Topic: Not banned, yet not accepted (Read 661 times)

Banks are agents and an affiliate of the CB and there product remains fiat. Having the local banks be actively involved in trading cryptos doesn’t make them good supporters of the CB which they remain affirmative to.

Not banned with restrictions is by some means a way to protect citizens and ensure they dwell more on the fiat currencies.
While you shouldn’t feel so bad about restrictions is that, it doesn’t become unlawful and you could as well defend yourself in the face of the law and be good. You just ensure your transactions are legitimate and use means that are legal and acceptable within the jurisdiction.

It’s a tricky situation but, that’s why bitcoin is decentralized and remains anonymous amongst its users.

I think people who love Bitcoin more than any national currency will treat Bitcoin differently even though that person will still expect better things from Bitcoin and I think that person will also not think badly of Bitcoin if Bitcoin is not accepted as payment goods and services for the whole world. Because such a person will tend to prefer to spend national currency rather than spend Bitcoin to shop for what he wants.

And if you want to consider this request in more detail, it means that you also don't want to just give up Bitcoin on things that are not that important or if this can still be done using the national currency. I am sure that those who receive Bitcoin, such as shop owners or companies for the goods and services they sell, are people who understand Bitcoin and have also invested in Bitcoin. If this were not the case, they would definitely not be willing to accept it as payment, especially if it were for goods and services that they sell generally to everyone.

And I thought that this forum was intended for communication, not making money. I would like to know from you. Why do you need these Bitcoins as a means of payment? Do you plan to use them to pay in stores or something else? I would like to consider the request in more detail. Is the national currency really that much worse? Everyone has long been accustomed to it and does not want to change anything, but you have a different vision.

There must be some reason for everything. One desire is not enough. Will this bring the results and prospects you are counting on?

The Nigeria government never banned Bitcoin at first,  what happened back then was a game that was planned by the then CBN governor who is currently being arrested for financial crimes and Arms dealing plus terrorism financing, being a bad actor in the economy with his then position he made such uninformed ill thoughts out ban on banks from transacting in Bitcoin and ordered any account openened in that respect to be closed.

So this act have built a lot of misconceptions around the status of Bitcoin in Nigeria but then anyone in Nigeria will testify to the fact that cryptocurrency has gained a lot of traction in Nigeria with a large majority of youths getting actively involved in it with many already engaging in bitcoin mining even though it not made public yet.

Well, the circumstances relating to bitcoin and crypto currencies in general' in Nigeria is one that indeed will leave anyone puzzled, since the government outrightly banned local banks from transacting in crypto, even ordered the banks to close with immediate effect, any account discovered to be transacting in bitcoin, and yet, the same government have turned and imposed 10 percent tax on every crypto gains, even while they have not officially lifted the ban on banks transacting in crypto, where exactly in the world is such a thing done?

I Personally have come to agree with Bitcoin and cryptocurrencies are not banned in Nigeria, but it's just that some entities are restricted from transacting in it.

We all know what Bitcoin/cryptocurrency stands for (i.e to take the control of finance from the hands of banks/government to private individuals due to it's decentralized nature), and as such, I think that's the main reason why banks and government are always against it (i.e being a digital currency which they have no control over it). But on the contrary, when it comes to "Nigeria", I will love to say that banks and all other financial institutions were asked to restrict all Bitcoin related transactions so as to prevent people from the acclaimed risk said to be associated with Bitcoin due to it's volatile price nature, so that doesn't mean for those who decided to take the risk of investing their own money were given a punishment of any kind.

However, more update can be found in the link below;...
https://www.benjamindada.com/cbn-nigeria-ban-crypto/

It's the technicalities of the situation.
Like you said, local banks have been restricted from getting involved with crypto, but the public is allowed to use it. It's like banning crypto without really banning crypto.
Now that will affect the acceptance of crypto in the country.
Meaning you won't be breaking any law if you own crypto or even trade crypto because the government didn't say you can't have or trade crypto. If it was a ban, it would be illegal for you to even own or trade any crypto.

There's a difference between a complete ban and restrictions.
What the government succeed is doing is reduce the adoption of crypto without actually being openly against it.

Just like what the government of  India and some other countries did with the tax rates on crypto investors and exchanges. They try to tax people out of business, therefore minimizing crypto activities without actually banning it completely. 

So how do you explain the government ordering an account to be frozen if it is discovered that the account is used to trade bitcoin? In this case, saying that the government does not ban bitcoin is not entirely correct because they know clearly that to be able to participate in bitcoin investment, banks and fiat are the only and necessary way for anyone who wants to own bitcoin own bitcoins. If you don't have access to a bank account and fiat, how will you invest in bitcoin?

This situation is also happening in my country and it is quite difficult to understand what the government is thinking about bitcoin. Furthermore, with the bank account freezing order, no one dares to publicly say that they are using bitcoin.

If the country you're staying in hasn't ban the use of Bitcoin then it isn't banned, when the government wants to ban anything they don't stay on the fence, they'll make it a public knowledge that the use of that thing that they want to ban is banned and any individual caught using it will be punished. From your explanation, the government hasn't banned Bitcoin in your country but restricted banks from allowing individuals using their banks to participate in cryptocurency transaction.

