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Title: What is the legal status of Bitcoin in your country? Post by: rigmasterkurulum on August 15, 2021, 04:34:23 PM 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? Title: Re: What is the legal status of Bitcoin in your country? Post by: newIndia on August 15, 2021, 04:39:15 PM India: Neither legal. Nor illegal.
Supreme Court of India verdict regarding Crypto on March 4, 2020: https://main.sci.gov.in/supremecourt/2018/19230/19230_2018_4_1501_21151_Judgement_04-Mar-2020.pdf Reserve Bank of India notification regarding Crypto on May 31, 2021: https://rbi.org.in/Scripts/NotificationUser.aspx?Id=12103 Title: Re: What is the legal status of Bitcoin in your country? Post by: Rikafip on August 15, 2021, 04:45:37 PM While in Croatia we don't have any specific crypto law, you can do pretty much anything except pay taxes with it (AFAIK). So if you wanna report your trade profits, you would do it same as you would for stocks, while for example mining is taxed as 2nd income and the same would do for profits from signature campaigns (again AFAIK).
Overall, situation in Croatia is pretty good for crypto enthusiasts, especially since there are ways to legally buy/sell up to 2,000 euro worth of crypto per day from crypto exchanges without any sort of KYC but somehow I think that won't last for long and sooner or later we will be hit with more strict regulation. But well, at least we can enjoy while it lasts as i know that in many countries you can't do that anymore. Title: Re: What is the legal status of Bitcoin in your country? Post by: stomachgrowls on August 15, 2021, 04:53:29 PM 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? which is really good to look at but i had noticed that KYC is becoming more strict as the years passing. So far i do able to make use despite of those KYC but im just using it for the sake of online payments which is way more too convenient and more safe specially now on a pandemic situation. You can make payments with ease. Although,I wont be surprised if there would be such changes since government wont really be just sitting down on doing nothing. Title: Re: What is the legal status of Bitcoin in your country? Post by: rigmasterkurulum on August 15, 2021, 04:55:22 PM 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? which is really good to look at but i had noticed that KYC is becoming more strict as the years passing. So far i do able to make use despite of those KYC but im just using it for the sake of online payments which is way more too convenient and more safe specially now on a pandemic situation. You can make payments with ease. Although,I wont be surprised if there would be such changes since government wont really be just sitting down on doing nothing. Oh, I forgot to mention, in Turkey now the companies providing crypto asset services (exchanges, wallet providers, issuers etc.) are regulated and must follow specific KYC procedures. So there's that too. Title: Re: What is the legal status of Bitcoin in your country? Post by: GeorgeJohn on August 15, 2021, 05:01:30 PM 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.Title: Re: What is the legal status of Bitcoin in your country? Post by: CryptoYar on August 15, 2021, 06:38:29 PM 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 (https://coin.dance/poli) Title: Re: What is the legal status of Bitcoin in your country? Post by: Sterbens on August 15, 2021, 07:31:25 PM 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. Title: Re: What is the legal status of Bitcoin in your country? Post by: dupee419 on August 15, 2021, 08:09:08 PM 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.
Title: Re: What is the legal status of Bitcoin in your country? Post by: Fesatmas on August 15, 2021, 08:09:50 PM 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.
Title: Re: What is the legal status of Bitcoin in your country? Post by: Slow death on August 15, 2021, 08:49:31 PM 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 Title: Re: What is the legal status of Bitcoin in your country? Post by: tanjiran on August 15, 2021, 09:32:41 PM 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. Title: Re: What is the legal status of Bitcoin in your country? Post by: pinggoki on August 15, 2021, 09:46:25 PM 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.Title: Re: What is the legal status of Bitcoin in your country? Post by: livingfree on August 15, 2021, 10:04:09 PM 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. Title: Re: What is the legal status of Bitcoin in your country? Post by: Yatsan on August 15, 2021, 10:09:46 PM 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.
Title: Re: What is the legal status of Bitcoin in your country? Post by: Luqman on August 15, 2021, 10:13:30 PM 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.
Title: Re: What is the legal status of Bitcoin in your country? Post by: Kelvinid on August 15, 2021, 10:13:50 PM 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.
Title: Re: What is the legal status of Bitcoin in your country? Post by: nelson4lov on August 15, 2021, 10:18:37 PM 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 (https://en.m.wikipedia.org/wiki/End_SARS), 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. Title: Re: What is the legal status of Bitcoin in your country? Post by: sapnu on August 15, 2021, 10:21:21 PM 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.
Title: Re: What is the legal status of Bitcoin in your country? Post by: CLS63 on August 15, 2021, 10:35:14 PM 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.
