What is the legal status of Bitcoin in your country?

[lepbagong]

until now in my country there is still no permanent legal process for bitcoin bitcoin is still not in my country, it's just that it is not easy to do or establish a permanent legal process for bitcoin, but if adoption is carried out by several countries then it is not something that it is impossible that bitcoin will have a permanent legal process especially for miners

maybe all countries will carry out different implementations and it is only the readiness of that country to prepare a legal umbrella that can bridge so that they can do things safely.

In my country it has not been recognized as a legal means of exchange such as fiat money that has been used so far, but it provides an opportunity for all who want to do anything with crypto to be able to carry out their respective goals and there are no prohibitions. but if you want to use crypto money, the government recommends exchanging it to fiat first with a party recognized by the state, so it provides facilities but not full.

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[slaman29]

maybe all countries will carry out different implementations and it is only the readiness of that country to prepare a legal umbrella that can bridge so that they can do things safely.

Sometimes the readiness is made by conditions and circumstance. Japan was the first (or among the first) to really sit down and do a legal framework years ago but it wasn't so much because it was ready, but because it was shocked by what happened with MtGox (which was headquartered in Japan). So it is a lesson that if you aren't prepared, you will be forced to be ready one day.

[BobK71]

Government can not ban Crypto currency that is know to all but they can restrict. In my country The Ministry of Corporate Affairs has made it mandatory for companies to disclose crypto trading/investments during the financial year. Experts see it as a positive step and expect the taxation rules to follow through. This is being considered as the first step towards regulating cryptocurrencies in my country.

[Marvell1]

In the country where I live, the government still does not have an official document on the legal corridor for bitcoin and cryptocurrencies. but they regularly warn about scams from multi-level models disguised as investments in bitcoin or altcoins. We can trade in cryptocurrencies without being banned but if someone gets scammed in regards to crypto they will not be protected by law.

[verita1]

Thanks OP for this thread. I don't know if it has been my lifestyle that is a bit complicated in relation to knowing how to manage my time. It is precisely at this time that I have been concerned to find out the status of the use of cryptocurrencies in my country. I live in Venezuela and the Venezuelan Constitution according to a decree on January 30, 2019, there is a legal framework that supports the use of crypto assets.

Honestly, the government of my country has not invested in educating the population to incorporate cryptoactives in their economic spheres because if they had done so there would not be a massive exodus of Venezuelans to other countries, missing the opportunity to progress in the country, and contribute with the development of the nation's economy.

In Venezuela, the use of cryptocurrencies is legal since January 30, 2019 as I said before, I have made the translation of article 3 as proof. Also in the article it mentions "sovereign crypto assets" which refers to PETRO.

I also did my search to know how the crypto assets are applied to a specific rate for the Income tax, and I do not see anything related. Any new information in relation I will gladly share with you.

Article 3. This Constituent Decree has as scope of application the goods, services, securities or activities related to the constitution, issuance, organization, operation, and use of sovereign crypto assets and crypto assets, within the national territory, as well as the purchase, sale, use, distribution and exchange of any product or service derived from them and other related activities.

https://www.vtv.gob.ve/gaceta-oficial-ley-criptoactivos/

[Questat]

In my country, there has not been any status regarding bitcoin, because in the country where I live, Fitcoin has not yet been adopted, so from that we can say that bitcoin has not yet received a permanent law regarding the circulation of bitcoin in my country, so it will be difficult for us. explain information about bitcoin

Even though it wasn't legalized in your country or have a law that supports the use of Bitcoin as long as it was not banned yet there is no problem with that, you can still enjoy your Bitcoin. What makes prevents you from using it when it was already announced that was ban like in China.
A lot of countries has has been facing the same situation (complicated status), even in my country, it wasn't legalized yet but at least we are free to invest and hold it.

[goldade]

In my country, I do not think there are any legal actions for and against bitcoin. The government dud not openly say they support bitcoin and yet they didn't ban it. We can practically use bitcoin for almost everything in the country except, of course, to pay taxes since the government did not endorse it.
I however do believe that at this rate of adoption among the citizens, it wouldn't be long before the government will be forced to accept and endorse bitcoin for use in the country

[Doan9269]

The legality of Bitcoin in my country is not stable, according to the headline news of The Nation newspaper I read recently.

It may be recalled that the apex bank along with some observers had expressed concerns that inexperienced investors could lose their meagre savings gambling on a highly speculative asset. “Small retail and unsophisticated investors also face high probability of loss due to the high volatility of the investments in recent times,” the bank said, as it sought to clamp down on the trade. Bitcoin experienced a similarly wild upswing in 2017, only to then plunge 80 per cent from its peak.

Nigerians turned to bitcoin when the government froze the bank accounts of leaders of the EndSARS protests against police brutality that swept the country last autumn. Supporters began donating to the cause using bitcoin, a practice that was encouraged by the likes of Twitter chief executive Jack Dorsey.

The frenzy over digital currencies prompted the central bank to reiterate 2017 guidance prohibiting local banks from serving customers with crypto accounts. In a memo this month defending its decision, the bank argued that cryptocurrencies were prone to use by criminals, drug traffickers and terrorists. But the central bank’s message “had the opposite effect the CBN wanted it to have”, said Ibukun Akinnawo, who hosts an investment club for mostly Nigerian 9-to-5ers on the social networking app Clubhouse and has invested in digital currencies. “People were now really wanting to talk about crypto.”

Yele Bademosi, the founder of Bundle, a Nigerian crypto and cash payments app, said volumes on his exchange remained high after the central bank ruling because people relied on peer-to-peer markets. He said the CBN crackdown could push crypto the way of the Nigerian naira, the local currency in which there is a thriving black market. “It’s going to look a lot more like the parallel market FX situation,” he said.[\Quote]
Source link:
https://thenationonlineng.net/bitcoins-to-be-or-not-to-be/

[Reatim]

Here in my country, though its not yet legalized all over Ph but some restaurant and hotel are already accepting bitcoin to pay for it. If only they support bitcoin all the way i believe its gonna be a game changer

if only they support? but you already mentioned some restaurant and Hotels are accepting bitcoin then this is already support right.
maybe what you are saying is all the establishment will support bitcoin?

as for my country, Vietnam is currently neither banned nor completely legal, but now there is some news saying that there are some considerations about the possibility of accepting BTC in the future. That's just some news, but what's the truth, I don't know all, they haven't made any positive move regarding crypto.

But what you must be thankful is that Bitcoin is not totally banned like what china does.

so your chance of gaining and trading is still there.

[realcrypto]

My country Nigeria ban direct crypto withdrawals through bank. Till date withdrawals can only be accomplish through using P2P platforms or selling through some reliable escrow platforms. I don't know how long this ban will last. Though the ban is not affecting traders and crypto investors, the ban have even make cryptocurrency more popular in my country.

[oHnK]

But what you must be thankful is that Bitcoin is not totally banned like what china does.

so your chance of gaining and trading is still there.

I also feel the same way in my country because my country does not legalize BTC as a means of payment but is still allowed as a commodity.  I think countries that ban BTC will feel a loss because this is an opportunity and opportunity for their people who are financially literate to be better.  In addition to being able to collect taxes from each transaction, it can increase the country's ability to collect anonymous BTC transaction data through legal markets.