Author

Topic: If crypto is banned in my country (Read 745 times)

hero member
Activity: 2828
Merit: 767
December 07, 2021, 03:52:34 PM
#85
No one can know the total amount of your cripto, only know if the exchanges revelated your identity and this will be iligal becouse protectet laws of identity. This mathers are not so easy like you think.
Hiding our money from government is illegal in most of the country because it is related to tax reporting but when government isn't asking then no need to reveal it that is why developed countries bring regulations and countries who doesn't understand what is bitcoin says that they are banning bitcoin. Tax avoiding is legal and every rich man is doing it so the same goes for crypto earnings when government doesn't have proper guidance for reporting them then the people will take advantage of it.
When it comes to illegal doing then this would be particularly talks about  the two because it doesnt matter whether dealing with fiat or crypto.There would be always those people who do hide their assets or simply in correlated with tax. How much more in crypto?

This is why government do really tries to crack out specially on crypto space because they do know that tendency or chances is really high.

And on the time comes where government doesnt really able to control it out then thats the time they would banned it but it doesnt really
make the difference? People could still make out some access if they wanted to.
member
Activity: 868
Merit: 10
December 01, 2021, 03:10:03 PM
#84
if the bitcoin ban is in your country, then you don't have to bother traveling to other countries just to sell the bitcoins you own. You only need to contact your business partners who are abroad without having to waste travel costs. and i don't think there is anything to worry about for that.
sr. member
Activity: 2380
Merit: 251
Eloncoin.org - Mars, here we come!
December 01, 2021, 12:22:29 PM
#83
No one can know the total amount of your cripto, only know if the exchanges revelated your identity and this will be iligal becouse protectet laws of identity. This mathers are not so easy like you think.
Hiding our money from government is illegal in most of the country because it is related to tax reporting but when government isn't asking then no need to reveal it that is why developed countries bring regulations and countries who doesn't understand what is bitcoin says that they are banning bitcoin. Tax avoiding is legal and every rich man is doing it so the same goes for crypto earnings when government doesn't have proper guidance for reporting them then the people will take advantage of it.
newbie
Activity: 1
Merit: 0
December 01, 2021, 06:50:39 AM
#82
No one can know the total amount of your cripto, only know if the exchanges revelated your identity and this will be iligal becouse protectet laws of identity. This mathers are not so easy like you think.
sr. member
Activity: 2380
Merit: 251
Eloncoin.org - Mars, here we come!
November 30, 2021, 11:34:49 AM
#81
yes maybe you will understand better if that happens...you can still use your own country's currency without having to think about crypto...because it takes time to adjust your country's regulations....
If you think you can use your country currency and its better than bitcoin then I don't understand the existence of you here, bitcoin is different from the traditional paper bill and Bitcoin cannot be banned by banks. And if they do then it will look like this

newbie
Activity: 361
Merit: 0
November 28, 2021, 11:14:29 PM
#80
yes maybe you will understand better if that happens...you can still use your own country's currency without having to think about crypto...because it takes time to adjust your country's regulations....
legendary
Activity: 2002
Merit: 1742
November 20, 2021, 08:46:43 AM
#79
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 don't need to leave your country, you will be fine as long as there is a community in this forum, you can ask them for help in such problems, if your country bans crypto exchanges.

They can't ban your wallet, your crypto storage, they can only ban access of crypto transactions to fiat through Banks, others don't, so you're still safe to get money from your crypto.

The government can only close exchange access to banks, you can still use the others, there are various ways to do that, besides crypto can be sent to the wallet address you have, even though your country prohibits crypto and money can also be sent via bank to a bank that you are in another country (international) you don't have to worry about it, don't worry, you will be fine.

What can't be done in this world, everything can be done, illegally or legally.
hero member
Activity: 1036
Merit: 501
October 01, 2021, 05:58:18 PM
#78
Very simple and easy. Trading through peer to peer method solves it all. Travelling to another country will take much stress and resources which not everybody can afford it. As for me, personally, will not do that.
Banning crypto in a country can't stop or hinder people from making other means to transact with it in the same country e.g Nigeria and the USA
legendary
Activity: 2450
Merit: 1047
thecryptocurrency.directory
August 17, 2021, 10:08:42 PM
#77
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?

