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suvo05
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September 28, 2017, 04:39:45 AM |
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Bitcoin is not legal in the sense that the central bank does not recognised it as a medium of transactions, i.e it is not legalised as money. But as there is no rule against the use of bitcoin so it is legal as an asset. But as it's nature is decentralised so some people use it to hide tax and so some country are concern about it. I think we will see that every country start taxation on Bitcoin, soon .
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Whoever mines the block which ends up containing your transaction will get its fee.
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Arje17
Newbie
 Offline
Activity: 72
Merit: 0
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September 28, 2017, 01:17:06 PM |
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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 agree!! Let's just enjoy the freedom we have for now.. GO! cryptocurrency LOVER!! mine lots of coins as you can.. Bitcoin, ETH, ALTCOIN, RISE |
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Kingofbitcoin12345
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September 28, 2017, 05:13:27 PM |
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In Asia, People of almost all country are using Bitcoin without legal permission from their government because Bitcoin is money, and money is always used for legal or illegal purposes but in near future Bitcoin will be legal all over the world, I think.
I think your wrong on that part "without legal permission",, not all because example Japan that is part of Asia obviously and they even passed a law permitting they're citizens to used or invest in bitcoin but with an existing rules and regulations to protect them.. So in short they were given permission by they're government and it is good to that country.. But don't misunderstood it,, I'm just pointing some wording for the purpose of helping you and others to be not confused on one post.. It can be good for this forum and for you,, if we do helped each other for a better community.. |
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cvan
Member
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Activity: 125
Merit: 10
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September 29, 2017, 04:12:33 AM |
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Every country will determine and rule how they categorize bitcoin or crypto. At the moment it's in such a grey area to really determine and the government is too behind to catch up. But then you have countries like Switzerland that are very forward with their tech.
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Gotottack
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September 29, 2017, 05:42:12 AM |
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I guess the phraseology "not yet legal but not banned" deserves consideration.
In our country, if it is not found to be illegal, it is legal for all intents and purposes. Thus, Bitcoin not being prohibited under our laws, it can legally exist for whatever purpose it may serve its users. However, the Central Bank issued issuances to caution the people about the proliferation of Bitcoins and how they are not being recognized in our jurisdiction. To date, there are still no laws prohibiting Bitcoin usage. The people are thus bound to tend for themselves should they embark on cryptocurrency usage.
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william8829
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September 29, 2017, 05:49:19 AM |
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Uncertainty can make you apprehensive about something. Sometimes I feel apprehensive about cryptocurrency. When I feel this way I take a break. Usually very short. Maybe half a day. Then i continue my blockchain education.  If you feel this way. Its normal. Tomorrow you will feel better. edit: misspelling |
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orions.belt19
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September 29, 2017, 06:53:35 AM |
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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-0If the law to be enacted were to have a retroactive effect, then past actions such as possession and usage of bitcoin would be prosecuted. Most jurisdictions do not specify and have yet to declare their legal stand on bitcoin. In the future perhaps, there will be stipulations made on the specifics for Bitcoin. Such as the situation in my country - since there are no laws that declare it as illegal, then the use of Bitcoin is not prohibited. They have not declared it as legal either, simply recognized by the central banking with a fair warning to the public for its usage. |
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MiF
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September 29, 2017, 10:45:41 AM |
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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.
Indeed, lets enjoy it while the government is blind about bitcoin happening in our countries because maybe bitcoin is not that popular in most nations like in our country our leaders are so busy in politics arguments both the administration and the opposition officials so we considered ourselves lucky enough while bitcoin here is ignored by our government. |
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Lieldoryn
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September 29, 2017, 11:00:51 AM |
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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.
