Can I use Bitcoin in Iceland?

[RodeoX]

I am not clear about the legal status of BTC in Iceland. I have read: "it is prohibited to engage in foreign exchange trading with the electronic currency bitcoin, according to the Icelandic Foreign Exchange Act". But does that mean I can't buy something with it?
Whenever I visit a new country I like to spend BTC as much as possible. I would like to continue that in Iceland, but is it even legal?

Thanks!

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[zero01]

if there are rules that prohibit using bitcoin in the country, it's better you do not use
but maybe you could use da exchange to UDS 

[Wapinter]

I am not clear about the legal status of BTC in Iceland. I have read: "it is prohibited to engage in foreign exchange trading with the electronic currency bitcoin, according to the Icelandic Foreign Exchange Act". But does that mean I can't buy something with it?
Whenever I visit a new country I like to spend BTC as much as possible. I would like to continue that in Iceland, but is it even legal?

Thanks!

As long as someone is willing to accept BTC for service or goods,you csn use it in any part of the world.It will remain between you and the seller unless you or he spread the word about it

[smith coins]

According to wikipedia it is restricted even though the wikipedia is update in 2014
Have a look here: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country

[GriffinHeart]

Genesis Mining* (Correct me if I'm wrong about the name)
has released intel, pictures and videos inside of their mining facility in Iceland.
That, since Iceland is a developed country, I'd think that some sort of justice would notice the reveal and more would come out of it.
So, to be honest, who the hell is going to check on you? Unless you start making millions of Kroner, I don't think anyone in the justice system would really give two thoughts about it.

[ashour]

As far as I know bitcoin is prohibited in Iceland. But if you need an accurate and detailed information about the legality status of bitcoin in Iceland, I would suggest you visit the Icelandic embassy of your country or just call them and kindly ask them if you can use bitcoin in Iceland.

[RodeoX]

Thanks for the replies guys! I guess I'll keep some on my phone and use them if it comes up. I know that since the 2008 collapse they have been weird about money in Iceland. I think I'll have to give up on renting a 4WD with BTC. 

[gentlemand]

What became of Auroracoin? Does anyone know how many Icelanders actually redeemed the coins they were offered? If it's a considerable amount then there must be quite a bit of BTC awareness there.

There are Bitcoin mines in Iceland. Going on that wording it's only changing BTC for anything other than Krona that's prohibited. Nothing about spending it in country or coming in and exchanging BTC for Krona. Dunno if there are any ATMs or exchanges there though.

[gogxmagog]

Yeah, I understood they have a very healthy mining industry growing in Iceland. Geothermal energy, basically the only thing that comes cheap in Iceland, helps some of the biggest players. So it is not "prohibited" by any means.

Dinner for one, without wine, at a mediocre restaurant in Iceland costs about $100 USD, so I would bring plenty btc with you, probably cheaper than exchanged fiat.

What I don't know is... How willing are merchants to accept it?

I hear it's beautiful there but too rich for my blood btc or no

[RodeoX]

Yeah, I understood they have a very healthy mining industry growing in Iceland. Geothermal energy, basically the only thing that comes cheap in Iceland, helps some of the biggest players. So it is not "prohibited" by any means.

Dinner for one, without wine, at a mediocre restaurant in Iceland costs about $100 USD, so I would bring plenty btc with you, probably cheaper than exchanged fiat.

What I don't know is... How willing are merchants to accept it?

I hear it's beautiful there but too rich for my blood btc or no

It may be too much for me also. The only reason I am considering it is because my wife keeps bringing it up as a place she wants to go. When I ask why, she is not sure.

If we go our current plan is to rent a camper van and drive around the country. It is free and easy to camp in Iceland and if you cook your own food it is less expensive. Still, the more I find out about the place the less attractive it becomes as a tourist. 

[gentlemand]

It's way cheaper than it was pre financial meltdown. The cost of booze and eating out isn't really much or any more than a lot of Western Europe these days, not that that means it's actually cheap of course. Now Norway, that is some proper expense.