Title: Re: What is the legal status of Bitcoin in your country? Post by: bitzizzix on August 16, 2021, 04:33:43 AM 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. Title: Re: What is the legal status of Bitcoin in your country? Post by: kotajikikox on August 16, 2021, 05:23:35 AM 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. Title: Re: What is the legal status of Bitcoin in your country? Post by: o48o on August 16, 2021, 05:36:54 AM 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. Title: Re: What is the legal status of Bitcoin in your country? Post by: Maxre on August 16, 2021, 06:17:32 AM 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.
Title: Re: What is the legal status of Bitcoin in your country? Post by: lenovop-70 on August 16, 2021, 06:37:22 AM 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.
Title: Re: What is the legal status of Bitcoin in your country? Post by: Rajamuda on August 16, 2021, 06:42:15 AM In my country... I just thought that Bitcoin would just be like a store of value and not as a local currency, but its functionality/benefits are just as powerful as a regular currency I guess.
Many people have been helped because of bitcoin's role for citizens, but it seems that the government in my country has not at all seen going to legalizing Bitcoin as a currency that can be transacted like local currency, it is only as an alternative currency to encourage the financial side of citizens, it still selling it to the local currency. Title: Re: What is the legal status of Bitcoin in your country? Post by: Mikayla Buckley on August 16, 2021, 07:20:54 AM Normal use.
However, the government has not indicated that it is advocating the use or setting up Bitcoin as legal tender. It is hoped that the government can notice the advantages of Bitcoin earlier. Title: Re: What is the legal status of Bitcoin in your country? Post by: Kong Hey Pakboy on August 16, 2021, 07:34:44 AM It's still on the neutral, the government doesn't do anything about it which is a good thing because I don't want them touching my crypto for taxes which only ends up being plundered and stolen by the politicians. And the good thing in my country is that I don't have to pay any taxes no matter how big my profit in crypto is since there's no law and the banks don't care about those and some of them support crypto.
Title: Re: What is the legal status of Bitcoin in your country? Post by: ene1980 on August 16, 2021, 08:03:02 AM 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. You said there is no legal framework for Bitcoin and why do you think it becomes illegal to accept them if there is no rules or regulations against Bitcoin. This is the misconception everyone has, if there is no law or regulations no one is stopping you from accepting them.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. You are bound to pay the taxes if you are making the profit and you cannot get around from that. As long as you are making money you need to pay taxes.Title: Re: What is the legal status of Bitcoin in your country? Post by: gabbie2010 on August 16, 2021, 09:09:16 AM The Central Bank in my country has banned any third party exchange that deals with buying and selling of any cryptocurrencies related transactions, in an statement released by the Apex bank that any corporate body or individual caught in the act will have their bank account frozen, however thanks to anonymous and P2P transaction of cryptocurrencies which enable crypto traders, investors and hodlers to carry out transactions anonymous without any bank and government involvement, that is the visionary idea of Satoshi in action.
Title: Re: What is the legal status of Bitcoin in your country? Post by: CryptoYar on August 16, 2021, 09:45:57 AM How many countries have banned Bitcoin? these few countries have still banned bitcoin.
Source: coin.dance I know of Iran and China but I think they have unbanned it now? I don't know much about Iran. In Iran, there is probably no restriction on mining, but in China mining is illegal. Nonetheless, there is no restriction on crypto trading so Chinese people can still trade BTC or other cryptocurrencies.Title: Re: What is the legal status of Bitcoin in your country? Post by: bakasabo on August 16, 2021, 09:54:08 AM In my country it is legal to trade cryptocurrency. But, a person should declare all deals that gives him income (however they are not monitors, probably). If persons income exceeds 1000 EUR quarterly, he is obliged to pay income tax.
