Not Yet Legal But Not Banned | Bitcointalksearch.org

joshy23

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Quote from: onrise on June 28, 2019, 12:26:29 AM

This is very dangerous situation where their is no clear idea as if government or regulators are allowing it or has banned it. Because in such technicalities if government decide to ban they can out a lot of stress on consumers or investors holding the coins.

Ons big question that still needed to be define or find a good alternatives, if government will start adopting and allow this industry to co-exist with their
jurisdictions investors around will follow and also start to trust the chain but in the other side if they will ban this market then trust coming the place will
be n questions and it will be hard for the majority to invest in.

onrise

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This is very dangerous situation where their is no clear idea as if government or regulators are allowing it or has banned it. Because in such technicalities if government decide to ban they can out a lot of stress on consumers or investors holding the coins.

yohananaomi

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Quote from: DavidNiva on December 11, 2018, 08:51:36 PM

Quote from: darkangel11 on July 03, 2017, 03:43:36 PM

If something is not illegal, as in added to the code of law, it is legal. For bitcoin to become illegal there would have to be established laws against it. If there are no such laws, it's completely legal, and since law doesn't work backwards, if it's ever outlawed, nobody will be able to prosecute you for using it in the past.
Also, it's worth mentioning that some countries already have laws that make bitcoin legal and protected by law, which means if somebody steals your coins you can go to the police, like you would have if they stole physical items.

there is no law anywhere that says bitcoin violates the law, because basically bitcoin is only money that has no form, how it can violate the law, what happens is that bitcoin abusers buy something that is in violation of the law, so it all depends on its use, not bitcoin the problem, but the user has a problem.

in fact there are several criteria about the law against bitcoin, some do not allow bitcoin at all, some do not allow bitcoin to be used as a legitimate transaction but do not prohibit exchange. but it's already the country that accepts bitcoin. but with the development of technological civilization, bitcoin by itself will be accepted.

imstillthebest

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Quote from: Ridwan Fauzi on June 11, 2019, 10:24:53 PM

Quote from: phamminhtan on May 31, 2019, 01:07:48 AM

I am not afraid of KYC but I am concerned about the security of user information, it can be used illegally for many different purposes, adversely affecting users.

That's what you should be afraid of. You won't know if a project that you follow ends in a scam, unless you know that and you definitely avoid it. I just can't understand when there is a project that requires KYC from each participant and then he gets paid with a litle amount of money like $ 5 $ 10 or $ 30 because that is not reasonable. You really sacrifice to your anonymity for small money even though you can get the money with an easy way through trading or other means.

if its from a bounty and airdrops then we all must think twice before we decide to do a kyc or not because most bounties and airdrops are risky as they dont have much any reputation yet from the public but when it comes to exchanges , gambling sites and other simillar platforms its easier to identify thier credibility . the said amount above ( the 30 usd ) is i think reasonable to some to risk identity because he badly need the cash but we shouldnt follow that desperate move if you still have the ability to eat at least two or one times a day and besides there are still jobs that are less risky in exchange for some cash ,

Questat

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Quote from: Falgorn on June 02, 2019, 03:13:31 AM

We can work in such a gray indefinite status, but it cannot develop a cryptocurrency under uncertainty conditions. In order for the infrastructure to use cryptocurrency to develop precisely as a means of payment, it necessarily needs to be legalized by its state. Therefore, the period of time when the cryptocurrency is not yet legalized, but it is not prohibited, will not be long.

Indeed it needs to be legalize as whether we like it or not, in the end if it goes bigger, the government will still mind it for their interest to protect people and at the same time get their share of the pie. Crypto started to get more regulation and that means more strict rules but we have no choice but to follow.
Regulation is for all or for the benefit of all, so we trust the government to create one for us and believe they are doing it for all of us.

ene1980

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Quote from: bitcoinisbest on February 19, 2019, 12:17:10 PM

Their are countries which are still in dilemma as to make it legal or ban it because their are many advantages and few risk factors as well which the government think and due to which they are trying to figure out the way how can it be more better and help the economy to grow.

The best option any government can do is to make it legal and monitor the flow of money and not to drive the market underground and if that happens then there is no way the government can have any control over any transactions, either all the countries have to come to a conclusion that the entire market has to disappear, if not if one country bans and the other allows them, then there is no way you can stop the market.

Falgorn

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We can work in such a gray indefinite status, but it cannot develop a cryptocurrency under uncertainty conditions. In order for the infrastructure to use cryptocurrency to develop precisely as a means of payment, it necessarily needs to be legalized by its state. Therefore, the period of time when the cryptocurrency is not yet legalized, but it is not prohibited, will not be long.

lepbagong

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It is true that many countries, especially developing countries, have not been able to keep up with the rapid development that has arisen like crypto. but in my country the government already knows and because there are no regulations that can regulate it quickly it happens to be the same as what you told. there is clearly a prohibition against being able to be used as a legitimate transaction in any form, but it does not prohibit if we want to exchange it for fiat. developments will continue to run someday there must be regulations that govern it because surely the tax that can be absorbed is quite good.

