If crypto is banned in my country

[KryptoKings]

If in future, crypto is completely banned in my country and holding, trading mining become illegal, can I go to some foreign country on the pretext of doing some job and sell my crypto once I landed in foreign land and come back in my country with all the money?
Will that be considered illegal? How can I move my money back to my country?
Can I just say that I did some business in foreign country and this is all the profit?.
Anyone has any better suggestions to dispose off my crypto holdings if such situation arises?

[1714914280]

1714914280

[Josefjix]

Since your crypto assets can be accessed privately even if it is illegal in your country, no one would be able to access your private wallet to discover what is hidden there. You can travel to a foreign country that is crypto tolerance and sell of your crypto assets and return back to your country. I don't think this is in anyway illegal.

[dkbit98]

If in future, crypto is completely banned in my country and holding, trading mining become illegal, can I go to some foreign country on the pretext of doing some job and sell my crypto once I landed in foreign land and come back in my country with all the money?

Most countries have limits for cash and gold you can import and export from country but nobody can control how much Bitcoins you have, so you can't bring back large amounts of cash and cross the border without reporting it and showing proof ownership, and if you send it with bank transaction they can easily trace it back to you, tax you and ask other questions.

I know some people who live in Egypt and use crypto everyday even if it is illegal in their country, but they are using many p2p marketplaces that work without issues and they can trade with crypto with fiat.
That is what I would suggest, but why even talking about some distant future that may never happen, and why selling Bitcoin when all fiat currencies are just starting their hyperinflation parties?

[bitmover]

If in future, crypto is completely banned in my country and holding, trading mining become illegal, can I go to some foreign country on the pretext of doing some job and sell my crypto once I landed in foreign land and come back in my country with all the money?
Will that be considered illegal? How can I move my money back to my country?
Can I just say that I did some business in foreign country and this is all the profit?.
Anyone has any better suggestions to dispose off my crypto holdings if such situation arises?

Even if BTC becomes illegal in your country, your government is incapable  of preventing you (or anyone else) from making transactions on the bitcoin network.

You can try to sell it p2p to a friend who might be interested, to someone you know... You can try to sell your BTC here in this forum (currency exchange board)  and people can pay you in your paypal account.

Even if you sell in another country, you don't need to say that money came from BTC. Sell small amounts each time, and I believe you won't have problems.

And you can still hold it in your personal wallet, even if your country ban it.

[Theb]

I believe that in your country both citizens and crypto related businesses will be given time to liquidate all of their crypto assets in order for them not to hold anything else but your own legal tender, they can't possible just rule cryptocurrencies illegal overnight and let thousands of their own citizens holding valueless cryptocurrencies in their own country. If you are asking this as some kind of "loophole" where crypto is declared illegal in your country and yet you still decide to hold it after the liquidation period the government has given you I would advice you not to do so as the ban will also apply to holding cryptocurrencies and I don't think getting in and out of the country is something that they would consider legal as you are technically still holding cryptocurrencies within your country.

[avikz]

If in future, crypto is completely banned in my country and holding, trading mining become illegal, can I go to some foreign country on the pretext of doing some job and sell my crypto once I landed in foreign land and come back in my country with all the money?
Will that be considered illegal? How can I move my money back to my country?
Can I just say that I did some business in foreign country and this is all the profit?.
Anyone has any better suggestions to dispose off my crypto holdings if such situation arises?

There will be still question around the source of funds! It will happen when you will repatriate your funds to your own country. There will be inevitably questions coming your way from the tax authority of your country because that fund will have to be reported to them. That's a bad idea if you are holding a sizable amount of cryptos in your portfolio.

If crypto gets banned in your country in future, there will still be many ways to convert it. Especially p2p trades will come to your rescue just similar to what happened in Nigeria. Just be cautions not to convert a whole lot of money in one go, rather prefer small amount of conversion at certain interval.

Another way is gift. If you have any relative in foreign countries, ask them to send your money to you as a one time gift. This way you will pay taxes on this, but it will be legally cleared. Hope this helps!

[teosanru]

If in future, crypto is completely banned in my country and holding, trading mining become illegal, can I go to some foreign country on the pretext of doing some job and sell my crypto once I landed in foreign land and come back in my country with all the money?
Will that be considered illegal? How can I move my money back to my country?
Can I just say that I did some business in foreign country and this is all the profit?.
Anyone has any better suggestions to dispose off my crypto holdings if such situation arises?

