Topic: What is the legal status of Bitcoin in your country? - page 6. (Read 1014 times)
Its legal as asset, but illegal as method of payment. There was confusion between illegal or not even as an asset, but ended up being legal with certain procedures. I think why the country is so fussy about it because there are a lot of money laundering processes in it. We all know that corruption is rampant here, and some of them are using blockchain to hide their assets.
In my country, bitcoin and other cryptocurrencies should only be used for a store of value such as gold. our government already regulates crypto usage laws. So, crypto and bitcoin in our country can only be traded and cannot be a currency to buy goods and services. If someone is caught using bitcoin as currency (buying goods and services) it will be legally processed.
Legal.
Taxing for trading cryptos is a mess in here so i am avoiding it and mostly holding. But people are divided, there blockchain courses on universities and some people are excited about the possibilities. Most people in here don't understand it, but that doesn't surprise me because the whole concept was hard for me too when i was starting.
And obviously on the negative side there are people saying it's a scam or it's destroying the planet.
Taxing for trading cryptos is a mess in here so i am avoiding it and mostly holding. But people are divided, there blockchain courses on universities and some people are excited about the possibilities. Most people in here don't understand it, but that doesn't surprise me because the whole concept was hard for me too when i was starting.
And obviously on the negative side there are people saying it's a scam or it's destroying the planet.
Lucky that my country has no direct stand about crypto, it is not banned nor support but at least we are allowed to use, treade or even in business to operate and accpept bitcoin and cryptocurrency .
we are even giving the chance of using our local wallet often but of course with risk and own choice.
i don't know if the new administration comes if what will be the stand towards crypto , this will happen next year.
we are even giving the chance of using our local wallet often but of course with risk and own choice.
i don't know if the new administration comes if what will be the stand towards crypto , this will happen next year.
In the country where I live bitcoin and other cryptocurrencies are only allowed to invest and trade on cryptocurrency exchanges and are not allowed to be used as a means of payment, and only legal national currencies can be used for transactions.
for me it's not the most important problem I can still use bitcoin and other crypto even though it can't be used for transaction tools, because I can still use bitcoin and other cryptocurrencies to convert them into national currency so I can use any transaction, and maybe in the future bitcoin and other cryptocurrencies can be used for transactions because we will not know in the future there are only possibilities.
for me it's not the most important problem I can still use bitcoin and other crypto even though it can't be used for transaction tools, because I can still use bitcoin and other cryptocurrencies to convert them into national currency so I can use any transaction, and maybe in the future bitcoin and other cryptocurrencies can be used for transactions because we will not know in the future there are only possibilities.
In my country, the trading of Bitcoin is not illegal. And it is not officially legal also. Because there are some regulations on the way and I assume we will see them before the end of this year. Until the regulations start being active, shopping with Bitcoin or any other cryptocurrency is illegal. We can just trade our coins in crypto exchanges. I guess the government wants to tax the transactions while buying something with crypto but they can't do it as we are waiting for the regulations. However, it's not clear yet whether the government will let people buy something with Bitcoin after the regulations.
So far, bitcoin is not regulated nor restricted in our country. During the bull run last 2017, the government felt like cryptocurrency was a threat to the country that's why they had plans of banning the use of it. After just a year, they have forgotten about it since bitcoin's value also went down continuously. Fortunately, right now, they don't have an eye over it and they just let people mine as much as they can and invest in cryptocurrency. Maybe once crypto booms again, they will notice it once more and will make an action about it once again.
We're in a mix over here. A while back during the pandemic, our government said they had nothing against crypto and that there's no ban but when people started utilizing Bitcoin to donate for
EndSars protest, they had a change of stance and a couple of months ago, they started placing restrictions on bank accounts that have been known to have transacted crypto. Currently, any bank transfers that uses "Crypto", "bitcoin" or any crypto related terms in the transaction reference raises a red flag.
TLDR: Government says they've nothing against crypto and Bitcoin but makes it super difficult for anyone to adopt it. Even merchants that accepts crypto do it in secret.
EndSars protest, they had a change of stance and a couple of months ago, they started placing restrictions on bank accounts that have been known to have transacted crypto. Currently, any bank transfers that uses "Crypto", "bitcoin" or any crypto related terms in the transaction reference raises a red flag.
TLDR: Government says they've nothing against crypto and Bitcoin but makes it super difficult for anyone to adopt it. Even merchants that accepts crypto do it in secret.
We're still good in our country. The government gives their support and allowing everyone to make use of and invest in them, only they just warn the possible scam as we know that a lot of people taking advantage of the popularity of cryptocurrency this time specifically for Bitcoin. The SEC has no problem against crypto where it is really a good thing to hear and this could be an asset for faster and bigger market adoption.
In my country, Bitcoin is only allowed for digital investment. It cannot be used for payment purposes because only my national currency is a legal payment tool here. But I think it is not too bad, we can use Bitcoin for investing our funds at least. Here, we already have some exchanges and they are growing well. I guess there will be a chance for Bitcoin to legalize as a payment tool someday.
