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Author Topic: What it actually meant by Ban?  (Read 396 times)
markflayer
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April 08, 2018, 06:03:15 PM
 #1

Can someone be punished or sent to jail just by holding bitcoin in banned country?
What will happen in case of trading bitcoin in country where bitcoin is banned?
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April 08, 2018, 06:08:21 PM
 #2

In this regard, we need to look at the legal regulation of that country completely. First of all, if you keep BTC in a bitcoin wallet, it's almost impossible for any state to identify you. But if you are holding a BTC or any crypt money on a stock exchange and it also shares your information with the government of that country, you may have a problem with this. For example, the state can not prove that you own the Bitcoin Core wallet. But as I said at the beginning, we have to look at the content of the legal regulation. If you share the law text in English, we can evaluate it. But if you say it as a hypothesis, it does not make any sense what to say.

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April 08, 2018, 06:11:58 PM
 #3

Can someone be punished or sent to jail just by holding bitcoin in banned country?
What will happen in case of trading bitcoin in country where bitcoin is banned?
all back to the rules of each country if bitcoin is strictly prohibited to be accessed even there are countries that will punish severely if someone access bitcoin and even bitcoin that we know there is no legal protection against investors

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April 08, 2018, 06:19:32 PM
 #4

Can someone be punished or sent to jail just by holding bitcoin in banned country?
What will happen in case of trading bitcoin in country where bitcoin is banned?

I think it depends on which country you are and how they handle this issue or what is their law implies for bitcoin user in your country because as far as I know, differents countries have different law or regulations.


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April 08, 2018, 06:19:52 PM
 #5

I think for it to be in full state regulation, because every country has different legal rules, but if it is not used for negative things I think it will not happen.
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April 08, 2018, 06:27:30 PM
 #6

Can someone be punished or sent to jail just by holding bitcoin in banned country?
What will happen in case of trading bitcoin in country where bitcoin is banned?

It is ban means you will not allowed to exchange the cryptocurrency in bank account, not been used to buy things with in a country for bitcoin or alts. Other than that they cannot able to do anything to the crypto users.
If you keep on exchanging the fund with the people in your country or local exchanges means it may cause a problem to you.
To be in safe place, please use the international exchange which is not need your KYC details on the exchange.

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April 08, 2018, 06:28:31 PM
 #7

Can someone be punished or sent to jail just by holding bitcoin in banned country?
What will happen in case of trading bitcoin in country where bitcoin is banned?

That entirely depends on the legislative framework of your country. "Ban" has a certain legal definition and other sections can be linked with this definition. So in your legal framework, if there is a punish defined for handling banned material or providing/receiving banned service, then probably yes! However, it is not easy to detect if someone is using bitcoin for his personal use or trade anonymously. But if you are caught using bitcoin openly in a country where bitcoin is legally banned, then you will be the punishment based on the degree of your offence. That can be a monetary penalty or imprisonment as well. But these are entirely country specific.

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April 08, 2018, 06:35:10 PM
 #8

Can someone be punished or sent to jail just by holding bitcoin in banned country?
What will happen in case of trading bitcoin in country where bitcoin is banned?
Nobody can prove that you are holding Bitcoin, so no, you won't go to jail even if your country decides that holders should be punished. Which sound ridiculous anyway.
A ban of a currency means that the country won't recognize it and won't allow companies that have something to do with it to exist under law.
This doesn't mean that you have to get rid of your cryptocurrency, throw it away or something. It mean that there will be no exchanges and stores operating in your country. If you put an offer on ebay that you want to sell your iphone for crypto you will still be able to and nobody will put you in jail for it.

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April 08, 2018, 06:39:37 PM
 #9

Can someone be punished or sent to jail just by holding bitcoin in banned country?
What will happen in case of trading bitcoin in country where bitcoin is banned?

In my country bitcoin is banned, but not banned at all, we still can trading, mining and etc, only banned as payment method my country have a legitimate currency, and the government only recommends for using it. BTW our national bank already interesthing about bitcoin, not the bitcoin but the blockchain system

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April 08, 2018, 06:41:13 PM
 #10

In this case we need to consider the regulations and legal laws of the country. We need to understand what will be the punishment of that kind of crime.

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April 08, 2018, 06:51:33 PM
 #11

In this case we need to consider the regulations and legal laws of the country. We need to understand what will be the punishment of that kind of crime.
So what if, you have 5btc in your portfolio and then months later your government declared a cryptocurrencies ban?
I think you should find ways to claim your bitcoin in your portfolio, you may travel to another country if you want to get it or send it to your trusted friend abroad and convert into fiat. It may punishable if you caught that you are using bitcoin even it is banned, so be careful it is better to still being anonymous in bitcoin like what Satoshi did.

