If crypto is banned in my country - page 2.

KryptoKings

hero member

Activity: 854

Merit: 506

Quote from: stomachgrowls on June 15, 2021, 06:41:36 PM

Quote from: passwordnow on June 10, 2021, 05:35:56 AM

Quote from: Kittygalore on June 10, 2021, 05:29:42 AM

The problem is how you are going to explain the money you got when you are back, large amounts of foreign currency in luggage is suspicious and you might be suspected of money laundering or smuggling. Maybe you can do a wire transfer to prevent that but the explanation for the money is another problem.

This is true. That will be questionable if the amount you'll bring altogether is quite huge. I agree about the method if you can do wire transfer or store it on your PayPal account and then do the transfer when you're back in the country and deposit it to your bank account.
Since PayPal transactions are very common today and most countries are aware of the platform and service.

Paypal transactions would suffice but that would only give out gradual minimal transactions rather than sending out bulk amounts of funds directly into your bank account.

Here on my country i had already been questioned out on Paypal funds too as they do make out some annual check on their clients and make out some verification when theres something caught their attention.

I did only make out some big transfer at once and then there was a call next on that and asking for some verification which do really sucks.

That's bad. When we are disclosing our income in tax return and hiding nothing.
I would have been a millionaire in my country if I could sell up all my holdings Sad

stomachgrowls

hero member

Activity: 3010

Merit: 794

Quote from: passwordnow on June 10, 2021, 05:35:56 AM

Quote from: Kittygalore on June 10, 2021, 05:29:42 AM

The problem is how you are going to explain the money you got when you are back, large amounts of foreign currency in luggage is suspicious and you might be suspected of money laundering or smuggling. Maybe you can do a wire transfer to prevent that but the explanation for the money is another problem.

This is true. That will be questionable if the amount you'll bring altogether is quite huge. I agree about the method if you can do wire transfer or store it on your PayPal account and then do the transfer when you're back in the country and deposit it to your bank account.
Since PayPal transactions are very common today and most countries are aware of the platform and service.

Paypal transactions would suffice but that would only give out gradual minimal transactions rather than sending out bulk amounts of funds directly into your bank account.

Here on my country i had already been questioned out on Paypal funds too as they do make out some annual check on their clients and make out some verification when theres something caught their attention.

I did only make out some big transfer at once and then there was a call next on that and asking for some verification which do really sucks.

jrrsparkles

sr. member

Activity: 2520

Merit: 280

Hire Bitcointalk Camp. Manager @ r7promotions.com

Quote from: ?? on ??

Quote from: KryptoKings on April 03, 2021, 02:15:11 PM

If in future, crypto is completely banned in my country and holding, trading mining become illegal, can I go to some foreign country on the pretext of doing some job and sell my crypto once I landed in foreign land and come back in my country with all the money?
Will that be considered illegal? How can I move my money back to my country?
Can I just say that I did some business in foreign country and this is all the profit?.
Anyone has any better suggestions to dispose off my crypto holdings if such situation arises?

You have to prove that you indeed made a business abroad and made a profit you can easily do that by making a bogus loan and use your money coming from Cryptocurrency to run your business and the money you loan is just back up to your business I have an online friend who did this and he gets away with it btw he lives in a country where Cryptocurrency is illegal, our country is not.

No need to worry about legal status of cryptos in your country when you sell then while being on a country where crypto is legal but when crypto is legal you need to pay taxes where you are selling and also need to pay fee for remittance when you are moving funds to your country which almost eat 30 to 40% of your total portfolio value in the name of tax.

passwordnow

hero member

Activity: 3136

Merit: 591

Leading Crypto Sports Betting & Casino Platform

Quote from: Kittygalore on June 10, 2021, 05:29:42 AM

The problem is how you are going to explain the money you got when you are back, large amounts of foreign currency in luggage is suspicious and you might be suspected of money laundering or smuggling. Maybe you can do a wire transfer to prevent that but the explanation for the money is another problem.

This is true. That will be questionable if the amount you'll bring altogether is quite huge. I agree about the method if you can do wire transfer or store it on your PayPal account and then do the transfer when you're back in the country and deposit it to your bank account.
Since PayPal transactions are very common today and most countries are aware of the platform and service.