It seems like a free will to declare income and pay the tax. Because so far, government (hope so) can not check how much I trade, how successfully I trade and can not check, for example, that I get a reward from signature campaign. Title: Re: What is the legal status of Bitcoin in your country? Post by: Lucius on August 16, 2021, 10:12:30 AM While in Croatia we don't have any specific crypto law, you can do pretty much do anything with it except pay taxes with it (AFAIK). So if you wanna report your trade profits, you would do it same as you would for stocks, while for example mining is taxed as 2nd income and the same would do for profits from signature campaigns (again AFAIK). What is very positive for crypto investors is that capital gains tax is not necessary to pay, if at least 2 years have passed since the day of purchase. As for the possibility of paying with crypto, since it became available on bazzar.hr, we can buy literally everything that is normally sold online, along with all other online stores that accept crypto payment. Overall, situation in Croatia is pretty good for crypto enthusiasts, especially since there are ways to legally buy/sell up to 2,000 euro worth of crypto per day from crypto exchanges without any sort of KYC but somehow I think that won't last for long and sooner or later we will be hit with more strict regulation. But well, at least we can enjoy while it lasts as i know that in many countries you can't do that anymore. The choice of physical outlets where it is possible to buy/sell cryptocurrencies has really increased recently, and the fact that there is still no KYC can be thanked to our incompetent government (at least they are good at something) which has not yet adopted AMDL5 which should have come into force in early 2020. I agree that it is only a matter of time before that changes. Title: Re: What is the legal status of Bitcoin in your country? Post by: Rikafip on August 16, 2021, 10:29:26 AM What is very positive for crypto investors is that capital gains tax is not necessary to pay, if at least 2 years have passed since the day of purchase. Yep, so it's not really that hard to avoid taxes in Croatia (which are moderate, 10%) if you don't have issues hodling a little bit. But even with that relatively low tax rate, people tend to avoid paying taxes in Croatia, at least people around me and they don't even care about that 2 years thing. The choice of physical outlets where it is possible to buy/sell cryptocurrencies has really increased recently, and the fact that there is still no KYC can be thanked to our incompetent government (at least they are good at something) which has not yet adopted AMDL5 which should have come into force in early 2020. I agree that it is only a matter of time before that changes. Those are some of the rare perks of not living in the first-world country. Same reason why majority of people in Croatia are avoiding paying crypto taxes. That will change though, and few of my friends are already looking into possibility of moving to Portugal as they have zero taxes on crypto there. Title: Re: What is the legal status of Bitcoin in your country? Post by: Lucius on August 16, 2021, 12:33:14 PM Yep, so it's not really that hard to avoid taxes in Croatia (which are moderate, 10%) if you don't have issues hodling a little bit. 10% + what we call surtax, which depends on where you live in the country - and as far as I can see in the capital (https://www.porezna-uprava.hr/Dokumenti%20vijesti/PREGLED%20STOPA%20PRIREZA%20POREZU%20NA%20DOHODAK%20%20GRADOVA%20I%20OP%C4%86INA%20U%20REPUBLICI%20HRVATSKOJ%20U%202021_.pdf) surtax is as much as 18%. That will change though, and few of my friends are already looking into possibility of moving to Portugal as they have zero taxes on crypto there. I don’t know how smart that is, because laws can change at any time - and it’s also a question of whether there is any condition for a person to be exempt from paying crypto taxes (in terms of length of stay in the country). If I went to live in Portugal with a crypto I bought in another country, would that mean I don’t have to pay taxes if I sell that same crypto in Portugal? Title: Re: What is the legal status of Bitcoin in your country? Post by: cheezcarls on August 16, 2021, 12:48:39 PM 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? Right here in the Philippines, it’s neither legal or illegal. Although our country is one of the friendliest in the crypto and blockchain space, the SEC Philippines is treating cryptocurrencies as securities and not as legal tender. Unionbank of the Philippines are having their first-ever regulated crypto ATM, numerous licensed virtual currency echanges (VCEs), Philippine Stock Exchange and GCash are also gonna be serious in adding crypto trading, the tremendous growth of P2E blockchain NFT games that helped the Filipinos during the pandemic and so on are the positives of it. However, we’re still having lack of regulation for now especially the tax side. For now, we’re doing fine here in the Philippines. Title: Re: What is the legal status of Bitcoin in your country? Post by: electronicash on August 16, 2021, 01:02:36 PM Philippines has just more things to fix than getting busy banning Bitcoin and cryptocurrency. but we Filiinos are grateful that SEC supports this innovation. 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? your country has confusing laws for crypto. but i think this is because the the sharia laws? it doesnt make sense to ban yet people can own and use it as currency in business. i once saw a thread from a guy in turkey who buy and sell coins so i guess its not really illegal. Title: Re: What is the legal status of Bitcoin in your country? Post by: AicecreaME on August 16, 2021, 02:29:04 PM I belong in Southeast asian country, particularly the Philippines and the status of cryptocurrencies here is legal. Fortunately, our government is nice enough to allow and make the status and transactions on crypto legal. The cryptocurrency exchangers are regulated by the Central Bank of the Philippines under the Circular 944 to monitor if ever there are illegal activities happening such as money laundering acts.
However, the cryptocurrencies are not recognized by our central bank as a legitimate currency. They also stated the risks the cryptocurrencies possess because it isn't backed up by anything and isn't issued by them. Title: Re: What is the legal status of Bitcoin in your country? Post by: Vaskiy on August 16, 2021, 03:50:42 PM In my country we haven't got a perfect statement from the government allowing the cryptocurrency usage as a legalized one. As of now there is no restrictions, earlier banks were given order not to have any transaction support for cryptocurrency related services. This looks more of a positive thing for the cryptocurrency adoption within the country. Right now more exchanges too have started their services all around the country. Right now things are on the right path.