I don't support law breakers therefore when Bitcoin is officially banned by you your government, don't go behind their back and make use of Bitcoin. If you have made some profits or have enough money to relocate to a neighboring countries that the government isn't strict do it.

When there is a serious incident or cases in some countries, it will definitely be aired on social media or some news channel, and there have not been any incidents where I happen to come across any bitcoiner yet being penalized or punished for violating the law and investing in bitcoin, so I guess even if bitcoin is banned in most of those countries that claim that they place a ban on bitcoin, then the ban is not serious. Also, in every country, there are usually states, sub-states, cities, and villages. Be it as it may, there are some things (law violations) that can be done in some states of the country and can easily be detected and dealt with, but the same thing can be done in a sub-state and might not face any serious penalty. The same thing can be done in a village (the rural part), and no one would even give a fuck about the law. So, in some countries where bitcoin is banned, since you are not in those countries, you cannot tell how serious the rules are or how citizens are managing to buy their bitcoin secretly in violation of the law.

Depends upon how strict the regulation a country can implement. Here in my country we can buy and sell Bitcoin though local exchanges, e-wallets and banks that supported Cryptocurrency but will undergo such regulation. In other countries with strict policies on crypto I think Bitcoin enthusiasts will be having a hard time to perform a trade. I think we can have a full access to any Bitcoin or other cryptocurrency forums around the world without any problems. Correct me if I am wrong. Unfortunately if things really won't work in your country, the only solution is to move into another country that is crypto friendly.

If you are trading crypto with P2P traders then it is hard for banks to detect that the money is being used to trade crypto.
But if you are sending or withdrawing money from an exchange then the banks can detect it based on the account details.

The topic appears complex, like the freedom vs. regulation discussion. One view is that adults are wise and restrained enough to make decisions. Another view is that society needs a structure to prevent harm.

Advertising's omnipresence must be considered. It affects us consciously and subconsciously. We believe adults should have the freedom to acquire information and make decisions, but persuasive ads have power over individuals.

Internet is a huge, unregulated area, as said. Stakeholders must ensure a safe environment despite poor content.

Personal freedom is highlighted by the China issues. Although its important not to violate an individual's autonomy, one must consider if theres a middle ground where freedom doesnt mean perfect liberty but doesnt mean extreme censorship either. The balance is delicate, and perhaps, thats the real challenge.

That's true, I have been involved with bitcoin for nearly 10 years now and there has been a lot of money coming in and out of exchanges all through this time and banks never asked me a single thing about it. Sometimes it was huge amount of money, sometimes it was tiny, and the tiny ones not getting any red flag is understandable but even the huge ones didn't get any attention.

It's all about the fact that you are getting something that would be reasonable and not something illogical. If you have been making one thousand dollars per month for 10 years, and suddenly one day there is 1 million dollars transaction into your account, of course that would raise some red flags and you will not be able to explain what it is.

I think a lot of bitcoin transactions are done clandestinely in countries that have made bitcoin illegal. Basically no one does bitcoin transactions publicly but people use bit cards for a privacy purpose where most of the countries governments get many benefits by using this bitcoin. I think the government of the country that has made bitcoin illegal also accepts bitcoin through transactions in different countries that use bitcoin. Although Bitcoin is legal in many countries but Bitcoin transactions in banks are not completed but banned, I could not say anything accurate about this. However, even in countries where Bitcoin is not legal, a large amount of Bitcoin is being used and various tasks are being done with Bitcoin. Bitcoins are being traded in secret despite breaking government laws, of course in countries where the government has made Bitcoin illegal, stealing and using Bitcoins is definitely against the law.

An important note for us, we should not trade with unusually large amounts of money, it will get us noticed by Binance as well as banks. If you want to cash out a large amount of money, it is best to divide it into small parts and make small transactions many times, so no one will know what we are doing and will not be noticed by banks. That is also one of the points for me to dare to assert that the government cannot ban us from participating in bitcoin even if there is an additional ban.

There may be different practices in each country. In some countries, the use of Bitcoin is completely prohibited, in some countries it's prohibited to use it only while shopping, but trading is free. Some countries take stricter measures, some are more flexible. Some governments think it's right to ban them altogether because they don't have compatible tax laws. Others try to control trade without hindering it. So what you are so surprised about is actually quite normal. It may vary from country to country, culture and economy.

When the government or the central bank announce that the use of Bitcoin is ban then it is banned no matter how many people are using Bitcoin.  They are doing illegal trades since the government restrict the use of it.


It is not about what the people think, in a legal authority, it is what the government implement.  Government maybe relax in implementing the restriction but in a case where the government label the use of Bitcoin is illegal, then anyone using Bitcoin can be apprehended.

The government cannot stop an individual in doing illegal things but the authority have the right to capture anyone violating the law.  With that, I do not agree that Bitcoin can be said not banned when the authority banned it.

It's obvious that not every countries that restricted bitcoin transaction, but I know quite that none of the countries that have accepted bitcoin as a legal tender, they can allow bitcoin trading and other bitcoin transactions based on personal things of bitcoin, so right now, what i know concerning bitcoin Is that bitcoin have not be implemented in any government law makers, they only allow bitcoin transaction base on p2p but it has not really been generally been pronounced as a legal tender as per say.