Kittygalore

member

Activity: 868

Merit: 63

The problem is how you are going to explain the money you got when you are back, large amounts of foreign currency in luggage is suspicious and you might be suspected of money laundering or smuggling. Maybe you can do a wire transfer to prevent that but the explanation for the money is another problem.

DarkIT

sr. member

Activity: 1176

Merit: 252

Quote from: Gamerholic on April 19, 2021, 01:14:24 PM

When you return money to your country, for example, for your family, will someone really ask where they came from and how they were earned? I am almost sure that there is some kind of fixed limit on money for such transactions that pass by the tax authorities and other departments. If you exceed this threshold or regularly send amounts of money around this value - then of course you will attract the attention of the tax office or something like that. Be smarter by changing transfer methods, amounts and currencies. There are a lot of ways.

You can trade and exchange to your native currency using paypal.And it's not a final one.Your country may change their opinion in future.You should wait till the feedback was changed by the government.If the crypto was banned in your country,you can buy at very cheap price.Since all try to sell and try to out of crypto.

KryptoKings

hero member

Activity: 854

Merit: 506

Quote from: UKprod on June 08, 2021, 04:08:51 AM

Quote from: KryptoKings on April 03, 2021, 02:15:11 PM

If in future, crypto is completely banned in my country and holding, trading mining become illegal, can I go to some foreign country on the pretext of doing some job and sell my crypto once I landed in foreign land and come back in my country with all the money?
Will that be considered illegal? How can I move my money back to my country?
Can I just say that I did some business in foreign country and this is all the profit?.
Anyone has any better suggestions to dispose off my crypto holdings if such situation arises?

This depends a lot on the facts of the case and how much information can your government collect on your crypto transactions. If the government gathers the info that you had travelled abroad only to cash in your crypto holding and the whole act can be construed as a sham.

Further, if your government considers that crypto is illegitimate money, then any conversion of such money in a foreign country and then repatriating it to your country would amount to money laundering since it is conversion of illegitimate money to legitimate money. Not that it happens in all cases, but is mostly likely to be considered that way.

But if it were illegal, will that country allow me to take back my money through bank transfer?
I am not into any illegal act but if suddenly my country ban crypto and make it illegal to trade it, then I have to find other ways.

UKprod

member

Activity: 237

Merit: 67

Let's create the Indie Metaverse!

Quote from: KryptoKings on April 03, 2021, 02:15:11 PM

If in future, crypto is completely banned in my country and holding, trading mining become illegal, can I go to some foreign country on the pretext of doing some job and sell my crypto once I landed in foreign land and come back in my country with all the money?
Will that be considered illegal? How can I move my money back to my country?
Can I just say that I did some business in foreign country and this is all the profit?.
Anyone has any better suggestions to dispose off my crypto holdings if such situation arises?

This depends a lot on the facts of the case and how much information can your government collect on your crypto transactions. If the government gathers the info that you had travelled abroad only to cash in your crypto holding and the whole act can be construed as a sham.

Further, if your government considers that crypto is illegitimate money, then any conversion of such money in a foreign country and then repatriating it to your country would amount to money laundering since it is conversion of illegitimate money to legitimate money. Not that it happens in all cases, but is mostly likely to be considered that way.

Rajamuda

sr. member

Activity: 924

Merit: 255

This is indeed an obstacle to retain income, but of course we have to be smarter in dealing with all conditions and things that happen, converting is the point where we can still move in terms of crypto, of course this has extended to all efforts that can be made to move in the crypto world. nothing is difficult if we continue to learn a lot of things, and will surely find the best solution, it's not an obstacle to keep moving if you really mean it.

Argoo

sr. member

Activity: 2352

Merit: 245

Quote from: KryptoKings on April 26, 2021, 05:55:32 AM

Quote from: imran101 on April 24, 2021, 05:19:47 PM

Quote from: KryptoKings on April 03, 2021, 02:15:11 PM

If in future, crypto is completely banned in my country and holding, trading mining become illegal, can I go to some foreign country on the pretext of doing some job and sell my crypto once I landed in foreign land and come back in my country with all the money?
Will that be considered illegal? How can I move my money back to my country?
Can I just say that I did some business in foreign country and this is all the profit?.
Anyone has any better suggestions to dispose off my crypto holdings if such situation arises?