Title: Re: What is the legal status of Bitcoin in your country? Post by: Koro-Sensei on August 16, 2021, 03:52:27 PM 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. Luckily, it was regulated. Specially the exchanges and luckily our government wasn't aggressive toward Cryptocurrency. I don't think that they know its full potential but im happy to say that my country makes Cryptocurrency legal. The problem is the max cash out by major exchange which is only a $100K a year not quite big but still tolerable. Other than that, there's no problem. 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? Another thing is that even though they allow and regulate it, they still warns the public about the risk it has. Major Fud still surrounds our country where people here think of BTC investment as a scam. Title: Re: What is the legal status of Bitcoin in your country? Post by: Freezingel on August 16, 2021, 03:55:01 PM In my country, bitcoin is not considered a legal currency, or that it's not allowed to be used as a transaction or payment method. However, it's not illegalized too much, like banning everything regarding bitcoin, not allowing people to mine, to transact, or even to invest in bitcoin. No, thankfully it's not into that extent. I guess my government just don't care too much with bitcoin, at that time when bitcoin is so hype back in 2017, they only give statement that it's not considered legal, and people should just avoid it for better. But they won't take any actions even if we use bitcoin or engage in anything regarding bitcoin.
Title: Re: What is the legal status of Bitcoin in your country? Post by: Rb48 on August 16, 2021, 03:56:19 PM My country is Bangladesh. Bitcoin is not legalized here. Bitcoin is completely illegal under the law of our country here. According to Bangladesh law, we can be jailed for bitcoin transactions. But we have to trade secretly I can.
Title: Re: What is the legal status of Bitcoin in your country? Post by: nhaila on August 16, 2021, 03:59:49 PM I am from India. Although Bitcoin has been declared illegal in Parliament here, the use of Bitcoin is legal among the people. In our country, we can buy daily necessities through bitcoin.
Title: Re: What is the legal status of Bitcoin in your country? Post by: Theones on August 16, 2021, 04:01:50 PM In my country crypto is totally ban, you cant trade, mine or do buying/selling with crypto. Its mainly because govt officials not understand the concept and they fear that this financial system will take the control away from them.
The only way I can have crypto is to receive them from other peers in P2P manner and HODL. Its hard to get benefit from crypto if its ban in your country. Title: Re: What is the legal status of Bitcoin in your country? Post by: topbitcoin on August 16, 2021, 05:05:32 PM 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? Title: Re: What is the legal status of Bitcoin in your country? Post by: JerryKin on August 16, 2021, 05:05:39 PM In my country bitcoin is not banned or restricted but anyone that has anything to do with any form of crypto currency is tagged a scam, a fraudster in our words " a Yahoo boy". This gives Bitcoin a very bad look to the general public. Such that, before explaining what Bitcoin is to someone they believe they already know all they need to know concerning it. Thereby making it difficult for business owners to trust Bitcoin and any other crypto currency let allow Bitcoin transactions.
Title: Re: What is the legal status of Bitcoin in your country? Post by: Rikafip on August 16, 2021, 05:14:32 PM 10% + what we call surtax, which depends on where you live in the country - and as far as I can see in the capital (https://www.porezna-uprava.hr/Dokumenti%20vijesti/PREGLED%20STOPA%20PRIREZA%20POREZU%20NA%20DOHODAK%20%20GRADOVA%20I%20OP%C4%86INA%20U%20REPUBLICI%20HRVATSKOJ%20U%202021_.pdf) surtax is as much as 18%. True, I forgot about surtax as in the part of Croatia where I have residence we have 0% surtax, so I kinda got used to not take that into consideration. AFAIK Zagreb has the highest legally possible surtax in Croatia and yeah, it's far from negligent amount.I don’t know how smart that is, because laws can change at any time - and it’s also a question of whether there is any condition for a person to be exempt from paying crypto taxes (in terms of length of stay in the country). If I went to live in Portugal with a crypto I bought in another country, would that mean I don’t have to pay taxes if I sell that same crypto in Portugal? Well, they are really adamant about avoiding paying crypto taxes in Croatia out of principle (corruption etc) so they are looking for ways to pay as little as possible, or avoid at all. Some of them are also full time in crypto and plan to stay in this industry so they are looking for a long term solutions. Another option I heard them mentioning is Belarus which also allegedly has very favorable crypto/tax laws (or lack of :D).Title: Re: What is the legal status of Bitcoin in your country? Post by: Meysa_richa on August 16, 2021, 05:22:53 PM Indonesia is one of the big countries in Southeast Asia, there are lots of people here who play Cryptocurrency. Starting from trading crypto, Investing, Airdrop, Bounty and others. But unfortunately in this country people here can't directly use Cryptocurrency for shopping, so if you want to shop for daily necessities, you have to exchange crypto coins for fiat first.
