Topic: What is the legal status of Bitcoin in your country? (Read 977 times)
If I'm not mistaken, many companies never give Bitcoin any official status.
In my nation, the situation is still unclear, but we may assume that utilizing Bitcoin is unlawful. Because Bitcoin is crucial for life in the digital age, we can anticipate the government to accept it as legal crypto currency in the shortest period feasible.
Bitcoin and all other cryptocurrency are banned in our country. Occasionally police and NSI arrest bitcoin users. National bank of our country banning bitcoin and release a notification in 2017. Since then, no changes have been made to those rules and regulations.
Here in my country, though its not yet legalized all over Ph but some restaurant and hotel are already accepting bitcoin to pay for it. If only they support bitcoin all the way i believe its gonna be a game changer
If anyone complain that bitcoin is being used in public at hotels etc in your country, will the government take action and ban the hotel dealing in illegal currency ?
Its very risky to deal openly in bitcoin, if the government have not declared it legal.
In my country, I do not think there are any legal actions for and against bitcoin. The government dud not openly say they support bitcoin and yet they didn't ban it. We can practically use bitcoin for almost everything in the country except, of course, to pay taxes since the government did not endorse it.
I however do believe that at this rate of adoption among the citizens, it wouldn't be long before the government will be forced to accept and endorse bitcoin for use in the country
in my country is also the same as your country, in my country there is also no legal status regarding bitcoin, because the government does not adopt bitcoin, and the government in my country also does not prohibit bitcoin, so for now the legal status of bitcoin in my country, you can say there is not any yet.. I however do believe that at this rate of adoption among the citizens, it wouldn't be long before the government will be forced to accept and endorse bitcoin for use in the country
Some countries banned crypto assets totally, some banned mining, some allows even paying taxes with it and some doesn't allow purchasing goods using crypto assets.
The Republic of Turkey has a strict ban against using crypto assets as a way of payment or developing technological infrastructure for such use case. However, it is perfectly legal for individuals and businesses to buy/sell/mine/trade the crypto assets.
What is the situation in other countries that you know of? And do you think the world will start accepting it or will regulate and see it only as a "store of value" and not a currency?
The Republic of Turkey has a strict ban against using crypto assets as a way of payment or developing technological infrastructure for such use case. However, it is perfectly legal for individuals and businesses to buy/sell/mine/trade the crypto assets.
What is the situation in other countries that you know of? And do you think the world will start accepting it or will regulate and see it only as a "store of value" and not a currency?
What i only know is i still can have bitcoin and it is not breaking any law in my country, and there are some bitcoin market in my country and people not prohibited to use it. Maybe it is not legally yet, because can't be as payment but i am already ok with it because still can have and own my cryptocurrency.
I live in a developing country and have been heavily affected by the covid19 epidemic, right now the situation is alarming. As for bitcoin, it is fortunate that my national government remains completely neutral. So there are still plans/speculations/trades to make money in this space. Bitcoin and crypto are like a ray of light for us at the moment.
We are just waiting for the regulations to be applied by the government. They are expected to come near the end of the year. For now, Bitcoin is not illegal in my country. Trading of Bitcoin is not illegal but using it as a payment method is illegal for now. After the regulations, I still don't expect our government to let us use Bitcoin as a payment method.
I am from a developing country and a few people know about the online currencies. As crypto currencies have effect on the economy, Bitcoin is not legalized in my country. However, some people are trading Bitcoin in some extent and some are keeping them as well to earn money
bitcoin status in my country has reached the issue of a massive ban and bitcoin atm in my country was confiscated and banned. but now my country's government is more lax in the rules and allows anyone to trade or just invest bitcoin but on condition that it is forbidden to buy or transact anything directly with bitcoin must be converted to my country's money first
Here in my country, though its not yet legalized all over Ph but some restaurant and hotel are already accepting bitcoin to pay for it. If only they support bitcoin all the way i believe its gonna be a game changer
as for my country, Vietnam is currently neither banned nor completely legal, but now there is some news saying that there are some considerations about the possibility of accepting BTC in the future. That's just some news, but what's the truth, I don't know all, they haven't made any positive move regarding crypto.
in my country there is no legal process regarding bitcoin because we can understand that in my country it has not adopted bitcoin so it is very impossible to apply the legal process for bitcoin, but if bitcoin adoption really happens then I believe that bitcoin will be established as a permanent legal process listed in the laws of a country
In my country, there has not been any status regarding bitcoin, because in the country where I live, Fitcoin has not yet been adopted, so from that we can say that bitcoin has not yet received a permanent law regarding the circulation of bitcoin in my country, so it will be difficult for us. explain information about bitcoin
But what you must be thankful is that Bitcoin is not totally banned like what china does.
so your chance of gaining and trading is still there.
so your chance of gaining and trading is still there.
I also feel the same way in my country because my country does not legalize BTC as a means of payment but is still allowed as a commodity. I think countries that ban BTC will feel a loss because this is an opportunity and opportunity for their people who are financially literate to be better. In addition to being able to collect taxes from each transaction, it can increase the country's ability to collect anonymous BTC transaction data through legal markets.