Each country has different rules, my country is one that strictly monitors Bitcoin and does not allow transactions with Bitcoin but allows Bitcoin trading because our country's government classifies Bitcoin as a commodity. Regarding the government's power over its citizens, I don't think it is strong anymore, my country is a democracy, maybe the government has some hard rules that must not be broken, but will the citizens obey them when they feel that what they are doing is right! 
As long as you don't harm other people and don't commit criminal transactions via Bitcoin then you don't do anything wrong, remember that Bitcoin is never wrong, the behavior of negative people who use it is wrong (such as corruptors or illegal traders).

I want to believe you are using Nigeria as a case study. We would have been enjoying the benefits of banks as it was before but one thing led to another that change the status of Nigeria and bitcoin adoption. Till today, nothing has change about it's adoption nor the adoption, it's growing like nothing happened because there was even a time a bill was pass to tax about 15% from crypto but it seems it was trashed in the bin as there is nothing signed about the legality of bitcoin.

Politics made Nigerian Bitcoin legality this way. I'm not sure if you remembered when they did the END SARS protest to end the police brutality that later went south. Lots of donation were made that week which many were done through bitcoin as banks were restricting the accounts where donations were made. After the catastrophic protest, the government took action to restrict banks from using bitcoin for two reasons which are:

• Opposition parties fuel the protest to rubbish the sitting government then, according to them, they said the protest was targeted to get back at the government that's why they persisted to do donations through bitcoin.
• Another reason was because banks were using customers money to buy bitcoin and according to CBN act, it's illegal and that's why they have to ban banks from facilating transactions.

What I know is this, bitcoin will not turn to legal tender in some countries, but they wouldn't stop people from using it because they know that it's something they can not force people to abandon, it will remain the most cherish, a light that people will seek no matter what they do to oppress the masses.

Many countries have restricted bitcoin transaction with their central banks, so since Bitcoin transaction can't go directly from the central bank of that particular country so the people that is not been informed of p2p will think that bitcoin has been ban, so from my perspective and understanding how bitcoin works in my country before now, it really means that bitcoin is been restricted, ban means their is no existence of bitcoin in that particular country while if bitcoin can be restricted that means it's not been ban

If local bank is not allowed then they should do P2P and use escrow if not sure about the other party. There are ways that a person can sell his/her Bitcoin and receive fiat money to his/her bank account instead of BTC sold and then sent to a bank account and this case is only in an exchange that supports banks to receive payment or to deposit. Government in that country is more likely did not allow it because crypto can be used to launder money.

Bitcoin is not banned and cannot be because it's a decentralized digital currency, they are not accepting it because those in government any have their asses exposed through the means of their fiat financial loot, there's nothing they can do to bitcoin than to help widen it awareness because the more they are raking attacks the more the currency is getting more global recognition without knowing to them that they are only helping in sharing the goodnews about bitcoin to the world instead of the attack they think they are doing, this is more directly talking to the governments.

The problem is most people don't use bitcoin for payments.  I see bitcoin as an electronic payment system.  Most people see bitcoin as a way to make money, an investment, including banks.  I don't think that bitcoin could ever be banned thanks to it's decentralized nature and decentralized exchanges or OTC (over the counter) trades, but the more banks get on board the better the adoption rate will be.

We need to use bitcoin as payments, I can't stress this enough!

In my country, bitcoin is prohibited as a means of payment in the sense that it is prohibited from being used as a medium of exchange as the function of fiat exchange, so bitcoin may be used as a long/short term investment as long as the bitcoin/altcoin is converted into fiat currency so that it can be used as a legal transaction tool.

It's just that the government only reminds the public. So go ahead if you want to invest, but remember bitcoin is not controlled, it is not guaranteed by the government, so if there is a problem it is your own fault. However, it is still allowed to be traded (at your discretion).

Indeed, in some countries, this currency can be used as a substitute for legal currency. For example, some institutions in that country such as schools or shops accept payments via bitcoin, and there is "no harm there" but if in my country I want to pay using bitcoin like in that country, for example at school or in a shop, that is an illegal transaction.

Your post is quite confusing to me. If the government restricts banks from participating in crypto transactions but allows users to use them, then you aren't breaking any rules by using crypto. Because the government hasn't fully banned it, the government doesn't like to get involved with crypto. If fully banned, then anyone can't use crypto, and it would be breaking rules. My government fully bans crypto, and anyone involved with it will be punished. So we are breaking rules since we are involved with cryptocurrency.

You make a good point and surely the Bitcoin community would be better off if there were more vendors that accepted BTC as payment for goods (I do). I believe this is one of the reasons Bitcoin was pivoted to being a store of value instead of p2p currency. It’s unfortunately more beneficial to hold than spend, but without banks to convert to cash it would be somewhat useless for that purpose. Hence, digital gold is much less decentralized than a p2p currency.

There are many countries that say Bitcoin is illegal, but they, I mean the government, are not serious and actually ban their users, even though they say local banks prohibit Bitcoin transactions and so on, but that really never happens, users still use Bitcoin through their local bank channels.

