If crypto is banned in my country - page 3.

KryptoKings

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Quote from: carlfebz2 on April 19, 2021, 02:58:10 PM

Quote from: KryptoKings on April 19, 2021, 04:49:05 AM

Quote from: plr on April 14, 2021, 09:28:30 AM

Quote from: KryptoKings on April 03, 2021, 03:15:11 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 already have a good option, I would do the same if I am in your shoe, you cannot declare your Cryptocurrency assets because they will confiscate them, better go to other countries where Cryptocurrency is accepted, trade it there, you can then find a legal way to get the cashback to your country, if I am in your shoe I will prefer staying in other country and just come back when my country finally accept Cryptocurrency, it's the best time to trade and invest in Cryptocurrency, something you cannot do if you are in your own country.

I have created this thread to find 'that legal say to tranfer my funds back to my country.
As I already said, moving in foreign country permanently is not an option because I don't want to leave my family back.
Also not sure if I can adjust with local conditions in foreign land.
If someone here has done something similar like selling their crypto in foreign land and come back, please share.

For sure there are people who had made that kind of method but to know that not all are aware of this forum existence and so far i havent read up that someone does have the real experience.

Thinking up that there are lots of various ways where you can cash out those coins without having a problem but as you had mentioned that you do like in one go because of price
then why cant just accept that you would really be pulling out those funds gradually?

When you do sell out those coins and suddenly a big money transferred on your account that would leave out some flags into your banks.

In the event of blanket ban, I would prefer to get rid of my crypto as soon as possible. I don't want to hold something that is against law.
I know I can hold it secretly and due to anonymous and decentralized nature of crypto, I can easily go unnoticed but being a law abiding citizen I don't want to do anything not approved by law of land.

carlfebz2

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Quote from: KryptoKings on April 19, 2021, 04:49:05 AM

Quote from: plr on April 14, 2021, 09:28:30 AM

Quote from: KryptoKings on April 03, 2021, 03:15:11 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 already have a good option, I would do the same if I am in your shoe, you cannot declare your Cryptocurrency assets because they will confiscate them, better go to other countries where Cryptocurrency is accepted, trade it there, you can then find a legal way to get the cashback to your country, if I am in your shoe I will prefer staying in other country and just come back when my country finally accept Cryptocurrency, it's the best time to trade and invest in Cryptocurrency, something you cannot do if you are in your own country.

I have created this thread to find 'that legal say to tranfer my funds back to my country.
As I already said, moving in foreign country permanently is not an option because I don't want to leave my family back.
Also not sure if I can adjust with local conditions in foreign land.
If someone here has done something similar like selling their crypto in foreign land and come back, please share.

For sure there are people who had made that kind of method but to know that not all are aware of this forum existence and so far i havent read up that someone does have the real experience.

Thinking up that there are lots of various ways where you can cash out those coins without having a problem but as you had mentioned that you do like in one go because of price
then why cant just accept that you would really be pulling out those funds gradually?

When you do sell out those coins and suddenly a big money transferred on your account that would leave out some flags into your banks.

Gamerholic

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8V Global | 8v.com

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.

KryptoKings

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Activity: 854

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Quote from: plr on April 14, 2021, 09:28:30 AM

Quote from: KryptoKings on April 03, 2021, 03:15:11 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 already have a good option, I would do the same if I am in your shoe, you cannot declare your Cryptocurrency assets because they will confiscate them, better go to other countries where Cryptocurrency is accepted, trade it there, you can then find a legal way to get the cashback to your country, if I am in your shoe I will prefer staying in other country and just come back when my country finally accept Cryptocurrency, it's the best time to trade and invest in Cryptocurrency, something you cannot do if you are in your own country.

I have created this thread to find 'that legal say to tranfer my funds back to my country.
As I already said, moving in foreign country permanently is not an option because I don't want to leave my family back.
Also not sure if I can adjust with local conditions in foreign land.
If someone here has done something similar like selling their crypto in foreign land and come back, please share.

Streets 2.0

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FRX: Ferocious Alpha

I agree that the legalization or at least partial legalization of bitcoin and other cryptocurrencies is a matter of time - because it is obvious that those countries and governments that take these steps first and create comfortable working conditions both in finance and in mining will receive competitive advantages, and as a result - will be stronger financially. It can also affect the tourist attractiveness of individual countries, against the backdrop of the covid-19 pandemic, this would be a cool incentive.

CryptoYar

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Yes. You can say that I did some business abroad and it is all my profit. Surely the government agencies will take money from you as tax and after that, they will give you a clean chit.

