Is it legal to sell bitcoin for cash ?

[aryatrals]

I was thinking of selling my bitcoins for cash. Is it perfectly legal to do so ? Amount is close to 3-4K.

Thanks for reading.

exchanging bitcoin into ordinary currencies may not have a problem, usually the problem is if we transfer to a local bank, there will be a lot of questions, which is even worse if the country we live in does reject bitcoin and law enforcement is very aggressive when looking at the movement large amounts of money, because this can be categorized as unclear money, so it really depends on the status of the country we live in, and the answer to this will definitely be very diverse.

[Pattart]

It depends on the country, right? Here in India, previously it was legal to sell your crypto-currency to fiat cash. However, now the RBI has made it clear that doing so is illegal within the Indian national borders.

In my own country there has been no response regarding the legality of bitcoin, but there are many local exchanges that are flourishing in my country, so I can easily convert them to cash without any obstacles. yeah it depends on the rules in that country, there are some who forbid it. and local exchanges are banned in several countries..

[ameliana]

It depends on the country, right? Here in India, previously it was legal to sell your crypto-currency to fiat cash. However, now the RBI has made it clear that doing so is illegal within the Indian national borders.

It is a pity that the Indian government has banned it even though it is something that traders and crypto investors really want. maybe because some things made the government take that decision. but along with the development of Bitcoin and the increasingly improving Bitcoin, it is not impossible if Bitcoin will be legally traded back in India. I am sure of that.

[Harlot]

It depends on the country, right? Here in India, previously it was legal to sell your crypto-currency to fiat cash. However, now the RBI has made it clear that doing so is illegal within the Indian national borders.

It is a pity that the Indian government has banned it even though it is something that traders and crypto investors really want. maybe because some things made the government take that decision. but along with the development of Bitcoin and the increasingly improving Bitcoin, it is not impossible if Bitcoin will be legally traded back in India. I am sure of that.

From what I know India or RBI is only prohibiting cryptocurrencies as use as a payment method that only their own fiat currency is the legal way to buy goods and services but they haven't prohibited the direct exchange of other cryptocurrencies and even fiat currency. And from what I am reading India is actually trying to create its own cryptocurrency or two as they somehow want to eliminate their competition by way of regulation by RBI, hopefully this is just a phase in preparation for their ICO launch, after that we might see regulations to soften up in your country.

[ningrumxxi]

Probably legal, I do not see anything strange that could make such a thing illegal. Most of the answers here are also legal, meaning many think that selling bitcoins with cash is legal. I do not know for sure, but it seems legal.

indeed it really depends on the country we live in, which can indeed distinguish its legal status, if we leave a country that supports bitcoin, then the status is clear, legal, which is a problem if we leave the country rejecting, the status changes, illegal, so Bitcoin status depends on each country.

[KorakPawon]

I was thinking of selling my bitcoins for cash. Is it perfectly legal to do so ? Amount is close to 3-4K.

Thanks for reading.

It's probably legal, but I think it depends on where you are because some countries have different policy and that's what makes them different in considering it. Besides, when you want to sell bitcoin for cash, I guess you'll get charge by paying taxes, but I'm not sure. It's just my opinion, I don't know what and how exactly it works.

[Patient_Zero]

In most of countries, it's legal to sell bitcoin for cash , but from a certain amout  ( i think 10-15 000 dollars per year) or if you regulary sell bitcoin ,you have to  regulated your activity by getting a license, you will need to  apply KYC procedure  to  your customers  and pay taxes

basically selling bitcoin is not against the law, but if those sold in large quantities can cause many questions, and will raise a suspicion, maybe the best way we can sell it gradually, not at once, maybe if you sell it step by step and the amount sold also not too much this won't cause a negative perception, it's just a method, but basically selling bitcoin doesn't violate the law.

[Cupomi]

Yes, I have never heard that someone got arrested for selling bitcoin. In my country, there are still no regulations that are implemented because bitcoin is still unknown to many of my citizens so at this moment selling bitcoins is legal.

selling bitcoin is not against the law, maybe even in any country, which is sometimes a problem usually moving to a certain bank and with an unnatural amount, this often raises the suspicion of the authorities, but things like this are very common, because the authorities must will always monitor big money movements because of anticipating money laundering, or other criminal acts, but the point is that exchanging bitcoin is legal.

[jonaire99]

I was thinking of selling my bitcoins for cash. Is it perfectly legal to do so ? Amount is close to 3-4K.

Thanks for reading.