We often see the government saying Bitcoin cannot be used as a transaction tool like paper currency in general for spending, but who does that, no one, Bitcoin is mostly used by users in the form of investment and trading, actually the government and banks can't do much, because Bitcoin does not violate the law in any country, it is often said that it is not prohibited and is not ordered, the user bears all risks.

Yes, accepting bitcoin as a commodity and not a currency is something that is becoming popular and I think the rest of the countries will do the same as your country. Whether we expect bitcoin to become a currency or a payment method is really too difficult to achieve. The government will never let that happen unless they find a way to control bitcoin in the future. Furthermore, with the volatility of bitcoin, I also do not like using it as a currency, the volatility is only suitable for investment.

In the case of my country and probably a lot of other countries too, Bitcoin is legally allowed to perceived as an investment, meaning people can own it and speculate on it. But, it's illegal to use Bitcoin as a currency, bitcoin shouldn't be used as legal tender. The government did this because they need to keep the value and stability of the country's currency, if Bitcoin is allowed to be used as a currency and people choose to do transaction using Bitcoin over the local currency, it will be bad for the government economy, their currency will lose it's value.

Banks won't inquire into or investigate the source of fiat currency entering your account, as long as the funds align logically with your occupation. Even if it's your side business, transactions on Binance should be secure because Binance doesn't casually disclose user information. Moreover, peer-to-peer (p2p) transactions on the BTC blockchain network are even more challenging to trace, as blockchain networks have a ledger distinct from banks.

As long as the amount you're transacting on Binance remains within reasonable limits and doesn't raise red flags for Binance or the government, you should be safe from bank scrutiny. That's the essence of Bitcoin's freedom, where there is no interference from any third party when p2p transactions occur.

Government can controlling well for tracking individual adopting bitcoin as payment currency transaction although with bitcoin is prohibited currency transaction, in my region bitcoin not allowed for payment transaction but ability use for trading or investing and have legal local currency exchange for saving bitcoin or altcoin assets. Difficult to get regulation bitcoin will be legal transaction payment and we understand how government's fear of replacing fiat transactions with transactions using bitcoin or other cryptocurrency currencies. Seems not serious problem bitcoin have been legal payment transaction trough we can or available hold bitcoin assets and easily for withdrawing in Bank account trough local currency exchange. Need researching and planning for longer time how to make Bitcoin adopted as legal payment transaction in the future exactly with country not adopt with president as highest government level.

You're saying governments are handcuffing their citizens by not accepting Bitcoin as a currency. And I agree. Its shameful that in this technologically advanced day, governments are refusing to change with the times. Bitcoin has shown its worth. This isnt a passing trend.

Governments may classify Bitcoin as a "commodity asset", but isnt this just a cunning move to limit its potential and growth? Its like putting a square peg in a round hole. They are completely missing the point.

The ruling class is unaware of how the world is changing under their feet. There is no turning back from the era of decentralized money. By rejecting the new world order and sticking to old ways, they're hurting their citizens. And as for tracking individual Bitcoin wallets, good luck with that. Bitcoin's fundamental feature is its anonymity, which draws users in.

From my understanding, there are just some individuals who still transact using Bitcoin despite it being illegal in their country due to how beneficial Bitcoin has been/is to them. To be fair, as long as they are not making any transactions wherein they will be detected (like bank transactions) they wouldn't be easily detected. In my case, I live in a country wherein there is no law mandating that Bitcoin is illegal yet I cannot make any bank transactions using it, this shows that Bitcoin is not essentially illegal in my country but is also not being recognized as an official currency. There are for sure a lot of countries that do the same, wherein they do not have legal policies and restrictions regarding Bitcoin but they also do not officially recognized it, hence using it for legal/bank transactions is prohibited.

But the problem is that every day the banking system has to perform millions of transactions and if you do not have any notes in the transaction, how can the bank detect that you are trading crypto? Like my country, banks also have a similar announcement that they will block accounts if they detect any accounts being used to buy or sell cryptocurrencies. But when I trade p2p on Binance we only make money transfers without any content, so how does the bank know I am trading crypto?

In my country where their (government) thinking still imitates developed Western countries, bitcoin as a future and as a new technological breakthrough so it must be adopted and implemented even breaking the rules of currency, so that situation goverment think to make bitcoin as digital asset invesment, not as currency for transastion. But for sure, when many country impmented it, the goverment maybe have try to  amendment the law so that it can be applied to transactions.

In some countries Bitcoin has been used as an official means of payment while in most other countries Bitcoin is only considered a commodity asset. They do not completely close the door on the presence of Bitcoin, Bitcoin is still accepted even though it is not used as an official means of payment. Government regulations have regulated the status of Bitcoin in their country, but citizens who are interested in all the advantages Bitcoin has to offer will continue to utilize Bitcoin as an asset that provides benefits and ease of transactions.

Public awareness of Bitcoin has made this most popular crypto asset grow and develop, the government prohibits the use of Bitcoin in various government agencies including banks, but the government cannot track individuals who make transactions on each Bitcoin wallet one by one. Public awareness of Bitcoin is a form of wanting to be free from various regulations implemented by the government which force them to always use third parties when sending money, while Bitcoin does not need a third party.

I think what we have in some countries is just like this, and people are just overreacting. When banks do this, they think that Bitcoin is already totally banned like you don't have any rights to own Bitcoin at all. Because there are a lot of ways of owning a Bitcoin.