Here in our country, Bitcoin and other cryptocurrencies are not banned or treated as illegal by our government and national bank, but it is not greatly supported due to certain cases that involves cryptocurrency on scam schemes done by our citizen and foreigners for their own goods sake that victimized citizens here in our country. We are being discouraged to get into cryptocurrency and using or getting engage with it is doing it at our own risk and personal choice.
In my country, the government ain't against nor stands with Bitcoin, though we do have the freedom to engage and buy as much as many bitcoins we can afford, our country is slowly evolving to the full-on digital age and alongside with crypto slowly being recognized by the citizens, it's a slowly developing process, but slow process is still process.
The same as mine. Our country doesn't really have anything against bitcoin and cryptocurrencies. They're supporting it as they know many are becoming engaged in it.There are no taxes yet but because of its popularity then I guess they'll have the talks about it and pass on a bill and make it as a law about crypto taxation.
The government from our country stayed silent towards bitcoin and cryptocurrencies in general. Ever since a switch in power after the election commenced we have never heard a concrete statement from our president whether or not they want bitcoin operations to carry on within the country's territory anyway, and this indifference of the government not only caused detriments to your immediate family, it had also shown that each individual will use whatver attention there is left at the bottom of the barrel just so they can avoid not being the center of attention.
How many countries have banned Bitcoin? I know of Iran and china but I think they have unbanned it now?
China just reinstated its ban on cryptocurrencies and had made sure that there wouldn't be any form of cryptocurrency activity to be had within the borders of the country. I haven't heard of what happened to Iran unfortunately though. 
Personally, Bitcoin is still and legal to trade, and that is an advantage for us. There may not be any plans as a substitute for fiat currency, but as long as it's legal and we're not banned from trading crypto then I think that's pretty good. Even a few months ago the government in our country made crypto inspired by Bitcoin, because this is a good sign, because then we are where the country is participating in supporting the growth of crypto.
I am also very grateful in my country that crypto trading is still allowed. there are many local exchanges that are officially recognized by one of the financial audit institutions in my country. This is a great opportunity, although the use of crypto for payments is prohibited. it is not a problem, the government still guarantees easy access and security of transactions with paper money.from here I know that crypto is not completely bad, it is still effective to be used as a trading and investment commodity even with high risk. as long as we know what we are doing and understand the risks then it is not a big problem.
Some countries banned crypto assets totally, some banned mining...
to this day I don't understand why certain countries continue with these crooked ideas of banning bitcoin, I don't understand. some countries use nonsensical arguments about money laundering and it is even funny because they forget that Fiat is used for money laundering, corruption, terrorist financing, paying bribes to corrupt politicians.
What is the situation in other countries that you know of?
the news channels talk more about china, india, russia and some other countries that don't like bitcoin, so i only know about the situation in some countries
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?
It is inevitable that a few years from now everyone will accept bitcoin as their currency
Personally, Bitcoin is still and legal to trade, and that is an advantage for us. There may not be any plans as a substitute for fiat currency, but as long as it's legal and we're not banned from trading crypto then I think that's pretty good. Even a few months ago the government in our country made crypto inspired by Bitcoin, because this is a good sign, because then we are where the country is participating in supporting the growth of crypto.
In my country, the government ain't against nor stands with Bitcoin, though we do have the freedom to engage and buy as much as many bitcoins we can afford, our country is slowly evolving to the full-on digital age and alongside with crypto slowly being recognized by the citizens, it's a slowly developing process, but slow process is still process.
Regarding the current status of Bitcoin in the country where I live, Bitcoin has the same position as Gold, stocks, and other investments or trades. The government doesn't respond to Bitcoin as much as countries that reject cryptocurrencies, apart from having a fairly large user base in my country, the government also has taxes from crypto exchanges every year and of course, it has guaranteed protection under the trade minister's law.
To me it's natural, as long as we can trade and invest in Bitcoin, taxation is not a big problem. For that, we feel lucky enough because out there there are still countries that block things that smell like Bitcoin.
To me it's natural, as long as we can trade and invest in Bitcoin, taxation is not a big problem. For that, we feel lucky enough because out there there are still countries that block things that smell like Bitcoin.
Crypto is neither banned nor given legal status in my country (Pakistan). It's neutral yet.
We can buy/sell cryptocurrencies freely. Even though we can't do mining right now, it's not allowed.
But it is expected that crypto will get legal status in Pakistan soon and we will be able to mine BTC and other cryptocurrencies
By the way, if you want to check where crypto is legal/illegal visit this website -> Coin.Dance
We can buy/sell cryptocurrencies freely. Even though we can't do mining right now, it's not allowed.
But it is expected that crypto will get legal status in Pakistan soon and we will be able to mine BTC and other cryptocurrencies
By the way, if you want to check where crypto is legal/illegal visit this website -> Coin.Dance
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.
Those countries that ban cryptocurrency from my understanding their not enlighten via cryptocurrency, it's obvious that cryptocurrency can help to speed up economy of country if well proper planned but from aspect of some government understanding they are seeing cryptocurrency more especially bitcoin like a currency that is going to subdue they are currency, and also seeing Crypto like something that is against government policy, i over heard some person's saying that government can bad crypto, the answer there is no, they can only restrict cryptocurrency. Jump to: