Topic: Don't panicked if bitcoin illegal in your country. - page 2. (Read 841 times)

One of the most crucial aspects of being a good citizen of a country, in my opinion, is to be submissive to and follow all of the country's rules and regulations, regardless of your own interests.
Some countries may be able to monitor all cryptocurrency transactions carried out by their residents, therefore it's best not to use or trade cryptocurrencies or Bitcoin if it's not permitted in your country. All we have to do now is persuade the administration to accept it.

Russia had ban the crypto currency. Many country was followed same strategy of the ban. It's only reason for the dump after the 60k dollars. Now due to war effect and Swift move, Russia again using the bitcoin as the mode of the country. Mainly it using the bitcoin for the export money. When the price of bitcoin touched 60k dollars resistance. It will surely do huge pump and reached the value of 80-100k dollars.

the same as it is here  

every government has rules and laws in regulating all lines of society and sometimes government policies are also influenced by politics and ruling figures including the legal and illegal bitcoin in a country and some strong reasons so far the ban on bitcoin is caused by mining and the government cannot regulate it as fiat but whatever the reason we have to follow the laws in force in a country itself,and if it is banned, it will be difficult for us to make transactions because of the many websites/exchanges that are difficult to access because they are blocked by the government and we need friends or move to a country that provides legal/neutral laws

You indeed can. The problem is, there won't be any exchanges to cash your crypto out, there won't be any businesses accepting your crypto for their services, and if the government somehow detects you are into this, they'll fine you.

If you keep your coins in a cold wallet and never move, yes they will never notice.

Nobody can say that I find this thing legal and will do it whether the government agrees or not, everyone has to abide by the laws of the countries in which they live regardless of whether they are convinced by these laws or not.
For example here in Islamic countries gambling is legally prohibited" while it is Legal in most other countries, but there are many people in Islamic countries who like to play gambling and they say it is okay that it is good and profitable, but in practice they break the law, if they want to play gambling they have to do it in other countries that allow gambling, this is the same for Bitcoin if Banned in a country It would be against the law to buy or sell.

It's nothing wrong,if the cryptocurrency became a illegal one.The crypto currency had a world market ,so you can sell for your currency at good price.Even after the disappeared from your country,it's very easy to sell with paypal.If any people not able sell with good price ,use of exchanges like Localbitcoin,Localcrypto and so on.

I think the bolded is the one that hits several countries who've banned cryptocurrencies but can't stop their citizens from indulging in it. These governments can't stop cryptocurrency (especially Bitcoin) because of its decentralized nature. They don't know how to, except shutting down physical locations and maybe sites. They can't seize any server. China can't do that despite her hatred for Bitcoin. My country banned Bitcoin last year and made so much noise about bank account seizures. The banks closed down some accounts transacting in cryptos. Yet, our people are still transacting in cryptos. Even high placed government officials are into cryptos in my country. Come to think of it, political hypocrisy is what has kept this world this way, Africa in specifics. These political leaders ban cryptos but still trade it in secret.

Strongly agree with you.

Violation of law of the land is crime true but what happens when a government official or an influential and rich person/family also violents such law to the extent that a poor person has done? You see in such cases the law is perverted.

What Op is saying regarding bitcoin is that it is decentralised and affords other means to have hold on it just like the government officials can also do. It is certain that when the ban is on, the government officials don't keep to it and


It is about kettle calling pot black. In Nigeria for example, the ban of bitcoin accounts with the banks does not mean there are no bitcoin trading and investment going on with the low and mighty in the country but you have to keep a careful eyes .

The legal or IlLegal status of bitcoin in a country changes with time. These same countries that are banning bitcoin now - might have a need to ask for funds or loans from other countries - and that donation or loan might come in bitcoins. Or better, the other countries might ask for colateral in bitcoin... wonder what the legal status of BitCoin in the same country might be then?

That said, no one needs to be on the wrong side of the law, commiting crime isn't good. It depends on the individual and their position - people with a lot of crypto assets today are even changing their countries to keep things going.


