Topic: Is it legal to sell bitcoin for cash ? - page 24. (Read 26809 times)
It's rely on what country you are located .. Some countries are loyal to crypto-currencies, but they are not officially recognized. Somewhere they are generally prohibited
It totally depends upon the local exchanges and country where you live, every nation has a different set of rules for bitcoin and crypto currency. So, it will be better if you also put a reference about the country where you live. Generally, if it is legal in your country then you may need a KYC registration and then you may directly transfer the Bitcoin to you bank Account through Online Wallet only or if LocalBitcoins are available in your country then you can directly trade it for local currency.
I think it depends on the country. In some countries it is legal and in some there is no
It depends on country and its attitute to coins.. Many countries don't allow this but people use coins without any problems
I was thinking of selling my bitcoins for cash. Is it perfectly legal to do so ? Amount is close to 3-4K.
Thanks for reading.
Thanks for reading.
obviously not. it's free here to sell or buy bitcoin in my country.
Legal is what is regulated by the state. At the same time, if certain actions are not prohibited, according to the general rule they are considered admissible. Thus, each person can perform any actions with the crypto currency, if they are not directly prohibited by law.
It is totally depends on country you live in. Almost every country there is a exchange wallet from which one can exchange the bitcoin . But I don't know what you are suggesting . Seems you want to sell bitcoin to a person for the cash! In my country it is legal upto a certain amount. you must documented your deal if the amount is very high.
I think not all illegal countries (bitcoin) prohibit cash sales transactions, because in fact some countries are illegal to bitcoin but can still trade with bitcoin for trade transactions or business transactions, and in some countries in Asia even though bitcoin is not yet legal yet transaction usage still can. done easily and without problems,
In my opinion because of it will be a sale in cash, the state of illegality or not, will not influence this, Since there will be no trace of that transaction. However, attach this link to know what its status in your country; https://www.coindesk.com/information/is-bitcoin-legal/
I guess it depends on which intermediary you're using. If it's private, as in person to person, I don't think there is any problem. I mean.. you can basically sell anything for cash?
If within privately you deal in cash then there is no issue only as many of them would be even doing this. But you need to be honest and pay taxes and record this in books of accounts. There are some counties where anything traded above in certain amount in cash will require the valid id proof of the other person just so that its recorded.
I was thinking of selling my bitcoins for cash. Is it perfectly legal to do so ? Amount is close to 3-4K.
Thanks for reading.
no, bitcoin is used for buying and selling therefore its not illegal and no one can say or has a law that its illegal. you can do whatever you want with your bitcoin because its yours and no one can stop you not even the government or whatever those people think that bitcoin is illegal. Thanks for reading.
I was thinking of selling my bitcoins for cash. Is it perfectly legal to do so ? Amount is close to 3-4K.
Thanks for reading.
Thanks for reading.
You are a Legendary member here and you are asking such question?
Are you real? As long you pay the related taxes if you bought those coins. So far I don't see why shoud it be illegal and if it was a banned activity in your country you should already be aware of it (hummmm not sure after all)
I guess it depends on which intermediary you're using. If it's private, as in person to person, I don't think there is any problem. I mean.. you can basically sell anything for cash?
Two things important first how much you want to sell second the laws of the country, against the laws of the country where the judgment was made before making a correct decision.
The laws are unimportant as there are no countries that have banned the ownership of BTC. You can't be punished for trading cryptos. In some countries you can't open an exchange, because you won't be able to register it with the authorities, but still there are no countries where bitcoin transactions are being watched and penalized. In other words, you can sell your coins for cash all around the world... for now. It is not highly recommended in many countries and state but they're must be an exception depending on how your country tolerating this kind of transaction. In my country those big amounts if not declared after the exchange is a red flag and may question its legality under money laundering act. As it could be suspicious when bitcoin is not well documented and not recognized by that government. So just be careful on dealing with those amount. If it necessary you can divide it for safety.
If government forbid bitcoin usage so you need stop to do it meanwhile my governement side, still not legalize but not forbid yet so I can still able use bitcoin with my own risk as they can't help me if something bad happen when I use bitcoin
Good for you, and i do agree on that "you need to stop when it is forbidden". Maybe you misunderstood me, because in my country it is not illegal and not yet legal either. But to make such big transactions is not ideal as our government are fighting or tracing much now on illegal activities including money because of many issue of laundering cases before it is only prevention but being hassled is something I don't want to be.
Two things important first how much you want to sell second the laws of the country, against the laws of the country where the judgment was made before making a correct decision.
If anyone wants to bother himself about the letters of the law, you would probably not make any move at all because there are several laws that you don't even know existed until you commit an offence then you realise how much laws you have broken. Over here in my country, I have done a lot transaction via bitcoin conversion to cash but it went through bank after the transaction has been completed via social media. Its just going to be someone sending money to another individual which is not against the law.
I was thinking of selling my bitcoins for cash. Is it perfectly legal to do so ? Amount is close to 3-4K.
Thanks for reading.
Thanks for reading.
It depends on your local laws, Mostly it is safe to sell the bitcoins for cash; no authority is able to noticed that you have en-cashed the coins as the transactions takes place anonymously and the identity of the user is hidden.
I was thinking of selling my bitcoins for cash. Is it perfectly legal to do so ? Amount is close to 3-4K.
Thanks for reading.
Thanks for reading.
Depends on your country, see what the regulations say. 3-4 K is not a huge amount. I believe in most countries it is legal to sell BTC for fiat.
Also depends on if you have any capital gains to declare or if the BTC came from income you should check if you need to comply with tax reporting.
It is not highly recommended in many countries and state but they're must be an exception depending on how your country tolerating this kind of transaction. In my country those big amounts if not declared after the exchange is a red flag and may question its legality under money laundering act. As it could be suspicious when bitcoin is not well documented and not recognized by that government. So just be careful on dealing with those amount. If it necessary you can divide it for safety.
If government forbid bitcoin usage so you need stop to do it meanwhile my governement side, still not legalize but not forbid yet so I can still able use bitcoin with my own risk as they can't help me if something bad happen when I use bitcoin
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