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Yes it is not yet legal and not Banned. Bitcoin will be legalized if a big country like United States of America or United Nation makes a pronouncement on legalizing Bitcoin as a new and safe currency that can be used offline and on line, believe me you every Country will legalize Bitcoin in the future, but since it is not affecting our business and we don't pay tax, i think we should enjoy it for now.
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It all depend on the Country,Government, the Economy and the people from that Country or people living in that particular Country but for me I think it will be declared legal, but it's a matter of time as Bitcoin users increase by the day and people now use it on transactions on daily basis it will help Bitcoin to be legal.
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If u can earn Bitcoin and Altcoins when you are 18 year's of age i think you can also use Bitcoin and Altcoins as a child of 18 year's, and also in some country a child of 18 year's is an adult. Personally i think you need to be patience a little, you can also use exchange that do not have fiat pair like fork delta or ether delta for now.
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I think it all depends on the Government of our countries, but if for real Government will legalize cryptocurrency there will be change in our countries and we will start developing more than we are developed now and people in our countries will be more freer to do some things than they are now.
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I am not a muslim but i read this from Muhammad Rohail who is a muslim:
I am not an Islamic scholar. Yet I am a muslim and earning *HILAL* income is as important to me as anyone else in Islam. I started doing some research on this several months ago, and came to following conclusion.
First point, what is BTC, a currency or commodity? In Islam there should be some solid thing as currency, as gold, silver etc used to be. Even our Pakistan Ruppee has gold behind it (that’s what written on our note, HAMIL E HAZA KO MUTALBA PER ADA KYA JAEGA). BTC does not have any such thing, so It cannot be counted as currency however it can be used as commodity like a product or company share.
According to my study, there are two concepts in Islam:
1- The investment should be made completely in business shares or currency
2- There should be some solid business or work happening behind that share or currency.
To further describe the first point: There are two concepts.
1- Buy with full cash: I want to buy 2 BTC at $2500. So I will pay hard cash, i.e $5000 and buy BTC against it. When the rate increases, I will sell it out. That according to my homework is 100% permissible and Halal.
2- Margin Trading: Buy 1 BTC , pay $100 and remaining is to be paid after 1 month. During one month you find a customer, sale it to him. Then return 2400$ to original owner and keep the profit. That is HARAM and NOT PERMITTED is Islam. It is making profit over something you are not owner of.
Now speaking about point 2:
1- All currencies are being developed and some contracts are being done behind the scene. Based on that, value increases or decreases.
DISCLAIMER: Please do your personal research as well. The above mentioned is my opinion and thinking and it is not a *FATWA*. If you find out that this is not permitted, do let me know as well because I am not interested in earning HARAM.
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I think the best thing that can happen to any Government is to legalize Bitcoin, the people have chains of income, when this is done the Government can now place tax on the users of bitcoin, believe me you they will pay any tax exacted on them as long as they don't have fear in doing their business.
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Bitcoin is not a threat to any Economy neither is it a threat to any bank, the issue is that most country just feel that one can not make money and will not pay anything back to them they just want their own share of your money. On the bankers bitcoin affect their job and you don't expect them to be happy when money don't come into the bank like before.
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I know and believe that no Government can stop Bitcoin, reason because i don't see how Bitcoin does not affect the way the Government should govern her country. Government should look out for the need of his people and solve the problem not looking for a way to stop bitcoin. It's only a Government that is lazy that will leave what they are suppose to do and is now thinking on how to stop bitcoin. I think such Government should get busy and stop lazying about.
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Sometimes am so surprised that some people still face problems with whether or not it is legal to sell bitcoin. Do you need anybodies permission to take your bath? the answer is NO! why then do you need someones permission to sell your bitcoin?. Please find out how people sell theirs in their country and apply the same method i believe it will work for you.
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It is their business and they should run it the way want, but they should know that if they do not, others search engine will promote it. They war against crypto-related activities is not working rather it is making is strong and popular indirectly.
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Yes, it is illegal to hack another person bitcoins account. Whether the government approves bitcoin or not. it is criminal to get hold of another person account or intrude into someones business without his/her approval.
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Cryptocurrency have come to stay; as days go by, the more popular it become. The gospel is spreading like bush fast. I am surprise at all. time will come when all the countries will all accept it.
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While some countries find it difficult to legalize it, it is because of the decentralize nature of it. Government will always want to have direct or indirect control of the financial world which is anti_smart contract which is one the key features of cryptocurrency through blockchain technology.
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The legality of Bitcoin depends on the country in question. In China it is illegal while in some countries it is legal. Bitcoin, in my country it is not illegal. The only hitches Bitcoin face is that most populace do not know about it.
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