Bitcoins Regularization in Different Countries

[malikg18]

Dear Community in 2020 How many chances of Bitcoins Regularization in Different Countries.
Bitcoin Has now more than 10 Years old. But in most of the countries it is still illegal.Due to Government Behaviour most
Exchanges and Projects are not allowing people to participate in the said Projects.Even Running Exchanges are Banning The people and not Returning Funds.We should start the campaign in favour Of Bitcoin.

[rosezionjohn]

We should start the campaign in favour Of Bitcoin.

The bitcoin campaign started many years ago and it's still ongoing to this day. I think there is still a long way to go before governments can get their shit together and allow bitcoin to co-exist with their paper money. What could possibly happen is that people may be forced to give up their privacy due to laws that will require establishments to enforce some kind of identity verification before accepting bitcoin payments. An example is asking for an ID before giving receipts or something similar.

[YuginKadoya]

There is one country I can think of that had legalized Bitcoin and that is the country Japan, I surely think that Japan had made a huge change in how they had to manage Bitcoin the interest that Japan has given Bitcoin is outstanding they had prepared a lot of things in making this possible and I think if other countries would look at what Japan had done with Bitcoin other countries can surely do the same.

[kryptqnick]

Dear Community in 2020 How many chances of Bitcoins Regularization in Different Countries.
Bitcoin Has now more than 10 Years old. But in most of the countries it is still illegal.Due to Government Behaviour most
Exchanges and Projects are not allowing people to participate in the said Projects.Even Running Exchanges are Banning The people and not Returning Funds.We should start the campaign in favour Of Bitcoin.

Your statement about Bitcoin being illegal in most countries is incorrect. If you look at most maps and lists with Bitcoin adoption, you'll see that they signify that Bitcoin is legal in most countries. However, it's also an overstatement (like the table on Wikipedia on the legal status of Bitcoin is). You see, they mainly say 'legal' where Bitcoin is not regulated. This is the case with my country, so that's why it caught my attention. In many countries, no regulations forbid or allow Bitcoin. De facto it means that people can easily use cryptocurrencies. But technically it means that Bitcoin is neither legal nor illegal (although many countries are looking at the possibilities of regulating the market), and I believe that after 10 years it's still the most common situation.

[DdmrDdmr]

<...>

Web pages like this (cryptonews) depict a map of a kind, but even the "legal” painted countries are not on the same page, and the myriad of different regulations makes the differences between countries palpable, even if we go into a faint near Boolean classification such as whether it is legal or not. In my country for example it is legal and taxable, but you need to still be very wary of how you use it, as the taxation office has not set a clear and exhaustive set of rules that leave no shade of doubt on how to declare whatever you need to declare on the matter.

On the topic of the Exchanges banning people and not returning funds, that is one of the reasons why the "not your keys, not your Bitcoin" mantra is undeniably applicable. As far as I’m aware, the cases of funds being seized are related to changes in policies (such as Localbitcoins and KYC), or geographical restrictions applied to certain nationals due to increasing regulatory pressure. Most of these changes nevertheless are notified, and people have time to react and retrieve their funds. Nevertheless, if you miss-out the notification then you may be in for a bit of a surprise.

[dothebeats]

Many countries are slowly legalizing bitcoin and cryptocurrencies within their jurisdictions.


^{Thanks, Wikipedia.}

Just a year ago, the picture that you're seeing doesn't include many greens, and a lot are still hostile towards bitcoin (colored in red) since no one knows how to deal with it or how would it fit within their constitution.

As time passes and as legal frameworks for cryptocurrencies are constructed and tweaked to complement with their own laws and constitutions, countries slowly became receptive of bitcoin and adopted the idea that it could work within their economy though haven't taken some initial steps into making an economy infused with bitcoin or other cryptocurrencies. I'm sure that most countries are just waiting for other key countries to adopt bitcoin into their economies before it starts a domino effect of bitcoin's legal acceptance.

For now, the green-colored countries are the countries in which you can openly use bitcoin without the fear of being persecuted or deported. We're heading towards the right direction for cryptocurrencies, and the only question is when would we reach that goal.

