Topic: What is the legal status of Bitcoin in your country? - page 2. (Read 1014 times)

Thanks OP for this thread. I don't know if it has been my lifestyle that is a bit complicated in relation to knowing how to manage my time. It is precisely at this time that I have been concerned to find out the status of the use of cryptocurrencies in my country. I live in Venezuela and the Venezuelan Constitution according to a decree on January 30, 2019, there is a legal framework that supports the use of crypto assets.

Honestly, the government of my country has not invested in educating the population to incorporate cryptoactives in their economic spheres because if they had done so there would not be a massive exodus of Venezuelans to other countries, missing the opportunity to progress in the country, and contribute with the development of the nation's economy.

In Venezuela, the use of cryptocurrencies is legal since January 30, 2019 as I said before, I have made the translation of article 3 as proof. Also in the article it mentions "sovereign crypto assets" which refers to PETRO.

I also did my search to know how the crypto assets are applied to a specific rate for the Income tax, and I do not see anything related. Any new information in relation I will gladly share with you.

Article 3. This Constituent Decree has as scope of application the goods, services, securities or activities related to the constitution, issuance, organization, operation, and use of sovereign crypto assets and crypto assets, within the national territory, as well as the purchase, sale, use, distribution and exchange of any product or service derived from them and other related activities.

https://www.vtv.gob.ve/gaceta-oficial-ley-criptoactivos/

In the country where I live, the government still does not have an official document on the legal corridor for bitcoin and cryptocurrencies. but they regularly warn about scams from multi-level models disguised as investments in bitcoin or altcoins. We can trade in cryptocurrencies without being banned but if someone gets scammed in regards to crypto they will not be protected by law.

Government can not ban Crypto currency that is know to all but they can restrict. In my country The Ministry of Corporate Affairs has made it mandatory for companies to disclose crypto trading/investments during the financial year. Experts see it as a positive step and expect the taxation rules to follow through. This is being considered as the first step towards regulating cryptocurrencies in my country.

Sometimes the readiness is made by conditions and circumstance. Japan was the first (or among the first) to really sit down and do a legal framework years ago but it wasn't so much because it was ready, but because it was shocked by what happened with MtGox (which was headquartered in Japan). So it is a lesson that if you aren't prepared, you will be forced to be ready one day.

maybe all countries will carry out different implementations and it is only the readiness of that country to prepare a legal umbrella that can bridge so that they can do things safely.

In my country it has not been recognized as a legal means of exchange such as fiat money that has been used so far, but it provides an opportunity for all who want to do anything with crypto to be able to carry out their respective goals and there are no prohibitions. but if you want to use crypto money, the government recommends exchanging it to fiat first with a party recognized by the state, so it provides facilities but not full.

Well the same in my country, but perhaps in my own opinion bitcoin is hard to become a legal currency, perhaps the government allows bitcoin to use in the country but this has not become legal, we know that bitcoin is not yet regulated and it is hard to regulate, so it is impossible that it will become legal in the future, not unlike country that openminded like El Salvador that they legalized using bitcoin. Further years to come will perhaps we will see between the government and bitcoin situation, who knows it will adopting in every country.

Bitcoin has not yet received government approval in our country, but people in the country use Bitcoin indirectly if they do not use it directly. But lately, Bitcoin is being used by the government Positive comments are being heard. Maybe in the near future bitcoin can be legal in our country.

In my country, it's not still clear but we can suppose it that using Bitcoin is illegal in our country. We can expect that within short possible of time, government will accept Bitcoin as legal crypto currency because it's important for living with digital world.

This is a really good topic, I'm glad you brought this up because I am not sure I have ever seen this being asked here before.  It seems to be a bit of a theme, or a bit obvious as to which countries have banned cryptocurrency and bitcoin, and which ones haven't.  Mostly from what I am seeing, it seems like the countries banning it are those whom are more conservative in nature to begin with.

This is a good choice because of the utility and the constantly volatile bitcoin exchange rate. Of course this is something very good because in that way bitcoin can still be special and not lose its privileges and fiat is still the first to be used for transactions.
despite some countries that have legalized bitcoin as a legal currency for transaction tools, I still prefer things like this.

Everybody knows that the dice are loaded
Everybody rolls with their fingers crossed
Everybody knows the war is over
Everybody knows the good guys lost
Everybody knows the fight was fixed
The poor stay poor, the rich get rich
That's how it goes
Everybody knows

Leonard Cohen.

     Legalization means the emergence of the legal status of bitcoin in the legal system of the country as a property or financial asset. And the status of legal tender is fundamentally different. Almost all countries of the world leave the status of legal tender only for sovereign fiat currency. Even Japan has canceled the status of legal tender for cryptocurrencies and their transfer to the status of financial assets.

In my country, the legal status of Bitcoin is a trade ban. There has been a ban made on the trading of Bitcoin early this year, the country is ranked second still trading regardless.

Not accepting because they are just really on the neutral side on where they  do still observe on what could Bitcoin actually able to do when it comes to payment system.Most of merchants are really been on concern in terms of fees or volatility and thats why majority doesnt really tend to dive in with the current trend of crypto or still on observation mode but there are several merchants do really consider on taking up risk and trying to do something new and most of them did really appreciate on how it do handle out payments and at the same time they do really make profits on just simply holding it but of course tendency or chance or negative or losses
will be always there.

What the government is doing that only allows fiat currency for transactions is the right thing, of course it will cause a lot of problems if the function of bitcoin is equated with fiat, the presence of bitcoin is to improve the world's transaction system but will not be able to replace fiat currency.

in your country bitcoin is legal but why is it not accepted as a means of payment if it is legalized by the government then bitcoin can be a legal tender.

until now my country has legalized bitcoin as an investment.  In the past bitcoin was still banned in my country.  But now bitcoin has been accepted and allowed to invest.  However bitcoins should not be used for payments.

In my country " Indonesia " Cryptocurrency is allowed only as a commodity asset. not for payment. people can stored their asset and access some legal exchange for it, and the legality of the exchange in my country allows cryptocurrency trading and ownership of it. although there is a list for coin that is allowed or not ( not all coin listed ) there is a special institution that assesses what coins can be listed by an exchange in my country.

Russian legislation only restricts payment for goods and services with cryptocurrencies, including bitcoin. There are no other legal restrictions on bitcoin trading and ownership in Russia today. But general restrictions on the operation of financial markets affect the development of the crypto industry in Russia.

Suspended from trading and commerce for sure, but is it also illegal to hold? I know for a time it was okay in Pakistan and then also now in limbo. Like even in India where it was banned for business, banks, etc, they still wouldn't go after you if all you did was hold it. And in a way that benefited those who knew how to go and trade outside since they didn't owe any taxes on crypto:)