Not Yet Legal But Not Banned - page 10.

gucci belt

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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.

Yes, I agree. We recommend that we enjoy this time. We should all be grateful for all this. Because Bitcoin in my country does not yet have legal status but is not prohibited in any case except for transaction use. With earnings that can be said to be very large but no party collects taxes. This is a grace to be grateful for.

elena_rose19

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Same applies here in my country, it's not yet legal and good thing it's not banned. However the central bank is starting to recognize businesses that is engaged in cryptocurrency, enforcing them to make their business known for it. I think years from now, central bank will implement legalities when it comes to cryptocurrency as it is going mainstream.

Palmholder

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Same here, government does nothing to regulate or ban it, except of negative representation it to public by TV. State actually plans to release regulation law, but delays it several times. Current situation is suitable for us average people.
But other counties behave different. According to Vietnamese law person may be jailed and fined by $9000 for accepting or offer bitcoin as a paiment. South Korea prohibited anonimous bitcoin transactions while Japan recognized it as a currency. So a lot of things happens here in Asia at regulation field

KorakPawon

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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.

some countries take stern action by the government can start by closing the local exchange-exchange. Local investors generally prefer local exchange, for the business of buying and selling cryptocurrency. The advantage of local exchange is the ease of making deposits or withdrawals through local banks.

galaxing

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ya untuk status sekarang "belum legal tapi tidak dilarang" ...
Harapan saya besok atau lusa, pemerintah bisa melegalisasi bitcoin dan mendukungnya agar lebih maksimal. Meski saya harus membayar pajak, saya rasa tidak masalah, asalkan pemerintah bisa memperbaiki tatanannya, dan memberantasnya. penjahat ... jadi pengguna bitcooin lebih nyaman lagi.

8Habits

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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.

I completely agree and the law will only be working backward if it is favorable to the accuse - well at least in my country.

smith136

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Quote from: Yara1 on March 04, 2018, 10:50:44 AM

there is no pronouncement from any country declaring bitcoin ilegal neither is there any that have legalise it but some countries that are thinking of taxing bitcoin are indirectly legalising it

Better research about this one because there are countries that ban the trade of bitcoin and other cryptocurrencies because of its financial threat to their economy as it could disrupt a lot of business and i think these countries can't adopt the new system easily that's why they are banning cryptocurrency.

dogandogru

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In India also, Status is NOT illegal..But not banned.
Govt of India has formed a committee to review the crypto-currencies use and its effect on Countries Economy. Soon the report will be submitted to Indian govt. and then only any firm decision can be taken on crypto-currency legal status.

Bagaji

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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.

Well payment of tax from crypto currency investment and earning is currently on going in some part of the world particularly countries that accept crypto currency as a means of payment for goods and services.

Yzhel

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Quote from: whitecaramel1 on March 05, 2018, 04:35:12 AM

"Sooner or later, financial authorities have to come up with the necessary framework with which cryptocurrency can work with. " that's the whole thing in the future..

We have to understand them because it is really hard to regulate this kind of virtual currency as we are not yet familiar with this, and they will be having a hard time in regulating it especially imposing tax because they don't have enough basis, so understand and wait what important is they are not banning the sites of crypto related concerns.

whitecaramel1

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"Sooner or later, financial authorities have to come up with the necessary framework with which cryptocurrency can work with. " that's the whole thing in the future..

cryptbit.man

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I think it's gonna go either way. Either it has to be heavily regulated, taxed and therefore fully legal. Or it's going to be sooner or later banned because not being able to regulate it. I think sooner or later almost any country will start attempting the regulation. This free for all situation will not be allowed to last forever.