CryptoBry

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Quote from: goaldigger on May 27, 2019, 12:35:57 AM

Quote from: iamTom123 on July 03, 2017, 11:25:47 AM

Many countries seem to have a hard time defining and regulating Bitcoin. The current legal framework is not enough to deal with cryptocurrency revolution, thus most countries still have not considered Bitcoin to be an additional legal tender just like the function of their central bank issued fiat money.

However, the Bitcoin revolution is fast reaching the nooks and crannies of many countries all over the world, what with the use of the modern gadgets and the internet. Sooner or later, financial authorities have to come up with the necessary framework with which cryptocurrency can work with.

For now, let us just enjoy the "not yet legal but not banned" status which can anyway fine with me so I can still avoid paying taxes.

My country has this unique cryptocurrency status which is the "legal but not paying taxes". Crypto is widely spread in the country and is also recognized by the Central Bank but until now i dont see any regulations comming from the Bureau of Internal Revenue on how to file taxes for it. I am also enjoying the benefit of it for now.

Well, that is something we have to thanked for. There are many countries in which tax collection system is designed not to be over strict and burdensome with the people. Unlike many advanced countries where tracking can be flawless, some countries are still behind (or maybe have chosen not to upgrade yet their existing platform) so most likely what you voluntarily declare can be the basis of what you might pay. Now, in the case of the Philippines we have to remember that we have the law which dictates that we have to declare any income we realized for the previous year and certainly that includes income from cryptocurrency activities. In the end, we can declare it...or we might not.

goaldigger

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Quote from: iamTom123 on July 03, 2017, 11:25:47 AM

Many countries seem to have a hard time defining and regulating Bitcoin. The current legal framework is not enough to deal with cryptocurrency revolution, thus most countries still have not considered Bitcoin to be an additional legal tender just like the function of their central bank issued fiat money.

However, the Bitcoin revolution is fast reaching the nooks and crannies of many countries all over the world, what with the use of the modern gadgets and the internet. Sooner or later, financial authorities have to come up with the necessary framework with which cryptocurrency can work with.

For now, let us just enjoy the "not yet legal but not banned" status which can anyway fine with me so I can still avoid paying taxes.

My country has this unique cryptocurrency status which is the "legal but not paying taxes". Crypto is widely spread in the country and is also recognized by the Central Bank but until now i dont see any regulations comming from the Bureau of Internal Revenue on how to file taxes for it. I am also enjoying the benefit of it for now.

idham29

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Quote from: BLAST2MARS on February 17, 2019, 12:50:20 AM

As long as your government just let you transact bitcoin and altcoin then there's a greater chance it is going to be legal. And also if businesses and exchanges is becoming a booming business in crypto then you don't have to worry. Because in my country, they does not really mind crypto and take it seriously but they have released numerous responses that they want to study blockchain.

In many countries bitcoin is prohibited, but in other countries it is not prohibited. That greatly affects the bitcoin owner's mentality because living in a country that prohibits bitcoin, means using bitcoin will oppose state regulations.
In my country, bitcoin is not prohibited as an investment, but may not be used as a payment instrument because it is not considered a legitimate currency by the state.

Hiru941126

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Quote from: biskitop on July 10, 2017, 08:15:58 AM

Bitcoin is money, and money is always used for legal or illegal purposes. Cash, credit cards and the banking system currently extend beyond Bitcoin in terms of use for criminal activity. Bitcoin can bring significant innovations in the payment system and the benefits of such innovations are often considered far beyond the potential for Bitcoin shortages. Maybe this is what makes Bitcoin not banned even though it has not been declared legal.

It won't be legal until a big and influence country make an announcement to legalize bitcoin as a new currency that safe for any payments (online or offline). They can't do that because it's too complex to be a real currency.
Yeah, just enjoy it for now.

sijonru

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Quote from: KrishaBitcoin on November 22, 2018, 12:32:24 AM

Our country is also in neutral stand regarding Bitcoin earning and sometimes i wish that its should be in this condition forever so that we could enjoy free of tax for more and just forget all about security issues but sooner or later it will become more popular here and the next will be regulation therefore i encourage my friends to join this investments as soon as possible while we are still enjoying free of Bitcoin tax.

In theory, it is very easy to explain, but in reality it is very difficult to apply equally in all countries, because the problems of one country with another are different.
Therefore, many countries are taking a middle course, which is not legalizing but not prohibiting, meaning that the risk is borne alone, because the regulation on bitcoin does not exist.

bitcoinisbest

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Their are countries which are still in dilemma as to make it legal or ban it because their are many advantages and few risk factors as well which the government think and due to which they are trying to figure out the way how can it be more better and help the economy to grow.

