Topic: Not banned, yet not accepted - page 4. (Read 661 times)

It's interesting to see how different countries approach cryptocurrency. Despite restrictions, people find ways to use Bitcoin. It's a gray area, really. On a different note, I've been using XGo's xgo ID, and it's quite handy. It simplifies the whole crypto experience.

Bitcoin can be banned as a currency, which is, for example, the case in Turkey or Thailand, but at the same time it can be allowed to trade with it, which could be called a partial ban. However, some countries may introduce a complete ban on paying, trading, and even owning Bitcoin, but this cannot prevent an individual from carrying out all these actions in a way that does it all in the background, away from the eyes of their authorities.

In other words, you cannot on an individual level prohibit someone from doing anything with Bitcoin, but you can only try to make it difficult or discourage them from doing it. After all, did Satoshi ask permission from anyone to start Bitcoin?

If your country only ban Bitcoin that related to banks, you only need to use P2P exchange or DEX, so you will not link it with banks or other third party. Bitcoin don't have to be accepted, however if depend on your country if holding or use Bitcoin is legal or not. If it's not legal and you want to become a good citizen, sadly you shouldn't use Bitcoin. But if you want to accept a risk and not use Bitcoin for a bad thing, then go for it.

Bitcoin is out of ban for banks from using it, and not for people who love to use or own it. The government knows that if they restrict banks from bitcoin, it will slow the adoption of bitcoin and it will also discourage the citizens to adopt bitcoin, especially the people that don't have the knowledge of bitcoin that it is decentralized and can't be tracked ny government who the owner is if you are using a ceentralized exchange. If bitcoin is ban and not restricted in your country and you are breaking the law, if you get caught, you will pay the price for the offense. In my country, bitcoin is only restricted from banks but not from citizens and the rate of adoption is increasing.

I don't think the reason is because more and more people are using bitcoin and the government decided not to ban it.  so what happens if everyone uses bitcoin and the government loses control of its citizens?  The government will collapse because of that.  countries that do not yet have a ban but also do not have any regulations for bitcoin, simply because they are being discussed and regulations are issued is only a matter of time.  don't think the government will ignore bitcoin or us, they realize it's a huge tax source to mine so they don't want to ban it anymore.

Perhaps because I have not encountered specific cases of legal issues with countries declaring bans on the use of bitcoin, and as I understand it, it will not be possible to ban everyone's use of bitcoin. Like some cases that I know in Korea and Japan, they tax larger transactions than international ones, but it cannot be said that they prohibit their use.

And the ease of using and trading bitcoin makes things simple as long as people want to use it, the story is not prohibitive but there is also no easy acceptance, just like the limited intervention. It doesn't make much sense because over time they will still have to accept it gradually (that's what happened in recent years).

Banks are just careful. It's not worth the trouble to them: governments are breathing down their neck with AML requirements. Here, governments don't even specify what they expect banks to do, but if they fail, they get huge fines.
So banks question crypto related transactions, and some banks have closed customers' accounts despite Bitcoin not being banned.
It's similar to banks refusing legal prostitutes and coffee shops as customers.

The main reason why government not making Bitcoins legal is because, they cannot control or regulate it. They cannot keep a track on users. They can’t find out how many Bitcoins each user is holding due to the decentralised nature of the coin. Moreover they also know that many people are using it on daily to daily basis, hence they are not banning it also. I would suggest you to not get tensed about this. Let the government do whatever they want, you just accumulate Bitcoins and hold it naturally.

It's risky to use Bitcoin in a country where it's banned and if it's not ban then you are free to do anything, even if your bank don't want anything Bitcoin, I expect everyone to avoid letting their banks to know about their internet in Bitcoin, because if eventually the country lawmakers or leaders decide to cause some ruckus to Bitcoin buyers and investors you will easily be part of the first people to go after.

If your country supports Bitcoin and the Banks say no, or your country doesn't support Bitcoin at all, make sure you keep your Bitcoin involvement to yourself and also away from your centralized Banks, doing this will keep you in the league of clean people, away from any future threat on Bitcoin adopters.

The government has no best interest for their people, always have this in mind, and if people are making bigger money from Bitcoin than every other things, the government will be the first to hate, keep using peer-to-peer strategy to sell and buy your Bitcoin, it's important.

In my opinion, the restrictions on Bitcoin in several countries where it cannot be used for daily transactions is to protect their fiat and also because there is no law that regulates its use so that when there are cases of Bitcoin users in their transactions they cannot carry out instructions and so on because there is no law.
My country doesn't ban Bitcoin, it just imposes restrictions. I can still use a local bank to receive money from selling Bitcoin through an exchange that has received permission from the government.

My country just had a new government in place and from their body language, it seems the government will be pro Bitcoin and fintech. I know it is too early to conclude but the signs are there following some of their actions and policies. First, they have directed all banks to lift the restrictions placed on several accounts that were involved in Bitcoin and cryptocurrency transaction, forex trading and other fintechs. The last administration was against anything they could not control including cryptocurrency and forex trading so they banned all thereby shrinking the economy.

This was Buhari policy because the government was not friendly to cryptocurrency and other fintechs. Since the inception of this new administration, a lot of that have been relaxed. I made This post showing the ban have been lifted and account of persons restricted due to their involvement in cryptocurrency, forex trading and others.

If you check the resources I share in that post, you will realize that this government is a little liberal to startups and youth oriented companies so I expect cryptocurrency to enjoy deeper penetration now in Nigeria than ever.

