So far my country doesn't really have much strict rules or laws towards crypto even though there are hints that it might be taxed soon but thinking off about being decentralized then its really impossible to happen and that's why they do mainly targeting off those centralized platforms or businesses which is involved on crypto but talking on taxing every individual that do involved in crypto is really impossible.
Its good to look at that there are various countries which had adopted bitcoin in terms of payment system.
Hopefully it would really happen in our country too but for now I don't have any problems about conversion and doesn't really mind too much about AMLA or something like that.
Im just earning good but not really much which might triggered out the government.
Topic: What is the legal status of Bitcoin in your country? - page 3. (Read 977 times)
The legal status of bitcoin in my country, Indonesia, is legalized on the condition that it is only allowed to be used as a commodity asset and cannot be used as a legal transaction tool. But legalization as a commodity asset also has a big impact, so the government still provides light regulations for crypto trading.
To be another legitimate payment option, it seems that more research needs to be done because it does have a lot of risks. Rupiah remains the legal and only transaction tool.
To be another legitimate payment option, it seems that more research needs to be done because it does have a lot of risks. Rupiah remains the legal and only transaction tool.
Bangladesh : Not legal.
According to Bank and Supreme court it is still in suspended. But this year from last 2-3 moths we saw a little hope. Because from last 2-3 moths we saw lots of news covered by Bangladeshi news TV channel and all are posetive news not only that they invite Bangladeshi government tech special in Somoy television talk show, Finance Minister and one more person to talk about bitcoin dedicately. And they all are given their feedback. And from their feedback we can got a little posetive vibe. They are working on it before legalise. Lets see what news comes.
According to Bank and Supreme court it is still in suspended. But this year from last 2-3 moths we saw a little hope. Because from last 2-3 moths we saw lots of news covered by Bangladeshi news TV channel and all are posetive news not only that they invite Bangladeshi government tech special in Somoy television talk show, Finance Minister and one more person to talk about bitcoin dedicately. And they all are given their feedback. And from their feedback we can got a little posetive vibe. They are working on it before legalise. Lets see what news comes.
in my country bitcoin there is no prohibition it's just that there are no legal transactions in our country just dig bitcoin and convert it into fiat currency then we can shop.
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?
A lot of countries of governments don't have any clear law that prohibits nor allows the use of cryptocurrency or bitcoin, but a they will use other laws or reasons if you are found to be using them for illegal purposes or making a lot of money from them and not paying taxes, for example in my country i guy went for jail because he was buying and selling bitcoin and he was trialed under the law of the use of foreign currency which is not allowed. 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 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?
Several small countries, are currently considering legalizing bitcoin as an official currency and also as a legal tender applied in their country, one of which is Paraguay which is currently considering bitcoin as part of its monetary ecosystem to reduce dependence on fiat currencies. But unfortunately, in our country today bitcoin is only seen as a commodity futures asset.
Nothing really big has happened yet but the agencies that don't have stake on crypto and bitcoin are the one that's been meddling so it's a shitty thing although they haven't done anything drastic yet but given that they are meddling already makes me uneasy since there's a possibility that we might see some sort of bad policies.
In our country for now, the government has legalized bitcoin as a legal transaction tool and also as an investment asset, in a press release last year our country's government has emphasized to the community and prioritizes the millennial generation, in order to adapt to the growth of technology, such as technology offered bitcoin and the public must be smarter in determining investments with cryptocurrencies.
In Russia, bitcoin, along with other cryptocurrencies, after the adoption in the summer of 2020 of the law "On digital financial assets" is legalized in the form of property and has property rights. But at the same time, the same law prohibited the payment of goods and services in cryptocurrencies and BTU and in bitcoins. At the same time, officials of the Central Bank and representatives of the authorities regularly declare that bitcoin and cryptocurrencies in general are a financial pyramid.
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?
in my country. Bitcoin is allowed to be traded. Bitcoin has been legalized as an investment just like gold. However bitcoin is not allowed to be used for payments. Because the only currency allowed is rupiah.