[avikz]

Dear Community in 2020 How many chances of Bitcoins Regularization in Different Countries.
Bitcoin Has now more than 10 Years old. But in most of the countries it is still illegal.Due to Government Behaviour most
Exchanges and Projects are not allowing people to participate in the said Projects.Even Running Exchanges are Banning The people and not Returning Funds.We should start the campaign in favour Of Bitcoin.

For country regulations, the future doesn't really look very bright. I don't think we will see an adoption spree in 2020 for cryptos. Majority of the governments are still very much skeptical about bitcoin and its impact on their economy. In countries like India, court cases are being fought against the central bank to uplift the banking ban on cryptos. Holistically, I personally don't see anything to be excited about.

The only ray of hope is the interest, bitcoin is receiving from the institutional investors. Some good news may flow in from that side. But for countries, nothing really looks positive right at this moment. But you never know, situation may turn positive as the year progresses, so fingers crossed!

[adzino]

Dear Community in 2020 How many chances of Bitcoins Regularization in Different Countries.
Bitcoin Has now more than 10 Years old. But in most of the countries it is still illegal.Due to Government Behaviour most
Exchanges and Projects are not allowing people to participate in the said Projects.Even Running Exchanges are Banning The people and not Returning Funds.We should start the campaign in favour Of Bitcoin.

You mean what are the chances of bitcoin being regulated in different countries? Then the answer is very high chance. Most of the government around the world will not allow people to use bitcoin or any other crypto currencies. They don't want people to have full control of their financial aspects. Thus, they will want to eventually regulate bitcoin and all other crypto currencies. They might even make their own crypto currencies.
It is not the exchanges fault that they can't allow people from certain countries to join their project. People should better be reading their ToS before joining them, they probably already mentioned that users fund will be confiscated.

[20kevin20]

Don't mistake illegal for harsh regulation. Bitcoin is illegal in only a handful of countries, most of them speaking Arabic countries.

Regulation has its positive and negative sides, it's really subjective. Depends from which perspective you look at it. But in time, Bitcoin will only become more regulated than it is today. Not less for sure.

The ICOs (and similar token-selling methods of project fundings) should've been banned from the start unless the offerings were processed through some secure websites that will refund money to the project supporters if the team does not accomplish a set of goals they've established since the project has been published.

[stompix]

Many countries are slowly legalizing bitcoin and cryptocurrencies within their jurisdictions.
<removed image>
^{Thanks, Wikipedia.}

That map is going to piss off about 2 billion people at least
Anyhow, besides the borders, there are a lot of inconsistencies

   Nepal    Illegal
 Pakistan   Illegal

Yet on the map, only Nepal is red.

Same with Saudia Arabia, which is gray  (Legal /  Banking ban)  while Iran is green (Legal /  Banking ban).


 

[samcrypto]

There’s a big chance for bitcoin and cryptocurrency to be legalized in my country since our government starting to create a committee that will handle this one and BSP approved so many exchanges to legally operate in the Philippines. There’s a big chance that most of the country will do the same thing, though of course some will not because they’re still afraid to let their people decide on their own especially on choosing the best currency for them.

[batang_bitcoin]

We don't have to run a campaign for that particular reason. It's the government of that specific country that isn't allowing bitcoin to rotate on their jurisdiction.
Let them understand what bitcoin is before allowing it to pass and be in their circulation. I think the influence of first world countries do matter once they start considering it.

[Darker45]

Dear Community in 2020 How many chances of Bitcoins Regularization in Different Countries.
Bitcoin Has now more than 10 Years old. But in most of the countries it is still illegal.Due to Government Behaviour most
Exchanges and Projects are not allowing people to participate in the said Projects.Even Running Exchanges are Banning The people and not Returning Funds.We should start the campaign in favour Of Bitcoin.

Bitcoin is neither legal nor illegal in most countries, which means that it is allowed. Anything that is not deemed illegal is legal in one way or another.

There are countries where exchanges and coin offerings are not allowed due to certain legal policies but, just like countries where Bitcoin is explicitly illegal, these are very few. The majority of countries all over the world are open for them.

With regard to exchanges and projects running with people's funds, they are not Bitcoin. Those are scams and the people behind those should face the legal consequences of their actions very soon.

