Topic: What will you do if your country did not legalize cryptocurrency? - page 9. (Read 1317 times)

You won't do anything besides look for P2P routes to acquire bitcoin. No one other than you would be aware of your participation with bitcoin if you acquired bitcoin using P2P.

A friend you tell about your bitcoin collection can decide to report you to the authorities in your state or country, which could be you against the government-given law. That would be an offense all by itself, and you would also lose your Bitcoin holdings.

If using bitcoin is prohibited in your nation, the best course of action is to trade anonymously and not reveal your identity to anyone to show them that you can still use bitcoin for trading despite its prohibition.

As long as my country does not ban it, I will continue with my cryptocurrency activities.  Not legalizing Bitcoin does not mean the country is restricting it.  There are countries that are neutral with Bitcoin and yet its citizen are free to transact, use and trade Bitcoin.  It will be a different story if my country banned the use, trading and engagement with Bitcoin and penalized those who are caught violating it.  If that happens then there is nothing I can do but follow the law implemented by the authority.  I do not want to end up in jail just because of Bitcoin.


This maybe our perspective but the authority may have a different opinion.  Unless we have the authority to implement things, then all we can do is follow the one who has unless we might found ourselves in trouble.


But what if engaging in Bitcoin itself is declared illegal by your country?

you can always find the loophole in the system and work it on your favour. this is the good thing about crypto market, you can move and do your crypto transactions without being known by your government. so it is up to you how you will deal with your crypto transactions according to your government's existing laws and protocols towards crypto. because the truth is, even if your country is not legalising the use of crypto, you can still learn its market, own some and participate on this market. your choice actually.

With bitcoin there is no problem, but depending on the country you must correctly understand its laws and follow them, there is always a legal way to have bitcoin without the need to skip legal responsibilities.

Now, there are very few countries where the legal use does not exist, to be able to access bitcoin according to their jurisdiction, but there are so few countries where the legal or formal vacuum does not work that you should review this aspect carefully.

That is, it may not be legal to pay, for taxes, etc.  but you can hold it as just a digital asset, e.g. ,  so figuring out what illegal means or what is concerned, it can help you.

So, illegal is a broad parameter, investigate it.

Bitcoin should be a symbol of freedom and shouldn't be made illegal, as many people rely on it for work, trading, and long term investments. If my government were to make Bitcoin illegal it would be such bad news for me. However, it wouldn't stop me from using Bitcoin because it has become a daily habit for me to watch its developments and read news related to it.

I feel deeply connected to the world of crypto and its community and I wouldn't accept such a restriction easily. As long as I'm not engaging in any illegal activities, I'm determined to continue using it even if it means moving to another country to do so.

It had entirely just made another space and industry and thanks to satoshi because it keeps on growing each year that passes by.

That is because that is what we've used to see. The cycle every 4 year every and after halving, the bull run comes in based on what we've seen for several years.

There is nothing we can do if they declare that illegal in their country because they just don't like the whole features of it. If my country doesn't support it, that's fine as long as they won't ban it. Meaning to say, they're not supporting it either banning it but just neutral.

There are not many countries where cryptocurrencies are completely banned. Many countries have certain restrictions on crypto but not a total ban. If Bitcoin is completely illegal in your country I'm sorry but you'd be breaking the law if you go against it. Of course we all know there are ways around it though.

If you can move to another country you should but realistically speaking we know it's not easy to relocate to another country.

I have to do it in an alternative way to other options such as doing P2P with friends or buying secretly so that the government doesn't find out even though there are risks later, but we can't be separated from bitcoin even though the state prohibits it. There is always a way where they can still can own bitcoins.

In fact, I have never heard of someone being arrested and jailed by the government for owning bitcoin, unless he committed another crime then that is possible, but for international transactions and not spending them in his own country it is still said to be safe.

Fortunately, my own country is friendly with bitcoin and recognizes this asset as a commodity, there is nothing that has to be covered because there are legal regulations.

For sure you would really be dealing with it despite of being banned or being prohibited, knowing that in internet then it would really be easy on bypassing on everything on which we know that government couldn't really be able to track us out on the time that we do make use of VPN on accessing on something.It is really just that the main problem on this one is that on the time that there's some verification or KYC on a said platform then on the time that your country is really that included on prohibited countries then you would really be expecting that there would really be some actions
that would happen which they would neither restrict you out or would really be just simply ignore you out. Speaking about dealing basically then you can really still deal and accumulate coins as you want despite of getting banned in your place.

Just make it sure that you wont really make yourself that get caught on the time that you do decide that going against governments rules and regulations since you do know and aware
on what are the things that could possibly happen along the way once you do get caught. If you are planning on just simply holding then you could buy coins but of course
dont make yourself that get tracked or else then it would really be imposing such huge problem.

I will lay low and wait until things change as there is no point on going out of your way of selling your coins on those circumstances as that would be illegal, but if things really got out of hand but the price of bitcoin kept going up and it allowed me to reach a comfortable economic position, then I will probably leave and move in to a country with similar living standards, but which had policies which were nowhere near as restrictive as the scenario you bring forward.