But the people here are happy, even though the government does not accept bitcoin and cryptocurrencies, the country does not prohibit crypto trading and crypto investment. Title: Re: What is the legal status of Bitcoin in your country? Post by: Qikiye on August 16, 2021, 09:50:43 PM Although the government of my country opposes bitcoin, the people of this country are indirectly involved in the use of bitcoin. They have been doing business with Bitcoin in various ways under the guise of the government. However, the idea is Bangladesh will have a positive attitude towards Bitcoin in the future.
Title: Re: What is the legal status of Bitcoin in your country? Post by: AniviaBtc on August 17, 2021, 02:48:34 AM Bitcoin is legal in our country and the government has nothing to do with it as it makes people free and achieve financial freedom.
There are rumors that when NFT become popular in our country and people are getting knowledgeable about cryptocurrency, they are saying that they will get taxes from it. For sure, many investors will disagree and will not do that and hopefully, government will not bother those people who are working so hard in a crypto investment like bitcoin and other coins. Title: Re: What is the legal status of Bitcoin in your country? Post by: Dax Robinson on August 17, 2021, 03:58:43 AM Bitcoin has been regarded as an asset in our country, and our country also supports the further development of Bitcoin. There will be a little tax on the purchase of Bitcoin in our country, just like we have to levy a certain tax on luxury goods, etc.
Title: Re: What is the legal status of Bitcoin in your country? Post by: yazher on August 17, 2021, 04:05:23 AM As of now, I give my country a compliment for staying neutral about it they don't just let us do some investing spree rather they giving us warning about the potential of taking advantage of the scammers and those people who don't want to listen, they can't blame our government for their mistakes for they already done what can do to avoid such kind of tragedy. Of course, there are lots of people who fell into the Ponzi scheme using Bitcoins and other cryptocurrencies, but our government knows what's going on and didn't put the blame on Bitcoin.
Title: Re: What is the legal status of Bitcoin in your country? Post by: bitterguy28 on August 17, 2021, 04:39:06 AM You cannot ask directly about Legalization because there is some are banned when some are allowed, best to ask about the "STATUS" only and now being legal.
Like in our country it does now labeled as Legal but the government are not prohibiting people from using , meaning there are still chance that this can be legalized or banned. best that we are enjoying it now as long as it is being allowed. Title: Re: What is the legal status of Bitcoin in your country? Post by: Kimonoe on August 17, 2021, 04:46:08 AM in my country bitcoin is prohibited as a means of payment, but citizens are allowed to own bitcoin and trade it, but it is at personal risk. In the past, on a tourist island in my country, it was famous for payments using bitcoin in cafes or markets, but after that there were raids because this was considered illegal
Title: Re: What is the legal status of Bitcoin in your country? Post by: slaman29 on August 17, 2021, 04:52:36 AM Legal to use, but just like any other form of currency, illegal to operate as a business without a license. Meaning, they won't stop you doing p2p and they actually know people do it, but you can't run a business and charge fees and commissions unless you have a money transmitter license. That's as far as I understand the law where I am.
Title: Re: What is the legal status of Bitcoin in your country? Post by: nicecrypto on August 17, 2021, 05:53:07 AM 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. Previously in my country, Trading bitcoin was no problem until there was this international publication that ranked countries with regards to Bitcoin investment, and my country was ranked among the top 5 with the total estimation of investment then the Government decided to Ban the transaction of cryptocurrencies by every other financial institution in the country. Bitcoin and other cryptos are still been traded though but only via P2P and it will take a very long time IMO for Bitcoin to be globally accepted as a full-fledged currency and I believe even then, there will be some strict regulations. 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? Title: Re: What is the legal status of Bitcoin in your country? Post by: Obito on August 17, 2021, 06:03:54 AM in my country bitcoin is prohibited as a means of payment, but citizens are allowed to own bitcoin and trade it, but it is at personal risk. In the past, on a tourist island in my country, it was famous for payments using bitcoin in cafes or markets, but after that there were raids because this was considered illegal That's a bit idiotic if you think about it, they allow ownership as an asset but they don't allow the use for transaction? That's a bit of a bullshit on their side, I am pretty sure that trading and using it to buy stuff is almost the same thing plus what they need to update is their ability to hunt these people that they're after. In my country, the government is still on the neutral so it's all good here for now, I don't want them messing with crypto because they're corrupt.Title: Re: What is the legal status of Bitcoin in your country? Post by: Roy Asher on August 17, 2021, 06:55:40 AM It is legal to buy or sell Bitcoin in our country. But in Canada, it is not very convenient to buy Bitcoin, because we do not have a local exchange. But Bitcoin is only used as a currency in our country, and the Canadian dollar is our legal tender.