The campaign for Bitcoin is running well and smooth. There may not be a single unit or department or person which handle Bitcoin promotion all over the world but Bitcoin itself, its revolutionary and disrupting features, are enough for people to be convinced and get into it. It will take time but the development is consistently moving forward.

[Bttzed03]

That map from Wikipedia is somewhat misleading. Our country is colored green and from what dothebeats described

the green-colored countries are the countries in which you can openly use bitcoin without the fear of being persecuted or deported.

It's openly being used here because the government authorities doesn't apprehend anyone who uses bitcoin to pay for goods/services. In reality, it's not actually recognized as a legal tender. What's legal/regulated though are Virtual Currency exchanges. Through these platforms, you can freely exchange virtual currencies such as Bitcoin to fiat and vice versa.

~ Even Running Exchanges are Banning The people and not Returning Funds.

We've seen plenty of cases where funds were locked by exchanges because "user violated TOS" or "flagged for suspected blah blah blah" but funds were usually released once the user complied with KYC verification or some other proofs.

[S4VV4S]

We don't have to run a campaign for that particular reason. It's the government of that specific country that isn't allowing bitcoin to rotate on their jurisdiction.
Let them understand what bitcoin is before allowing it to pass and be in their circulation. I think the influence of first world countries do matter once they start considering it.

Various reasons they say to reject Bitcoin in their country, they still think that Bitcoin will be used as a money laundering tool so it is susceptible to corruption. That's because they don't understand the true meaning of Cryptocurrency / Bitcoin, but I am optimistic that in the future they will accept Bitcoin in their countries because many people already know Bitcoin.

[airdnasxela]

10 years isn't enough to convince every country to accept and legalized cryptocurrency. We see it as a long time already but in fact, it isn't. It will take time before most country will finally accept digital currency because fiat is doing well and changing from traditional to digital isn't easy for everyone. And not most country are against crypto. Most country still doesn't have rules and regulations or law about cryptocurrency but it doesn't mean they are against it. The type of government also affects crypto acceptance. But most country, like mine doesn't have law but were not also strict when it comes to using cryptocurrency.

[rodskee]

But in most of the countries it is still illegal.

this is over statement mate because there are more countries that is not banning Bitcoin or even there are many who has no stand against using this so saying "most Countries" is not appropriate in this sense.

Due to Government Behaviour most
Exchanges and Projects are not allowing people to participate in the said Projects.

because that is part of the rule since they are not convince about the legitimacy of cryptocurrency that is why they thing this will save their people but not knowing that they are denying a chance of profiting from this.

Even Running Exchanges are Banning The people and not Returning Funds.We should start the campaign in favour Of Bitcoin.

lol how come they can deposit and holding their funds?only stupid people will put their money on platform or investment that is banned in their country.

[maxreish]

Dear Community in 2020 How many chances of Bitcoins Regularization in Different Countries.

While few countries banned bitcoin, there are also bitcoin friendly countries that are open for regulating bitcoin. With so many issues of bitcoin, each government is doing some reviews and study to protect their countrymen.

Bitcoin Has now more than 10 Years old. But in most of the countries it is still illegal.Due to Government Behaviour most
Exchanges and Projects are not allowing people to participate in the said Projects.Even Running Exchanges are Banning The people and not Returning Funds.We should start the campaign in favour Of Bitcoin.

Yeah, bitcoin is more than 10 years now but can't you see there is still some unsolved issues that were seen by some of the countries that is why until now, it is not fully accepted by some? It is because the reputation of bitcoin is not fully established yet.

Anyway, By which campaign are you suggesting here to promote bitcoin?

[Debonaire217]

I couldn't really understand what OP means when he says about returning funds, because basically, we have different regulation per country and we couldn't blame if we can't cash in or cash out in various exchanges we have. Thus, the main problem to consider is the regulation of the government to the cryptocurrency holistically. Mainly, cashing in or cashing out relating to returning of funds would be quite easier when the regulation of cryptocurrency (tolerance) is implemented.

[Daniel91]

I don't know much about other countries but I can share about situation in my country - Croatia.
We can,  without any problem,  use bitcoin to pay for different services or products,  even we can sell btc in the post offices around the country.
We also received clear instructions from the Tax office how to report taxes on the crypto profit.