Is it legal to sell bitcoin for cash ? - page 4.

Faeton

member

Activity: 308

Merit: 11

Quote from: erpbridge on September 08, 2017, 01:05:32 AM

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.

It will legally sell its bitcoins and turn them into cash if in the country at your place of residence special regulations are not passed to ban any deals with bitcoin. There are very few such countries. If your state has not yet passed any laws or regulations on regulation of the crypto currency, then in this case you can sell your bitcoins.

Ayston

newbie

Activity: 203

Merit: 0

Yes, it's only small portion so it's safe to trade! But keep on the list that your location is free country wherein you can freely used and trade crypto, because if not you might be reported and your earning will be confiscated....

Cherylstar86

sr. member

Activity: 1484

Merit: 253

Quote from: Entratish on August 27, 2018, 01:35:30 AM

In some countries it is legal but some countries very much illegal so it very much based on which country you belongs too. Cheesy

You're definitely correct mate. Well, each country have different rules and regulations about bitcoin since this dominant crypto currency is so demand here in cyberworld. Also, we must aware the possible outcome since this kind of business is so controversial which need a great security in terms of transactions.

Airbuxf

member

Activity: 257

Merit: 32

In my country it is legal although if you make a bank transfer from the exchange you should pay an income tax from this transaction. If you echange for cash you can avoid paying taxes but I don't recommend it.

Entratish

member

Activity: 173

Merit: 10

In some countries it is legal but some countries very much illegal so it very much based on which country you belongs too. Cheesy

ruthbabe

sr. member

Activity: 966

Merit: 275

I think it depends on the country you're in or you live if there's existing law that prohibits the sale or use of bitcoin then you must abide on that so as to avoid prosecution. I guess there are around 150 countries where bitcoin and all cryptos are legal.

West0813

full member

Activity: 504

Merit: 100

If your country is not prohibiting you to sell bitcoin or your government is not making bitcoin illegal in your country. Then you are free to sell your bitcoin for cash.

Kris34

newbie

Activity: 100

Merit: 0

Everything will depend on your country and how they relate to bitcoin. If there is no ban on operations, then nothing threatens you.

Girlsbit

newbie

Activity: 108

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Quote from: erpbridge on September 08, 2017, 01:05:32 AM

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.

If there is no ban on crypto, then you can safely do whatever you want.

jenongs

newbie

Activity: 28

Merit: 0

Is it legal to sell bitcoin in cash?
That's possible, but is that legal? Isn't that still a debate?

tot-o

newbie

Activity: 210

Merit: 0

As long as the amount is not bigger than 500000$ in single transaction and the money you use to buy is clean not not used to laundered.... Sell your Bitcoin partially to keep people from n oh ng your financial record...

localexchangeguy

newbie

Activity: 2

Merit: 0

What if a country does not have any regulation about it?

Tapyaks72

member

Activity: 490

Merit: 28

Quote from: passeroutpass on August 17, 2018, 06:39:42 AM

It all depends on what country you live in and how the governing bodies of your state relate to the crypto currency. If in your country the crypto currency is regulated by law, then you need to study this law. Then you will understand whether you can exchange your money for bitcoin.

Actually it is the prerogative for a person who wanted to sell or buy bitcoin, because bitcoin is like a personal assets in which nobody has a control over it, but it will only depending on how governments would impose regulation to some trading sites who operate in their country but if the transaction is P2P or interpersonal it is not illegal at all.

passeroutpass

full member

Activity: 438

Merit: 100

It all depends on what country you live in and how the governing bodies of your state relate to the crypto currency. If in your country the crypto currency is regulated by law, then you need to study this law. Then you will understand whether you can exchange your money for bitcoin.

Rooster101

sr. member

Activity: 826

Merit: 256

If your country doesn't prohibit its citizens to acquire and use bitcoin in transaction it then you can able to sell or convert it to cash regardless of legal or not. Here in my country, a lot of people have already uses bitcoin as their alternative currency but the government is yet to legalize it. The central bank recently approved the use of bitcoin in remittance and I already tried many times.

Flor1982

full member

Activity: 714

Merit: 100

Quote from: erpbridge on September 08, 2017, 01:05:32 AM

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.

Do you mean some of your friends will buy your Bitcoin directly? Well that is possible as long Bitcoin is not ban in your country but you should have to make an agreement with them regarding who will pay the transaction processing fees and the possible income tax once that Bitcoin will be finally convert to fiat in which the local exchanges will require it. Except if your Bitcoin is not legal bun not ban in your country then you could benefits of Bitcoin without tax.

fattycoins

jr. member

Activity: 81

Merit: 1

THERE SHOULD NOT BE ANYTHING WRONG IN DOING SO UNLESS YOU HAVE CERTAIN GOVT PROHIBITIONS.OTHERWISE IT IS FINE IF YOU PAY YOUR TAXES WITH RESPECT TO THE MONEY YOU ENCASH

Edraket31

hero member

Activity: 1190

Merit: 511

Quote from: SventraPapere on August 13, 2018, 10:59:24 AM

Sure it is.At least if in your state there is no special ban.Or just do not forget to pay taxes according to the laws of your state)))Where is the tax while it does not.I do not understand why this should be prohibited?)You do not sell weapons.

It is not illegal to turn bitcoin into cash, what's illegal is scamming people and using bitcoin as an instrument, for sure that there are lots of out there trying to victimize people with their illegal actions that is why it is so important to be vigilant always.

SventraPapere

full member

Activity: 410

Merit: 100

Sure it is.At least if in your state there is no special ban.Or just do not forget to pay taxes according to the laws of your state)))Where is the tax while it does not.I do not understand why this should be prohibited?)You do not sell weapons.

BasttikKosterr

newbie

Activity: 10

Merit: 0

Nothing absolutely wrong with that. although, Selling Bitcoin as a business requires a license and consciously selling Bitcoin to someone whom you know to be a money launderer is a path to conviction.

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