If your country does not allow the use of Bitcoin, what would you do? - page 2.

Daniel91

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Quote from: UKprod on July 03, 2021, 08:01:39 AM

Quote from: Robinson66 on July 02, 2021, 09:53:22 PM

and India has also stated that it has banned cryptocurrency by legislation.

Quote from: Daniel91 on July 03, 2021, 07:48:33 AM

Since I live in the EU I personally have no such worries but people living in countries like India where crypto is not legal (from what I have heard) have a big problem.

Pardon me, but both of these facts are outdated as of now. India has not banned cryptocurrencies as of now. There is a cryptocurrency bill lined up and India is taking inputs from various industry experts in order to regulate cryptocurrencies. I believe that the ill-informed and less literate media has been spreading the news that crypto is completely banned in India. A full crypto ban was never made in India. But yes, one committee has recommended that crypto be banned. But the government is yet to consider the same.

Further, in the past RBI (central bank) had issued notices to banks/forex brokers from maintaining accounts of people dealing with cryptocurrencies. However, the same was quashed by the Supreme Court and currently the RBI itself has quoted the Supreme Court order to state that there is no restriction on banks/forex brokers. This came after some banks were found to be denying services on the basis of the previous notification.

You can read the full history of proceedings over banning of cryptocurrency in India in my post

Okay, thanks for the correction. This is very good news for the crypto community in India and I'm happy about it.
In fact, I hope that the ban on crypto will not happen in any country in the world, because there really is no reason for that.

nakamura12

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You can use cryptocurrency you want like bitcoin but if you're caught having bitcoin then you won't be protected by your country's law. The difference is you can't use exchanges without using VPN. In my country, the price of bitcoin when you sell is the same as the current price but when you buy bitcoin is that the price is higher than the current price which is more like a TAX.

akirasendo17

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is there any country that totally banned bitcoin? for example, our countries do not have any policy against bitcoin, as far as I know, only those scam investment that uses bitcoin are not allowed of course, also heard a news that the stock exchange here is opening its way to crypto, but if what you say is going to happen, ill probably just keep my crypto and wait, for them to allow the use and trading because as far as I know, they can't totally ban it.

qwertyup23

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It depends upon the law enforcing which states the violations thereof.

If owning cryptocurrencies is directly against the law which criminally punishes a person, then I wouldn't hesitate to dispose my remaining BTCs. But if the government of my country is only strongly against cryptocurrency but does not prohibit one from owning, then I would keep it. Anything that is against the law, I would comply in order not to risk anything.

In reality, I doubt that countries would punish someone for owning cryptocurrencies. Even if they see decentralization as a threat to their control, I doubt that they would implement a law that punishes people from owning one.

UKprod

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Quote from: Robinson66 on July 02, 2021, 09:53:22 PM

and India has also stated that it has banned cryptocurrency by legislation.

Quote from: Daniel91 on July 03, 2021, 07:48:33 AM

Since I live in the EU I personally have no such worries but people living in countries like India where crypto is not legal (from what I have heard) have a big problem.

Pardon me, but both of these facts are outdated as of now. India has not banned cryptocurrencies as of now. There is a cryptocurrency bill lined up and India is taking inputs from various industry experts in order to regulate cryptocurrencies. I believe that the ill-informed and less literate media has been spreading the news that crypto is completely banned in India. A full crypto ban was never made in India. But yes, one committee has recommended that crypto be banned. But the government is yet to consider the same.

Further, in the past RBI (central bank) had issued notices to banks/forex brokers from maintaining accounts of people dealing with cryptocurrencies. However, the same was quashed by the Supreme Court and currently the RBI itself has quoted the Supreme Court order to state that there is no restriction on banks/forex brokers. This came after some banks were found to be denying services on the basis of the previous notification.

You can read the full history of proceedings over banning of cryptocurrency in India in my post

Daniel91

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Quote from: Tristan Bieber on July 03, 2021, 02:56:43 AM

Currently, Bitcoin cannot be banned in a single country. If you understand the blockchain, you know that, technically, no country can basically control Bitcoin. Because Bitcoin is a consensus reached by anonymous participants around the world, it can only be restricted by law but obviously cannot be forbidden. It can only be guided and restricted.
My country does not explicitly prohibit bitcoin transactions, but restricts some bitcoin transactions. If the op country bans bitcoin transactions and mining, I suggest you don’t use your own wallet to test it. Mining can be relocated to other countries that are friendly to cryptocurrency. In short, you must protect your property.