I don't think in the case of the OP  thread any banks has any options to take because am also from same country as the OP and the case if this crypto ban is practically base on a direct order passed by the CENTRAL PARK and in my country well I don't know for others but it's not allowed for other banks to go against such others of the CBN.

It all truly depends on each country's approach to setting regulations concerning cryptocurrency. The adoption of cryptocurrency varies from country to country because governments perceive cryptocurrency as something novel and highly influential on their economic systems. The concept is one of caution and experimentation, to avoid grave mistakes, and many nations are making decisions gradually, except for El Salvador.

I am quite confident that regulations will evolve in tandem with the development of cryptocurrency.

Sometimes it happens when governments are not completely sure about what to do with something, so they don't want to completely prohibit something (also because, as history teaches us, prohibiting something oftentimes is counterproductive) but just make things complicate in order to discourage the majority of people to do/use that thing.

In fact Bitcoin is still banned in the country I live in. Banks in my country strictly prohibit cryptocurrency transactions  Even though the government has banned bitcoin in my country and banks have completely stopped cryptocurrency transactions, we are using cryptocurrency very well in my country. That's why I don't have to face any obstacles here. I am trading in bitcoins without any hindrance and selling bitcoins and converting them to my country's currency. But I'm hopeful that one day this bitcoin transaction will be introduced in my country too, then we won't have to use bitcoin in a hidden way like we do now.

But I feel very blessed to be working on this bitcoin forum.  Because I didn't believe in making money from this crypto currency forum. I earn from working on this bitcoin forum and from here I hope to eliminate my own unemployment. I can contribute to the development of the country.

These days we can hear the word democracy everywhere, but the country doesn't have the real democracy. In a democratic country, the government function to fulfill the need of the people. It never tries to restrict when found good. In most of the countries, the government doesn't have real understanding and also fear that they might lose control. Countries legalizing bitcoin is a big step and hope more countries join the rally in the upcoming months/years.

Bitcoin is not banned in some countries because they realized that the people has their right to voted on what they want and go for it since we are in a democratic era whereby public opinion is never looked down upon, then the leaders are maybe linient enough in considering the people by making laws that suite their favour, some countries banned bitcoin because the leaders are more centered of themselves than the people in consideration because they feels like they have the power to make influence, but above it all, bitcoin has more resistance over them all because it's independent on itself and decentralized.

I agree with you that one should really be careful with one's cryptocurrency assets. In countries where cryptocurrency is banned or restricted, users of cryptocurrency have to be more private with banks and lawmakers because they can create problems for anything. Actually, the problem is that these banks or lawmakers do not want a decentralized system in which their country's currency has no importance and everyone can get their financial freedom, including the people who hold the big posts of these banks. Dismiss those who are taking salaries for free.
So I think this is the reason why many countries have deprived themselves of a precious blessing like cryptocurrency.

They can determine where it's sent and what exchanges they're able to sell those? I know that there are ways of tracking it but I'm out of it and don't want to dig on it. But to say about doing some tech stuff or so, I think that's not enough to prove it. Even so, I do believe that it's possible if they will really have to do that but it's gonna take time not unless those receiving addresses have been recorded that's from an exchange. And from there, that's how they're going to start the tracing as they can ask info upon verification of that exchange.

Much better if it's on the gray area rather than the government is putting pressure to its citizen to avoid Bitcoin as they're placing a ban on it. And typically with the scams, they're all over the internet and they shouldn't focus only with Bitcoin if it's about it.

Yup, that's true. We've got forum members that are from those countries where Bitcoin was banned but it's not a problem on them and they've got solutions about it.

There could some, those that are jealous with that person that finds himself better and becomes successful through investing in Bitcoin.

In the case of our country, Nigeria, the restriction was widely circulated and many accounts that had crypto marked transactions in them were frozen that year the circular was released. The interpretation of that act from the Central Bank of Nigeria was that people should desist from engaging in cryptocurrency trading. The government took that route because that was the most it could do. It couldn't ban Bitcoin itself, so it had to ban its dealings. No government can ban Bitcoin because it's decentralized. The worse any government can do is ban dealings in Bitcoin transactions in that country. However, I guess that ban thing in my country has died down a bit now as those who are into crypto trades don't constantly get harassed anymore by the local security authorities like it used to be.

I don't know why we're scared to say that there's a ban on the use of cryptos in Nigeria. Read the second and third paragraphs in that screenshot you shared. Please, read through them once again. If you're asking if there's a ban on crypto dealings in Nigeria, the answer is yes but how effective the ban is remains a puzzle. I can say that it's highly ineffective. The only problem anyone would've trading cryptos in Nigeria now is if they include anything crypto in the transaction description for banks to see. I guess the bank will immediately flag that account.

 Bitcoin is not totally banned in Nigeria, although it was in 2021 during the time of Buhari, but in Tinubu's regime he's more lenient and welcoming. After introducing the Blockchain Act in May 2023, becoming the first African country to make such approval, Nigeria went on to also place10% tax on digital assets. The government keep looking for more revenues of income and with a debt service cost of #6trn and over $260m digital transactions conducted last year, it's only fair to use tax on digital assets as means to leverage or reduce debt and since Tinubu is a pragmatic businessman, it would be unwise to continue to place a ban on Bitcoin.

