Topic: What will you do if your country did not legalize cryptocurrency? - page 3. (Read 1290 times)

In my country, a lot of cryptocurrencies are legal but the problem is our greedy and corrupt government officials are planning to ban Binance and other centralized exchanges. Many exchanges like Binance wanted a license in my country but they were not given the chance probably because our corrupt officials have under-the-table deals with some exchanges. This way, the few exchanges that have licenses here avoided healthy competition.

At the moment, I noticed 3% to 5% spreads in our local greedy exchanges. So I see it as no difference to countries not legalizing cryptocurrencies. Many centralized exchanges like Binance offer the best experience but they disagree with users using VPNs. So I guess the best ways are probably thru decentralized exchanges or p2p.

At a time in my country accts linked with crypto currency trading where being blocked and assets seized, but this didn't stop people from trading crypto currency. Though the government didn't outrightly place a ban on crypto, the Central bank mandated that banks shouldn't allow their customers use their banks acct for trading crypto currency.

So, in response to your question, people will always find a way to trade crypto whether there's a ban or not.

In my country, bitcoin has not been legalized but it is allowed for trading, but when we withdraw to fiat currency via a local exchange, there is a tax on it. However, what I am still confused about is if something happens to the assets I own, whether this can be done through legal means, even though there is no legality yet, but tax has already been collected...

Oh man... there are actually some easier solutions you can take instead of going through the hassle of changing citizenship. You can still engage in p2p transactions using Bitcoin, and that's not a bad option. As long as the internet exists, trading with people worldwide becomes increasingly accessible. You can connect with many individuals and engage in international trading activities using a VPN (if your country blocks connections to exchange markets).

The downside is that you won't be able to transact with Bitcoin in your own country since the government likely won't support the infrastructure as long as it remains illegal. But this won't hinder your trading activities, as long as you're dealing with smaller amounts (at least not as large as what MicroStrategy or BlackRock handles). Dealing with small transactions shouldn't pose significant problems, right?

However, if your vision and mission align with companies like MicroStrategy or other large institutions in formally adopting Bitcoin, you might consider moving to El Salvador if you want to experience the freedom of having Bitcoin.

Similar thing has happened in my country before where Twitter (X) network was disconnected and banned, the masses where still able to access the network using a VPN.
So I am definitely going to apply same system of using a VPN on my device for a swap of location changes.
As long Bitcoin is operated a P2P with the nature of its decentralized Blockchains in keeping my private securities.

Currently, Bitcoin has been on suspension in my country for couple of years now yet the number of the Bitcoin users keep growing exceedingly in abundant with its potential of proffering profits.
At this level, there had been series of agitators who are sporadically craving for the lift of the suspension at the government is also picking some valuable reasons from this Bitcoin agitators so as putting considerations to uplifting the suspension.

So in any case my country who put an illegality pronunciation to Bitcoin, there is still going to be such a way of setting campaign and advocate for a fairness about Bitcoin in the country giving utmost proefficient variable and valuable reasons to the government that could be liable to be put to considerations.

A matter organization can be certain to raise against the governments opinion/decision or action convincing them that we are suitable and comfortable with Bitcoin maybe the illegality should be termed pointing at the public sectors and just let the individual sectors decides on who chooses to hold to the use of the Bitcoin or not. Let it be an individual interests.

There had been a saying that good things are not mostly comes from the comfort zones so as long Bitcoin has the potentials to provide me with my needed amenities all gazed to solving my financial challenges, it don't care making choice of relocation after all, people so moves to abroads all to acertain Financial freedoms.

There are platforms to use with no KYC and you can buy or sell bitcoin without needs of legal for Bitcoin in your nation. You must be careful that if you have issues with the trade, and trade partner, you will not be able to ask for support from police and court. You will put yourself in troubles if you do those actions in nation that considers Bitcoin and its trading is illegal.

So to avoid issues, pick trade partners with long and good trading history, and avoid "too good to be true" offers which are often from scammers.

Same scenario in my country, it is fortunate that Bitcoin is not illegal in our country. However, if they happen to ban it the same as some other countries, I have to find possible options just to continue using Bitcoin. Aside from that, all traces or any information of me using Bitcoin, promoting Bitcoin or any related to Bitcoin will not be published just to continue using it and avoid any trouble with the law.

This will be the case until the country decides to finally accept Bitcoin. If that time never comes, going to another country that legalizes Bitcoin will be the next option to make use of the invested money in Bitcoin.

Crypto has already been adopted by many in both developed and underdeveloped countries and many are still researching it. But the current generation is very interested in crypto. Governments of various countries have worked on Bitcoin adoption, but most countries have not yet allowed it. Since Bitcoin is a decentralized asset they cannot control it. Due to their weakness they are not accepting Bitcoin but high ranking government officials of different countries are also very enthusiastic about Bitcoin. They are not able to use Bitcoin openly due to restrictions but they have a lot of interest. Here the government is directly prohibiting it but indirectly keeping a positive attitude towards it. Due to which Bitcoin is widely used in all countries of the world, but Bitcoin is not officially used. I don't think it will have much effect on whether or not Bitcoin is legalized.