A very interesting question. So I practice taxes & Laws as a professional so I will give you a very simple answer which you would not be able to digest. The answer is "It Depends". It depends how your country has banned crypto. Whether they have banned crypto transactions, whether they have banned crypto holdings, whether they have prohibited their citizens from having any ties with cryptos, whether the law is active with a retrospective effect or just a prospective effect. Law has loopholes and even if you are stuck it's all about playing with the loopholes. Without a law already in place, anyone answering here is just guessing it's not a legal help, don't trust them.

But I don't think this is the answer you want. The answer you want is that assume it's a simple law that bans your interaction with Cryptos. Here is the answer of this assumption:

Every law in it's first section states the extent up to which the law would be valid. For Example: In India, law states the jurisdiction until which the law would extend and a country would ordinarily only extend the law until it's geographic jurisdiction. So technically you are absolutely safe if you do this and come back to the country and pay taxes honestly. But practically it's not going to be this easy. If law bans earning cryptocurrencies with retrospective effect then my friend you can still be caught.

By the way if you can help me with the country you are in I can probably look for any draft laws which that country is making against cryptos and then might help you?

[KryptoKings]

If in future, crypto is completely banned in my country and holding, trading mining become illegal, can I go to some foreign country on the pretext of doing some job and sell my crypto once I landed in foreign land and come back in my country with all the money?
Will that be considered illegal? How can I move my money back to my country?
Can I just say that I did some business in foreign country and this is all the profit?.
Anyone has any better suggestions to dispose off my crypto holdings if such situation arises?

There will be still question around the source of funds! It will happen when you will repatriate your funds to your own country. There will be inevitably questions coming your way from the tax authority of your country because that fund will have to be reported to them. That's a bad idea if you are holding a sizable amount of cryptos in your portfolio.

Yes exactly that's my concern too. I will be asked to disclose the source of funds. I will have to give some documents in support of my funds and to prove that I own them. This is the difficult part.

If crypto gets banned in your country in future, there will still be many ways to convert it. Especially p2p trades will come to your rescue just similar to what happened in Nigeria. Just be cautions not to convert a whole lot of money in one go, rather prefer small amount of conversion at certain interval.

P2p will be out of question because no body in my country will buy or sell

Another way is gift. If you have any relative in foreign countries, ask them to send your money to you as a one time gift. This way you will pay taxes on this, but it will be legally cleared. Hope this helps!

That sounds most good option to me but how much gift can my foreign relatives send in one time?
I am sure it will not be more that $10k

[Theb]

@KryptoKings are you seriously considering avikz advice? You already have said that cryptocurrencies in the future will be banned in your country I don't get the reason why you are still looking for some loopholes when technically all suggestions for you besides avoiding crypto will be illegal.

If in future, crypto is completely banned in my country and holding, trading mining become illegal

Like I already said in my previous post a ban is a ban and even if you somehow created a system where your foreign relatives will be the ones holding it for your it will still be considered as your property you will just be pretending that it is a "gift" which is an excuse you will always be making everytime your relative will send your money again and again to you. If you get caught then chances are you will be penalized accordingly and your crypto will be confiscated by them.

[KryptoKings]

@KryptoKings are you seriously considering avikz advice? You already have said that cryptocurrencies in the future will be banned in your country I don't get the reason why you are still looking for some loopholes when technically all suggestions for you besides avoiding crypto will be illegal.

If in future, crypto is completely banned in my country and holding, trading mining become illegal

Like I already said in my previous post a ban is a ban and even if you somehow created a system where your foreign relatives will be the ones holding it for your it will still be considered as your property you will just be pretending that it is a "gift" which is an excuse you will always be making everytime your relative will send your money again and again to you. If you get caught then chances are you will be penalized accordingly and your crypto will be confiscated by them.

Buy how will they come to know that my relative is selling it for me in his country of residence? If I send all my crypto in one go and ask my relative to wait for some time and then sell them.
What if I declare that I am 'gifting' all my crypto holdings to my foreign resident relative.
Crypto trading,holding and mining will be banned but what if I just move them to someone else's wallet?
I don't want to break any law but I have invested all my hard earned money into crypo and I can't leave them like that.
Moving out of my country is also out of question for me. I am looking for some good solution in advance.