I'd probably do what I'm doing right now. Peer-to-peer trading. There are a lot of things we all do, that aren't completely legal, but we do them nonetheless with confidence, because we know we're having our privacy protected. Bitcoin might had been one of these things. (Unless of course you live in a place that is practicing death penalties; in such case, I'd have left the borders either way)

I mean, if you're holding a fortune in bitcoin, or if you're an OG, retired Bitcoiner, then it's very reasonable to leave your country. Your country doesn't respect your right to having that fortune.

You are right in saying that Bitcoin has provided so many opportunities, which include trading and also jobs for others who work and get paid in Bitcoin.

Halving, on the other hand, is a time where we expect Bitcoin to attain a new all-time high due to the halve of the miners reward that will result in Bitcoin having more value compared to before. This is an opportunity for people that have strong capital to make money if they invest now and sell after halving, but this should not make you borrow money to invest due to fear of missing out because of the risk involved and how volatile the Bitcoin market is.

One of the main reasons why most countries don't want to accept or legalize Bitcoin is because of its decentralization. The government always wants something they can control, and we all know that they cannot control bitcoin, which is why they don't want to accept it.

There is a difference between being bitcoin is legal, and that bitcoin is banned. there is nothing that prevents or makes bitcoin illegal unless bitcoin is banned in your country or there is a law that imposes penalties for those who deliberate in bitcoin, so you are allowed to use it as an individual and it is better to avoid commercial use.
When bitcoin becomes legal with the existence of a law, you must abide by and pay your taxes. If it is prohibited, it is better that you do not send money from your wallet and wait until it becomes legal, which is another reason that pushes you to hodling.

Disclaimer: This is not a legal advice and does not take legal & tax advice from unknown people from internet.

That's a good thinking, worthy of a true bitcoiner!

I wouldn't do anything special. I'd continue to hold my bitcoin and spend it p2p, or simply buy gift cards online and redeem those cards in my local stores. That would still be completely legal as long as the gift card seller resides outside my country and is not affected by any bans.

Whether I'd move would depend on the price of bitcoin. If I had 1 BTC worth 25 000 dollars it wouldn't be worth the money to move. I could sit and wait for better days.

Currently in my country bitcoin has not yet been legalized by the government, and the federal government went further to place a ban on fiat banks from transacting to any exchange or crypto wallet,and this action made buy and selling of cryptocurrency almost impossible, but because of curiosity, its important and genuine nature I still manage to do some manipulation in other to buy and hold some satoshi. Though I might (or not) be in trouble if I am to be fished out for illegal buying of bitcoin, but that's nothing to worry about because of it anonymous nature(they'll never find out ). The degree of my love for bitcoin cannot be expressed in words.

I don't know what you want people to answer here, that they will break the law and use BTC in a p2p way, then if they are caught they'll gladly go to prison because they are a resolute BTC adopter, or that they are going to leave their jobs and family and move to a country where BTC isn't illegal. C'mon, if BTC is illegal in your country with a jail term attached to it, you shouldn't use it, because once it is banned you cannot use it for the main reason why it was created, which is as a second choice currency.

If it's still not legalized, that doesn't mean you should be afraid of holding or selling Bitcoin, as long as there's no specific law yet to penalize it. The term 'not legalized yet' and 'declared illegal' are two different things. The former can be considered somewhat positive, as there's still hope it will become legal in the future. However, if they declare it illegal, that means you should avoid violating the law, especially if the penalties are severe.

You can still own Bitcoin, but do so at your own risk.

Also, keep in mind that halving does not automatically present an investment opportunity. There's no guarantee that what we've witnessed in the past will be the same scenario in the future. The market is full of hype, making it riskier, so it's essential to exercise caution.

If my country banned bitcoin & I wasn’t able to buy & sell in my country then I’d have to move to live somewhere else. Bitcoin is such a huge part of my life that living in a country that’s hostile to it just would not be possible for me.

What you will do in that kind situation is to hid yourself so that people will not know that you are into cryptocurrency in the country, since government cannot stop you not to use cryptocurrency because is purely decentralized currency and no government or officials has the power to control it. like the way we are doing it in our country, since it was banned by the central bank governor because people now developed more interest on decentralized currency than centralized currency that made them to banned it and still yet we are still using cryptocurrency through P2P to carry out any transactions without the concept of the government or third party. I don't think you have anything to worry about,  if you know how to keep secrets from your friends because the day government will discover that you are using cryptocurrency in the country they will like to empty your wallets and still send you to prison for disobeying the law of the land.

OP, if they won't legalize Bitcoin as the mode of payment, as for now Bitcoin is not a legal tendar but there's no ruling on the Ban of Bitcoin trading, Mining or use as a Payment mode. It means currently government hasn't imposed any policy on Bitcoin as far as it's not illegal I'm standing with Bitcoin whenever they will try to Ban Bitcoin we will stand by adopting the Legal procedure to fight in court.

There is a similar kind of confused scenario in many other countries where there is no ruling on the Bitcoin favor a side. But the technological development and the era of adoption there will definitely be definitely in future a ruling in favour of Bitcoin. The case of Never legalizing Bitcoin is not possible at least in those countries where democracy is taken in count even I do recognize that the democracy is just by name still, with that implementation s well there is right of freedom of speech and with that power Bitcoin will be recognized as the Worlds only asset.