A few friends have done the camper van thing and had the time of their lives there. High season is only a couple of months and prices for stuff like car hire plummets as soon as it's over. The weather is definitely not to be underestimated though.

 

[RodeoX]

It's way cheaper than it was...

That's good to know. It certainly looks amazing and, since I always wanted to be an ice age caveman, I think I would love it.
On a side note, there was a user here who lived in Iceland. At least I thought so. He used to sell "cursed bones", which I think is a Yupik tradition of carving bones into scary monsters. The most sought after are made from human bones.

[mindrust]

You can use Bitcoin anywhere with internet access. As long as someone accepts btc in there, %99 chances there are, yes you can.

[ashour]

You can use Bitcoin anywhere with internet access. As long as someone accepts btc in there, %99 chances there are, yes you can.

He isn't asking if he can use bitcoin in Iceland he is asking if he can legally use bitcoin in Iceland, which he can't since bitcoin usage in Iceland is forbidden.

[gentlemand]

He isn't asking if he can use bitcoin in Iceland he is asking if he can legally use bitcoin in Iceland, which he can't since bitcoin usage in Iceland is forbidden.

I don't think that's the case. It's forbidden to exchange it for foreign currencies. That being the case you can waltz in and get local currency if anyone's looking to buy your coins.

[ashour]

He isn't asking if he can use bitcoin in Iceland he is asking if he can legally use bitcoin in Iceland, which he can't since bitcoin usage in Iceland is forbidden.

I don't think that's the case. It's forbidden to exchange it for foreign currencies. That being the case you can waltz in and get local currency if anyone's looking to buy your coins.

True, and I don't that they are going to put you in jail if you exchange 1 btc in Iceland. But you always have to be careful.

[Wapinter]

He isn't asking if he can use bitcoin in Iceland he is asking if he can legally use bitcoin in Iceland, which he can't since bitcoin usage in Iceland is forbidden.

I don't think that's the case. It's forbidden to exchange it for foreign currencies. That being the case you can waltz in and get local currency if anyone's looking to buy your coins.

True, and I don't that they are going to put you in jail if you exchange 1 btc in Iceland. But you always have to be careful.

If you cant buy anything directly by bitcoin dont exchange it in foreign land whose laws are not well acquaint to you.You better exchange it in your country whats is the point of exchanging it for local currency in foreign land where you may have to settle for less then current price? Moreover the buyer can also blackmail you and force you to sell cheaper if it is illegal in that country

[RodeoX]

He isn't asking if he can use bitcoin in Iceland he is asking if he can legally use bitcoin in Iceland, which he can't since bitcoin usage in Iceland is forbidden.

I don't think that's the case. It's forbidden to exchange it for foreign currencies. That being the case you can waltz in and get local currency if anyone's looking to buy your coins.

True, and I don't that they are going to put you in jail if you exchange 1 btc in Iceland. But you always have to be careful.

If you cant buy anything directly by bitcoin dont exchange it in foreign land whose laws are not well acquaint to you.You better exchange it in your country whats is the point of exchanging it for local currency in foreign land where you may have to settle for less then current price? Moreover the buyer can also blackmail you and force you to sell cheaper if it is illegal in that country

I normally do exchange BTC for local currency and I find I get a better rate. I also sell back any foreign money that I don't want to get stuck with on my way home.
My understanding is that in Iceland it is illegal to do this because BTC is treated as a foreign currency, however it is really not clear. And I think I can directly make purchases with BTC but there are very few options.

[gentlemand]

My understanding is that in Iceland it is illegal to do this because BTC is treated as a foreign currency, however it is really not clear. And I think I can directly make purchases with BTC but there are very few options.

Isn't it a capital control thing? If you're bringing in currency to trade for the local one then that's no skin off anyone's nose.

There is an Icelandic localbitcoins page, albeit not exactly buzzing. That should be enough of a sign that it's not outlawed or at least tolerated.