BLAST2MARS

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As long as your government just let you transact bitcoin and altcoin then there's a greater chance it is going to be legal. And also if businesses and exchanges is becoming a booming business in crypto then you don't have to worry. Because in my country, they does not really mind crypto and take it seriously but they have released numerous responses that they want to study blockchain.

imstillthebest

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Quote from: iMark on January 29, 2019, 08:49:23 PM

Quote from: DavidNiva on December 11, 2018, 08:51:36 PM

Quote from: darkangel11 on July 03, 2017, 03:43:36 PM

If something is not illegal, as in added to the code of law, it is legal. For bitcoin to become illegal there would have to be established laws against it. If there are no such laws, it's completely legal, and since law doesn't work backwards, if it's ever outlawed, nobody will be able to prosecute you for using it in the past.
Also, it's worth mentioning that some countries already have laws that make bitcoin legal and protected by law, which means if somebody steals your coins you can go to the police, like you would have if they stole physical items.

there is no law anywhere that says bitcoin violates the law, because basically bitcoin is only money that has no form, how it can violate the law, what happens is that bitcoin abusers buy something that is in violation of the law, so it all depends on its use, not bitcoin the problem, but the user has a problem.

You can say that but in my opinion every country lives in a rule, there is nothing that is not regulated in state law, and if something foreign comes like bitcoin, then there are no rules regarding that? so that the response and legal clarity is needed, as long as there are no regulations, then you are free to use it

yes . some country restrict , ban cryptos but some did not . that depends on the ruler of your country because they have the power to issue a new rule or law . if im not mistaken there is an act about creating new currencies and it its actually against the law . you can be fined or jailed if ever the authorities caught you . so be careful while using a crypto in public .

iMark

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Quote from: DavidNiva on December 11, 2018, 08:51:36 PM

Quote from: darkangel11 on July 03, 2017, 03:43:36 PM

If something is not illegal, as in added to the code of law, it is legal. For bitcoin to become illegal there would have to be established laws against it. If there are no such laws, it's completely legal, and since law doesn't work backwards, if it's ever outlawed, nobody will be able to prosecute you for using it in the past.
Also, it's worth mentioning that some countries already have laws that make bitcoin legal and protected by law, which means if somebody steals your coins you can go to the police, like you would have if they stole physical items.

there is no law anywhere that says bitcoin violates the law, because basically bitcoin is only money that has no form, how it can violate the law, what happens is that bitcoin abusers buy something that is in violation of the law, so it all depends on its use, not bitcoin the problem, but the user has a problem.

You can say that but in my opinion every country lives in a rule, there is nothing that is not regulated in state law, and if something foreign comes like bitcoin, then there are no rules regarding that? so that the response and legal clarity is needed, as long as there are no regulations, then you are free to use it

Siren

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Quote from: iamTom123 on July 03, 2017, 11:25:47 AM

Many countries seem to have a hard time defining and regulating Bitcoin. The current legal framework is not enough to deal with cryptocurrency revolution, thus most countries still have not considered Bitcoin to be an additional legal tender just like the function of their central bank issued fiat money.

However, the Bitcoin revolution is fast reaching the nooks and crannies of many countries all over the world, what with the use of the modern gadgets and the internet. Sooner or later, financial authorities have to come up with the necessary framework with which cryptocurrency can work with.

For now, let us just enjoy the "not yet legal but not banned" status which can anyway fine with me so I can still avoid paying taxes.

In our region we have the same status of government in which theres no banning but not legal also though there are some warning from the Central Banks on how to engaged with cryptocurrency,but you are right we must enjoy this status instead many things ca be done by this before the finak action of each governments

Rooster101

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Quote from: West0813 on October 27, 2018, 07:48:46 AM

Lets enjoy this moment. My country is always telling us that always takecare about investing in cryptocurrencies. But even if they always remind to take care. My government is not making any moves in banning cryptos.

Same here, my government also reminds its citizens to take necessary steps before investing in cryptocurrencies because it is very risky and some scammers are also using it. The central bank here is permitting the operation of local crypto exchanges but they have to apply for licenses first. Financial technologies and other blockchain companies are also welcome to set up their business here but the government is yet to legalize bitcoin.

aryatrals

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Quote from: iamTom123 on July 03, 2017, 11:25:47 AM

Many countries seem to have a hard time defining and regulating Bitcoin. The current legal framework is not enough to deal with cryptocurrency revolution, thus most countries still have not considered Bitcoin to be an additional legal tender just like the function of their central bank issued fiat money.

However, the Bitcoin revolution is fast reaching the nooks and crannies of many countries all over the world, what with the use of the modern gadgets and the internet. Sooner or later, financial authorities have to come up with the necessary framework with which cryptocurrency can work with.

For now, let us just enjoy the "not yet legal but not banned" status which can anyway fine with me so I can still avoid paying taxes.

Bitcoin status is very different from each country, because the financial system is different and the laws are not the same, but indeed bitcoin is not a prohibited item, so the status still does not violate the law, so bitcoin traders can trade freely, but if they transfer money to the State this origin is usually problematic, because the government will examine the flow of funds, but it can still be overcome.

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