Title: Re: What is the legal status of Bitcoin in your country? Post by: amihada on August 17, 2021, 07:54:00 AM 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.
Title: Re: What is the legal status of Bitcoin in your country? Post by: Reatim on August 17, 2021, 08:05:01 AM 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. at least you have an option to convert into currency ? meaning this is not illegal right? you are still lucky because in many countries there are total banning in which they have very few access to bitcoin trading and conversion .It is legal to buy or sell Bitcoin in our country. But in Canada, it is not very convenient to buy Bitcoin, because we do not have a local exchange. But Bitcoin is only used as a currency in our country, and the Canadian dollar is our legal tender. that is the sad part, not having a local exchange in which you have limited access in terms of trading and converting .Title: Re: What is the legal status of Bitcoin in your country? Post by: spyderbilt on August 17, 2021, 02:05:28 PM 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
Title: Re: What is the legal status of Bitcoin in your country? Post by: suryana on August 17, 2021, 02:36:41 PM 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. It's the same in our country. There is no prohibition until the limit is imposed. However, the government has stated that bitcoin is not a legal tender in our country. But I don't know what the government's plan is, I hope it will remain free like this without any significant restrictions.Title: Re: What is the legal status of Bitcoin in your country? Post by: nightxglow on August 17, 2021, 02:48:01 PM 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.
Title: Re: What is the legal status of Bitcoin in your country? Post by: Kittygalore on August 17, 2021, 02:54:48 PM 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. I can say the same for the Philippines, our government is too busy being in power instead of dealing with the issues. Which for me is a good thing, no taxation for big profits in my crypto and it's not regulated meaning that we can do anything we want but it should still be in the realm of legality.Title: Re: What is the legal status of Bitcoin in your country? Post by: conected on August 17, 2021, 02:55:18 PM 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. - These lands seem to be holding hands by telepathy, I mean even without conducting in-depth legal and bitcoin talks, countries have basically exhibited a common face, ignore legal regulations but do not propagate or contribute any support for bitcoin in the current context, bitcoin is not subject to the light of the law and their users are entitled to the same conditions, solving problems separately from each other and not touching the common law system. It is also not easy to exchange for currency when the support networks are so numerous and confusing and the scammers are very professional here.Title: Re: What is the legal status of Bitcoin in your country? Post by: Shasha80 on August 17, 2021, 03:13:49 PM 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. Title: Re: What is the legal status of Bitcoin in your country? Post by: noorman0 on August 17, 2021, 03:51:35 PM 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] (https://bitcointalk.org/index.php?topic=5208763.0) [2] (https://bitcointalk.org/index.php?topic=5339752.0). You have to read a lot dude instead of throwing messy opinions Title: Re: What is the legal status of Bitcoin in your country? Post by: mrongos on August 17, 2021, 04:24:03 PM 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..
Title: Re: What is the legal status of Bitcoin in your country? Post by: mrongoz_imut on August 17, 2021, 04:44:09 PM 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.
Title: Re: What is the legal status of Bitcoin in your country? Post by: amihada on August 18, 2021, 02:32:31 AM 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.Title: Re: What is the legal status of Bitcoin in your country? Post by: BigBos on August 18, 2021, 03:29:57 AM 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. Title: Re: What is the legal status of Bitcoin in your country? Post by: lumierre on August 18, 2021, 03:38:28 AM 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.
Title: Re: What is the legal status of Bitcoin in your country? Post by: Rehan Zakir on August 18, 2021, 06:09:13 AM 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.
Title: Re: What is the legal status of Bitcoin in your country? Post by: slaman29 on August 18, 2021, 07:09:33 AM 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:) Title: Re: What is the legal status of Bitcoin in your country? Post by: Elsaveronicha on August 18, 2021, 07:16:26 AM 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.
Title: Re: What is the legal status of Bitcoin in your country? Post by: worle1bm on August 18, 2021, 07:50:41 AM 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? Title: Re: What is the legal status of Bitcoin in your country? Post by: Veter2000 on August 18, 2021, 08:57:22 AM 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.
Title: Re: What is the legal status of Bitcoin in your country? Post by: junmisakiro on August 18, 2021, 01:50:16 PM 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.
Title: Re: What is the legal status of Bitcoin in your country? Post by: zanezane on August 18, 2021, 02:04:49 PM 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.