The Government do not accept bitcoins, it means all it's institutions need to follow with what has been decided by the head. The bank is an institution of the government so they can be instructed by the government not to have direct business with what they have not accepted.

The government institutions is what is banned from using bitcoins in most cases not individuals, except in cases where there is an exclusive label on having bitcoin as an individual as a criminal offence, then it becomes a crime.

Ban =/= restrictions even if you look it up from its definitions.  There would be restrictions such as limited exchanges that you could trade Bitcoin with. I am not a Canadian, but a small research led me to some list where crypto exchanges are banned. Binance is "restricted" in Canada but users can still access their site (I believe). Either way they're just limited with options to trade with their Bitcoin, just not in Binance.

And nah, it's not breaking some sort of law since Bitcoin was never meant to be under a law anyway, right?

And yeah, it cannot be banned, the most thing that government can do is just restrict their people to use all of the exchange sites but it doesn't stop people from using VPN and I believe VPN is being used by many businesses especially if it is a multinational one.

Why not banned and not accepted scenario

I have read why some countries does not accept official bitcoin transactions and why they do not also ban bitcoin outrightly. They do not accept bitcoin officially because they believe that there are alot of risks associated with bitcoin such as volatility. By not officially endorsing bitcoin transactions means that the Citizens should be blamed for their fortunes or misery as a result of bitcoin volatility.
Also, the government recognises that some illegal acts are carried out, using bitcoin as a payment medium. So, since banks aren't allowed to handle bitcoin transactions, any bank related transactions about bitcoin money laundering  or illegal transactions will be prosecuted.

It is indeed a weird situation because it depends on the banks whether they want to support cryptocurrency or not.
If a bank want's they can simply deny supporting payments made for purchase of cryptocurrency.
Unless there is a crypto friendly bank we will keep facing such issues. That is why P2P is beneficial but the risks of P2P are always there.

Each country's rules are different, in my country it does not prohibit banks from trading with local crypto exchanges, but my country prohibits local trading using crypto.
but our government imposes a crypto tax on every trade on the exchange, which is a bit of a burden for those of us who only have a little crypto, sometimes the costs are almost 30% alone from the sales proceeds and sending funds to the local bank

If I am not mistaking, it is like the CBN bank network in my country can not carry out the transactions done by crypto currency. What do I have to say when cryptocurrency transactions are not allowed to be done via banks and they are still not yet banned? Anyway, I might be right about what I am saying, but I don't know how.

If crypto currency (Bitcoin) is not banned in Nigeria but can not be used for transactions via Fiat banks but can be done with the help of P2P, that means even the government of my country use it secretly, but think about it very well, if the government are not using Bitcoin (crypto currency) secretly then why did they not banned it rather to restrict the transactions from banks?

abused can happen ,from smallest person to the biggest, but of course they will only taste the hardest when you are poor or like you mentioned a lady/woman harassed just because she owned a physical exchange.
 that is the way how the government is showing how crucial and risky crypto using in your country or else you need to make under the table transaction to government official .

This same thing happened in my country for several years. Bitcoin and other cryptocurrencies were in a gray area for a long time. We were able to use it freely and no legal actions were taken against it. I even started accepting Bitcoin and crypto transactions in my business. But in the past year, our government announced that Bitcoin will be banned and any usage of it or owning any crypto will lead to jail. So I had to stop accepting Bitcoin in my business too.

But despite it being banned here, I am still accumulating BTC in many ways. But we are not allowed to use it as freely as we used to do. The only reason the government gave us was, that Bitcoin is used for criminal activities and money laundering. I don't know how that makes sense. We are still in a ban situation. Not sure if BTC will ever be legalized here or not but we are still using it while maintaining some privacy.

So that's the reason why it is banned here. I don't know about other reasons why other countries are banning it. I'll keep following this topic to learn about other places.

The Nigerian police and other enforcement agencies are known for unlawful arrest, harassment, and brutality. Due to the negative stance of the government towards bitcoin, these corrupt officials are using it as an opportunity to exploit business owners and citizens. Another problem is that due to several smear campaigns against bitcoin by the government there is this assumption that cryptocurrencies are used for criminal activities.

Immediately the police sees a bitcoin wallet in your phone, they conclude that you are a fraudster and you will be intimidated and sometimes arrested. In some cases, these innocent citizens are tortured to get forced confession from them just because of a crypto wallet. But you can seek redress in court if you have been unlawfully arrested or victimized. There is a well-celebrated case where a bitcoiner floored a well-known financial crimes commission in Nigeria in court. Bitcoin is not illegal in Nigeria but it cannot be freely used to avoid intimidation.

Please be more specific, what kind of harassment do you mean? Is this related to the ignorance of people who then talk demeaningly or intimidate Bitcoin users?

Keeping bitcoin ownership secret is part of privacy, especially in an insecure environment. The threat is not only from the government, but also the environment. You don't have to force them to reveal it

I'm sorry I might not be able to qoute or respond to every reply over here but I wanted to say that, I'm aware that Nigeria doesn't have any direct bank on cryptocurrency but rather on banks involvement  with it but my worry is that,  there have been cases of a woman who operates a physical  exchange getting harassed publicly because she had a physical exchange and several allegations were levied against her and anyone from my country can attest to the fact that,  not all youths who are legally (not involved in any form of fraud) can also boldly walk about the country boldly claiming  to have bitcoin atkeast for their personal safety.

