Is it illegal for me to sell my Bitcoins? - page 4.

PacePay

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Quote from: Maesters1- on September 19, 2016, 03:55:20 AM

Quote from: AdolfinWolf on September 18, 2016, 03:26:33 PM

Quote from: Blinken on March 10, 2015, 08:53:45 AM

I heard that some people have been arrested and charged with "transmitting money without a license" for selling Bitcoins.

Does this mean it is illegal for me to sell my Bitcoins?

Depends mostly on your country, some countries dont have any rules, some completely block it, also in some countries you need to pay tax about it.

i thin still not a single country has given any statement about bitcoin, i think still they do no feel the need to give any statement about bitcoin, therefore ever one is free to use bitcoin either sell it or buy it or hold it,

You are right we are free with our bitcoins none of the country have control over it and they do not have any restriction over it and I have not heard about any person who has been arrested for the using/selling of bitcoins.

eaLiTy

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Quote from: mindrust on September 07, 2016, 03:45:51 PM

As long as you don't do it as a job, you will be fine.

And if you don't live in the US, UK or Germany; you will be fine whatever you do.

Still you better be careful and don't make many money transfers from your bank account. Too many large amount of money movements from the same account will definitely take attention.

i didnt know about these things,i thought if you file the income tax returns correctly even your online returns and bitcoin transactions comes under online revenue and you would be fine,personally i dont have any experience since i never sold a huge stash of coins at one time,but i have filed all my returns,about the arrests that OP mentioned i do not think you wont get into trouble unless you deal with illegal items .

Maesters1-

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Quote from: AdolfinWolf on September 18, 2016, 03:26:33 PM

Quote from: Blinken on March 10, 2015, 08:53:45 AM

I heard that some people have been arrested and charged with "transmitting money without a license" for selling Bitcoins.

Does this mean it is illegal for me to sell my Bitcoins?

Depends mostly on your country, some countries dont have any rules, some completely block it, also in some countries you need to pay tax about it.

i thin still not a single country has given any statement about bitcoin, i think still they do no feel the need to give any statement about bitcoin, therefore ever one is free to use bitcoin either sell it or buy it or hold it,

Xester

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Quote from: AdolfinWolf on September 18, 2016, 03:26:33 PM

Quote from: Blinken on March 10, 2015, 08:53:45 AM

I heard that some people have been arrested and charged with "transmitting money without a license" for selling Bitcoins.

Does this mean it is illegal for me to sell my Bitcoins?

Depends mostly on your country, some countries dont have any rules, some completely block it, also in some countries you need to pay tax about it.

True. It really depends on one's country that he is living in. Countries that banned or blocked it might not really be interested or did not studies bitcoin's potential. Since the government would not really benefit from it then there is no reason for these countries to allow bitcoin in their country. Fortunately bitcoin is allowed in my country and I can have my extra income through this.

AdolfinWolf

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Quote from: Blinken on March 10, 2015, 08:53:45 AM

I heard that some people have been arrested and charged with "transmitting money without a license" for selling Bitcoins.

Does this mean it is illegal for me to sell my Bitcoins?

Depends mostly on your country, some countries dont have any rules, some completely block it, also in some countries you need to pay tax about it.

PsursV

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Quote from: BrianDonaldson on September 07, 2016, 01:55:20 PM

Agreed with enryk there is usually a limit on the amount you can sell without getting in trouble. You will usually have to refer to local laws of your area to make sure.

Vethan Law Firm
[/quote
but i think there is no limit for bitcoin selling or buying, and still there is no law yet exercise any where about bitcoin so bitcoin is free from any law and still no government has yet any official announcement about bitcoin,

groll

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Quote from: StoreBit on September 11, 2016, 05:52:08 AM

Quote from: YTBitcoin on September 07, 2016, 03:38:39 PM

I think you should not have to sell your bitcoins but have to keep them in your wallet and whenever you want to buy any thing try to search it on online shops where bitcoin is accepted and when you will need to shop on any shop where you will have to pay with credit card then try to use bitcoin debit card.

yes it is very good feeling if you have the opportunity to use bitcoin directly for buying and selling things but if you have no such facilities available in your area then you must have to convert it in fiat currency but if your state do not allow you to do so and still you converting it in your fiat currency then you are in fact involve in illegal activities.

That would be a hard thing to do. If your country do not allow bitcoin how come you convert it into a fiat currency. Maybe you could try something like open an account with paypal and started to do some trading and all the fees will be transferred on your paypal. Or the only way you could do is to buy products online, then you can spend your bitcoins without making any risk or tagged to be an illegal activity.