Title: Re: What is the legal status of Bitcoin in your country? Post by: jamkesmas on August 18, 2021, 02:55:40 PM 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. Title: Re: What is the legal status of Bitcoin in your country? Post by: Shenzou on August 18, 2021, 03:18:38 PM 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. 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? Title: Re: What is the legal status of Bitcoin in your country? Post by: vania vin on August 18, 2021, 03:43:54 PM 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.
Title: Re: What is the legal status of Bitcoin in your country? Post by: Imran232 on August 18, 2021, 06:15:04 PM 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. Title: Re: What is the legal status of Bitcoin in your country? Post by: taufik123 on August 18, 2021, 07:01:32 PM 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. Title: Re: What is the legal status of Bitcoin in your country? Post by: Lanatsa on August 18, 2021, 09:57:14 PM 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. Title: Re: What is the legal status of Bitcoin in your country? Post by: slaman29 on August 19, 2021, 07:14:29 AM 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. 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:) Title: Re: What is the legal status of Bitcoin in your country? Post by: Veter2000 on August 19, 2021, 08:15:14 AM Policymakers from various countries are taking steps to provide regulations for individuals and businesses related to the integration of the technology offered by bitcoin, and for now most countries have not declared that bitcoin is an illegal asset to implement in their countries, but there are also some countries who hate bitcoin and severely restrict it, such as China, Russia, and Vietnam, but this has not had a major impact on bitcoin's thriving growth today. 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. Title: Re: What is the legal status of Bitcoin in your country? Post by: Dread Pirate Roberts on August 19, 2021, 12:10:36 PM 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 " 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. Title: Re: What is the legal status of Bitcoin in your country? Post by: Elsaveronicha on August 19, 2021, 01:23:10 PM 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.
Title: Re: What is the legal status of Bitcoin in your country? Post by: amihada on August 19, 2021, 02:22:19 PM 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 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.Title: Re: What is the legal status of Bitcoin in your country? Post by: Semar Mesem on August 19, 2021, 02:53:44 PM 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. 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. Title: Re: What is the legal status of Bitcoin in your country? Post by: milewilda on August 19, 2021, 04:13:36 PM Yes its rights alot of countries still not accepting bitcoin or cryptocurrency. In Our country Pakistan , Bitcoin mining is totally banned and also trading was also ban but now some bill passes and in just one Province it is almost unban and users allow to trade but not totally legally Mining still not legal. 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 losseswill be always there. Title: Re: What is the legal status of Bitcoin in your country? Post by: bosede1 on August 19, 2021, 04:26:51 PM 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.
Title: Re: What is the legal status of Bitcoin in your country? Post by: Veter2000 on August 19, 2021, 04:45:35 PM 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 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.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. Title: Re: What is the legal status of Bitcoin in your country? Post by: Easteregg69 on August 19, 2021, 04:46:31 PM 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 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.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. 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. Title: Re: What is the legal status of Bitcoin in your country? Post by: agg2702 on August 19, 2021, 05:40:59 PM 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. 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. Title: Re: What is the legal status of Bitcoin in your country? Post by: ChiBitCTy on August 19, 2021, 05:43:53 PM 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.
Title: Re: What is the legal status of Bitcoin in your country? Post by: Rana590 on August 19, 2021, 06:57:42 PM 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.
Title: Re: What is the legal status of Bitcoin in your country? Post by: Sihab76 on August 19, 2021, 07:05:13 PM 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.
Title: Re: What is the legal status of Bitcoin in your country? Post by: Ryker1 on August 19, 2021, 09:20:42 PM 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. 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.Title: Re: What is the legal status of Bitcoin in your country? Post by: lepbagong on August 20, 2021, 07:28:18 AM until now in my country there is still no permanent legal process for bitcoin bitcoin is still not in my country, it's just that it is not easy to do or establish a permanent legal process for bitcoin, but if adoption is carried out by several countries then it is not something that it is impossible that bitcoin will have a permanent legal process especially for miners 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. Title: Re: What is the legal status of Bitcoin in your country? Post by: slaman29 on August 20, 2021, 09:20:42 AM 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. 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. Title: Re: What is the legal status of Bitcoin in your country? Post by: BobK71 on August 20, 2021, 02:20:34 PM 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.
Title: Re: What is the legal status of Bitcoin in your country? Post by: Marvell1 on August 20, 2021, 02:55:26 PM 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.
