Not Yet Legal But Not Banned - page 18.

Yuhee

sr. member

Activity: 546

Merit: 250

Quote from: Maheshkumar_Hrangkhawl on July 30, 2017, 11:06:22 AM

Quote from: ezzy.co on July 29, 2017, 07:11:42 AM

Legalisation doesn't bother me, since I don't have to pay taxes.

Surprising. BTW, are you saying that you don't want to pay any taxes (although you are obliged to do so), or are you saying that there is no tax on profits from Bitcoin sale in your country? I hope that it is the latter case.

Well if it were in my country too i'd rather use btc because for many years our country been one of the most corrupted government (My mates from Philippines will agree to this) even with the tax of 32% nothing is happening and only the same families are becoming richer and richer. AT least now, there are some changes in the government in which may in time bring us out of the list of of corrupts. So for me btc is yet the closest thing to at least having an ease of life in our country.

Maheshkumar_Hrangkhawl

sr. member

Activity: 600

Merit: 256

Quote from: ezzy.co on July 29, 2017, 07:11:42 AM

Legalisation doesn't bother me, since I don't have to pay taxes.

Surprising. BTW, are you saying that you don't want to pay any taxes (although you are obliged to do so), or are you saying that there is no tax on profits from Bitcoin sale in your country? I hope that it is the latter case.

zeze18

sr. member

Activity: 938

Merit: 256

Of course the bitcoin legality has never had any effect on bitcoin activity, and i think it might be lucky if your country still doesnt have a tax regulation on bitcoin. But once in a while the government will apply tax payment rules to bitcoin users.

ezzy.co

newbie

Activity: 28

Merit: 0

Legalisation doesn't bother me, since I don't have to pay taxes.

bubblebit

sr. member

Activity: 308

Merit: 251

As my understanding in this topic, it will be legal soon when it happened it is already regulated by government and might be bad or good for bitcoin. But until it is not, enjoy it with no limitation as it is now.

Walkman90

newbie

Activity: 2

Merit: 0

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.

I do not think Bitcoin is forbidden. I wonder how someone can regulate something that does not belong to him ..

jpoker272727

legendary

Activity: 1137

Merit: 1000

Anything which is neither banned nor declared illegal deems to be legal unless it contradicts with loopholes in the law.
What in most country is, Bitcoin is not recognized officially as a currency and hence the question of illegality or legality does not arise at all.

CryptoBry

sr. member

Activity: 1008

Merit: 355

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.

The thing is...Bitcoin is supposed to be a decentralized beast away from the hands and control of the government and when a government will try to put regulations on it for whatever reason valid or not then you can be sure that there would be some compromises along the way...though that is a big reality we have to dealt with. Sometimes we can not escape present-day realities in connection with Bitcoin. However, we already have a good model in Japan for this...hope other countries can follow soon.

BTCwoker

newbie

Activity: 43

Merit: 0

financial advisers from the third country aren't aware of bitcoin properly. they do not have the idea of the technology behind bitcoin. so, they follow the developed countries' status regarding digital currency. they get confused because, in Japan, Singapore, Canada, Estonia, cryptocurrency is legal but few areas of China, US it is banned.

Amph

legendary

Activity: 3248

Merit: 1070

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

botany

legendary

Activity: 1582

Merit: 1064

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

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.

1) There are grey areas in law, subject to interpretation. The government may prosecute you based on current interpretation of law, for your past actions.
2) Some countries have enacted laws with retrospective effect.
https://www.alrc.gov.au/publications/laws-retrospective-operation-0

Netnox

legendary

Activity: 2044

Merit: 1008

The problem is that the financial advisers in many of the third world nations are ignorant about the technology behind Bitcoin. So they look at the legal status of Bitcoin in the developed nations. For example, in nations such as Singapore and Japan, the crypto-currency is 100% legal. On the other hand, in countries such as Iceland, it is banned.

olushakes

sr. member

Activity: 476

Merit: 254

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.

Over here too we are actually facing the same situation and that's what people who are smart are actually harnessing compare to those who are scared that believed that "since its not legal, then its illegal" and I am sure whether we like it or not, and very soon government will come with a position and by that time people who are very much exposed would have enjoyed a tax free investment and income compared to those who will start joining because that the worse that would happen as I don't see any country shutting itself from the future.

biskitop

full member

Activity: 686

Merit: 104

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.

corroze

sr. member

Activity: 602

Merit: 254

Yes, so far unauthorized but illegal bitcoin users regardless of tax payments, in the absence of binding rules against the use of bitcoin in illegal state of bitcoin

dihari

hero member

Activity: 910

Merit: 525

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.

darkangel11

legendary

Activity: 2478

Merit: 1360

Don't let others control your BTC -> self custody

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.

iamTom123

hero member

Activity: 490

Merit: 501

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.

Topic: Not Yet Legal But Not Banned - page 18. (Read 32095 times)