Indeed, lets enjoy it while the government is blind about bitcoin happening in our countries because maybe bitcoin is not that popular in most nations like in our country our leaders are so busy in politics arguments both the administration and the opposition officials so we considered ourselves lucky enough while bitcoin here is ignored by our government. Governments do not ignore bitcoin. Now they are looking for acceptable ways to collect taxes from users of the cryptocurrency and it does not allow the official circulation in the country. It's more like the calm before the storm. I recommend you to prepare for war with the government and not to believe that they can change something for the better. |
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Argoo
Full Member
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Activity: 2254
Merit: 223
#SWGT PRE-SALE IS LIVE
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October 03, 2017, 01:31:19 AM |
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Legitimate bitcoin and other crypt | currency can only be if the state recognizes it as a means of payment and establishes certain rules for its circulation within the country. If the state for some time does not notice its circulation, this can not be recognized as equivalent to its recognition. In case of theft of the crypto currency, the state will not be able to protect your rights, since such rights will not be fixed by law. Therefore, not recognizing the country's crypto currency means a lack of protection in case of violation of your rights.
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bakerlisa510
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October 03, 2017, 05:11:25 AM |
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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.
but when? That is the question. It might take too long. |
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FrayDigger
Member
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Activity: 87
Merit: 10
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October 03, 2017, 10:23:26 AM |
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What is the situation in America and Europe as a whole? Many countries simply ignore the use of crypto currency
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savushkinTA
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October 03, 2017, 11:30:42 AM |
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Not long left. Bitcoin will become legal eventually
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FrayDigger
Member
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Activity: 87
Merit: 10
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October 04, 2017, 12:38:37 PM |
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what is the situation in Bolivia?
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warrior333
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October 04, 2017, 04:10:33 PM |
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Legitimate bitcoin and other crypt | currency can only be if the state recognizes it as a means of payment and establishes certain rules for its circulation within the country. If the state for some time does not notice its circulation, this can not be recognized as equivalent to its recognition. In case of theft of the crypto currency, the state will not be able to protect your rights, since such rights will not be fixed by law. Therefore, not recognizing the country's crypto currency means a lack of protection in case of violation of your rights.
In any case, for the safety of their savings primarily responsible landlord. How will the state protect you from hackers or scams? You recognize the victim and all. You need it? Better to let the government sees bitcoin. You will save more on taxes. You want that government policies have turned the bitcoin into Fiat? I don't want to. The longer States will legalize bitcoin the better for us. |
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kimochidesh
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October 05, 2017, 09:59:27 PM |
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Central Authorities are unable to find a suitable solution in order to regulate BITCOIN economy. "Not Legal but Not Banned" is a very dangerous statement as 1 negative news about banning or regulating can throw down its price from sky to floor within few hours. We already have seen 1 such example in last few days.
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denny27
Full Member
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Activity: 546
Merit: 101
★Bitvest.io★ Play Plinko or Invest!
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October 06, 2017, 06:28:26 AM |
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It's true that until now most of the country seems to still look difficult or can not determine and set the bitcoin can really legalized / not officially prohibited. Yeah right now in my country i can only enjoying this status that's not yet legal but not banned, while still being able to provide benefits and can push the financial side, i still keep trying to earn bitcoin as i can and it has been proven that bitcoin can give a very good role in life, and what am i doing i feel this doesn't harm to the country.
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glowing10
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October 06, 2017, 06:34:23 AM |
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Majority of the countries are still unable to figure it out whether it should be accepted or banned as they are trying to find out the alternate source if bitcoin cannot be accepted they are trying to see if they can introduce their own coin and then they may ban the other cypto currencies.
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Nameless27
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October 06, 2017, 07:54:56 AM |
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Majority of the countries are still unable to figure it out whether it should be accepted or banned as they are trying to find out the alternate source if bitcoin cannot be accepted they are trying to see if they can introduce their own coin and then they may ban the other cypto currencies.
Maybe because they don’t have a clue how to control it or how it should be handled. Even there is regulation that is happening now in other country, the government still not satisfied or having trouble to understand that bitcoin is not meant for them to be with, it is meant to be decentralized. In due time the government or the bankers enthusiast/business groups will endorse a new coin that they want and be supported by them. They want bitcoin be gone for they’re own interest and profits. |
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Miles123
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October 08, 2017, 01:08:03 PM |
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I don't hear that there is a country legalizing the bitcoin because every country is very busy with the people who are not following the laws. They could not determine if the bitcoin would be banned or accepted. But lets enjoy of earning money here as they not banned it so that we can have our financial needs.
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