Topic: Unregulated market is illegal or legal? - page 2. (Read 20048 times)

If bitcoin is illegal on your country , you can still use crypto only online because country or a government rather dont hold the online world ,  they dont hold bitcoin  but its possible that they can ban some sites within their network or within the countries local ip  .  there are also sites that are illegal online and you can get into some serious trouble if you will insist to use and visit them  .

The crypto market exists in cyberspace by using the internet, meaning that transactions will not be known by anyone and do not violate anything.
Becomes illegal if transactions in a country prohibit the use of bitcoin but are used for payment or open trade. If in a country that legalizes crypto, of course there are no problems.

Certainly right because if your country has no regulations or other law applied towards crypto then for sure you are safe in using crypto.the problem will occur if this crypto will be used into other country’s i mean you will be going to that certain country that has been banning this currencies
Yeah we can open a bank account from crypto since our country has nothing against cryptocurrency,and i will not try sending this to some place that restricted this coins

Yeah as long as they don't know your identity, then you won't experience any problems using bitcoin right? after all the market that has not been regulated yet does not mean illegal right? unless there is already a special rule about crypto, then we can determine whether it is illegal or not

Knowing what are the certain rules for that country will help. You need to identify and must follow the law if they have any rule of law regarding owning, transacting and trading with crypto's.

IMO as long as there's no direct law about it, there's nothing wrong with that.

exactly . when unfamilliar people hear and see cryptos they instanly think that it is a scam or illegal due to the reason that cryptos arent yet regulated by the government but  if ever the situation can be reversed i think those unfamilliar people will now embrace cryptos because they see it as a real product  . yet nowadays there are few countries that consider crypto as illegal but most country are willing to support crypto even it its not officially regulated by them  .

Crypto illegalization depends on what country it is. So even though its legal for you to acquire crypto, if you want to buy something or send some of it on those people who lived in a total ban crypto then that would be useless. And also, here in my country, you cannot establish a company if you arent a citizen but you can open a bank account.

Regulation controls the way a business should operate and unregulated means a type of business or activity that is not controlled and directed by rules or laws. Here in my country, bitcoin is not legalized nor regulated but the government did not make any move to ban the coin and other cryptocurrencies. The people are free to use virtual coins in any kind of transactions and several exchanges are also given licenses to operate in the countries.

Cryptocurrency can not be considered a bank account, especially open outside the state. It also can not be considered shares. In any case, until the cryptocurrency is legalized in a particular state and its official status is determined, it cannot be equated to any other type of document.
If a cryptocurrency is not regulated by states, it should be considered legal, since there will not be a special prohibition on its use. As a general rule, it is allowed to engage in any type of business, unless there is a special ban on them.

In my opinion I considered illegal for those unregulated market. Just like the other system that has found something unusual which call up the attention of the government for operating a system that is not being registered in any concern government agency for the matter is considered as illegal.

Thats true, but if without regulation of course bitcoin market will be considered a black market because it is illegal because it does not have a clear legal law? even without regulation though the market will continue to run, but regulation on the market will give an official image and not illegal impression..

It could not be declared as legal unless the government had made some arrangement or rules and regulations with bitcoin. So if it is unregulated meaning to say that cryptocurrency is neither legal nor illegal unless also if it is being declared as illegal by the government organizations for those who disagree with the system.

If Bitcoin and another cryptocurrency in any state is not regulated, then its use can be considered legal due to the fact that in such a state there will be no special prohibition on its use. In order to talk about prohibiting the use of Bitcoin, referring to the fact that in certain cases it is impossible to use stocks, securities, have bank accounts abroad, you must first legalize the cryptocurrency and recognize it as securities or other status that is prohibited for use.

see a situation where there is no prohibition on the ownership of bitcoin, so long as that bitcoin is legitimate or legal, perhaps the problem is the use in each country which has no clear rules, but buying and selling of bitcoin remains an activity that is not prohibited.

Crypto is a new asset class and can't really fit as per the current definition of asset classes. So as long as you have ambiguity on the crypto related laws in your country, it's not illegal. It is just unregulated and it doesn't mean it is illegal. So carry on with your crypto related activities unless there is a proper regulatory framework given by your government. Also look for the existing legal definitions of stocks in your country and see if crypto fits that bill. Most probably it won't so you don't need to worry just as now!

very much depends on the policy of which country we are in, but basically bitcoin is legal, but many countries feel threatened by the emergence of digital currencies, because it has the potential to eliminate the dominance of existing currencies, so the status of bitcoin in various countries is still uncertain, this only a matter of business competition in the banking sector which is likely to be reduced by their money trees being replaced by bitcoin, because bitcoin offers convenience in all forms of payment and security.

Of couse without an official statement from the government. the conditions will be neutral. that means you can still use bitcoin for any transaction activity you like in your country. including my countries that have conditions like this. I'm still free to use bitcoin without restrictionss

wrong thinking, crypto is different from stocks, so we can have crypto abroad without anyone being able to manage it, because people in a country can have accounts to save their money in banks that are abroad very freely, also we can buy any shares overseas, so the same as bitcoin their system cannot be interfered with by any country.

Of course it's illegal and my government usually will shut it down if it's keep operating.

My local exchange paying tax and have the license so they are being regulated but my government did not regulate crypto so trading with crypto become our risk and they will not help if something bad happen let say got scam,etc

SWIFT Causes Headaches for Remitters, Cryptocurrency Offers Reprieve

SWIFT transfers are notorious for taking long and costing a lot, but this was highlighted when it was recently revealed that a UK charity could not get £11,000 to 36 orphans in Zambia after weeks of waiting.

The sending bank, Barclays, blames a lack of communication from the receiving bank in Zambia, but the charity organizers were just happy to get their money back after being in limbo. The issue was exposed during an investigation by the Observer, whom also discovered many similar experiences by other bank users. Typically, users can expect SWIFT to make transfers in a few days, but it can take as long as a few weeks depending on the country, which is not to even mention the extraordinary fees. At this rate it becomes faster to put the cash in a briefcase and hand deliver the amount.

However, this then highlights another problem of the current financial system around the world – withdrawing your own money. Due to current anti-money laundering laws, it can often become a hassle to withdraw your own money, depending on the amount. Within the US, between $2,000-$10,000 USD it is at the bank’s discretion to file regulatory forms, but after $10,000 USD it becomes mandatory. To bring into perspective, $10,000 USD is often not even enough to buy a moderately well-maintained used car. Many banks around the world also self-impose ATM withdraw limits, which highlights fractional reserve banking and the fact that banks do not have enough cash on hand to fulfill all their liabilities.

Cryptocurrencies provide faster, cheaper, and better solutions

Cryptocurrencies eliminate these hassles since transfers can be made in minutes for a few dollars on the slowest networks. On faster networks, such as DASH, an InstantSend transaction can be made, right now, in 1-2 seconds for $0.01-$0.02 USD, which is about to become the norm with Automatic InstantSend. Additionally, transactions can be followed since blockchains are public, so if a receiver claims to have never gotten the money, like the instance above, consumers can track their money rather than relying on the word of third parties. Cryptocurrencies also empower consumers the full right to own and use their money, since as eluded to above, significant amounts of money stored in banks cannot be withdrawn, in whole, without significant delays and/or forms to complete.
DASH is Digital Cash!