Going to other countries to trade your Cryptoi is a good idea but coming back with all the huge amount coming from trading is something you have to work on, check your laws and about taxation on the money that you are bringing back, you must make sure that your government will not find the money suspicious, don't go to illegal stuff read the laws of your country you did not mention the amount if it's only a small you can tell them that worked for it in other countries.
member
Activity: 113
Merit: 32
August 04, 2021, 04:58:24 AM
#76
I personally think that the government cannot completely ban the trading of cryptocurrencies. The Chinese policy is against the side of cryptocurrencies. The Chinese government suppressed mining, banned some encrypted news, and vigorously promoted their own currency. If it really is to ban trading Cryptocurrency China will directly ban the transaction, because it cannot be banned, so the Chinese government can only suppress it.
member
Activity: 135
Merit: 16
August 04, 2021, 04:46:29 AM
#75
If the country publishes a policy prohibiting the possession of cryptocurrency, it may be prohibited to allow crypto-related news on the country’s website, but the country cannot prohibit your crypto transactions, and no one’s transactions will be supervised by the government. Possibly put your tokens in the wallet or conduct transactions.
member
Activity: 101
Merit: 10
August 04, 2021, 03:23:03 AM
#74
Bitcoin or other cryptocurrencies are illegal in many countries, but it does not affect the use of cryptocurrencies by the people of the country, because it is profitable for a large number of people, and they will not be distracted by the government's prohibition. With cryptocurrency, when some people use cryptocurrency to obtain huge wealth, I can always see that they have many ways to sell cryptocurrency and avoid monitoring by banks or regulators. This involves many illegal industries. I I don't know very well, maybe when you have a huge amount of cryptocurrency property, someone will contact you to help you sell the currency!
jr. member
Activity: 602
Merit: 1
July 31, 2021, 07:26:49 AM
#73
Many governments justify their ban on cryptocurrencies on the grounds that they care about the financial health of their citizens. They believe that people are investing in Bitcoin and thus may lose their savings, since Bitcoin is not a stable asset. But I believe that every person who chooses where to invest their funds should initially study this area of ​​investment and therefore is responsible for his own actions. Based on this, the government should not hide behind caring for people, banning cryptocurrencies. Bitcoin should be a common commodity to buy, like the others, and available to everyone.
member
Activity: 573
Merit: 30
July 08, 2021, 03:27:21 PM
#72
You already stated the perfect and most secured means of getting your money by travelling out of the country which is not illegal. Just that it might take some times if you have huge sum of money in crypto.

Im sure you will be aware of anti money laundry which limits the sum you can move across border.
newbie
Activity: 28
Merit: 0
July 08, 2021, 01:05:06 PM
#71
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?


Since crypto assets can be accessed privately even if they are illegal in your country,
you can sell it in another country and return with the money you have earned as long as the nominal amount of money you carry does not exceed the cash limit of that country.
hero member
Activity: 2828
Merit: 767
June 30, 2021, 02:59:18 PM
#70
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.
Any centralized service will ask such kind of verification when there is sudden activity changes like too much of transactions or too much of amount transacted than normal, so we all have to give the source of those money which really sucks but as long as we want those fiat money then we need to go through all of these.
As if we do have any other choice? When dealing with traditional things then you would really be ending up on following this due process and it sucks actually.You cant totally enjoy it up if they would really be asking
on where those funds came from.

Having lots of money could still make your head ache? thats normal but if your country isnt really much strict when it comes to money laundering or those kind of alerts on where those big funds came from
then your lucky but i do believe that majority will be having the same system when it comes to AMLA.