My country Nigeria ban direct crypto withdrawals through bank. Till date withdrawals can only be accomplish through using P2P platforms or selling through some reliable escrow platforms. I don't know how long this ban will last. Though the ban is not affecting traders and crypto investors, the ban have even make cryptocurrency more popular in my country.
Here in my country, though its not yet legalized all over Ph but some restaurant and hotel are already accepting bitcoin to pay for it. If only they support bitcoin all the way i believe its gonna be a game changer
if only they support? but you already mentioned some restaurant and Hotels are accepting bitcoin then this is already support right.maybe what you are saying is all the establishment will support bitcoin?
as for my country, Vietnam is currently neither banned nor completely legal, but now there is some news saying that there are some considerations about the possibility of accepting BTC in the future. That's just some news, but what's the truth, I don't know all, they haven't made any positive move regarding crypto.
But what you must be thankful is that Bitcoin is not totally banned like what china does.so your chance of gaining and trading is still there.
The legality of Bitcoin in my country is not stable, according to the headline news of The Nation newspaper I read recently.
It may be recalled that the apex bank along with some observers had expressed concerns that inexperienced investors could lose their meagre savings gambling on a highly speculative asset. “Small retail and unsophisticated investors also face high probability of loss due to the high volatility of the investments in recent times,” the bank said, as it sought to clamp down on the trade. Bitcoin experienced a similarly wild upswing in 2017, only to then plunge 80 per cent from its peak.
Nigerians turned to bitcoin when the government froze the bank accounts of leaders of the EndSARS protests against police brutality that swept the country last autumn. Supporters began donating to the cause using bitcoin, a practice that was encouraged by the likes of Twitter chief executive Jack Dorsey.
The frenzy over digital currencies prompted the central bank to reiterate 2017 guidance prohibiting local banks from serving customers with crypto accounts. In a memo this month defending its decision, the bank argued that cryptocurrencies were prone to use by criminals, drug traffickers and terrorists. But the central bank’s message “had the opposite effect the CBN wanted it to have”, said Ibukun Akinnawo, who hosts an investment club for mostly Nigerian 9-to-5ers on the social networking app Clubhouse and has invested in digital currencies. “People were now really wanting to talk about crypto.”
Yele Bademosi, the founder of Bundle, a Nigerian crypto and cash payments app, said volumes on his exchange remained high after the central bank ruling because people relied on peer-to-peer markets. He said the CBN crackdown could push crypto the way of the Nigerian naira, the local currency in which there is a thriving black market. “It’s going to look a lot more like the parallel market FX situation,” he said.[\Quote]
Source link:
https://thenationonlineng.net/bitcoins-to-be-or-not-to-be/
Quote
It may be recalled that the apex bank along with some observers had expressed concerns that inexperienced investors could lose their meagre savings gambling on a highly speculative asset. “Small retail and unsophisticated investors also face high probability of loss due to the high volatility of the investments in recent times,” the bank said, as it sought to clamp down on the trade. Bitcoin experienced a similarly wild upswing in 2017, only to then plunge 80 per cent from its peak.
Nigerians turned to bitcoin when the government froze the bank accounts of leaders of the EndSARS protests against police brutality that swept the country last autumn. Supporters began donating to the cause using bitcoin, a practice that was encouraged by the likes of Twitter chief executive Jack Dorsey.
The frenzy over digital currencies prompted the central bank to reiterate 2017 guidance prohibiting local banks from serving customers with crypto accounts. In a memo this month defending its decision, the bank argued that cryptocurrencies were prone to use by criminals, drug traffickers and terrorists. But the central bank’s message “had the opposite effect the CBN wanted it to have”, said Ibukun Akinnawo, who hosts an investment club for mostly Nigerian 9-to-5ers on the social networking app Clubhouse and has invested in digital currencies. “People were now really wanting to talk about crypto.”
Yele Bademosi, the founder of Bundle, a Nigerian crypto and cash payments app, said volumes on his exchange remained high after the central bank ruling because people relied on peer-to-peer markets. He said the CBN crackdown could push crypto the way of the Nigerian naira, the local currency in which there is a thriving black market. “It’s going to look a lot more like the parallel market FX situation,” he said.[\Quote]
Source link:
https://thenationonlineng.net/bitcoins-to-be-or-not-to-be/
In my country, I do not think there are any legal actions for and against bitcoin. The government dud not openly say they support bitcoin and yet they didn't ban it. We can practically use bitcoin for almost everything in the country except, of course, to pay taxes since the government did not endorse it.
I however do believe that at this rate of adoption among the citizens, it wouldn't be long before the government will be forced to accept and endorse bitcoin for use in the country
I however do believe that at this rate of adoption among the citizens, it wouldn't be long before the government will be forced to accept and endorse bitcoin for use in the country
In my country, there has not been any status regarding bitcoin, because in the country where I live, Fitcoin has not yet been adopted, so from that we can say that bitcoin has not yet received a permanent law regarding the circulation of bitcoin in my country, so it will be difficult for us. explain information about bitcoin
Even though it wasn't legalized in your country or have a law that supports the use of Bitcoin as long as it was not banned yet there is no problem with that, you can still enjoy your Bitcoin. What makes prevents you from using it when it was already announced that was ban like in China. A lot of countries has has been facing the same situation (complicated status), even in my country, it wasn't legalized yet but at least we are free to invest and hold it.
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