In my country, Indonesia, the legality of bitcoin is still quite confusing. But one thing for sure, bitcoin is not considered as a legal currency in my country since the legal currency that can be used in Indonesia is the one that is officially issued by the government, which is Rupiah. So, bitcoin is not a legal currency yet, maybe we can considered it illegal. However, it's not like government banning everything related to bitcoin. Even, Bitcoin is legalized by the Ministry of Commerce through the Commodity Futures Trading Regulatory Agency. So i guess it's legal as a trading commodity, however not as a currency.
You are confusing legality with legal tender. Bitcoin is only legal tender in one country in the whole world, El Salvador. This means, you MUST accept Bitcoin as payment if someone chooses to pay in that.
But legal just means NOT ILLEGAL. And Bitcoin is not illegal in Indonesia, I am not from there but I have sold Bitcoin to a few Indonesians p2p and I know they also buy:)
In my country, Bitcoin currency is still illegal. But government tries to regulate this currency. Because cryptocurrency is spreading day by day worldwide. There are many countries where crypto currency is illegal, the reason is that the government plans how we get benefit from this currency. It is a global currency and no one controls this currency.
Fortunately, now we are free in terms of cryptocurrency mining and trading. We don’t pay any taxes for using it. Nevertheless, it is not very popular here. We are not allowed to pay in crypto for any goods or services, so in my country it is only like investment. Also there are some exchanges and platforms that got banned in my country, for example Binance.
In my current country, the status of cryptocurrencies should not be more than a type of investment. So, we can't use it as a medium of exchange or transaction. In addition, there are several regulations that say that crypto is a type of investment with high risk, and at your own risk. Well, I quite like the regulations because at least, there are still many countries that ban cryptocurrencies.
However, right now I believe that the world will start to accept cryptocurrencies and make regulations for it. maybe some countries are still banned like China and India, but I'm pretty sure that in the future, they will accept this technology, and make some regulations for it.
However, right now I believe that the world will start to accept cryptocurrencies and make regulations for it. maybe some countries are still banned like China and India, but I'm pretty sure that in the future, they will accept this technology, and make some regulations for it.
in my country bitcoin there is no law not many people know about bitcoin they only hear the name bitcoin but they don't know the use of bitcoin and in my country bitcoin is not valid for legal exchanges we use bitcoin we must first exchange it into currency.
we bitcoin miners use this opportunity as best we can because the government in our country does not understand bitcoin if one day the government prohibits bitcoin like china then we already have assets for us to save.
Actually, Bitcoin was once considered an illegal transaction tool in my country Indonesia. In a press release issued by Bank Indonesia in 2014, it was stated that Bitcoin and other virtual currencies are not legal currencies or means of payment. However, over time, Bitcoin is starting to be accepted in my country, Indonesia. The Ministry of Trade (Kemendag) through the Commodity Futures Trading Regulatory Agency (CoFTRA) has provided legal certainty about Bitcoin in Indonesia, but the government in my country still has not accepted any exchange in the form of crypto.
what is the law of bitcoin in your country,, for now in my country bitcoin is still banned by the government, we can't do much with bitcoin, our movement is still limited, you can say bitcoin in my country is still illegal, but I'm sure with the development of bitcoin, one day bitcoin will definitely be well received in my country..
in my country bitcoin there is no law not many people know about bitcoin they only hear the name bitcoin but they don't know the use of bitcoin and in my country bitcoin is not valid for legal exchanges we use bitcoin we must first exchange it into currency.
Come on, what are you talking about?
I see that your base is Indonesia (based on post history). Our country has a clear legal status regarding the use of crypto. I think there are many topics about legal information on the Indonesian board, for example [1] [2]. You have to read a lot dude instead of throwing messy opinions
in my country not completely ban crypto especially bitcoin. in my country it is allowed to use bitcoin only for trading, but it cannot be used for direct transaction systems like money. so if you want to buy anything you have to exchange bitcoins to my country's money, then I can make transactions
Indeed, most countries that legalize Bitcoin are only digital assets, Bitcoin cannot be used for payments. Because the government is
still being careful with Bitcoin, because some countries still consider Bitcoin a threat to the existence of fiat. Even though it's just
an excessive concern in my opinion, because Bitcoin was created as an alternative payments from the start. I actually really hope that
as more countries legalize Bitcoin as payment, it will make the financial sector more innovative. But in the near future, Bitcoin is indeed
accepted as a digital asset, we should be grateful, than Bitcoin is prohibited from being used at all.
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