I agree that there are no bans on bitcoin in my country but whats the benefit of saying there is no ban when we can't freely transact with it?

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.

quote author=tabas link=topic=5467140.msg62861923#msg62861923 date=1694994090]
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.

from your post history, I guess you are also from Nigeria. This is a copy of the message issues by the cbn in 2021 which says that all local banks are prohibited from dealing with any forms of cryptocurrency. From this you can see that Nigeria government never put an official ban on the use of Bitcoin but placed a restriction on local banks. It was advices that the public who choose to use these cryptocurrency are at their own risk.
Today, we can see that Nigeria sits among the top countries where Bitcoin is mostly used. These restrictions doesn't necessarily mean that you can't use Bitcoin or cryptocurrency but you still have to be careful why dealing with them since it isn't accepted by the government or local banks. I don't think you are breaking any law here.

restrictions meaning there is certain parameters that is not allow, but that doesn't mean it is banned so people can still use depend on what and how they are restricted.
but that is only about local banks transacting , so there are something you can still use.

some local exchange or wallet perhaps?

it is not banned mate in the whole country , instead only in bank using so it isn't banned at all.

Need to push with your local currency CEX exchange market have make new partnership with government to make Bitcoin and all cryptocurrencies as legalizing for assets commodities not for payment currency transaction. I am lucky with our government viewed although bitcoin not available for payment currency transaction but all exchange have supported and get government legalization. Not problem facing when withdrawing assets to Bank account and payment process without few minutes. If you active in Binance trading and familiar with P2P exchange, you not have to worry with your country banned withdrawing cryptocurrency to bank because have option selling fund trough P2P exchange and right now all global market have opening with this feature.

Just need waiting for buyer or seller depend with your stable coins price, if you want instant selling you can sell with little lower price than market price of stable coins.

Banks in 3rd world countries are often working late when it comes to adoption. Banks in my country does allow paypal to be connected to our accounts but Paypal is not widely adopted in my country. When people make transactions its still bank to bank or cash.

BTC may not be banned but still not wide adopted. I don't think BTC is even widely used in the first world countries. Its mostly to people with money and acess to financial investments.

The banks? And why are you so concerned that banks are not authorised to deal with bitcoin? Bitcoin was created precisely against banks, so the fact that they cannot offer trading and custody services should not be a problem, on the contrary.

Another thing is that over time this will be authorised in many countries and help demand to increase, which it will, but it should not be a problem as long as the population is not prohibited from buying and using bitcoin (even if they are prohibited there are many people who buy and use it as Bd officer comments, but I think it is better that it is not prohibited).

In my opinion, it is a ban on bitcoin but it is indirect, not direct. I think governments know that bitcoin cannot be banned because they cannot control it so instead they will limit what people use to participate in investing in bitcoin. That way, they think they can ban bitcoin. My country is in a similar situation, there are no regulations banning bitcoin but banks will freeze our accounts if they find out we are trading bitcoin with it in our bank account. It's actually a ban.

Governments can enforce bans on all cryptocurrency transactions through local banks but of course they cannot effectively ban citizens from using Bitcoin outside of banks.

Due to the decentralized and anonymous nature of Bitcoin, it is difficult for the government to track transactions that are not subject to third-party services and KYC terms. There are many transactions that take place through decentralized services or P2P, far from government oversight.

The government wants all financial transactions to be under control and oversight, so it bans Bitcoin and cryptocurrencies, while many people want to maintain the privacy of their financial transactions, so they will continue to use Bitcoin despite the ban, even in countries that have strict ban laws.

It is not allowed to use crypto in banks but it is not banned you won't be breaking a law if you can't process it because the bank will then block your account or reject the transaction. It is like opening a bank account in a bank if the teller asked you what the reason was for opening a bank account if you said that it was for crypto so that I could receive it and withdraw it using their bank  your application wouldn't get through. That is why others don't tell the real reason why they are creating bank accounts.
 

If that specific country or some local government unit puts a legal implications against the usage or involvement of any cryptocurrency, then I guess these people are breaking the law.
There is a difference between being banned and restrictions. Being banned means it is legally prohibited, so anyone caught guilty will face legal charges, while restrictions is simply prohibiting you from using it without any consequences. So, they keyword there is "legality".
I don't think restrictions would stop people from using bitcoin when it's been widely accepted globally. Bitcoin is borderless in the first place, so I don't think it would stop me either if my country puts a restrictions in our local banks, I'm not transacting with them either lol.

banks around the world have not been allowed to hoard or offer direct crypto access for their customers. however in 2025 (BIS draft*) they may be able to hold coins in custody and offer crypto services/access direct.