[sheenshane]

What if I declare that I am 'gifting' all my crypto holdings to my foreign resident relative.
Crypto trading,holding and mining will be banned but what if I just move them to someone else's wallet?

It was already suggested above, the source of funds might questionable for them and may ask where it comes from, it would be better if you will not sell it at once, it may not notice if you will sell it little by little.

I’d recommend you get your consultation with a registered CPA, they might be able to help you with the process.  We could provide you suggestions that will give you an idea of how to make it but the process itself has to be done by professionals.  It's possible for you to get your funds clean as it really is clean. It’s just that, the process it has to take has to be done by your accountants.

Let them help you strategize how you can make your funds legalized. There are always loopholes in legal and numbers.  Seek immediate professional assistance now.

[zasad@]

Buy how will they come to know that my relative is selling it for me in his country of residence? If I send all my crypto in one go and ask my relative to wait for some time and then sell them.
What if I declare that I am 'gifting' all my crypto holdings to my foreign resident relative.
Crypto trading,holding and mining will be banned but what if I just move them to someone else's wallet?
I don't want to break any law but I have invested all my hard earned money into crypo and I can't leave them like that.
Moving out of my country is also out of question for me. I am looking for some good solution in advance.

Blockchains have no boundaries or jurisdictions and are not subject to laws.
Before discussing any law, it must be read and understood.
The worst offender is the one who prohibits the use of bitcoin.
If fish is banned in your country, will you comply with this law?
Look for like-minded people, communicate, protest in legal ways, or live like powerless slaves.

[stomachgrowls]

If in future, crypto is completely banned in my country and holding, trading mining become illegal, can I go to some foreign country on the pretext of doing some job and sell my crypto once I landed in foreign land and come back in my country with all the money?
Will that be considered illegal? How can I move my money back to my country?
Can I just say that I did some business in foreign country and this is all the profit?.
Anyone has any better suggestions to dispose off my crypto holdings if such situation arises?

It would really be hard if we are talking big amounts on here because even if you do flew on other country the expect that they would really be asking out the source of those funds
if you do tend to put it up on your bank account and in the form of cash then for sure you they would be looking up on whats the source.If you do tend to pretend on selling out
something which isnt crypto related then what would you do? You cant just provide some fake documentations or papers which would surely fucked you up.
Better to sell those coins in gradual phase which on an amount that wont trigger out your bank rather than making bulk one time transactions
which would ring up the bell.

[KryptoKings]

If in future, crypto is completely banned in my country and holding, trading mining become illegal, can I go to some foreign country on the pretext of doing some job and sell my crypto once I landed in foreign land and come back in my country with all the money?
Will that be considered illegal? How can I move my money back to my country?
Can I just say that I did some business in foreign country and this is all the profit?.
Anyone has any better suggestions to dispose off my crypto holdings if such situation arises?

It would really be hard if we are talking big amounts on here because even if you do flew on other country the expect that they would really be asking out the source of those funds
if you do tend to put it up on your bank account and in the form of cash then for sure you they would be looking up on whats the source.If you do tend to pretend on selling out
something which isnt crypto related then what would you do? You cant just provide some fake documentations or papers which would surely fucked you up.
Better to sell those coins in gradual phase which on an amount that wont trigger out your bank rather than making bulk one time transactions
which would ring up the bell.

Selling them in small portion will be very tiring job. I have to keep finding some genuine buyer constantly plus I also have to see I get the best price. I, obviously, wouldn't want to sell in bear market.
I would prefer to get rid of all of them in one go to make most of bull market and also to invest that money in some other business.
Most of my current source of income is crypto trading which is going to be ceased once ban in implementimplemented.

[Banprox]

If in future, crypto is completely banned in my country and holding, trading mining become illegal, can I go to some foreign country on the pretext of doing some job and sell my crypto once I landed in foreign land and come back in my country with all the money?
Will that be considered illegal? How can I move my money back to my country?
Can I just say that I did some business in foreign country and this is all the profit?.
Anyone has any better suggestions to dispose off my crypto holdings if such situation arises?

Firstly i think in the future Crypto currency will be accepted by every government. But somehow your country banned Crypto then my suggestion is for you that go to foreign country permanently where Crypto is legal. Don't come back. Because i think who is connecting with Crypto one time, he can't live without Crypto anymore.

[uelque]

First of all, whats with the thought? are there really possibilities or speculations that bitcoin will soon get ban in your country? or it is just you having a negative thoughts?