The only challenge we have now is that some of the government agencies feel threatened by Bitcoin and cryptocurrency. Hence, they are pushing for the government to ban Binance  which they feel is responsible for the poor performance of their local currency against the dollar. Well, I doubt this will scale through because they already received a lot of backlashes for such poor conclusion that make them appear incompetent to handle the country's FX business.

This is what is currently happening in my country, where the government does not prohibit cryptocurrency, but banks do not support transactions for it. But despite this, there are quite a lot of people adopting Bitcoin as their investment or payment and the government is not taking any action. I think the government is still too busy with their business and hasn't drafted a law for it, so you could say that the Bitcoin regulations are still gray and you won't be subject to fines or criminal penalties if you use it.
However, if it is a criminal matter such as fraud or money laundering or using Bitcoin to replace the country's currency, you can still be punished for that, because there are laws and there have been several cases for this, other than that there is no problem.

Exactly ban is very different from restrictions, banning is when the government is seriously stern against it like banning of its mining and also setting aside punishment for anyone who engages in it. But for restrictions it will simply ‘hey we the government don’t want to associate with the stuff and also the banks shouldn’t but if you choose to it is at your own risk’ this way it is restricted to been used publicly but not banned to be used by individuals just that they carry the risk them selves. Although when there is restrictions I would advice one to be cautious of using it because if the government one day turns to ban it, those using it publicly during restricted days will be at danger

There are several layers to "ban." People cant use cryptocurrency as much when their government doesnt let local banks control cryptocurrency deals. Bitcoin and other cryptocurrencies work without banks. Although restrictions, it does not completely prohibit individual owning or making p2p transactions.

What should be the definition of bans in the crypto era? If limited but not eliminated or unreachable, is it banned? I believe bitcoin is lawful if people can hold, send, and utilise it outside of banks, notwithstanding some bans. Still, its crucial to navigate this grey area and understand the risks and legal implications.

There are two types of this kind of bank:

• total ban
• implicit ban

If bitcoin is totally banned in a country, that means the lawmakers have signed a bill that the executive (like the president of a country) has signed into law that bitcoin and other cryptocurrencies are banned in the country completely. It depends on how the ban is but if exchanges and other centralized services are banned, no exchange will provide crypto service to the people in that country. Only what citizens of the county can do is to be involved in decentralized exchanges and direct P2P, but which may be deemed as illegal.

If it is implicit ban, like in the country that you come from which is Nigeria, not even the government that ban bitcoin, it is the CBN which is the central bank of Nigeria. CBN has no right or power to tell individual not to trade cryptocurrencies. Only the banks, and those like Mastercard and the likes that will not be allowed as they deal directly with the bank. People will be allowed to trade cryptocurrencies within themselves and on exchanges.

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Those people that uses bitcoin or has it while the law states that it's banned and any use of it are breaking the law. They're aware that Bitcoin is banned there but they're also aware that they can't be traced because it's not gonna happen unless there are already some samples of it. Like publicly reported and caught due to it. As long as there's no one that has been caught by the law and it says that it's banned, they'll keep using it as long as there are ways of doing it.
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Bitcoin is only restricted in a few countries, and even with the restriction, I don't see people being bothered; people will still look for ways to get engaged. Nobody wants to pass up a chance to make money. Even the fact that it is illegal in there own region i say some country legalizing it so its a breakaway for other countries to start adapting all in a matter of time. Am sure even in banned country nobody will bother reporting anyone considering  the nature of the economy, everyone is just trying to survive nothing more.

I have friends that are working in Cybercrime divisions and let me tell you that one slip up on bitcoin transactions and they're able to find out who you are especially if the bitcoin that was tracked was converted to fiat they can just do some tech stuff that they are expert in and from there it's easy to identify who is the person.

In my country, bitcoin is still a grey area when it comes to the discussion of it's legality because the Senate and other government bodies that are involved in this kind of discussion hasn't raised up that topic yet although the police and cybercrime divisions warn people from time to time the different kinds of scams that are using cryptocurrency but that's all there is to it. I hope that they're too busy to make some discussion on it because I kind of like the freedom that bitcoin or cryptocurrency in general is still in the grey area in my country.

How come people knew the restrictions and how do you know too that Bitcoin is not banned on specific country. This is a very contradicting information which obviously result from different source.

I believe you are collecting information on different user that has different knowledge on the country you are pertaining. This is common if the government doesn't made clear announcement regarding the subject. Most probably, other guy knew that Bitcoin is banned and the other knew the opposite.

As long as Bitcoin is not banned in your country, you can still use Bitcoin with peace of mind. If people in your country cannot carry out bitcoin related transactions through their local banks, they should look for people or services that can assist people in converting their Bitcoins into local currency.

You can use AgoraDesk, LocalCoinSwap, or even Binance to sell your Bitcoin or altcoin and later, the seller will send you local currency. This will make it easier for you to carry out Bitcoin transactions with crypto sellers without withdrawing your money in exchange directly to your bank. So we use a third party service who will send the money to our bank account.

So even if your country is in a gray position in approving Bitcoin, you can still use Bitcoin. And for transaction problems, you use P2P transactions.

Bitcoin is a financial asset and there are many financial assets, which are forbidden by the regulators to be purchased and owned by commercial banks.
It has to be clearly stated in the legislation that Bitcoin(and altcoins) are banned. If there's no clear statement in the legislation I can assume that buying and holding BTC by the individuals isn't banned in the country you are talking about. If something is NOT forbidden, this means that it's allowed. Unfortunately, some countries consider such "not banned, not allowed" industries to be in legal grey-hat area. In my country prostitution isn't banned, but it's not permitted as well, so I don't know if it's legal or not to hire a hooker.