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Author Topic: Not Yet Legal But Not Banned  (Read 6935 times)
audaciousbeing
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August 02, 2017, 11:23:35 AM
#21

Many countries seem to have a hard time defining and regulating Bitcoin. The current legal framework is not enough to deal with cryptocurrency revolution, thus most countries still have not considered Bitcoin to be an additional legal tender just like the function of their central bank issued fiat money.

However, the Bitcoin revolution is fast reaching the nooks and crannies of many countries all over the world, what with the use of the modern gadgets and the internet. Sooner or later, financial authorities have to come up with the necessary framework with which cryptocurrency can work with.

For now, let us just enjoy the "not yet legal but not banned" status which can anyway fine with me so I can still avoid paying taxes. 

This is actually true for most countries largely because calibre of people in the law making business dont even understand bitcoin itself for them to have a fruitful discussion on the matter and equally come with a position what they will rather do is to give delegated legislation to agencies of government in charge of securities who will in turn set up a body or hire a consultant to come with recommendations. However, that is never enough as the popularity of bitcoin increases on a daily basis. But for me, it high time my country came with a position on the right way to go.

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August 02, 2017, 04:36:43 PM
#22

Looks like it's about time the country that has many bitcoin users has rules about bitcoin. Surely this will benefit many parties both from government and bitcoin users.

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August 02, 2017, 08:33:57 PM
#23

Something which is neither declared illegal or banned, by virtue is considered to be legal. I think by legal you meant to say
recognized.

Yes, in most countries, it is not recognized as a currency or as an asset or any form of money, but it is neither declared illegal nor is it banned. So, one who is dealing in bitcoins is doing something which is not officially recognized, but at the same time not officially illegal either.


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August 05, 2017, 08:43:13 AM
#24

Bitcoin in most countries are not even looked at, cause in my country, the citizens says the struggle of getting Bitcoin is a lazy mans works, but going to offices getting paid at the end of the month, and things like that.

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August 17, 2017, 02:44:34 PM
#25

Something which is neither declared illegal or banned, by virtue is considered to be legal. I think by legal you meant to say
recognized. Yes, in most countries, it is not recognized as a currency or as an asset or any form of money, but it is neither declared illegal nor is it banned. So, one who is dealing in bitcoins is doing something which is not officially recognized, but at the same time not officially illegal either.

Yes, that is exactly what I have in mind when I say legal. There has to be a law or any official pronouncement from an office under the government stating their position and maybe also citing some provisions of the law which Bitcoin or cryptocurrency can fall under.

At any rate, Bitcoin is just a recent phenomenon and we could not expect that the traditional government which can act like a turtle at many times to look immediately at Bitcoin and come up with their legal position on the said matter. It is still needing some time just like any other innovations in the past. But I know we are getting to be there.

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August 24, 2017, 01:11:23 AM
#26

For now, let us just enjoy the "not yet legal but not banned" status which can anyway fine with me so I can still avoid paying taxes. 

Thats for sure most of us is doing, enjoying it. But I will not agree for some point in avoiding taxes. In my heart I feel obligated to do it for not my own sake but for my country men and my country as a whole. Maybe most that knows me will say that it just me. Or I say I'm totally unpractical but living a legacy to your oneself by the end, you can told yourself, "You've done enough".

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August 24, 2017, 02:50:58 PM
#27

Government of any country has only two options of either ignoring Bitcoin or legalizing it. Banning is certainly isn't a viable option. The reason being anything on internet isn't really easy to ban just like darkweb. It takes lots of government resource and time and thus isn't worthwhile. Also, government of any country can't afford to ban Bitcoin today when it's gaining important place in financial landscape. Thus, Bitcoin can be either legalized or not but can't be banned. Thus, it is ultimately legal in most of the countries and will stay the same. All what government can do is to reduce the dominance of bitcoin in market that is quite far from what situation is today.

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August 24, 2017, 09:12:57 PM
#28

Government of any country has only two options of either ignoring Bitcoin or legalizing it. Banning is certainly isn't a viable option. The reason being anything on internet isn't really easy to ban just like darkweb. It takes lots of government resource and time and thus isn't worthwhile. Also, government of any country can't afford to ban Bitcoin today when it's gaining important place in financial landscape. Thus, Bitcoin can be either legalized or not but can't be banned. Thus, it is ultimately legal in most of the countries and will stay the same. All what government can do is to reduce the dominance of bitcoin in market that is quite far from what situation is today.

I share in your point of view because at this time with the various breakthrough in technology where I could hide and browse the internet and it would show I am in Africa whereas I am in Europe. They would have no option than to come to the centre point which is regulation because trying to stop it will be a course of action with no end in sight  or any breakthrough at that.
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August 31, 2017, 06:55:11 AM
#29

This is something unique, In my country there are still many who do not understand about btc, so according to them btc is illegal. But not a few people earn money from btc so some people think btc is something legal. I do not know btc illegal or legal, for sure I really enjoy it
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August 31, 2017, 07:24:56 AM
#30

Something which is neither declared illegal or banned, by virtue is considered to be legal. I think by legal you meant to say
recognized.