Cant think for possible ways for this one.
hero member
Activity: 854
Merit: 506
June 25, 2021, 07:30:34 AM
#69
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 you are going to do that you have to show something to your government once you are back and that you have done just like that, you can claim that you have invested in Cryptocurrency but you have not done it in your country so they cannot charge you or give you additional taxes, this is very common and it's an issue on people where they cannot trade legally in their own country.

ohh i see!

i would go for the first option were i can sell through p2p. That is far good and it won't incur any significant chargers
sr. member
Activity: 2002
Merit: 269
June 19, 2021, 05:25:01 PM
#68
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 you are going to do that you have to show something to your government once you are back and that you have done just like that, you can claim that you have invested in Cryptocurrency but you have not done it in your country so they cannot charge you or give you additional taxes, this is very common and it's an issue on people where they cannot trade legally in their own country.
hero member
Activity: 2254
Merit: 658
Revolutionized copy gaming platform
June 17, 2021, 08:40:18 AM
#67
P2P is the best solution for transacting cryptos in case a country bans it from getting implemented by financial services, banks, institutiions, etc. You just need to find a trusted P2P buyer/seller. It’s not also easy to move to another country and live there permanently. You could only if you are employed by that company in your country of destination.

Debit cards from crypto companies may be blocked too, but not sure of that though (even if they have Visa or Mastercard logo).
sr. member
Activity: 2380
Merit: 251
Eloncoin.org - Mars, here we come!
June 16, 2021, 09:15:29 AM
#66
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.
Any centralized service will ask such kind of verification when there is sudden activity changes like too much of transactions or too much of amount transacted than normal, so we all have to give the source of those money which really sucks but as long as we want those fiat money then we need to go through all of these.
hero member
Activity: 854
Merit: 506
June 16, 2021, 04:49:35 AM
#65
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
hero member
Activity: 2828
Merit: 767
June 15, 2021, 07:41:36 PM
#64
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.
sr. member
Activity: 2380
Merit: 251
Eloncoin.org - Mars, here we come!
June 15, 2021, 04:05:18 PM
#63
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.
hero member
Activity: 2856
Merit: 570
Leading Crypto Sports Betting & Casino Platform
June 10, 2021, 06:35:56 AM
#62
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.
member
Activity: 882
Merit: 63
June 10, 2021, 06:29:42 AM
#61
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.
sr. member
Activity: 1176
Merit: 252
June 08, 2021, 02:54:20 PM
#60
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.
hero member
Activity: 854
Merit: 506
June 08, 2021, 05:38:16 AM
#59
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.
member
Activity: 237
Merit: 67
Let's create the Indie Metaverse!
June 08, 2021, 05:08:51 AM
#58
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.
sr. member
Activity: 924
Merit: 255
June 07, 2021, 12:50:13 AM
#57
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.
full member
Activity: 2170
Merit: 216
#SWGT PRE-SALE IS LIVE
June 05, 2021, 01:36:36 PM
#56
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.
hero member
Activity: 854
Merit: 506
April 27, 2021, 05:14:16 AM
#55
...
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.
sr. member
Activity: 2044
Merit: 329
April 26, 2021, 10:39:47 AM
#54
...
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.
hero member
Activity: 854
Merit: 506
April 26, 2021, 06:55:32 AM
#53
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.
copper member
Activity: 550
Merit: 10
April 24, 2021, 06:19:47 PM
#52
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
hero member
Activity: 854
Merit: 506
April 24, 2021, 04:31:42 PM
#51
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 Smiley
hero member
Activity: 1764
Merit: 694
[Nope]No hype delivers more than hope
April 23, 2021, 09:56:29 AM
#50
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
hero member
Activity: 854
Merit: 506
April 22, 2021, 03:40:36 PM
#49
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.

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
hero member
Activity: 1764
Merit: 694
[Nope]No hype delivers more than hope
April 22, 2021, 12:52:42 PM
#48
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.