Yara1

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there is no pronouncement from any country declaring bitcoin ilegal neither is there any that have legalise it but some countries that are thinking of taxing bitcoin are indirectly legalising it

Virtual miner

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Quote from: Amph on July 12, 2017, 04:23:07 AM

Quote from: dihari on July 03, 2017, 06:16:58 PM

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.

regulate is not the same as legal, don't forgets about this, i see many people bringing this up together like they are the same stuff

practically speaking only 2-3 country see bitcoin as illegal, in almost all the other minus japan it's just not fully regulated

Yep I have seen many people confusing *regulation* with *legality* . But that's not true. Regulation must not be confused with legal status of the Bitcoin. There are many countries who have not given any status to Crypto currencies like Bitcoin. So we can not entirely conclude that Bitcoin is illegal in those very countries. The position of Bitcoin is in a blur zone I would say (in most of the countries). So yea why not go with this status only; not yet legal but not banned.

Rustamm

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Bitcoin lover!

In most countries, the crypto currency is still in the so-called gray zone, when it is not recognized by the state, but is not prohibited by it. This is the time when there are no normative acts that would regulate circulation of the crypto currency and would establish taxes on profits for its use. In this, as we see, there are both positive and negative aspects.

DAVETUN

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Bitcoin is the currency of this age

Thou not legal presently and not banned in most countries,Bitcoin is still in it acceptance stage,every new technology always takes sometime before it is been accepted globally,sure overtime the phase will be out.

LordDisick

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Quote from: ALT67890 on September 21, 2017, 11:26:50 AM

It is more likely disadvantageous to us when the government will start regulating and implementing laws about bitcoin as it only means taxes and more rules to be followed. This current situation in my country about bitcoin is much better for me, the attention is less and because of that it is more likely the demand is much lower than other countries that's why transactions fees are still at low price.

I'm not sure if we have the same country since our government is currently not paying much attention on Bitcoin right now. I will be sad once they dig much on bitcoin and decided to implement laws about it because I know for sure taxes and declaration of income (bitcoin income) will be regulated. The essence of bitcoin as decentralize will be out of the picture anymore.

onebtcforlife

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Quote from: Zabrielle on February 25, 2018, 09:10:22 PM

Right, its “not legal but not banned” in my country. They said Bitcoin has been banned in an Asian counties, i guess not all Asian countries. Im from Asian countries but i dont heard any problem with Bitcoin in my country so far. Its the best desrciption of the status of bitcoin in my country. And i think the governement is working on its legalities, studying the right way to exercise the taxes on bitcoin and other cryptocurrencies.

Media and people are misleading us because there are many major countries not banned the Bitcoin but people are propagating the negative news about the Bitcoin has banned in Asia. Not only in Asian even in my country "not legal not banned". Our country is waiting for other government because our government will follow according to the rules of the US.

Zabrielle

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Right, its “not legal but not banned” in my country. They said Bitcoin has been banned in an Asian counties, i guess not all Asian countries. Im from Asian countries but i dont heard any problem with Bitcoin in my country so far. Its the best desrciption of the status of bitcoin in my country. And i think the governement is working on its legalities, studying the right way to exercise the taxes on bitcoin and other cryptocurrencies.

Sony.UK

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Quote from: superjeyy on February 21, 2018, 12:02:07 AM

This is the perfect way to describe the current state of Bitcoin here in our country: not yet legal but not banned. However, there has been some news circulating around that our central bank is initiating the usage and acceptance of cryptocurrency for transactions in the near future. Knowing how my country works, there is still a chance that this won't push through and a part of me wants that to happen. I do want my country to develop and show progression when it comes to innovative ventures but based from my experiences and how the government is ran here, there would be a high chance that the cryptocurrency would pave way to the worsening of corruption. People of power here are very hungry and I am sure that they wouldn't let cryptocurrency live at peace especially since it's very profitable. I think that if Bitcoin was legalized, the taxation would be extreme but it wouldn't be worth it since we don't even know where our taxes go here. The "not yet legal but not banned" state is a pretty good state to be in right now. Maybe when the government starts to not be selfish then we can consider the involvement of cryptocurrency in our country.

This statement opts to my country as well. Crypto is not yet legal but not banned. We have traders and crypto users around but they are let free as of now. But recently few were caught to pay tax to their crypto earnings.

We now Hera good news on launching new crypto coins. This is the sign of allowing crypto in the country.

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