StoreBit

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Quote from: YTBitcoin on September 07, 2016, 03:38:39 PM

I think you should not have to sell your bitcoins but have to keep them in your wallet and whenever you want to buy any thing try to search it on online shops where bitcoin is accepted and when you will need to shop on any shop where you will have to pay with credit card then try to use bitcoin debit card.

yes it is very good feeling if you have the opportunity to use bitcoin directly for buying and selling things but if you have no such facilities available in your area then you must have to convert it in fiat currency but if your state do not allow you to do so and still you converting it in your fiat currency then you are in fact involve in illegal activities.

groll

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Quote from: Xester on September 08, 2016, 09:19:59 AM

Quote from: Blinken on March 10, 2015, 08:53:45 AM

I heard that some people have been arrested and charged with "transmitting money without a license" for selling Bitcoins.

Does this mean it is illegal for me to sell my Bitcoins?

That was weird. I never heard of that kind of story before. If they were told that they are illegally transmitting money without a license, would that mean that they were being monitored?

I do not think that it would happen to me. Bitcoin is legal in my country. Maybe those person who were charged with illegal transmission of money may be involved in some crime before. They must have used bitcoin to cover up some of their illegal activities. Bitcoin is legal to sell. Everyone is doing it.

Are you sure that it will not gonna happen to anyone? It just happened to him and I think we should be more extra careful. And you are right, maybe some one was charged of transmitting money without a license because they have a case before. Maybe they sell their bitcoins and then the buyer did not receive anything. So they was on the watch and then when there was another transaction they were trapped. As long as we do not do something wrong or fool anyone we are safe with buying and selling our bitcoins.

Xester

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Quote from: Blinken on March 10, 2015, 08:53:45 AM

I heard that some people have been arrested and charged with "transmitting money without a license" for selling Bitcoins.

Does this mean it is illegal for me to sell my Bitcoins?

That was weird. I never heard of that kind of story before. If they were told that they are illegally transmitting money without a license, would that mean that they were being monitored?

I do not think that it would happen to me. Bitcoin is legal in my country. Maybe those person who were charged with illegal transmission of money may be involved in some crime before. They must have used bitcoin to cover up some of their illegal activities. Bitcoin is legal to sell. Everyone is doing it.

mindrust

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As long as you don't do it as a job, you will be fine.

And if you don't live in the US, UK or Germany; you will be fine whatever you do.

Still you better be careful and don't make many money transfers from your bank account. Too many large amount of money movements from the same account will definitely take attention.

YTBitcoin

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I think you should not have to sell your bitcoins but have to keep them in your wallet and whenever you want to buy any thing try to search it on online shops where bitcoin is accepted and when you will need to shop on any shop where you will have to pay with credit card then try to use bitcoin debit card.

BrianDonaldson

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Agreed with enryk there is usually a limit on the amount you can sell without getting in trouble. You will usually have to refer to local laws of your area to make sure.

Vethan Law Firm

Dudeperfect

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I would suggest you to stay refrain from selling bitcoins to suspicious individuals or exchanges. There are some cases where sellers were accused for accepting unethical cash or funds in their bank account.

I am not sure with this but you can try to sell bitcoins by paying a service tax on it (again, I’m not sure it works or not) but have a look on unocoin’s website. They charge certain amount as service tax and pay it to government as service tax collected.

PsursV

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Quote from: susila_bai on August 14, 2016, 11:53:11 AM

It is upto which country you are staying, because each and every country have their own law for bitcoins, in my country still bitcoin is not legal or illegal, so we dont give any information. or we say it as short term profit.

i think still no country have any law about bitcion, they have not yet given any official statement about bitcio, may be bitcoin is under their discussion but still they have not given any statement about bitcoin . therefore in most of the states people are still free to use bitcoin according to their own wishes.

squatz1

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Flying Hellfish is a Commie

Well any profit that you make from selling it should be reported as earnings when taxes roll around.

So it's not illegal but you still must follow an assortment of rules.

StoreBit

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Quote from: YTBitcoin on August 31, 2016, 07:35:10 AM

It may depend on your country if your country have rules like that and they do not want you to use bitcoin and after that hey catch you for doing that then they will arrest you, by the way I have not heard a news like that before here.

i personally have no idea about this, as we are not facing such kind of situation in our country, although bitcoin is not yet announced as legal currency, in previous days i was withdrawing so bitcoin, for this i exchanged it into dollar and then to our local currency using banks, so they asked me for proof that where i got the money i simply give then the statement about bitcoin, signature campaign and receive my money.

YTBitcoin

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It may depend on your country if your country have rules like that and they do not want you to use bitcoin and after that hey catch you for doing that then they will arrest you, by the way I have not heard a news like that before here.

Theorin

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In some countries it is illegal currency Bitcoin. Or those people have done something illegal Bitcoin Cry

luxuryvilla

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I don't think it is illegal but if your coutry ban bitcoin, it can be illegal, they may charge you laundry money, steal tax and so forth.

In my country, this is ok, I sell it on exchange and get money from bank transfer.

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