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April 08, 2018, 06:56:48 PM
 #12

Can someone be punished or sent to jail just by holding bitcoin in banned country?
What will happen in case of trading bitcoin in country where bitcoin is banned?

Bitcoin is not banned in our country but as far as I know, you can still hold your BTC even in a country that it is banned. Bitcoin is usually banned in a country since the government do not like way it is moving, its volatility and it is decentralized, the ban is just spending Bitcoin on that certain country and you can still hold them though I do not know to other countries because I think they might have other rules about it.

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April 08, 2018, 07:06:10 PM
 #13

Maybe it will happen. But if you do not reveal any information, I think they will not know who you are. This means that the Bitcoin participant is always safe, visible and nobody knows you.

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April 09, 2018, 05:10:38 PM
 #14

Can someone be punished or sent to jail just by holding bitcoin in banned country?
What will happen in case of trading bitcoin in country where bitcoin is banned?

It is ban means you will not allowed to exchange the cryptocurrency in bank account, not been used to buy things with in a country for bitcoin or alts. Other than that they cannot able to do anything to the crypto users.
If you keep on exchanging the fund with the people in your country or local exchanges means it may cause a problem to you.
To be in safe place, please use the international exchange which is not need your KYC details on the exchange.

As I understand, people are safe until they are using it online in banned country. Problem occurred only if you are dealing it locally.
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April 09, 2018, 05:14:50 PM
 #15

I don't think that you can go to jail by simply holding Bitcoin, because as we all know, We are anonymous in bitcoin. I think the only cons in this is that you cannot trade your money to turn into fiat. not unless you traded you bitcoin to a reliable person and they will send you the money thru paypal.

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April 09, 2018, 08:27:15 PM
 #16

Can someone be punished or sent to jail just by holding bitcoin in banned country?
What will happen in case of trading bitcoin in country where bitcoin is banned?
It is not possible for the authorities to punish Bitcoin holder in a country that banned the use of cryptocurrency because owning a Bitcoin doesn't require you to give your identity unless you use a Bitcoin to fiat exchange, that will be the time that you will get caught because you will need to verify your account before you can use those exchange, in short holding is possible but selling it for fiat will be a risk. If a country decides to ban Bitcoin, people there will not be able to sell their Bitcoin for local currency using banks because government will shutdown those local exchange, so the only possible way is to find a person that is willing to buy your Bitcoin for cash.

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April 09, 2018, 09:14:16 PM
 #17

As I understand, people are safe until they are using it online in banned country. Problem occurred only if you are dealing it locally.
Not really, people can still be safe if they want to use bitcoin online make sure you have a vpn. It's hard to trace every person who has bitcoin in the country because they could've sold the whole wallet including the private key. If they know that you're using bitcoin you can mix your bitcoins to hide your trails and they won't know which one is yours.

Locally, everyone can still transact with bitcoin even if there's a ban in your country whether it's online or offline you don't have to announce publicly that you're using bitcoin. The only problem is that you have limited options when cashing in/out with bitcoins. I've encountered a user before where he gambles with bitcoin and told me that bitcoin is illegal in his country  but he still uses it.



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April 10, 2018, 02:01:04 AM
 #18

Can someone be punished or sent to jail just by holding bitcoin in banned country?
What will happen in case of trading bitcoin in country where bitcoin is banned?

it is depends on the regulations in that country. it can be jailed or fined or something.
but i don't know the details because fortunately in my country holding bitcoin is allowed.

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April 10, 2018, 03:53:51 AM
 #19

Can someone be punished or sent to jail just by holding bitcoin in banned country?
What will happen in case of trading bitcoin in country where bitcoin is banned?

it depends on the country and whether "ban" means what it really means not just a fake usage of the word to scare newbies.

for example they say bitcoin is banned in Bangladesh. so yeah if you use bitcoin there, there is a jail-time waiting for you.

but they also say bitcoin is banned in China, India, Russia and so many other countries. there is no reality to that. there are some restrictions, regulations,.... in each of these countries which the FUDsters called "ban". the fact is people are still using bitcoin in all these countries without a problem since there were no actual ban.

simaislam
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April 10, 2018, 04:24:05 AM
 #20

"Ban" has a certain legal definition and other sections can be linked with this definition. So in your legal framework, if there is a punish defined for handling banned material or providing/receiving banned service, then probably yes! However, it is not easy to detect if someone is using bitcoin for his personal use or trade anonymously. But if you are caught using bitcoin openly in a country where bitcoin is legally banned, then you will be the punishment based on the degree of your offence. That can be a monetary penalty or imprisonment as well. But these are entirely country specific.
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