Not Yet Legal But Not Banned

[SixOfFive]

"not yet legal but not banned"...itself make it legal. What makes it illegal is the nature of activity/transaction made with BTC. Eg: If you buy drugs/weapons or activities like money laundering, tax evasion are illegal, no matter you make transaction for such activity with BTC or with official currency.

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[alani123]

Bitcoin would only be illegal if it was banned. What you could say it has not earned yet is the recognition of governments and bodies of law over the world. This could make it appear more legitimate and stable in the eyes of potential investors and help the economy grow but bitcoin as a network can function without the approval of any government. That's all thanks to decentralization.

[senne]

Many countries have not imposed a ban on Bitcoin but still it is not regulated by federal laws. Moreover, everyday Bitcoin user base is increasing drastically and government are finding ways to regulate the cryptocurrency in such a way that there national currency does not losses its value. But the term “Not Yet Legal But not banned” creates a dilemma in the minds of crypto users because if at any time government finds Bitcoin to harm its economic conditions, it may impose a ban on Bitcoin. Furthermore, it is difficult to eradicate from the web which means people will still find ways to use Bitcoin if declared illegal but then it would be seen as a criminal offence in the eyes of government and also one of the possible reason behind this move could be, the decentralization of Bitcoin hence out of reach of government reach.

[entrepmind23]

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. 

It would be hard for the government to classify bitcoin if it not yet regulated so let us take advantage of the situation and not include it in the income tax. I know that being a citizen, I have an obligation to pay and report whatever income I earned but then I would see other people who are earning as well but not reporting to their earnings especially those that are working online so I am tempted as well not to report my earnings as well. I am still paying tax but in different category but in terms of bitcoin earnings, I am not reporting it as well because of its legal standing of "not yet legal but not banned status".

In my country, bitcoin users are increasing so the government sooner or later may see it as an opportunity to earn more thus implementing rules to the local base platforms and I have no problem with that knowing that what I pay is spend for the benefit of the people.

[Lieldoryn]

To power had nothing to do with bitcoin needs people to use for purchases of goods and coins not exchanged them for Fiat. For this you need to price a transaction for the purchase of any goods was minimal. This is not happening. The miners do not want to lose revenue. Without trade we are all a target for the government.

[Arkham Knight]

Those who will try to ban crypto will also unban it sooner that the massive adoption happen. Small countires are just too afraid to accept bitcoin for now and monitoring progressive countries before they make a move.

[nazzzzz]

Like you say government try to be in middle so they wait till suitable time when some people loss trust in bitcoin and Destroy it

they can’t Destroy bitcoin if mant trust in it   

[Gameroid]

Like you say government try to be in middle so they wait till suitable time when some people loss trust in bitcoin and Destroy it

they can’t Destroy bitcoin if mant trust in it   

Yes in my country government has not yet decided anything about bitcoin. Government has not legalized but not also banned bitcoin for any kind of involvement like investment, trading or using bitcoin in the local or international markets. I am sure that in my country the government will legalize bitcoin in the near future because no government will want to windup business of their people.

[Arkann]

Yes, indeed, now we are at the stage when bitcoin and other crypto currency have not yet been recognized by the majority of states as a legal tender to pay taxes on this basis. However, on the other hand, the methods of state regulation that will inevitably follow after such non-recognition do not yet apply to the crypto currency. Therefore, the Crypto-currency is not entirely legal, but it is not regulated by the states for paying taxes, that is, the default status of a certain freedom now exists, which in the future may not be.

[pearlmen]

Its a matter of time before government will get their direction and I see it to be moving in the direction or regulation cum legalization as against the other option which talks about banning. Bitcoin has proven to be a wonderful project that happens once in many years and government argument as it relates to the illegality surrounding bitcoin is also solid. Which mean there is need to have a meeting point which I fee its what governments of several countries will be currently involved in.

[Proton2233]

Its a matter of time before government will get their direction and I see it to be moving in the direction or regulation cum legalization as against the other option which talks about banning. Bitcoin has proven to be a wonderful project that happens once in many years and government argument as it relates to the illegality surrounding bitcoin is also solid. Which mean there is need to have a meeting point which I fee its what governments of several countries will be currently involved in.