There are many ways you can do this. One of the best ways to handle this is to keep in touch with people who have cryptocurrencies. Then you paid him via bitcoin and he sent you a small amount of money. Then you will have the possibility of this money being legal

What will I announce as source of this income? Of I continue selling in small amounts, it will take me 10 years to completely dispose off all my holdings.
Plus there will always be a risk of price fall and getting tracked.
I am looking for some ways to sell them all in one go during this bull Run.

If we are talking about the fact that it will be necessary to cash out the entire amount of the available cryptocurrency and immediately, then a trip to another country with legislation loyal to cryptocurrency may make sense. However, it seems to me that they will hardly be allowed to return to their country with a large amount of cash. Perhaps it makes sense to put this money in the same country in a bank and use it as needed. However, you need to clarify in advance whether your national legislation allows investing in foreign banks.

KryptoKings

hero member

Activity: 854

Merit: 506

Quote from: Renampun on April 26, 2021, 09:39:47 AM

Quote from: imran101 on April 24, 2021, 05:19:47 PM

Quote from: KryptoKings on April 03, 2021, 02:15:11 PM

...

There are many ways you can do this. One of the best ways to handle this is to keep in touch with people who have cryptocurrencies. Then you paid him via bitcoin and he sent you a small amount of money. Then you will have the possibility of this money being legal

agree, doing p2p trading is a good option for countries that are banned Bitcoin IMO...
you can do that in DEX and now there are many dex that are safe places to do p2p transactions, if your internet network is blocked then use VPN. or you can also do p2p in this thread and ask for exchange with Paypal or another digital wallet, but if a large amount you have to do it with a member who already has a good reputation.

As I said most p2p exchanges require kyc hence doing trade their for big amount is not possible plus I will have to show the source of such income in my tax details. Hence p2p is definitely not a solution for large amount.
Yes PayPal can be used but only with reliable traders because of Chargeback.

Renampun

sr. member

Activity: 2338

Merit: 365

Quote from: imran101 on April 24, 2021, 05:19:47 PM

Quote from: KryptoKings on April 03, 2021, 02:15:11 PM

...

There are many ways you can do this. One of the best ways to handle this is to keep in touch with people who have cryptocurrencies. Then you paid him via bitcoin and he sent you a small amount of money. Then you will have the possibility of this money being legal

agree, doing p2p trading is a good option for countries that are banned Bitcoin IMO...
you can do that in DEX and now there are many dex that are safe places to do p2p transactions, if your internet network is blocked then use VPN. or you can also do p2p in this thread and ask for exchange with Paypal or another digital wallet, but if a large amount you have to do it with a member who already has a good reputation.

KryptoKings

hero member

Activity: 854

Merit: 506

Quote from: imran101 on April 24, 2021, 05:19:47 PM

Quote from: KryptoKings on April 03, 2021, 02:15:11 PM

If in future, crypto is completely banned in my country and holding, trading mining become illegal, can I go to some foreign country on the pretext of doing some job and sell my crypto once I landed in foreign land and come back in my country with all the money?
Will that be considered illegal? How can I move my money back to my country?
Can I just say that I did some business in foreign country and this is all the profit?.
Anyone has any better suggestions to dispose off my crypto holdings if such situation arises?

There are many ways you can do this. One of the best ways to handle this is to keep in touch with people who have cryptocurrencies. Then you paid him via bitcoin and he sent you a small amount of money. Then you will have the possibility of this money being legal

What will I announce as source of this income? Of I continue selling in small amounts, it will take me 10 years to completely dispose off all my holdings.
Plus there will always be a risk of price fall and getting tracked.
I am looking for some ways to sell them all in one go during this bull Run.

imran101

copper member

Activity: 550

Merit: 10

Quote from: KryptoKings on April 03, 2021, 02:15:11 PM

If in future, crypto is completely banned in my country and holding, trading mining become illegal, can I go to some foreign country on the pretext of doing some job and sell my crypto once I landed in foreign land and come back in my country with all the money?
Will that be considered illegal? How can I move my money back to my country?
Can I just say that I did some business in foreign country and this is all the profit?.
Anyone has any better suggestions to dispose off my crypto holdings if such situation arises?