even in countries where bitcoin nationally is not banned for citizens. banks fear issues about being middle men of FIAT transfers to crypto services so again some countries wont want their banks facilitating FIAT payments to crypto services. but this is more local policy not law

the reason is because alot of scammers would do a wire transfer to a service, buy bitcoin withdraw bitcoin and then call their bank and pretend someone illegally accessed their account and stole fiat. thus putting a bad tag on crypto services. which then raises more suspicions when scammers do it on masse which then paints a bad reputation for crypto services thus banks stop processing fiat transfers to crypto services to avoid suspicious activity

even here in the UK where its legal to own use and transfers crypto and also trade it. and where UK banks know of the well known regulated exchanges like coinbase. the banks will still pause a fiat transfer and pass customers to fraud department to answer qualifying questions to ensure the customer knows what they are transferring money for and double check who they are to ensure no scams are involved before then processing the fiat transfer to an exchange

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*bank of international settlements draft 2022 - standards to be implemented 1st january 2025
https://www.bis.org/bcbs/publ/d545.pdf

in short if made standard banks will be able to hold coins in custody which would be a economic boost to the cryptosphere beginning 2025

Trading Bitcoin or investing in Bitcoin is prohibited in the country where I live. My country name is Bangladesh. I invested in Bitcoin secretly, no one knows I invested in Bitcoin I didn't tell anyone. Investing in Bitcoin is risky, but investing from our country is even more risky. If the administration finds out that someone is involved in Bitcoin, he will be prosecuted and punished. According to news reports, despite Bitcoin being banned in our country, around 4 million people are secretly involved in cryptocurrency. People of our country are investing in Bitcoin with great difficulty.

To qualify this I bolded the truer ban case.


Thats a full on ban.

It is like ban on your bank account if you write details of your bank transfers are for buying or selling bitcoin.

Imagine your bitcoin trade through bank accounts like you have a bank transfer with another person. Mostly I don't write what is that bank transfer for in and I do it not to hide what is that bank transfer is done for. It's just unnecessary and banks even don't mind to force users to write it rather than a template format like Person A transfer. That's all.

If you are doing a bitcoin trade through bank transfer and don't add its details to show you are buying/selling bitcoin, how banks can know what you are doing with your trade partner?

Don't know means bank can not ban your account.

Bitcoin rules can differ in each country, assuming a country like China prohibits all bitcoin activities then it can certainly be illegal according to local laws. However, illegal activity does not mean wrong in some opinions, it is also necessary to subjectively hear the user's reasons for doing it.

Regardless, banning bitcoin transactions does not mean restricting people from talking or gaining knowledge about it.

Unless explicitly stated that the general public can't use cryptocurrencies anymore, everyone can pretty much use it as much as they please.

This will hold up in the court of law too, where technicalities rule. So even though "crypto is practically banned" for usage in the country you're living in, since they didn't explicitly say you couldn't use cryptocurrencies anymore you're still pretty much in the green. Of course you can't just go out telling people you're investing in crypto anymore, that would be belligerent and stupid, but at the same time you're not necessarily prohibited from using it, so invest as much as you want, gain profits as much as you can, and worry about the rest of the details later. I swear if things go south and you get arrested for using crypto under these bylaws you could get away with it scot-free under technicalities, which is why you might think people aren't aware of the law. They know how it works for the most part, they just don't go out there telling people about it.

In my country the government requested all the banks to stop the transactions associated with cryptocurrency firms in the past. Even at that scenario people continued to use bitcoin and other cryptocurrencies. There'll be ways possible and it is our interest to explore and find it. Later my country took away the ban, however their is no official information/announcement on the legality as well as on the regulation of cryptocurrency usage. Majority of the countries fall under this category, however it is the people understanding that lets them to be part of the innovation through technology.

Are all crypto activities prohibited in your country? You should not buy or sell crypto on the crypto market?

In my country, crypto/bitcoins are prohibited from being used as payment currency but we are legally allowed to own bitcoins and buy and sell bitcoins on the bitcoin market. We make purchases and sales using local banks in our country

If you are prohibited from buying bitcoins using local banks in your country, then how to exchange bitcoins for fiat from your country? Does your country not allow bitcoin own and use of bitcoin as an asset?

There are several scenarios, a country could forbid the banks to process fiat transactions related to the trades of cryptocurrency because they don't have the needed infrastructure to combat money laundry, market manipulation etc, but they wouldn't put their citizens in jail if they are just "holding/owning bitcoin" or if they are getting paid in bitcoin.

Another scenario is when a country forbids, mining, trading, accepting, paying and owning crypto in general because they are simply idiots.

So when you are unable to easily buy and sell crypto by using your bank account is because idiots rule over you.

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.

I might not have gotten the right caption for this post because I think I will do my best to explain it here.

I've seen several threads talking about bitcoin not been banned in their country but yet they're  not allowed to make any bitcoin related transactions through their local banks and this has really kept me puzzled lately about how people think because they still use bitcoin despite it's  restrictions in their country makes it seem is not banned.

Now my question is this, do you think because bitcoin is still widely in use in countries where it has alot of restrictions makes it not banned or people who use it are breaking some sort of law?

In my country,  there are strict rules against local banks not getting involved in cryptocurrency transactions which simply means that the government  has banned all cryptocurrency transactions  though local banks but yet people still think bitcoin isn't banned.

So do you also agree that bitcoin  can be said not be banned despite ban on local banks not getting involved with it?

Please let's discuss as I would really want to hear the opinions of others about  this.