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.
full member
Activity: 1134
Merit: 167
April 21, 2021, 06:33:07 PM
#47
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
sr. member
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8V Global | 8v.com
April 20, 2021, 03:09:09 PM
#46
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".
hero member
Activity: 854
Merit: 506
April 20, 2021, 04:49:30 AM
#45
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.
hero member
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Leading Crypto Sports Betting & Casino Platform
April 19, 2021, 02:58:10 PM
#44
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.
sr. member
Activity: 843
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8V Global | 8v.com
April 19, 2021, 02:14:24 PM
#43
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.
hero member
Activity: 854
Merit: 506
April 19, 2021, 04:49:05 AM
#42
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.
full member
Activity: 490
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FRX: Ferocious Alpha
April 14, 2021, 03:34:26 PM
#41
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.
hero member
Activity: 1064
Merit: 635
April 14, 2021, 01:22:25 PM
#40
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
member
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April 14, 2021, 09:28:30 AM
#39
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.
sr. member
Activity: 658
Merit: 251
April 13, 2021, 03:12:02 PM
#38
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.
hero member
Activity: 2296
Merit: 755
Bitcoin = Financial freedom
April 13, 2021, 05:59:36 AM
#37
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.
hero member
Activity: 854
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April 12, 2021, 06:09:44 AM
#36
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.
sr. member
Activity: 658
Merit: 251
April 11, 2021, 01:50:43 PM
#35
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.
full member
Activity: 1176
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The OGz Club
April 11, 2021, 08:08:13 AM
#34
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.
hero member
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Leading Crypto Sports Betting & Casino Platform
April 11, 2021, 02:53:01 AM
#33
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.
full member
Activity: 490
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FRX: Ferocious Alpha
April 10, 2021, 02:59:13 PM
#32
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.
hero member
Activity: 854
Merit: 506
April 09, 2021, 02:57:00 PM
#31
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.
sr. member
Activity: 658
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April 09, 2021, 02:51:05 PM
#30
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
full member
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#SWGT PRE-SALE IS LIVE
April 09, 2021, 02:14:47 AM
#29
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.
hero member
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April 08, 2021, 06:52:27 PM
#28
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
hero member
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April 08, 2021, 06:40:42 PM
#27
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.
legendary
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#SWGT CERTIK Audited
April 08, 2021, 03:45:40 PM
#26

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.
hero member
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April 08, 2021, 03:26:26 PM
#25

The authorities in his country will ask where his funds are from and if he can't produce anything or documents to prove it's from a legit business transaction, his funds will be seized.

If I were him I could just contact a close relative outside the country to send my coins to them. Everybody has a relative somewhere but I guess this is a matter of trust still. And then ask them to convert it to digital cash and send it back.


If he can buy some expensive things from a foreign country, such as computers or electrical tools, and he ships them to his country, and there he sells them and gets their price, and so his money will become completely legitimate. In addition, he can make an additional profit by selling this commodity at a higher price.
I think that this is the best solution, so no one will be able to ask him about the source of his money, because it will become completely legal.
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.
legendary
Activity: 1666
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#SWGT CERTIK Audited
April 08, 2021, 03:20:41 PM
#24

The authorities in his country will ask where his funds are from and if he can't produce anything or documents to prove it's from a legit business transaction, his funds will be seized.

If I were him I could just contact a close relative outside the country to send my coins to them. Everybody has a relative somewhere but I guess this is a matter of trust still. And then ask them to convert it to digital cash and send it back.


If he can buy some expensive things from a foreign country, such as computers or electrical tools, and he ships them to his country, and there he sells them and gets their price, and so his money will become completely legitimate. In addition, he can make an additional profit by selling this commodity at a higher price.
I think that this is the best solution, so no one will be able to ask him about the source of his money, because it will become completely legal.
legendary
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🙏🏼Padayon...🙏
April 08, 2021, 12:18:24 AM
#23
You are only making things a lot more complicated I'm afraid.

I suggest that you just find someone within your country who is interested to buy Bitcoin. Choose cash if you wish to avoid the scrutinizing eyes of the banks and that's it.

But if you have a legitimate business or a regular job, you don't have to worry about making deposits to your bank accounts even if some of the funds are actually cryptocurrency proceeds. Just don't make deposits huge enough that they could raise certain suspicions from them.
hero member
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https://www.betcoin.ag
April 07, 2021, 10:18:18 PM
#22
I think this is legal, when you travel to a foreign country, you are subject to the laws of that country and not the laws of your country of origin, if the Bitcoin trade there is permitted you can sell your Bitcoin and return to your country legally without being penalized because you did not violate the laws of your country, on the contrary, you will pay Taxes due on you and this is beneficial to your country's economy.
In the end, the government only cares about one thing and that is taking taxes. As long as you pay taxes legally, there will be no problem.

The authorities in his country will ask where his funds are from and if he can't produce anything or documents to prove it's from a legit business transaction, his funds will be seized.