You should know first the status of your cryptocurrencies in your country. Some countries like mine did not legalized bitcoin but the government still allowed their citizens to use it in any transactions. I often use some of the licensed crypto exchanges to sell or convert bitcoin into fiat. Some banks and remittance companies are also accepting cash out from the exchanges. If you have government that restrict its people from using bitcoin then it may be difficult for you to sell your bitcoin.

[DanielSmith]

Depends on your country of residence mate. Some countries do not accept any transaction in the form of bitcoin and to do so in such countries, you go by illegal means like in US, I think you probably need a money transmitter license for larger volumes and in Germany its legal but you have to pay tax. If you don’t pay tax you will probably get some trouble.

[DavidNiva]

Probably legal, I do not see anything strange that could make such a thing illegal. Most of the answers here are also legal, meaning many think that selling bitcoins with cash is legal. I do not know for sure, but it seems legal.

very clear the reason, bitcoin is a currency, does the currency violate the law? the answer is that the currency does not violate the law, what violates the law is its use, not the currency, so it is clear that bitcoin is legal, even though there are some countries rejecting bitcoin, but they still cannot criminalize bitcoin users, because the state does not have laws digital currency.

[Pagoda.to]

i really don't think it's illegal if you are not using it for nefarious reasons, but even so it all depends on the volume that you are buying, if its less than $10k I don't think any goverments care.

[Cupomi]

Yes, it is legal in most of the countries. If you are liquidating limited coins, then there should not be any problem. But for the transaction of huge amount, you might have to follow local rules and regulations.

there will be no problem to exchange bitcoin, as long as the amount is still reasonable this is still not a problem, if the amount is not reasonable and too large maybe we can report to the bank that our money is not a crime, accompanied by legal data, all it won't be a problem, so bitcoin is legal, including exchanging it into a country's currency.

[Gabteb]

You must be informed about BTC status in your country but anyway 3-4k usd isnt so much money so i think even you are in country where BTC isnt legal then wouldnt be problems as dont think police would come to you just becouse of 3-4 k USD and wouldnt be problems if you try sell online here and rec. money via bank.

[rima50]

just pay tax

[DavidNiva]

I can't imagine what is happening in a country that is regulating those kinds of transactions. But in my country we don't have any hesitation or doubts on doing it publicly. It must be that we are an opened country from modern technologies and new ideas of investments mechanisms. It is been a practiced of my colleague to do that because it can bypass fees on exchange wallet locally. By the way, were don't have a law for or against cryptocurrency.

every country has a different law about bitcoin, but there is no single law that states that bitcoin exchanges violate the law, so wherever bitcoin exchanges do not violate the law, it is safe to be safe, as long as everything is not excessive and transactions are not suspicious, security won't do anything.

[basyang]

What is the status on the legality of bitcoin and crytpocurrency in your country? In my country, it is perfectly fine to do so. A local exchange wallet allows us bitcoin users to easily have our bitcoins exchanged into our local currency, and we may retrieve this through remittances or have it transferred directly to our bank accounts. I don't see anything wrong with selling your bitcoins for cash, unless the mere possession of bitcoin is considered to be illegal in your country.

The feeling is mutual. In my country its not a big deal to sell bitcoin to cash because their has a wallet that we used to sell it into cash and we can also used it in remittance which is for me its very convenient to use. Its good to know that even if its not legal yet they still allowed us to used it and hopefully ot will continue and it will be better in the future.

[ellaa2918]

I THINK YES. IT IS GOOD FOR YOU.B UT to REMEMBER WHEN YOU ARE GOING TO SELL YOUR BTC SEE THE PEPOL. IF THEY ARE GOOD LOOKING THEN DEAL. OTHERWISE SKIPIT

[primejia]

I think it's normal such as in my country, Bitcoin is not legalized in here but there are about nearly 100 BTC exchanged into cash everyday but nobody have to go to jail for it of course nobody have to pay tax for the government too )) Don't worry dude Just do it

different things in our country, because the government does not support the ownership of bitcoin, then exchanging bitcoin usually goes through a third country, or an intermediary, things like this  still do not matter, as long as bitcoin is profitable then everything can be done, so there is always road to reach the destination. but everything we do still doesn't violate the law.

[coldplay3r30]

I think it's normal such as in my country, Bitcoin is not legalized in here but there are about nearly 100 BTC exchanged into cash everyday but nobody have to go to jail for it of course nobody have to pay tax for the government too )) Don't worry dude Just do it

the situation in each country is very different, but all the answers ensure that exchanging bitcoin into fiat money is legal, but the answer is different if we put our money into a local bank, because it is not as easy as in Europe, with a highly developed financial system Bitcoin users are very easy to use, but if we are in a third world country, such convenience is difficult for us to get, but we can ensure that bitcoin does not violate the law.