By the way, I don't think any country would afford to ban bitcoin or other cryptocurrencies. As 100+ countries have given it to legal status and other countries are working on it ... So don't worry about it.

plr

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Quote from: KryptoKings on April 03, 2021, 03:15:11 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 already have a good option, I would do the same if I am in your shoe, you cannot declare your Cryptocurrency assets because they will confiscate them, better go to other countries where Cryptocurrency is accepted, trade it there, you can then find a legal way to get the cashback to your country, if I am in your shoe I will prefer staying in other country and just come back when my country finally accept Cryptocurrency, it's the best time to trade and invest in Cryptocurrency, something you cannot do if you are in your own country.

willoweb

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Activity: 658

Merit: 251

In my opinion, it is better to pay taxes and based on this calculate your income, but be calm and confident that inspection authorities, such as the tax one, will not come to you and start shaking all your income, property, etc. in search of violations. So I think that if you choose between illegal income and taxable income (even if it is high), the second option is still preferable. This is subjective but logical.

Findingnemo

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Bitcoin = Financial freedom

Quote from: KryptoKings on April 12, 2021, 06:09:44 AM

Quote from: Ibrahim60 on April 11, 2021, 08:08:13 AM

Quote from: KryptoKings on April 03, 2021, 03:15:11 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?

If somehow your government ban Crypto, holding Crypto, mining and trading then go to that country where Crypto is not illegal. Also i will suggest you that live in that country permanently. Why you want to come back? Ok, if you want to come back in your country with all the money you get by selling crypto then i think you need face some trouble. Because you need to show documents that where you get all the money. So this is good idea for you that leave you country permanently.

Getting permanent nationality is not easy particularly in those few countries where crypto is legal.
Even if one gets nationality for himself, getting nationality for your family is another hard task.
I am looking for some more practical solutions which haven't yet come across my mind.
Leaving the country is the first thing that come to consideration.

Even if you move to another country where crypto is legal, you need to pay taxes as capital gains if you want everything happen legally, or you can find someone personally and get the physical cash instead of bank transfer then use illegal remittance service which may cost you 5 to 10% to get the money back to your own country which is pretty much similar in every country.

KryptoKings

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Activity: 854

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Quote from: Ibrahim60 on April 11, 2021, 08:08:13 AM

Quote from: KryptoKings on April 03, 2021, 03:15:11 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?

If somehow your government ban Crypto, holding Crypto, mining and trading then go to that country where Crypto is not illegal. Also i will suggest you that live in that country permanently. Why you want to come back? Ok, if you want to come back in your country with all the money you get by selling crypto then i think you need face some trouble. Because you need to show documents that where you get all the money. So this is good idea for you that leave you country permanently.

Getting permanent nationality is not easy particularly in those few countries where crypto is legal.
Even if one gets nationality for himself, getting nationality for your family is another hard task.
I am looking for some more practical solutions which haven't yet come across my mind.
Leaving the country is the first thing that come to consideration.

willoweb

sr. member

Activity: 658

Merit: 251

There are many solutions to this problem, and the choice of which way to go depends on everyone who faces this challenge. I think it is worth considering the maximum number of different options from the most radical ones like moving to another country - but this is quite difficult and costly, you can find a solution while staying inside the country. I don’t think it’s that bad unless you live in North Korea. Find a living cryptocurrency community in your country - talk to people who have long ago solved your problem for themselves and do the same as they do.

Ibrahim60

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Quote from: KryptoKings on April 03, 2021, 03:15:11 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?

If somehow your government ban Crypto, holding Crypto, mining and trading then go to that country where Crypto is not illegal. Also i will suggest you that live in that country permanently. Why you want to come back? Ok, if you want to come back in your country with all the money you get by selling crypto then i think you need face some trouble. Because you need to show documents that where you get all the money. So this is good idea for you that leave you country permanently.

coin-investor

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Quote from: KryptoKings on April 03, 2021, 03:15:11 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?

Are you going to tell the authorities in your country that you are going to do this, if you are then they will tell you it's illegal, but I'm sure you will not, your plan is great if implemented properly, I don't think it's cheating you have the right to protect your assets and make profit out of it since it's illegal in your country and they are not offering to tax you, I will also do the same thing if I am in your situation.

Streets 2.0

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You can just negotiate with someone in another country. Transfer cryptocurrency to him. In a country where it is legal, a person will sell your assets and transfer money back to you, for example, as a donation to your organization, or simply by transferring as an individual to an individual. As I understand it, if the amount is large, it can be divided into several smaller ones so that there are no questions. It can also be formalized as a "loan". Nobody will tax your "loan" from an individual and if you do it not often and with different people - this method can be a solution.