I don’t think any of us are afraid that the government might control our crypto activities on the Internet.
The problem, however, arises when we want to withdraw our crypto earnings and convert it into fiat currency so that we can buy a new car, a house etc.
At that point, anonymity disappears and you have to somehow report your crypto earnings and prove that it came from a legal source.
This is what most people in the crypto world are most afraid of.
Since I live in the EU I personally have no such worries but people living in countries like India where crypto is not legal (from what I have heard) have a big problem.
If your country does not allow the use of Bitcoin, what would you do?
If I had a large amount of crypto funds in my wallet, I would probably go live in another state.

cheezcarls

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Even if it was “banned” in China especially financial institutions, banks, etc., there’s no stopping these Chinese enthusiasts from transactioning Bitcoin via P2P and using VPN to trade on exchanges (especially DEXs).

Let’s say if my nation prohibits citizens from trading Bitcoin and other cryptocurrencies by banning banks, remittances, payment gateways, etc., from dealing with crypto companies, I would rather do the same thing by using VPN and doing P2P exchanging.

Or if it’s gonna get worse, i would move to another crypto friendly country and apply for dual citizenship (or changing my citizenship). Coz’ I can’t live without crypto lol.

TheNineClub

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Honestly, I would just wait it out if possible. Things change from one cycle to the next and we might see more countries adopt some for, or start acknowledging Bitcoin in the same way, during the next cycle. Maybe not to make hasty decisions but rather to see what happens. Monetary policies change with the tide.

isaac_clarke22

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Quote from: Robinson66 on July 02, 2021, 09:53:22 PM

~

The El Salvador news was really something direct and I wish the same could be said in my country.
In case that Bitcoin is prohibited in my country, I would just search out in Facebook on who to trade here in my area ONLY IF I was already hodling BTC.
If I was like back in my 2013 misconception about Bitcoin, I might not care at all which is kind of sad but surely later on I would find ways to buy more BTC assuming that hodling is still allowed, not just the traditional transaction you'll usually do.

UserU

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Quote from: Robinson66 on July 02, 2021, 09:53:22 PM

A few days ago, it was learned that El Salvador has set Bitcoin as legal tender, China has banned mining, and India has also stated that it has banned cryptocurrency by legislation. Recently, the German Fund Positioning Act allows investment in cryptocurrency, but in the past few days, I have seen a lot of discussions about whether Bitcoin is legal. What should I do if Bitcoin is prohibited in my country/region? If mining is prohibited, do I need to switch to a place that recognizes Bitcoin to continue mining?

Correction, the announcement was made on the 9th of June, almost 1 month ago

https://www.reuters.com/world/americas/el-salvador-approves-first-law-bitcoin-legal-tender-2021-06-09/

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I will not be original if I say that Bitcoin is also not credible in my country. The government does not exclude its use, but the owner of the bitcoins should bear all the risks. As for mining, it is strictly suppressed, since the use of electricity is very expensive. Well, if you follow the news about Chinese miners, they, being adherents of mining, are looking for alternatives, and are ready to move to other territories, just not to abandon the business to which they are loyal.

Tristan Bieber

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Currently, Bitcoin cannot be banned in a single country. If you understand the blockchain, you know that, technically, no country can basically control Bitcoin. Because Bitcoin is a consensus reached by anonymous participants around the world, it can only be restricted by law but obviously cannot be forbidden. It can only be guided and restricted.
My country does not explicitly prohibit bitcoin transactions, but restricts some bitcoin transactions. If the op country bans bitcoin transactions and mining, I suggest you don’t use your own wallet to test it. Mining can be relocated to other countries that are friendly to cryptocurrency. In short, you must protect your property.

GeorgeJohn

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Responding first from the caution of the topic, if a country we are don't allow use of bitcoin, what shall do? the answer is that we do nothing, because country have the last authority to penalize anyone, but from me, i think if you are a trader you have to do all your cryptocurrencies related in secret to avoid violating of government order

Quote from: Robinson66 on July 02, 2021, 09:53:22 PM

A few days ago, it was learned that El Salvador has set Bitcoin as legal tender, China has banned mining, and India has also stated that it has banned cryptocurrency by legislation.

If using of bitcoin has been accepted or implemented into law, what's the need of china as country to ban mining, we have to know, because no country can ban cryptocurrency and especially bitcoin, the only thing they can do is to restrict cryptocurrency in their country, even some African countries who tried to restrict cryptocurrency, but till now Crypto is still in existence according to news.

Quote from: Robinson66 on July 02, 2021, 09:53:22 PM

Recently, the German Fund Positioning Act allows investment in cryptocurrency, but in the past few days, I have seen a lot of discussions about whether Bitcoin is legal. What should I do if Bitcoin is prohibited in my country/region? If mining is prohibited, do I need to switch to a place that recognizes Bitcoin to continue mining?