Not really, we can earn it for services. The bounties here on BitCoinTalk is a prime example of how you can earn so many kind of crypto without any paper work, kyc, fiat exchange etc.


I agree to this. However, for some - BitCoin is like fighting for freedom - it is a universal currency, a freedom from taxes, regulations or authority. This is like fighting for freedom. Lots of people went to jail when they fought a battle for freedom and this is a lot larger than that.

Don't discount my above paragraph - in the future, there will be a lot of things that will be universal, the human civilization isn't that old and many more Good things are yet to come.

Yes, this is really the main thing here. In the future the value of bitcoin will rise - and thus the sooner you can get into it is better. If one waits for their country to make it legal then surely the best time to get into BitCoin will be wasted. If you realize today that you should get into bitcoin now, that is the best time for you. The longer you wait, the higher its value will be.


They will realize this soon as their mistake - but the price of this decision will be paid by their innocent citizens.

Unless you are too rich or are planning to leave for Cayman Islands you can definitely transact in Cryptocurrencies saying that you are not committing any crime.

Definitely true, countries like Singapore are once again taking the advantage of keeping their economies open, all the blockchain and crypto startups are shifting their offices there and if not Singapore then to Malta. And these places will create ample of employment opportunities and large money.

That's the greatness of digital currencies like Bitcoin, unlike other types of fiat currencies.

If, the country enforces laws prohibiting the use of fiat currency for transactions, you really can't do it, but unlike digital money, news of prohibition, mouth prohibits, you can still make transactions with crypto, no matter what the country does about the prohibition law but still transactions are smooth.

Great isn't it, digital/crypto money.

Just like in our country, when they heard bitcoin, they always think it's SCAM, lol.

But it will still be a felony! Definitely it's very difficult for a regulatory agency to find out who is using cryptocurrency unless you commit a very serious crime but it will still be illegal. Also if you transact small amounts in cryptocurrency, the no regulatory agency will spend their money and effort to catch you.

So it all depends on what side of the law you want to stand. But yes, whatever countries are banning bitcoin now, will regret their decision few years down the line and loose the opportunities and employment it could have generated.

I agree to that. I'll add thought that one may need some amount of luck too (i.e. to be "in the right country").


I've just checked n26 and it normally handles a very limited number of countries - not even the entire Europe (for example it's not available to me). I agree that multiple such fintech companies do exist, especially in Europe, but the problems we talk about are mostly on other continents where this kind of solutions are not that common yet. Also they need to also be bitcoin friendly.
And we both know that some of the countries are just prohibited from this kind of services - and it's usually the countries with the better chances to also ban the use of bitcoin.

But you have to take the risk though, if your country bans crypto totally and you still transact with it, then want makes you then? crypto criminals in their eyes.

So as much as we love crypto, sometimes there is a borderline clause, maybe you can get away with it a couple of times but what if the government caught you?

As I said, you need the money and the information.
If you have  a few thousand dollars  to invest in the bank, you can find a bank basically anywhere.

There are also some new fintechs like n26.com which allows basically anyone anywhere in the world to open an account in just a few minutes (I have an account there and I have never been to germany). However,  they have restricted a few countries recently.  You can check there if you need.

When it comes to BTCitcoin, that's true ^{[regardless of the fact that you should avoid using it in such situations]}, but that's not always the case with other cryptocurrencies: PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets

I wouldn't be so sure about that if I were you ^{[it heavily depends on how good you are at hiding/covering your tracks]}!

While you're right that one can travel abroad for this, most won't do it. Of course, if one is already rich in fiat, he does travel a lot and can do this, or doesn't even care much about bitcoin. But others, unless they live near the border,... not much of a chance. They may have the holidays and everything in-country. And I fear that this is the people whose life can be changed the most by bitcoin (for example by getting easier, better paid jobs over the internet - just in this case they may need to be part time or only partly paid in bitcoin)

Having account in international bank or a bank abroad may not be possible or allowed everywhere. But maybe I'm wrong. And anyway, too many don't have the knowledge and means to open such an account (I expect that most banks will need the people go in person open the account, for example)

I don't say that the ideas you wrote are bad. Just they may not be doable for everybody.