Title: Re: What is the legal status of Bitcoin in your country? Post by: verita1 on August 20, 2021, 04:34:07 PM 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/ (https://www.vtv.gob.ve/gaceta-oficial-ley-criptoactivos/) Title: Re: What is the legal status of Bitcoin in your country? Post by: Questat on August 20, 2021, 08:52:39 PM In my country, there has not been any status regarding bitcoin, because in the country where I live, Fitcoin has not yet been adopted, so from that we can say that bitcoin has not yet received a permanent law regarding the circulation of bitcoin in my country, so it will be difficult for us. explain information about bitcoin Even though it wasn't legalized in your country or have a law that supports the use of Bitcoin as long as it was not banned yet there is no problem with that, you can still enjoy your Bitcoin. What makes prevents you from using it when it was already announced that was ban like in China. A lot of countries has has been facing the same situation (complicated status), even in my country, it wasn't legalized yet but at least we are free to invest and hold it. Title: Re: What is the legal status of Bitcoin in your country? Post by: goldade on August 20, 2021, 09:51:13 PM In my country, I do not think there are any legal actions for and against bitcoin. The government dud not openly say they support bitcoin and yet they didn't ban it. We can practically use bitcoin for almost everything in the country except, of course, to pay taxes since the government did not endorse it.
I however do believe that at this rate of adoption among the citizens, it wouldn't be long before the government will be forced to accept and endorse bitcoin for use in the country Title: Re: What is the legal status of Bitcoin in your country? Post by: Doan9269 on August 20, 2021, 10:10:08 PM The legality of Bitcoin in my country is not stable, according to the headline news of The Nation newspaper I read recently.
Quote It may be recalled that the apex bank along with some observers had expressed concerns that inexperienced investors could lose their meagre savings gambling on a highly speculative asset. “Small retail and unsophisticated investors also face high probability of loss due to the high volatility of the investments in recent times,” the bank said, as it sought to clamp down on the trade. Bitcoin experienced a similarly wild upswing in 2017, only to then plunge 80 per cent from its peak. Nigerians turned to bitcoin when the government froze the bank accounts of leaders of the EndSARS protests against police brutality that swept the country last autumn. Supporters began donating to the cause using bitcoin, a practice that was encouraged by the likes of Twitter chief executive Jack Dorsey. The frenzy over digital currencies prompted the central bank to reiterate 2017 guidance prohibiting local banks from serving customers with crypto accounts. In a memo this month defending its decision, the bank argued that cryptocurrencies were prone to use by criminals, drug traffickers and terrorists. But the central bank’s message “had the opposite effect the CBN wanted it to have”, said Ibukun Akinnawo, who hosts an investment club for mostly Nigerian 9-to-5ers on the social networking app Clubhouse and has invested in digital currencies. “People were now really wanting to talk about crypto.” Yele Bademosi, the founder of Bundle, a Nigerian crypto and cash payments app, said volumes on his exchange remained high after the central bank ruling because people relied on peer-to-peer markets. He said the CBN crackdown could push crypto the way of the Nigerian naira, the local currency in which there is a thriving black market. “It’s going to look a lot more like the parallel market FX situation,” he said.[\Quote] Source link: https://thenationonlineng.net/bitcoins-to-be-or-not-to-be/ Title: Re: What is the legal status of Bitcoin in your country? Post by: Reatim on August 22, 2021, 11:03:13 AM Here in my country, though its not yet legalized all over Ph but some restaurant and hotel are already accepting bitcoin to pay for it. If only they support bitcoin all the way i believe its gonna be a game changer if only they support? but you already mentioned some restaurant and Hotels are accepting bitcoin then this is already support right.maybe what you are saying is all the establishment will support bitcoin? as for my country, Vietnam is currently neither banned nor completely legal, but now there is some news saying that there are some considerations about the possibility of accepting BTC in the future. That's just some news, but what's the truth, I don't know all, they haven't made any positive move regarding crypto. But what you must be thankful is that Bitcoin is not totally banned like what china does.so your chance of gaining and trading is still there. Title: Re: What is the legal status of Bitcoin in your country? Post by: realcrypto on August 22, 2021, 01:51:14 PM My country Nigeria ban direct crypto withdrawals through bank. Till date withdrawals can only be accomplish through using P2P platforms or selling through some reliable escrow platforms. I don't know how long this ban will last. Though the ban is not affecting traders and crypto investors, the ban have even make cryptocurrency more popular in my country.
Title: Re: What is the legal status of Bitcoin in your country? Post by: oHnK on August 22, 2021, 03:08:53 PM But what you must be thankful is that Bitcoin is not totally banned like what china does. so your chance of gaining and trading is still there. I also feel the same way in my country because my country does not legalize BTC as a means of payment but is still allowed as a commodity. I think countries that ban BTC will feel a loss because this is an opportunity and opportunity for their people who are financially literate to be better. In addition to being able to collect taxes from each transaction, it can increase the country's ability to collect anonymous BTC transaction data through legal markets. |