Buy bitcoin for someone else? - page 8.

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legendary

Activity: 1862

Merit: 1015

Depend on how your government policy against bitcoin, if there is no law against bitcoin then you can use it as usual
Usually every country have their own local exchange to trade bitcoin so it should easy to understand their mechanic because they are using your language,right...

Quote from: chrisss01 on March 05, 2018, 09:28:46 PM

Hi, Can some one advise

My friend wanted to invest in bitcoins He wanted to give me say £1000 from his bank and gave it to me in cash, If I was to say put the cash into my bank and set up buying bitcoins from my online account would this be legal? , He has no knowledge on how to buy or trade them..

Thank you

Kronos21

sr. member

Activity: 434

Merit: 255

It's legal. But after you exchange your bitcoins for Fiat you will have to pay taxes. You may need to confirm the origin of the capital for which you bought the coins. Why do you need it? To buy coins. I think your friend made that money illegally. I don't see any other reason to give you that money.

marielbeckham

newbie

Activity: 185

Merit: 0

Frankly speaking, I also consider the idea of introducing the crypto market industry to your friend to be a much better variant in this case.

crzy

full member

Activity: 2128

Merit: 180

If you really care about your friend better to tell him everything, and teach them how to play in the market. I’m not saying that you idea is illegal, its legal as long as you are committed but again teaching him about cryptocurrency is the best thing that you can do, let him enjoy the cryptomarket.

jseverson

hero member

Activity: 1834

Merit: 759

Yes, for as long as you pay all the applicable taxes. Make sure you document everything, including the transfer of coins to them in case they try to do anything shady because they'll likely be traced back to you.

chrisss01

newbie

Activity: 1

Merit: 0

Hi, Can some one advise

My friend wanted to invest in bitcoins He wanted to give me say £1000 from his bank and gave it to me in cash, If I was to say put the cash into my bank and set up buying bitcoins from my online account would this be legal? , He has no knowledge on how to buy or trade them..

Thank you

Topic: Buy bitcoin for someone else? - page 8. (Read 1239 times)