But if ever that happens, and if you are wondering whether selling your cryptos in other country is illegal, for me it can't be. Simply because once you are on another country, you are bound to their laws and not to the laws where you came from.

Also, if you are having trouble converting your money to your local currency once your country banned crypto and any other transactions using it, then since your in another country, why not go to a certain currency exchange services and exchange it to your local currency? I believe every country has it. Correct me if I'm wrong... Coz we do have a lot here.

And now you get back to your country (at the airport) with that bag of money with you. And who would question you for that? you can still say it came from crypto, but they don't have the right arrest you simply because you do it legally on another country. I believe that how law works.  

[KryptoKings]

If in future, crypto is completely banned in my country and holding, trading mining become illegal, can I go to some foreign country on the pretext of doing some job and sell my crypto once I landed in foreign land and come back in my country with all the money?
Will that be considered illegal? How can I move my money back to my country?
Can I just say that I did some business in foreign country and this is all the profit?.
Anyone has any better suggestions to dispose off my crypto holdings if such situation arises?

Firstly i think in the future Crypto currency will be accepted by every government. But somehow your country banned Crypto then my suggestion is for you that go to foreign country permanently where Crypto is legal. Don't come back. Because i think who is connecting with Crypto one time, he can't live without Crypto anymore.

Moving to other country is not easy. Do you think I will be given nationality easily un any country of my choice?
Easier said than done buddy. In many countries, I will have to show them my bank balance to show that I am financially stable.

First of all, whats with the thought? are there really possibilities or speculations that bitcoin will soon get ban in your country? or it is just you having a negative thoughts?

But if ever that happens, and if you are wondering whether selling your cryptos in other country is illegal, for me it can't be. Simply because once you are on another country, you are bound to their laws and not to the laws where you came from.

Also, if you are having trouble converting your money to your local currency once your country banned crypto and any other transactions using it, then since your in another country, why not go to a certain currency exchange services and exchange it to your local currency? I believe every country has it. Correct me if I'm wrong... Coz we do have a lot here.

And now you get back to your country (at the airport) with that bag of money with you. And who would question you for that? you can still say it came from crypto, but they don't have the right arrest you simply because you do it legally on another country. I believe that how law works.  

No you just can't go to currency exchange and convert million of dollars to any currency. You will get arrested for that plus how will I convert my crypto to local currency is also a big question.

[examplens]

Buy how will they come to know that my relative is selling it for me in his country of residence? If I send all my crypto in one go and ask my relative to wait for some time and then sell them.
What if I declare that I am 'gifting' all my crypto holdings to my foreign resident relative.
Crypto trading,holding and mining will be banned but what if I just move them to someone else's wallet?
I don't want to break any law but I have invested all my hard earned money into crypo and I can't leave them like that.
Moving out of my country is also out of question for me. I am looking for some good solution in advance.

I never heard that any government can control its citizens if they own Bitcoin or any crypto. the only limit you can have is when using legit services like exchanges, where you need to pass KYC or strictly adhere to laws to each country.
it seems that your only option is to change the crypto directly, p2p as stated earlier.
Bitcoin network does not recognise from which country you access the wallet and or it's banned by law.
I am not sure where you are, but I think after a while, the state will surely give up on such laws, in the end, all will allow crypto it's just a question of how smart they are and how long it will take them to accept it.
Of course, for holders, it will be a little harder period.

[Lorence.xD]

Maybe you can do it but that is a lot of effort just to sell your bitcoin, you can just cover your tracks online and switch your geolocation to prevent as much digital footprint as you can, or maybe when you move to a country that you are planning to sell your bitcoin, you might want to buy it in cold hard cash.

[mindrust]

If in future, crypto is completely banned in my country and holding, trading mining become illegal, can I go to some foreign country on the pretext of doing some job and sell my crypto once I landed in foreign land and come back in my country with all the money?
Will that be considered illegal? How can I move my money back to my country?
Can I just say that I did some business in foreign country and this is all the profit?.
Anyone has any better suggestions to dispose off my crypto holdings if such situation arises?

You can do and say anything you want. If you cannot make them believe you or they just want to ruin you anyway, you'll get punished. It is probably better to leave that country for good before you try anything you'll regret later. Also in a situation like this, you'll need a lawyer, not the opinions of random people.