There are many ways you can do this. One of the best ways to handle this is to keep in touch with people who have cryptocurrencies. Then you paid him via bitcoin and he sent you a small amount of money. Then you will have the possibility of this money being legal

KryptoKings

hero member

Activity: 854

Merit: 506

Quote from: ?? on ??

what? it doesnt matter as long as you not telling or posting anything at social media that you holding crypto Cheesy

Really? Oh how come that didn't cross any of outs mind?
And we thought our holdings are known to everyone

noorman0

hero member

Activity: 1778

Merit: 709

[Nope]No hype delivers more than hope

Quote from: KryptoKings on April 22, 2021, 02:40:36 PM

I am already doing it but in the event of ban, p2p exchanges will stop operating in my country and government will block them.
Yes I can use vpn to access them but for large quantities even p2p exchanges like paxful, localbitcoin ask for kyc.
I can't do kyc if my government ban btc

Actually it's terrible, if the government will block cryptocurrency-related sites then we won't be able to access this forum either. Actually, you can trade p2p without kyc via this section instead of p2p exchange. There are always loopholes to escape, you don't have to worry. You only have a choice between sticking to the policy or breaking it and willing to bear the consequences

KryptoKings

hero member

Activity: 854

Merit: 506

Quote from: noorman0 on April 22, 2021, 11:52:42 AM

Quote from: KryptoKings on April 03, 2021, 02:15:11 PM

If in future, crypto is completely banned in my country and holding, trading mining become illegal, can I go to some foreign country on the pretext of doing some job and sell my crypto once I landed in foreign land and come back in my country with all the money?

Why would you bother going abroad to do small things when you can reach them via the internet.

Quote from: KryptoKings on April 03, 2021, 02:15:11 PM

How can I move my money back to my country?

Perform 3 exchange processes (if you want to anticipate tracking that your income is sourced from crypto). Open a fiat payment wallet such as PP, skrill, neteller > go to the p2p exchange and exchange crypto to fiat (eg usd) aimed at your PP > exchange to local fiat and transfer to a local bank. It's just that you need to avoid exchanging a small amount to reduce the exchange fee.

I am already doing it but in the event of ban, p2p exchanges will stop operating in my country and government will block them.
Yes I can use vpn to access them but for large quantities even p2p exchanges like paxful, localbitcoin ask for kyc.
I can't do kyc if my government ban btc

noorman0

hero member

Activity: 1778

Merit: 709

[Nope]No hype delivers more than hope

Quote from: KryptoKings on April 03, 2021, 02:15:11 PM

If in future, crypto is completely banned in my country and holding, trading mining become illegal, can I go to some foreign country on the pretext of doing some job and sell my crypto once I landed in foreign land and come back in my country with all the money?

Why would you bother going abroad to do small things when you can reach them via the internet.

Quote from: KryptoKings on April 03, 2021, 02:15:11 PM

How can I move my money back to my country?

Perform 3 exchange processes (if you want to anticipate tracking that your income is sourced from crypto). Open a fiat payment wallet such as PP, skrill, neteller > go to the p2p exchange and exchange crypto to fiat (eg usd) aimed at your PP > exchange to local fiat and transfer to a local bank. It's just that you need to avoid exchanging a small amount to reduce the exchange fee.

dark1234

full member

Activity: 1134

Merit: 167

Quote from: Gamerholic on April 20, 2021, 02:09:09 PM

Until the ban came into force, there are many ways to simply sell and declare this income by including it in another article. Most often, the tax inspectorate is looking for those who do not pay taxes at all, and not those who pay them. This method seems to me to be the simplest, that's all. There is also a more difficult option in order to find a friend or relative in another country where there are no problems with the turnover of cryptocurrency and simply transfer to him. And he already, for example, once a year - will come to visit you with "gifts".

Taxes are mandatory in every country but for a ban that may occur in one of our jobs here may be fatal and the word Gamerholic we must be able to find a way out without having to leave our country trusting someone in a legal country with a promising wage or percentage of profitability this will be a solution that can be done

Gamerholic

sr. member

Activity: 843

Merit: 255

8V Global | 8v.com

Until the ban came into force, there are many ways to simply sell and declare this income by including it in another article. Most often, the tax inspectorate is looking for those who do not pay taxes at all, and not those who pay them. This method seems to me to be the simplest, that's all. There is also a more difficult option in order to find a friend or relative in another country where there are no problems with the turnover of cryptocurrency and simply transfer to him. And he already, for example, once a year - will come to visit you with "gifts".

Topic: If crypto is banned in my country - page 2. (Read 795 times)