If I were him I could just contact a close relative outside the country to send my coins to them. Everybody has a relative somewhere but I guess this is a matter of trust still. And then ask them to convert it to digital cash and send it back.

legendary
Activity: 1666
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#SWGT CERTIK Audited
April 07, 2021, 09:39:46 PM
#21
I think this is legal, when you travel to a foreign country, you are subject to the laws of that country and not the laws of your country of origin, if the Bitcoin trade there is permitted you can sell your Bitcoin and return to your country legally without being penalized because you did not violate the laws of your country, on the contrary, you will pay Taxes due on you and this is beneficial to your country's economy.
In the end, the government only cares about one thing and that is taking taxes. As long as you pay taxes legally, there will be no problem.
legendary
Activity: 3052
Merit: 2313
April 07, 2021, 06:42:26 AM
#20
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 can do and say anything you want. If you cannot make them believe you or they just want to ruin you anyway, you'll get punished. It is probably better to leave that country for good before you try anything you'll regret later. Also in a situation like this, you'll need a lawyer, not the opinions of random people.
sr. member
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Leading Crypto Sports Betting & Casino Platform
April 07, 2021, 06:32:06 AM
#19
Maybe you can do it but that is a lot of effort just to sell your bitcoin, you can just cover your tracks online and switch your geolocation to prevent as much digital footprint as you can, or maybe when you move to a country that you are planning to sell your bitcoin, you might want to buy it in cold hard cash.
legendary
Activity: 3248
Merit: 3098
April 06, 2021, 03:22:09 PM
#18
Buy how will they come to know that my relative is selling it for me in his country of residence? If I send all my crypto in one go and ask my relative to wait for some time and then sell them.
What if I declare that I am 'gifting' all my crypto holdings to my foreign resident relative.
Crypto trading,holding and mining will be banned but what if I just move them to someone else's wallet?
I don't want to break any law but I have invested all my hard earned money into crypo and I can't leave them like that.
Moving out of my country is also out of question for me. I am looking for some good solution in advance.

I never heard that any government can control its citizens if they own Bitcoin or any crypto. the only limit you can have is when using legit services like exchanges, where you need to pass KYC or strictly adhere to laws to each country.
it seems that your only option is to change the crypto directly, p2p as stated earlier.
Bitcoin network does not recognise from which country you access the wallet and or it's banned by law.
I am not sure where you are, but I think after a while, the state will surely give up on such laws, in the end, all will allow crypto it's just a question of how smart they are and how long it will take them to accept it.
Of course, for holders, it will be a little harder period.
hero member
Activity: 854
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April 06, 2021, 03:04:39 PM
#17
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?
Firstly i think in the future Crypto currency will be accepted by every government. But somehow your country banned Crypto then my suggestion is for you that go to foreign country permanently where Crypto is legal. Don't come back. Because i think who is connecting with Crypto one time, he can't live without Crypto anymore.

Moving to other country is not easy. Do you think I will be given nationality easily un any country of my choice?
Easier said than done buddy. In many countries, I will have to show them my bank balance to show that I am financially stable.


First of all, whats with the thought? are there really possibilities or speculations that bitcoin will soon get ban in your country? or it is just you having a negative thoughts?

But if ever that happens, and if you are wondering whether selling your cryptos in other country is illegal, for me it can't be. Simply because once you are on another country, you are bound to their laws and not to the laws where you came from.

Also, if you are having trouble converting your money to your local currency once your country banned crypto and any other transactions using it, then since your in another country, why not go to a certain currency exchange services and exchange it to your local currency? I believe every country has it. Correct me if I'm wrong... Coz we do have a lot here.

And now you get back to your country (at the airport) with that bag of money with you. And who would question you for that? you can still say it came from crypto, but they don't have the right arrest you simply because you do it legally on another country. I believe that how law works.  Cheesy


No you just can't go to currency exchange and convert million of dollars to any currency. You will get arrested for that plus how will I convert my crypto to local currency is also a big question.
full member
Activity: 812
Merit: 126
April 06, 2021, 09:42:12 AM
#16
First of all, whats with the thought? are there really possibilities or speculations that bitcoin will soon get ban in your country? or it is just you having a negative thoughts?

But if ever that happens, and if you are wondering whether selling your cryptos in other country is illegal, for me it can't be. Simply because once you are on another country, you are bound to their laws and not to the laws where you came from.

