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Author Topic: Is it legal to sell bitcoin for cash ?  (Read 9422 times)
wolfracer
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October 02, 2017, 06:07:54 AM
 #61

In my opinion because of it will be a sale in cash, the state of illegality or not, will not influence this, Since there will be no trace of that transaction. However, attach this link to know what its status in your country; https://www.coindesk.com/information/is-bitcoin-legal/

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October 02, 2017, 07:00:07 AM
 #62

I think not all illegal countries (bitcoin) prohibit cash sales transactions, because in fact some countries are illegal to bitcoin but can still trade with bitcoin for trade transactions or business transactions, and in some countries in Asia even though bitcoin is not yet legal yet transaction usage still can. done easily and without problems,

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suvo05
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October 02, 2017, 08:07:04 AM
 #63

It is totally depends on country you live in. Almost every country there is a exchange wallet from which one can exchange the bitcoin . But I don't know what you are suggesting . Seems you want to sell bitcoin to a person for the cash! In my country it is legal upto a certain amount. you must documented your deal if the amount is very high.

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October 03, 2017, 04:05:34 AM
 #64

Legal is what is regulated by the state. At the same time, if certain actions are not prohibited, according to the general rule they are considered admissible. Thus, each person can perform any actions with the crypto currency, if they are not directly prohibited by law.

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October 03, 2017, 05:08:30 AM
 #65

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.

obviously not. it's free here to sell or buy bitcoin in my country.

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October 03, 2017, 10:05:36 AM
 #66

It depends on country and its attitute to coins.. Many countries don't allow this but people use coins without any problems
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October 03, 2017, 11:33:38 AM
 #67

I think it depends on the country. In some countries it is legal and in some there is no
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October 03, 2017, 01:48:31 PM
 #68

It totally depends upon the local exchanges and country where you live, every nation has a different set of rules for bitcoin and crypto currency. So, it will be better if you also put a reference about the country where you live. Generally, if it is legal in your country then you may need a KYC registration and then you may directly transfer the Bitcoin to you bank Account through Online Wallet only or if LocalBitcoins are available in your country then you can directly trade it for local currency.

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October 03, 2017, 02:28:20 PM
 #69

It's rely on what country you are located .. Some countries are loyal to crypto-currencies, but they are not officially recognized. Somewhere they are generally prohibited
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October 03, 2017, 02:53:32 PM
 #70

many countries don't believe in coins and they do nothing for them
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October 03, 2017, 04:19:07 PM
 #71

Hi! The question on hand is subjective and therefore varies from one jurisdiction to another.

As to our country, as long as it is not prohibited by our criminal laws and special laws, it is legal for all intents and purposes. As for your question, selling Bitcoin for cash is not expressly nor impliedly prohibited by our criminal laws and special laws. Thus, such transaction is considered legal for whatever purposes it may serve them.

Legality is closely linked to the country of origin, and hence must be supposed to exist by virtue of culture, norms, religion and etc.
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October 03, 2017, 11:22:52 PM
 #72

Totally depends on country and its law status on bitcoin.

Even if btc is not taken into consideration as a currency or similar there are still possible other scenarios because as example btc can be equal to asset or usual goods and when you are selling smth for profit you might have to pay taxes. Continuous transactions can be considered as a business. In some countries you have to pay taxes even for one single transaction if its profit exceeds some amount set by your gov/tax institutions.
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October 04, 2017, 03:11:41 AM
 #73

If the state has not directly established a ban on selling bitcoins for cash, and as far as I know, there is no such country in any country, then you can not be afraid to sell bitcoins for cash. At the same time, it is possible to speak about the legality of such a transaction only if the state legally recognizes crypto currency as a means of payment.

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October 04, 2017, 03:14:44 AM
 #74

I think it depends on your country it is legal in most of the country I think,
For example in the Philippines if we want to sell our bitcoin we do have our local wallet to do it.
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October 04, 2017, 10:37:51 AM
 #75

As long as your pay taxes on Bitcoin then it is always legal but in some countries, the government will set some rules about the transaction limits. If we reach more than that we have to pay taxes to the government otherwise Bitcoin exchanging is always illegal.

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October 04, 2017, 11:33:29 AM
 #76

As long as your pay taxes on Bitcoin then it is always legal but in some countries, the government will set some rules about the transaction limits. If we reach more than that we have to pay taxes to the government otherwise Bitcoin exchanging is always illegal.
I disagree with you. Everything that is not explicitly forbidden is allowed. Therefore, any bitcoin transactions are legitimate. There are only some countries where bitcoin is forbidden. In my country the use of bitcoin is not regulated but if you change bitcoins to Fiat, you will immediately get under the tax laws. Withholding taxes with Fiat is a crime.
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October 04, 2017, 12:18:27 PM
 #77

Does anybody know about this situation in Bangladesh? Is it illegal to participate in ICO? And what consequences will be?
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October 05, 2017, 08:51:16 AM
 #78

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 is Depend on your country But you can Exchange it to payeer or payoneer or paypal or credit cards and then into cash

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October 05, 2017, 08:53:10 AM
 #79

There is no rules or regulation in my country about crypto currency trading.
So it is not legal or it is not illegal.
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October 05, 2017, 09:08:37 AM
 #80

I think it depends on your country it is legal in most of the country I think,
For example in the Philippines if we want to sell our bitcoin we do have our local wallet to do it.

Correct, that's why we are very lucky that the Philippines is very supportive of crypto currency. And it somewhat legal for us to convert our bitcoin to fiat because we have our exchanges that will easily do that for us. (coins.ph).

As for other less fortunate countries, I would say it depends. Some countries have a hard line stance against any crypto so its really hard for them to move their bitcoin to cash. Some countries says its commodity, others don't like it at all. So you have to check your Central Bank if they have laws that covered crypto-currency just to be in the safe side. Otherwise, sooner or later authorities will gonna catch up on you and we don't know what will be the penalties.

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