But in this case there must be clarity. is it not legalized as a commodity asset or not legalized as a securities asset? or are residents prohibited from owning them? or is it not legalized as a legal means of payment?
I think we should be clear about this first. Because everyone has a different answer of course. However, even if a country does not legalize bitcoin as a commodity asset and security. So it doesn't mean that residents are prohibited from owning it. It's just that in that country there are certainly no regulations regarding this matter. But if the country already has clear regulations regarding the legality of bitcoin as a commodity asset or security. Or clear regulations on whether Bitcoin is prohibited from being used as a means of payment or even prohibited from being owned. So after the regulations have been clearly made. So we as citizens still have to comply.
I am lucky because in my country Crypto and Bitcoin are legal and legal as commodity assets. The regulations here are clear. Taxes and all related matters are also clear. But if in my country there are no clear regulations regarding bitcoin and crypto then I will still invest in bitcoin. But if there were clear regulations regarding whether crypto and bitcoin were prohibited or allowed then I might prefer to comply.

Fortunately my country legalized Bitcoin tho is not a legal tender, now if my country never legalize Bitcoin I would still find a way to use it, since I need a currency for international cash transfer, I would find some way around to use Bitcoin, but I would not invest in it, I will immediately exchange it to local fiat in here. 

I think there is a difference between countries that allowed crypto currencies first and banned it later, and countries that never allowed crypto currencies. In my country crypto currencies are legal and it's hard to imagine how things would have turned out if they were banned from the start. I joined the crypto world in 2016 and used it as a form of payment to get money out of my csgo skin trading adventurer. If at that time bitcoin would have been illegal than I probably would never have used it. The risk would be to high and I just would have sticked to ordinary bank transfers. But after being involved with cryptos for so many years my answer today would be different. In case the government decides to ban bitcoin tomorrow I wouldn't immediately sell all my coins. I would rather wait and see how things turn out after a few years. A ban doesn't necessarily have to be permanent, a new government could revert the law after the next election.

Some people think,the people won’t buy the cryptocurrency where the cryptocurrency is illegal.But it’s not the true one,the people will hold the money in the cryptocurrency without the knowledge of the government.So they will easy cash out using the exchange which doesn’t ask the kyc.In China,the cryptocurrency is not the legal one,but the people from china till have their holding in the cryptocurrency.Because they know the value of the bitcoin and growth of the bitcoin after some years.

Even if your country is not legalizing cryptocurrency, this is not enough reason to lose your hope about building your bitcoin investment most particularly. Continue to keep on accumulating and storing Bitcoin in your portfolio until you find reasonable time to sell that will eventually bring you massive profits. And find some P2P exchanges that you can be trusted to exercise transactions so that your whole investment will not be put in danger.

The government can't approve of Bitcoin because they can't control or even know how much an individual have like they can in banks.
In some countries that Bitcoin isn't legal I think they still have people who still engage in Bitcoin activities, like in a secret way without people knowing about it.
I know the long awaiting Bitcoin halving is fast approaching and many have made out plans on what they'd do when the time comes which is next year, I hope is really what we're expecting if not it would be disappointing for real.

If the government is passing a law that people can be arrested just for holding bitcoin then there's something very wrong with the government.
In that case I would be thinking of shifting to another country where the laws are better.
Even if I am not able to shift to another country then I would sell my coins but keep at least some portion of it where the government is unable to track it.
May be in future if the government withdraw the law then those coins would give a boost to my portfolio.

Bitcoin is unstoppable, so even if we live in a country that bans bitcoin, as long as we keep it secret and invest in silence nothing will happen to us.  I remember many years ago when most governments banned it but people still actively invested in bitcoin and thanks to that it got the growth it has today.  so far, more countries have accepted bitcoin, so there is no reason we should stop investing in bitcoin because of a government ban.  over time, global bitcoin adoption is inevitable, we just need to keep quiet until then.

Anyone can do this if they don't mind getting into trouble one day.  If the government bans cryptocurrency and implements a law that everyone who participated in it can be arrested, then I do not think it is worth the risk of participating in Bitcoin trades because it is labeled illegal.  I won't compromise my own safety just because I believe in something that is not acceptable by the law.  Whether we participate in Bitcoin activities or not, we can still survive.  It is not a matter of life and death that we have to gamble our own safety and freedom.  It is not wise to exchange freedom for another that is a much greater freedom.

If there is no other way, the better choice is to keep it secure and make use of it when the country legalise the usage of bitcoin. These days making use of bitcoin or converting it to cash is not at all a big thing. The difficulty is while handling with huge numbers.

In my country our government haven't announced anything specific about the legal status. It have taxed the cryptocurrency holding and for the reason people find this to be legal. Earlier it had announced the ban and restricted banks from handling cryptocurrency related transactions. During those days things were little complicated and slowly everything started to get on track as the usage from the people were seen increasing over time.

Definitely I am going to bypass whatever ban my country impose on cryptocurrency that the alternative means of evading government sanctions, Bitcoin had provided various means of relief for money individuals in term of serving as a means of payment for various services and jobs offered, however to exchange the coin to fiat which could have been very difficult because of the government imposition of ban thus VPN would serve as the tool which would help to transact anonymously thus crypto has been the best latest technology innovation.

There is actually nothing I can do except use it secretly from the authority. Yes, it is still illegal in my country. So what!? We still use it in our daily lives. Some are totally dependent on crypto. They are not doing any kind of job; expect crypto-based work, like trading, investing in crypto, mining, bounty and signature, etc. They provide for their family using crypto. One advantage we have is that here, crypto activity isn't regulated or monitored that strictly. Many know of it but don't dare say anything. All we can do now is use it anonymously until it is legalized. That's how we have been using it from the beginning.