Also, if you are having trouble converting your money to your local currency once your country banned crypto and any other transactions using it, then since your in another country, why not go to a certain currency exchange services and exchange it to your local currency? I believe every country has it. Correct me if I'm wrong... Coz we do have a lot here.

And now you get back to your country (at the airport) with that bag of money with you. And who would question you for that? you can still say it came from crypto, but they don't have the right arrest you simply because you do it legally on another country. I believe that how law works.  Cheesy
jr. member
Activity: 266
Merit: 4
April 06, 2021, 05:25:50 AM
#15
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?
Firstly i think in the future Crypto currency will be accepted by every government. But somehow your country banned Crypto then my suggestion is for you that go to foreign country permanently where Crypto is legal. Don't come back. Because i think who is connecting with Crypto one time, he can't live without Crypto anymore.
hero member
Activity: 854
Merit: 506
April 05, 2021, 07:38:41 PM
#14
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.
hero member
Activity: 2828
Merit: 767
April 05, 2021, 06:43:10 PM
#13
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.
legendary
Activity: 1694
Merit: 4213
April 05, 2021, 05:34:14 PM
#12
Buy how will they come to know that my relative is selling it for me in his country of residence? If I send all my crypto in one go and ask my relative to wait for some time and then sell them.
What if I declare that I am 'gifting' all my crypto holdings to my foreign resident relative.
Crypto trading,holding and mining will be banned but what if I just move them to someone else's wallet?
I don't want to break any law but I have invested all my hard earned money into crypo and I can't leave them like that.
Moving out of my country is also out of question for me. I am looking for some good solution in advance.
Blockchains have no boundaries or jurisdictions and are not subject to laws.
Before discussing any law, it must be read and understood.
The worst offender is the one who prohibits the use of bitcoin.
If fish is banned in your country, will you comply with this law?
Look for like-minded people, communicate, protest in legal ways, or live like powerless slaves.
legendary
Activity: 2366
Merit: 1206
April 05, 2021, 11:08:46 AM
#11
What if I declare that I am 'gifting' all my crypto holdings to my foreign resident relative.
Crypto trading,holding and mining will be banned but what if I just move them to someone else's wallet?
It was already suggested above, the source of funds might questionable for them and may ask where it comes from, it would be better if you will not sell it at once, it may not notice if you will sell it little by little.

I’d recommend you get your consultation with a registered CPA, they might be able to help you with the process.  We could provide you suggestions that will give you an idea of how to make it but the process itself has to be done by professionals.  It's possible for you to get your funds clean as it really is clean. It’s just that, the process it has to take has to be done by your accountants.

Let them help you strategize how you can make your funds legalized. There are always loopholes in legal and numbers.  Seek immediate professional assistance now.
hero member
Activity: 854
Merit: 506
April 05, 2021, 04:33:29 AM
#10
@KryptoKings are you seriously considering avikz advice? You already have said that cryptocurrencies in the future will be banned in your country I don't get the reason why you are still looking for some loopholes when technically all suggestions for you besides avoiding crypto will be illegal.

If in future, crypto is completely banned in my country and holding, trading mining become illegal

Like I already said in my previous post a ban is a ban and even if you somehow created a system where your foreign relatives will be the ones holding it for your it will still be considered as your property you will just be pretending that it is a "gift" which is an excuse you will always be making everytime your relative will send your money again and again to you. If you get caught then chances are you will be penalized accordingly and your crypto will be confiscated by them.

Buy how will they come to know that my relative is selling it for me in his country of residence? If I send all my crypto in one go and ask my relative to wait for some time and then sell them.
What if I declare that I am 'gifting' all my crypto holdings to my foreign resident relative.
Crypto trading,holding and mining will be banned but what if I just move them to someone else's wallet?
I don't want to break any law but I have invested all my hard earned money into crypo and I can't leave them like that.
Moving out of my country is also out of question for me. I am looking for some good solution in advance.
hero member
Activity: 1680
Merit: 655
April 04, 2021, 04:47:06 PM
#9
@KryptoKings are you seriously considering avikz advice? You already have said that cryptocurrencies in the future will be banned in your country I don't get the reason why you are still looking for some loopholes when technically all suggestions for you besides avoiding crypto will be illegal.

