Not Yet Legal But Not Banned

[iamTom123]

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. 

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[darkangel11]

If something is not illegal, as in added to the code of law, it is legal. For bitcoin to become illegal there would have to be established laws against it. If there are no such laws, it's completely legal, and since law doesn't work backwards, if it's ever outlawed, nobody will be able to prosecute you for using it in the past.
Also, it's worth mentioning that some countries already have laws that make bitcoin legal and protected by law, which means if somebody steals your coins you can go to the police, like you would have if they stole physical items.

[dihari]

It won't be legal until a big and influence country make an announcement to legalize bitcoin as a new currency that safe for any payments (online or offline). They can't do that because it's too complex to be a real currency.
Yeah, just enjoy it for now.

[corroze]

Yes, so far unauthorized but illegal bitcoin users regardless of tax payments, in the absence of binding rules against the use of bitcoin in illegal state of bitcoin

[biskitop]

Bitcoin is money, and money is always used for legal or illegal purposes. Cash, credit cards and the banking system currently extend beyond Bitcoin in terms of use for criminal activity. Bitcoin can bring significant innovations in the payment system and the benefits of such innovations are often considered far beyond the potential for Bitcoin shortages. Maybe this is what makes Bitcoin not banned even though it has not been declared legal.

[olushakes]

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. 

Over here too we are actually facing the same situation and that's what people who are smart are actually harnessing compare to those who are scared that believed that "since its not legal, then its illegal" and I am sure whether we like it or not, and very soon government will come with a position and by that time people who are very much exposed would have enjoyed a tax free investment and income compared to those who will start joining because that the worse that would happen as I don't see any country shutting itself from the future.

[Netnox]

The problem is that the financial advisers in many of the third world nations are ignorant about the technology behind Bitcoin. So they look at the legal status of Bitcoin in the developed nations. For example, in nations such as Singapore and Japan, the crypto-currency is 100% legal. On the other hand, in countries such as Iceland, it is banned.

[botany]

If there are no such laws, it's completely legal, and since law doesn't work backwards, if it's ever outlawed, nobody will be able to prosecute you for using it in the past.

1) There are grey areas in law, subject to interpretation. The government may prosecute you based on current interpretation of law, for your past actions.
2) Some countries have enacted laws with retrospective effect.
https://www.alrc.gov.au/publications/laws-retrospective-operation-0

[Amph]

It won't be legal until a big and influence country make an announcement to legalize bitcoin as a new currency that safe for any payments (online or offline). They can't do that because it's too complex to be a real currency.
Yeah, just enjoy it for now.

regulate is not the same as legal, don't forgets about this, i see many people bringing this up together like they are the same stuff

practically speaking only 2-3 country see bitcoin as illegal, in almost all the other minus japan it's just not fully regulated

[BTCwoker]

financial advisers from the third country aren't aware of bitcoin properly. they do not have the idea of the technology behind bitcoin. so, they follow the developed countries' status regarding digital currency. they get confused because, in Japan, Singapore, Canada, Estonia, cryptocurrency is legal but few areas of China, US it is banned.

[CryptoBry]

It won't be legal until a big and influence country make an announcement to legalize bitcoin as a new currency that safe for any payments (online or offline). They can't do that because it's too complex to be a real currency.
Yeah, just enjoy it for now.

The thing is...Bitcoin is supposed to be a decentralized beast away from the hands and control of the government and when a government will try to put regulations on it for whatever reason valid or not then you can be sure that there would be some compromises along the way...though that is a big reality we have to dealt with. Sometimes we can not escape present-day realities in connection with Bitcoin. However, we already have a good model in Japan for this...hope other countries can follow soon.

[jpoker272727]

Anything which is neither banned nor declared illegal deems to be legal unless it contradicts with loopholes in the law.
What in most country is, Bitcoin is not recognized officially as a currency and hence the question of illegality or legality does not arise at all.

[Walkman90]

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. 

I do not think Bitcoin is forbidden. I wonder how someone can regulate something that does not belong to him ..

[bubblebit]

As my understanding in this topic, it will be legal soon when it happened it is already regulated by government and might be bad or good for bitcoin. But until it is not, enjoy it with no limitation as it is now.

[ezzy.co]

Legalisation doesn't bother me, since I don't have to pay taxes.

[zeze18]

Of course the bitcoin legality has never had any effect on bitcoin activity, and i think it might be lucky if your country still doesnt have a tax regulation on bitcoin. But once in a while the government will apply tax payment rules to bitcoin users.

[Maheshkumar_Hrangkhawl]

Legalisation doesn't bother me, since I don't have to pay taxes.

Surprising. BTW, are you saying that you don't want to pay any taxes (although you are obliged to do so), or are you saying that there is no tax on profits from Bitcoin sale in your country? I hope that it is the latter case.

[Yuhee]

Legalisation doesn't bother me, since I don't have to pay taxes.

Surprising. BTW, are you saying that you don't want to pay any taxes (although you are obliged to do so), or are you saying that there is no tax on profits from Bitcoin sale in your country? I hope that it is the latter case.

Well if it were in my country too i'd rather use btc because for many years our country been one of the most corrupted government (My mates from Philippines will agree to this) even with the tax of 32% nothing is happening and only the same families are becoming richer and richer.  AT least now, there are some changes in the government in which may in time bring us out of the list of of corrupts. So for me btc is yet the closest thing to at least having an ease of life in our country.

[enhu]

SEC is coming as they are trying to regulate BTC and those crowdsales that comes out every day. Through this I think the ETF will soon be approved too but this is in US. Things may follow once this becomes very legal in US and I guess the prediction of BTC becoming worth more then 5K may come as early as possibly.

[audaciousbeing]

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.