Yep, it's totally legal at least in the US, as long as you pay taxes on it. If you don't, that's a problem in the eyes of the IRS but the buying of it from a person in S. America (or anywhere else) is legal. Bitcoin isn't illegal in the US as you probably know, and in fact there are US-based exchanges like Coinbase that are major dealers.
Thanks for reply man. But let me see if I understand what you mean.
Once I sell my bitcoin(bought in S. America) to a Localbitcoins User in USA.. I should pay taxes for it? Or you just pay taxes in the act of PURCHASE, not the act of SELLING?
How would one go about paying these taxes? Talk to an accountant?
Thanks again.
On your end, I think you'd have to pay the tax whenever it is you normally file your taxes. If I were to buy or sell bitcoin in the US, I'd declare it in April as either capital gains or miscellaneous income. I don't know how it works in Latin America. I don't think you have to immediately pay the tax. But the bitcoin you have from mining is income for you, so your government (I assume) expects you to pay taxes on that. Most people don't, but when you don't you're risking getting fined for not doing so or possibly going to jail.
Yes, I'd advise you to talk to an accountant. Don't rely on me or anyone else here for rock solid advice. I'm not an accountant and certainly don't know the rules for where you're at. Good luck.