If in future, crypto is completely banned in my country and holding, trading mining become illegal

Like I already said in my previous post a ban is a ban and even if you somehow created a system where your foreign relatives will be the ones holding it for your it will still be considered as your property you will just be pretending that it is a "gift" which is an excuse you will always be making everytime your relative will send your money again and again to you. If you get caught then chances are you will be penalized accordingly and your crypto will be confiscated by them.
hero member
Activity: 854
Merit: 506
April 04, 2021, 02:50:24 PM
#8
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 will be still question around the source of funds! It will happen when you will repatriate your funds to your own country. There will be inevitably questions coming your way from the tax authority of your country because that fund will have to be reported to them. That's a bad idea if you are holding a sizable amount of cryptos in your portfolio.
Yes exactly that's my concern too. I will be asked to disclose the source of funds. I will have to give some documents in support of my funds and to prove that I own them. This is the difficult part.

If crypto gets banned in your country in future, there will still be many ways to convert it. Especially p2p trades will come to your rescue just similar to what happened in Nigeria. Just be cautions not to convert a whole lot of money in one go, rather prefer small amount of conversion at certain interval.
P2p will be out of question because no body in my country will buy or sell

Another way is gift. If you have any relative in foreign countries, ask them to send your money to you as a one time gift. This way you will pay taxes on this, but it will be legally cleared. Hope this helps!

That sounds most good option to me but how much gift can my foreign relatives send in one time?
I am sure it will not be more that $10k
hero member
Activity: 2100
Merit: 618
April 04, 2021, 02:43:09 PM
#7
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?
A very interesting question. So I practice taxes & Laws as a professional so I will give you a very simple answer which you would not be able to digest. The answer is "It Depends". It depends how your country has banned crypto. Whether they have banned crypto transactions, whether they have banned crypto holdings, whether they have prohibited their citizens from having any ties with cryptos, whether the law is active with a retrospective effect or just a prospective effect. Law has loopholes and even if you are stuck it's all about playing with the loopholes. Without a law already in place, anyone answering here is just guessing it's not a legal help, don't trust them.

But I don't think this is the answer you want. The answer you want is that assume it's a simple law that bans your interaction with Cryptos. Here is the answer of this assumption:

Every law in it's first section states the extent up to which the law would be valid. For Example: In India, law states the jurisdiction until which the law would extend and a country would ordinarily only extend the law until it's geographic jurisdiction. So technically you are absolutely safe if you do this and come back to the country and pay taxes honestly. But practically it's not going to be this easy. If law bans earning cryptocurrencies with retrospective effect then my friend you can still be caught.

By the way if you can help me with the country you are in I can probably look for any draft laws which that country is making against cryptos and then might help you?
legendary
Activity: 3024
Merit: 1496
April 04, 2021, 01:55:27 PM
#6
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 will be still question around the source of funds! It will happen when you will repatriate your funds to your own country. There will be inevitably questions coming your way from the tax authority of your country because that fund will have to be reported to them. That's a bad idea if you are holding a sizable amount of cryptos in your portfolio.

If crypto gets banned in your country in future, there will still be many ways to convert it. Especially p2p trades will come to your rescue just similar to what happened in Nigeria. Just be cautions not to convert a whole lot of money in one go, rather prefer small amount of conversion at certain interval.

Another way is gift. If you have any relative in foreign countries, ask them to send your money to you as a one time gift. This way you will pay taxes on this, but it will be legally cleared. Hope this helps!
hero member
Activity: 1680
Merit: 655
April 04, 2021, 08:47:36 AM
#5
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.
legendary
Activity: 2212
Merit: 5622
Non-custodial BTC Wallet
April 04, 2021, 07:53:17 AM
#4
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?


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.
legendary
Activity: 2212
Merit: 7060
Cashback 15%
April 04, 2021, 06:15:46 AM
#3
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?
sr. member
Activity: 1134
Merit: 272
April 03, 2021, 03:23:06 PM
#2
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.
hero member
Activity: 854
Merit: 506
April 03, 2021, 03:15:11 PM
#1
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?
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