I will tell you more. Projects like bitcoin was never. It came as a surprise to the governments and so they are confused. They don't know how to deal with this phenomenon. Any action that a government can take against cryptocurrency will have no effect except for the fact that the country EN masse will begin to leave the investment. I think that the uncertainty in this matter will be long and the only danger for bitcoin is an internal contradiction.

[Gloria_16]

"First and foremost is the possibility of money laundering obtained by criminal means, tax evasion and funding terrorism and, of course, the distribution of fraud schemes, the victims of which can become ordinary citizens," — said the head of state. What do you think about the President's statement??

[Lancusters]

"First and foremost is the possibility of money laundering obtained by criminal means, tax evasion and funding terrorism and, of course, the distribution of fraud schemes, the victims of which can become ordinary citizens," — said the head of state. What do you think about the President's statement??

I can say about "Who shouts the loudest stop thief? The thief himself". The President knows how he does it and why he thinks that so do all. If he said that before the advent of bitcoin in the country was not crooks and terrorists, people received only the honest money and it was not necessary to launder money. Then his words would make sense. Now the fight against bitcoin is only an attempt to maintain control over people.

[katinko]

I do not think government will legalized bitcoin because they not getting involve inside the crypto world and they only do is to avoid some illegal things like scamming and other which against the law. Correct that even it is not totally legal and not banned in my country i just keep on collecting bitcoin and enjoying it.

[Marucya]

Indeed, the yet not legitimate, but not forbidden Bitcoin has, as it were, the greatest degree of freedom that will last until states are determined with the degree of its regulation. Regulation of circulation in a civilized society of crypto-currency can not be avoided. However, such a framework and the forthcoming rules of walking should be optimal and wise.

[mrcash02]

This is the best status we can have to enjoy Bitcoin maximum as possible. And I risk saying if the countries stay with low adoption, nothing so very well advertised, no big businesses adopting it we are safe to continue as we are now. What makes the regulations come is the fact that there is someone or some people making much profit avoiding taxes that would go to the government's pockets. That is an advantage to have low adoption on our countries, it doesn't bring attention to Bitcoin from nasty sectors and individuals.

[Xanxus024]

Yeah not yet legal but not banned. We must enjoy what the bitcoin does to us especially those  people who already earn it. when it comes to legality i think any other countries legalize it they should be going to have a tax or interest for bitcoin every time using it.One of the country banned bitcoin is Chinese government. well for me china has so many investor so the investor willing to invest when it comes to bitcoin so the government alarm that their country money was weaken.

[qwertyup23]

Yeah not yet legal but not banned. We must enjoy what the bitcoin does to us especially do's people who allready earn it. when it comes to legality i think any other countries legalize it they should be going to have a tax for bitcoin every time using it.One of the country banned bitcoin is Chinese government. well for me china has so many investor so the investor willing to invest when it comes to bitcoin so the government alarm that their country money was weaken.

The current status of bitcoin being not legal but not banned is the best status that we must maximize and not take for granted. No one really knows what will happen in the future especially when it comes to the legalization of the transactions. Due to its decentralized nature, government from each respective countries are having a hard time regulating its transactions under the dark web, which is the perfect avenue in order to buy illegal stuff. These are the things that we take for granted and personally, I suggest that we need to utilize bitcoin until its last drop, to prepare ourselves to unexpected announcements in the future.

[Qartersa]

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. 

True. Let us make the most out of Bitcoins while the governments still find a hard time coping up with revolutionary cryptocurrencies. Thing is, they know these cryptocurrencies exist; they just cannot cope up with something as big as this. And also, it cannot be denied that these help their economies reach its full potential considering their lack of attention to it. They are in the state of ambivalence, perhaps. 

[ALT67890]

As a bitcoin user in my own country, I will call our status as an open country with cryptocurrency. Highlighted that we do have so much services and options on buying and selling using bitcoin. So many and so widespread but still our government has not even bothered to make or legislate a bill to protect the investors. It is not legal but absolutely not illegal standing.