Topic: If crypto is banned in my country - page 5. (Read 745 times)
I believe that in your country both citizens and crypto related businesses will be given time to liquidate all of their crypto assets in order for them not to hold anything else but your own legal tender, they can't possible just rule cryptocurrencies illegal overnight and let thousands of their own citizens holding valueless cryptocurrencies in their own country. If you are asking this as some kind of "loophole" where crypto is declared illegal in your country and yet you still decide to hold it after the liquidation period the government has given you I would advice you not to do so as the ban will also apply to holding cryptocurrencies and I don't think getting in and out of the country is something that they would consider legal as you are technically still holding cryptocurrencies within your country.
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?
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?
Even if BTC becomes illegal in your country, your government is incapable of preventing you (or anyone else) from making transactions on the bitcoin network.
You can try to sell it p2p to a friend who might be interested, to someone you know... You can try to sell your BTC here in this forum (currency exchange board) and people can pay you in your paypal account.
Even if you sell in another country, you don't need to say that money came from BTC. Sell small amounts each time, and I believe you won't have problems.
And you can still hold it in your personal wallet, even if your country ban it.
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?
Most countries have limits for cash and gold you can import and export from country but nobody can control how much Bitcoins you have, so you can't bring back large amounts of cash and cross the border without reporting it and showing proof ownership, and if you send it with bank transaction they can easily trace it back to you, tax you and ask other questions.
I know some people who live in Egypt and use crypto everyday even if it is illegal in their country, but they are using many p2p marketplaces that work without issues and they can trade with crypto with fiat.
That is what I would suggest, but why even talking about some distant future that may never happen, and why selling Bitcoin when all fiat currencies are just starting their hyperinflation parties?
Since your crypto assets can be accessed privately even if it is illegal in your country, no one would be able to access your private wallet to discover what is hidden there. You can travel to a foreign country that is crypto tolerance and sell of your crypto assets and return back to your country. I don't think this is in anyway illegal.
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?
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?
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