Yes, in most countries, it is not recognized as a currency or as an asset or any form of money, but it is neither declared illegal nor is it banned. So, one who is dealing in bitcoins is doing something which is not officially recognized, but at the same time not officially illegal either.

It don't think the situation will continue for many years. These are the two main behaviours for the moment. But they are understanding what they could earn from recognizing it.

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September 01, 2017, 11:52:59 AM
#31

Something which is neither declared illegal or banned, by virtue is considered to be legal. I think by legal you meant to say
recognized.

Yes, in most countries, it is not recognized as a currency or as an asset or any form of money, but it is neither declared illegal nor is it banned. So, one who is dealing in bitcoins is doing something which is not officially recognized, but at the same time not officially illegal either.

It don't think the situation will continue for many years. These are the two main behaviours for the moment. But they are understanding what they could earn from recognizing it.

Agreed with you. As the bitcoins are gaining the popularity, there are more chances that government would take some steps in order to regulate the bitcoins.

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September 08, 2017, 04:21:07 AM
#32

Whatever is not banned, is legal by default unless-and-until it is banned.
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September 09, 2017, 02:42:36 AM
#33

Looks like it's about time the country that has many bitcoin users has rules about bitcoin. Surely this will benefit many parties both from government and bitcoin users.

The government will either ban it thus making the transactions illegal or regulate it and make it officially legal but given that bitcoin is slowly getting popular and knowing that banning it would not be worth it since they know many people will still use it in some ways for the government not to catch them then the choice would be to make it legal and join the bitcoin bandwagon. They know that they cannot beat it that's why joining is the best option and to take advantage of it, they would tax the platform that would process the transactions and the platform would then pass the tax to its users thus the government also benefit from it. Legalizing it would also make the non-believers of crypto believe it and then it would be an additional demand to the coin and it may affect its price to go higher. So it would be a win-win situation for both parties.

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September 09, 2017, 02:55:26 AM
#34

Slowly started to be recognized by my own country and started to be studied to a next level on legalizing it because of the simultaneous declaration of leading country like Japan and other countries support on cryptocurrency and Blockchain technology.. Japan as one of the best and progressive country is a model for some countries and when they lead by example on how to handle bitcoin more countries will following those steps..

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September 13, 2017, 10:59:07 PM
#35

Bitcoin in most countries are not even looked at, cause in my country, the citizens says the struggle of getting Bitcoin is a lazy mans works, but going to offices getting paid at the end of the month, and things like that.
This hahaa sounds funny, you live in which country?
They just see that work must be done outdoors. Your job is like a housewife. and you are not angry because you get gold by sitting at home.
you can compare their income to the workers in full uniform. ha ha Grin Grin


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Arje17
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September 20, 2017, 01:23:25 PM
#36


--- good to hear this.. Do you think they will banned all the cryptocurrency?? I'm a bit worry since I just invested on  RISE .. what do you think?
Cindy1983
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September 20, 2017, 09:40:23 PM
#37

The same with my country. Bitcoin is not banned but still not legalized so it's really hard to use Bitcoin to buy anything directly that why I still have to exchange Bitcoin into cash if I want to buy anything. Last month government in my country declared that they will legalize Bitcoin in 2019 but the lastest news I heard yesterday is totally different, they will never legalize Bitcoin in my country cause they can't control Bitcoin transaction so it can be reason for a lot of social evils.

ALT67890
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September 21, 2017, 04:26:50 PM
#38

It is more likely disadvantageous to us when the government will start regulating and implementing laws about bitcoin as it only means taxes and more rules to be followed. This current situation in my country about bitcoin is much better for me, the attention is less and because of that it is more likely the demand is much lower than other countries that's why transactions fees are still at low price.

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Pepe0888
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September 22, 2017, 07:20:03 AM
#39

Well if bitcoin is non-taxable profit then I have to go for it, since it's not illegal and acknowledge thru out the globe as an internet- based income.
Anfisman
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September 24, 2017, 12:18:02 PM
#40

Many countries seem to have a hard time defining and regulating Bitcoin. The current legal framework is not enough to deal with cryptocurrency revolution, thus most countries still have not considered Bitcoin to be an additional legal tender just like the function of their central bank issued fiat money.

However, the Bitcoin revolution is fast reaching the nooks and crannies of many countries all over the world, what with the use of the modern gadgets and the internet. Sooner or later, financial authorities have to come up with the necessary framework with which cryptocurrency can work with.

For now, let us just enjoy the "not yet legal but not banned" status which can anyway fine with me so I can still avoid paying taxes. 

The same case also happen in my country, where bitcoin is still not legalized by the government, for some reason. but I am still grateful because at this time even though bitcoin has not been legalized, bitcoin circulation still allowed in my country, the government not close every digital currency activity like what happen in China. even recently the the authority of bank in my country has held a meeting and the bitcoin as the main discussion, but the result they still have not approved the bitcoin legalized in my country.
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