Bitcoin legal, their is no two ways to think about bitcoin legalisation, it depends the country who don't want to accept cryptocurrency and bitcoin in particular as a legal tender, bitcoin transaction base on online it's not a manual something whereby people will detect what you are doing easily, my suggestion is that you can transact with btc in your room, no need of going out of your country before the transaction will be processed.

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Quote from: Robinson66 on July 02, 2021, 09:53:22 PM

What should I do if Bitcoin is prohibited in my country/region? If mining is prohibited, do I need to switch to a place that recognizes Bitcoin to continue mining?

If bitcoin holding or trading is banned in your country then you have no other choice than moving to another place where cryptocurrency is legal and it applies to the mining but if you are okay with violating the laws and you are going to hold the assets for longer term then you can do the activities from your own country and sell the mined bitcoin in p2p trading platforms.

$crypto$

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Well, you have to stop being an activity in bitcoin because this has become a ban in your country especially with the law which will later lead to prison because of its ownership, I think bitcoin ownership will not insist on banning it but only the government is not responsible for all this then some countries still do not legalize bitcoin.

But I'm still happy that my country of residence supports cryptocurrencies even though it's not fully, but banks will make digital money which will later be similar to bitcoins that can be traded on exchanges.

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Quote from: Robinson66 on July 02, 2021, 09:53:22 PM

What should I do if Bitcoin is prohibited in my country/region? If mining is prohibited, do I need to switch to a place that recognizes Bitcoin to continue mining?

Probably it would take a lot of time in my country beforr this happen. My country somehow supports some of these cryptocurrency activity, hence our government is unlikely to ban bitcoin and other cryptocurrency but expect some warning for those unregulated or what weve called ICO. Cause SEC in our country will definitely not tolerate any scam projects that lurking in our territory. But if ever this happened. I would still continue to do trading or maybe fly out to a country that accepts or has no banned on crypto.

OcTradism

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Quote from: jackg on July 02, 2021, 10:32:54 PM

Quote from: OcTradism on July 02, 2021, 10:07:26 PM

If your nation simply have yet officially accept Bitcoin and cryptocurrency, you can use it but be aware that you will not be protected by laws in your nation.

I'd reconsider this statement. If you're in a country where bitcoin is a de jure asset (eg in places like the EU where an asset has to be expressly made illegal to own) then you do have legal rights to possess the asset, trade it and receive the same contractual/legal protections as long as you confirm yourself to their requirements (for example not doing a single transaction of more than €15000 cash without KYC).

You can trade and won't be put into jail because you have trades with Bitcoin or cryptocurrency.

Only when you have crypto trades and you were scammed by trade partners or your trade partners use dark money for money laundering, you will not be protected by laws. You will lose your money and can not find any help from police, banks or government.

You can not visit the police office and say I have a bitcoin trade via bank transfer, and I was scammed, please help me.

jackg

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If bitcoin became illegal, I'd just travel whenever I wanted to sell it. A lot of drugs are illegal and yet they're still everywhere in most developed countries.
If mining became illegal and I was mining then I'd just sell the miner, ship it elsewhere or buy a boat to move them.

Quote from: OcTradism on July 02, 2021, 10:07:26 PM

You need to differentiate between being legal tender and being banned or restricted.

Does this change based on the country? In the UK legal tender is strictly "what the courts will accept". You can pay for anything in non legal tender and some legal tender won't be accepted (such as paying for a £5000 car in pennies).

Quote from: OcTradism on July 02, 2021, 10:07:26 PM

If your nation simply have yet officially accept Bitcoin and cryptocurrency, you can use it but be aware that you will not be protected by laws in your nation.

I'd reconsider this statement. If you're in a country where bitcoin is a de jure asset (eg in places like the EU where an asset has to be expressly made illegal to own) then you do have legal rights to possess the asset, trade it and receive the same contractual/legal protections as long as you confirm yourself to their requirements (for example not doing a single transaction of more than €15000 cash without KYC).

OcTradism

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Quote from: Robinson66 on July 02, 2021, 09:53:22 PM

What should I do if Bitcoin is prohibited in my country/region?

In many nations bitcoin and cryptocurrency are not legal tenders. You need to differentiate between being legal tender and being banned or restricted.

If your nation ban or restrict bitcoin and cryptocurrency usages, exchanges, you have to be very careful because you can be caught and put in jail by law.

If your nation simply have yet officially accept Bitcoin and cryptocurrency, you can use it but be aware that you will not be protected by laws in your nation.

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There isn't a single country that has successfully banned Bitcoin. I would continue using it in whatever capacity I was able to use it. If mining is banned and you have the resources to relocate then you should. Otherwise just sell your mining equipment and find other ways to earn Bitcoin.

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