banking ban on cryptos. Holistically, I personally don't see anything to be excited about.

The only ray of hope is the interest, bitcoin is receiving from the institutional investors. Some good news may flow in from that side. But for countries, nothing really looks positive right at this moment. But you never know, situation may turn positive as the year progresses, so fingers crossed!

Many countries are slowly legalizing bitcoin and cryptocurrencies within their jurisdictions.


^{Thanks, Wikipedia.}

Just a year ago, the picture that you're seeing doesn't include many greens, and a lot are still hostile towards bitcoin (colored in red) since no one knows how to deal with it or how would it fit within their constitution.

As time passes and as legal frameworks for cryptocurrencies are constructed and tweaked to complement with their own laws and constitutions, countries slowly became receptive of bitcoin and adopted the idea that it could work within their economy though haven't taken some initial steps into making an economy infused with bitcoin or other cryptocurrencies. I'm sure that most countries are just waiting for other key countries to adopt bitcoin into their economies before it starts a domino effect of bitcoin's legal acceptance.

For now, the green-colored countries are the countries in which you can openly use bitcoin without the fear of being persecuted or deported. We're heading towards the right direction for cryptocurrencies, and the only question is when would we reach that goal.

Web pages like this (cryptonews) depict a map of a kind, but even the "legal” painted countries are not on the same page, and the myriad of different regulations makes the differences between countries palpable, even if we go into a faint near Boolean classification such as whether it is legal or not. In my country for example it is legal and taxable, but you need to still be very wary of how you use it, as the taxation office has not set a clear and exhaustive set of rules that leave no shade of doubt on how to declare whatever you need to declare on the matter.

On the topic of the Exchanges banning people and not returning funds, that is one of the reasons why the "not your keys, not your Bitcoin" mantra is undeniably applicable. As far as I’m aware, the cases of funds being seized are related to changes in policies (such as Localbitcoins and KYC), or geographical restrictions applied to certain nationals due to increasing regulatory pressure. Most of these changes nevertheless are notified, and people have time to react and retrieve their funds. Nevertheless, if you miss-out the notification then you may be in for a bit of a surprise.

Your statement about Bitcoin being illegal in most countries is incorrect. If you look at most maps and lists with Bitcoin adoption, you'll see that they signify that Bitcoin is legal in most countries. However, it's also an overstatement (like the table on Wikipedia on the legal status of Bitcoin is). You see, they mainly say 'legal' where Bitcoin is not regulated. This is the case with my country, so that's why it caught my attention. In many countries, no regulations forbid or allow Bitcoin. De facto it means that people can easily use cryptocurrencies. But technically it means that Bitcoin is neither legal nor illegal (although many countries are looking at the possibilities of regulating the market), and I believe that after 10 years it's still the most common situation.

There is one country I can think of that had legalized Bitcoin and that is the country Japan, I surely think that Japan had made a huge change in how they had to manage Bitcoin the interest that Japan has given Bitcoin is outstanding they had prepared a lot of things in making this possible and I think if other countries would look at what Japan had done with Bitcoin other countries can surely do the same.

The bitcoin campaign started many years ago and it's still ongoing to this day. I think there is still a long way to go before governments can get their shit together and allow bitcoin to co-exist with their paper money. What could possibly happen is that people may be forced to give up their privacy due to laws that will require establishments to enforce some kind of identity verification before accepting bitcoin payments. An example is asking for an ID before giving receipts or something similar.

Dear Community in 2020 How many chances of Bitcoins Regularization in Different Countries.
Bitcoin Has now more than 10 Years old. But in most of the countries it is still illegal.Due to Government Behaviour most
Exchanges and Projects are not allowing people to participate in the said Projects.Even Running Exchanges are Banning The people and not Returning Funds.We should start the campaign in favour Of Bitcoin.