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Author Topic: Is it legal to sell bitcoin for cash ?  (Read 10330 times)
Vishnu.Reang
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November 18, 2018, 02:43:37 AM
 #481

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.


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November 18, 2018, 06:27:17 AM
 #482

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 India, there are projects of crypto exchangers?
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November 18, 2018, 12:58:41 PM
 #483

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.
yes, depending on where we sell it, in my country it's also not legal to sell Bitcoin in cash because the government hasn't legalized Bitcoin. there are even countries that have completely banned Bitcoin so that it violates the law if you have Bitcoin. but it's quiet only a matter of time until all countries will legalize Bitcoin. we only need to wait and believe in Bitcoin.

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November 19, 2018, 01:09:10 AM
 #484

AFAIK it's legal. The only country that used to have a problem with that was USA and people were getting arrested for transmitting money without a licence, something that's not even required anywhere else. In the EU you can keep selling bitcoins in the street and as long as you have a street trading licence and don't forget to pay your taxes you're fine.
It seems like selling bitcoin with chas money has never been a serious problem, as long as the transaction does not violate the law, for example terrorist funding or to buy beavers is prohibited as illegal goods, but direct purchases and sales cannot be carried out in countries that reject bitcoin like Bangladesh and other countries that refuse bitcoin to exchange bitcoin with cash cannot be done.
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November 27, 2018, 01:54:44 AM
 #485

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.
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November 27, 2018, 05:27:31 AM
 #486

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..

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November 27, 2018, 03:29:24 PM
 #487

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.

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November 27, 2018, 06:09:19 PM
 #488

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.

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November 29, 2018, 02:16:54 AM
 #489

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.
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December 01, 2018, 03:01:39 PM
 #490

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.
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December 01, 2018, 11:20:41 PM
 #491

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.
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December 03, 2018, 01:17:47 AM
 #492

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.
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December 05, 2018, 07:52:33 AM
 #493

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.

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December 05, 2018, 02:16:08 PM
 #494

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.


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December 10, 2018, 01:22:39 AM
 #495

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.
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December 10, 2018, 01:31:14 AM
 #496

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.
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December 10, 2018, 01:52:43 AM
 #497

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.
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December 10, 2018, 05:10:33 PM
 #498

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.

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December 10, 2018, 08:26:43 PM
 #499

just pay tax
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December 13, 2018, 01:38:50 AM
 #500

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.
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