KryptoKings

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Activity: 854

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Quote from: Argoo on April 09, 2021, 02:14:47 AM

Quote from: KryptoKings on April 03, 2021, 03:15:11 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?

The laws of one state territorially refer only to the territory of this state. Therefore, if you go to the territory of another state where cryptocurrency is allowed, and there you sell your cryptocurrency, transferring it, let's say, into a stablecoin USDT, so as not to transport cash across the border, then from the point of view of the law, I think there should be no complaints. After all, if you go to a country where it is allowed to smoke marijuana and smoke there, then in your country they do not have the right to prosecute for this.

Yes right if I go to some country where smoking marijuana is allowed and I smoke there, it's okay but problem will occur if I bring that marijuana to my country where it is banned.
Similarly if crypto is allowed in some country and I go there and sell it, it's okay but problem will arise when I bring that money to my country.

willoweb

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I think if we are talking about a small amount of money, I doubt that anyone will be interested in it. It all depends on which country you live in. If this is North Korea - there will be problems in any case, if India - problems are possible, if you live in the Russian Federation - then everyone will be indifferent. The simplest solution is to exchange assets for ordinary money in the second country, to buy something valuable with this money, for example, gold or something similar. Nobody will ask you "where did you get such an expensive watch"! Returning home - just sell them, and declare the money from the sale and sleep peacefully. Wink

Argoo

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Quote from: KryptoKings on April 03, 2021, 03:15:11 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?

The laws of one state territorially refer only to the territory of this state. Therefore, if you go to the territory of another state where cryptocurrency is allowed, and there you sell your cryptocurrency, transferring it, let's say, into a stablecoin USDT, so as not to transport cash across the border, then from the point of view of the law, I think there should be no complaints. After all, if you go to a country where it is allowed to smoke marijuana and smoke there, then in your country they do not have the right to prosecute for this.

stomachgrowls

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Quote from: KryptoKings on April 05, 2021, 07:38:41 PM

Quote from: stomachgrowls on April 05, 2021, 06:43:10 PM

Quote from: KryptoKings on April 03, 2021, 03:15:11 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?

It would really be hard if we are talking big amounts on here because even if you do flew on other country the expect that they would really be asking out the source of those funds
if you do tend to put it up on your bank account and in the form of cash then for sure you they would be looking up on whats the source.If you do tend to pretend on selling out
something which isnt crypto related then what would you do? You cant just provide some fake documentations or papers which would surely fucked you up.
Better to sell those coins in gradual phase which on an amount that wont trigger out your bank rather than making bulk one time transactions
which would ring up the bell.

Selling them in small portion will be very tiring job. I have to keep finding some genuine buyer constantly plus I also have to see I get the best price. I, obviously, wouldn't want to sell in bear market.
I would prefer to get rid of all of them in one go to make most of bull market and also to invest that money in some other business.
Most of my current source of income is crypto trading which is going to be ceased once ban in implementimplemented.

Yes, it might be tiring but this one would be the nearest possible thing that you can do now because selling it on bulks could really make out some triggers neither you do
personally bring those fiat or cash yourself or would be deposited on your bank account. You wont be any having some choice.

Even sending amounts on several loved ones or relatives bank accounts could really be making out some question but though it will vary on the amount
that wouldnt trigger something.

Having this kind of cashouting problem is still giving some headache eh? Grin

qwertyup23

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Quote from: KryptoKings on April 03, 2021, 03:15:11 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?

Your best bet would be to sell your BTCs p2p or to sell them personally by meeting up with people. As dangerous as it sounds, that would only be your remedy in order to bypass this prohibition imposed by the government.

If you attempt to bring back your BTCs from another country, store them in an exchange but never deposit them into a bank. I have a friend of mine that exchange large amounts of BTCs to the bank and the latter froze his account due to alleged anomalies regarding this huge transactions. This is also considering that BTCs in our country are NOT prohibited.

yhiaali3

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Quote from: KryptoKings on April 08, 2021, 03:26:26 PM

You must be kidding right? Do you know even highend computer will cost only $2000 and what about the custom fee that I have to pay?
And how many times do my relative has to send such gifts?
Even if I get some commodity, why would someone buy it at higher price from me?
And what about the tax on profit that I will earn by selling that commodity.
I think you haven't considered all the aspects before suggesting the solution.

Well, I really didn't think about all of these aspects, but the basic idea is that he wants to convert bitcoin or cryptocurrencies into cash and send it to his country in a legal way, so I don't see a problem (for me at least) for losing some customs fees in order to transfer bitcoin to his country in a way legitimacy. In the end, the choice is for him and he will definitely choose the method that suits him.

Topic: If crypto is banned in my country - page 3. (Read 745 times)