Bitcoin in your country.

[Vaskiy]

In my country from the beginning there is no big support for cryptocurrency from the government. It didn't make any information or announcement regarding the acceptance of bitcoin or legalizing the usage of bitcoin. Over time this had changed as the government found the increased interest for cryptocurrency among the common people. At some point government took cryptocurrency acceptance into discussion and taxed 30% on revenue and 1% tds. Even after that there is no official announcement on the legal status of cryptocurrency within the country.

[danskgraes]

Thanks for sharing your experience. It's a testament to how volatile the regulatory environment can be. Let's hope for more transparent and crypto-friendly policies in the future, not just in Nigeria but worldwide. It's a wild crypto world out there!

[peter0425]

I am from bangladesh. Unfortunately like most of the developing countries, it's still illegal to use crypto in my country. Although many people use it from my country, to feed and provide for their family, even me, but we don't/can't share crypto information with others. You can say we secretly use it. We all know crypto can be much much volatile, I'm not just talking about Bitcoin but all that related with crypto. Also crypto is best know for it's anonymity. It is basically untraceable. In short it can be weaponized. I think the Government fear this the most. Can't blame anyone. Everything has it's good and bad sides. But at least, crypto gave us our financial freedom.

I hope someday people will get freedom to use crypto freely throughout the world but a bigger challenge awaits us apart from the government who are discouraging people from using crypto currency there are capitalists who are heavily involved into crypto business and manipulating the market using their money to benefit them, I am more scared about these capitalist and crypto mafias than government.

this is the hope of the whole crypto community , and this is my prayer since years ago but as we all knew that this will never happen , even it will take forever because there will be surely one that will disagree or oppose.
so lets keep hoping that our country will act accordingly.
keep pushing people around you to invest and trust , use crypto for the future so the govermment will be pushed to take it as there.

[CryptoBoss9]

Bitcoin is totally legal in the UK. Regulations in the United Kingdom allow residents to buy and sell cryptocurrencies. I have a private wallet and I also have used my Paypal Wallet, amd I have an account on Blockchain.com. I have paid and received cryptos with no issues whatsoever.

[HONDACD125]

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Bitcoin and crypto currency have been outlawed in our country and security agencies are cracking down on those involved in such activities. We cannot legally transfer dollars or transactions through the bank, but we do not mention dollars in the money we send to each other's banks. , because here banks also monitor every transaction. Bankers can freeze our accounts if they suspect that they are doing P2P transactions or buying dollars. But often talk of legislating to ban it.


 Most security agencies warn banks to identify people involved in crypto currency trading and freeze their accounts, but since no such law has been passed yet, people are still Investing in crypto currencies and Bitcoin. So, crypto currency is not banned in our country like your country, but transactions with banks are prohibited. There is confusion in our country that whenever there is any news in the media that mentions crypto ban, many people panic and sell their assets at a loss and transfer their money to banks. there are often talks of Binance and other exchanges being banned from working in the country. Which creates an atmosphere of fear.

The state of your nation makes it harder. Your indirect trades demonstrate how people adapt to limitation. Unfortunately, lack of information causes panic and unusual behaviours, forcing people to make fast decisions.

Though, crypto technology improve constantly. Decentralised financial platforms may solve problems without banks. Until then, it might be best to stay aware, be careful, and seek for help in online community, like bitcointalk

Our situation is made difficult because some people are trying to legalize crypto currency in the country but the government does not want to legalize crypto currency and the biggest obstacle is the banking sector.The second biggest reason is that government officials don't know anything about crypto currency, so they consider it a fraud and a scam, and when the price of bitcoin has fallen,So they say that people will lose by investing in it.

The biggest point of concern for us is that all of us who trade or invest are always afraid No one openly talks about crypto currencies because the government can take action at any time,and no one can invest openly,because if all exchanges are banned from operating in the country, we will have to sell our assets at a loss, so investing more is not without risk.Of course, crypto technology has improved due to which people who know about hard wallets have transferred their assets to hard wallets so that even if the government takes any action, our assets will be safe in hard wallets.

[Fivestar4everMVP]

I am also from Nigeria, and I can tell that the Nigerian government are particularly confused with how to go about with Bitcoin and cryptocurrencies, they are also afraid of Bitcoin and cryptocurrencies as well, possibly because the central bank of Nigeria sees crypto as a big threat to their business, which is they rushed to develop and release eNaira, thinking that since Nigerians love online transactions and have been transacting through cryptocurrencies, we will love and start transacting with the eNaira, but unfortunately for them, what they expected is not what they saw, Nigerians completely ignored eNaira, even when they came up with the cashless policy with caused extreme lack of cash in the entire country, Nigerians still  ignored eNaira.

Them seeing that there is no way to go about it, they decide to impose 10 percent tax on crypto gains, even when they have not lifted the ban on crypto transactions through banks, a very funny people in charge of affairs in my country  .

[3kpk3]

BTC and trading cryptocurrencies in general is completely legal in my country, but my trash government ended up imposing high taxes on them since they realised that they couldn't ban them.

Am actually envious of El Salvador etc citizens where their government allows them to trade crypto freely without any messed up restrictions, crazy taxes etc.

[Blitzboy]

~snip~

Our situation is made difficult because some people are trying to legalize crypto currency in the country but the government does not want to legalize crypto currency and the biggest obstacle is the banking sector.The second biggest reason is that government officials don't know anything about crypto currency, so they consider it a fraud and a scam, and when the price of bitcoin has fallen,So they say that people will lose by investing in it.

The biggest point of concern for us is that all of us who trade or invest are always afraid No one openly talks about crypto currencies because the government can take action at any time,and no one can invest openly,because if all exchanges are banned from operating in the country, we will have to sell our assets at a loss, so investing more is not without risk.Of course, crypto technology has improved due to which people who know about hard wallets have transferred their assets to hard wallets so that even if the government takes any action, our assets will be safe in hard wallets.

it's 2023, and we're still having conversations as if Bitcoin was some obscure dark-web currency. The failure here is not just the government's lack of understanding, but also the banking sector's stubbornness to adapt. We can't keep disregarding a technology that has global implications just because some officials have a skewed, uneducated perception of it.

Yes, Bitcoin has its volatility, but so do stock markets and commodities. No investment is without risk; hence, painting Bitcoin with a broad brush as a "fraud" is both unfair and uninformed. Governments and banking sectors worldwide have started to integrate cryptocurrencies; why should your country be left behind?

As for hard wallets, good move. But that's not a long-term solution. What we need is systemic change, not individual band-aids.

[CryptopreneurBrainboss]

• So, in my country cryptocurrency is not banned but its transaction with banks is banned.

What's the point of not banning bitcoin when bitcoin can't be used illegally in the country, crypto traders are target of the government through law enforcement officers, bank are been directed to closed down any account noticed to be interacting with cryptocurency through P2P transaction. The whole government is anti-bitcoin as frequently there are laws that just shows the government are clueless on what to do concerning bitcoin in the country. They would had just gone ahead to ban Bitcoin than confusing us because if you become a well known crypto investors or traders, you can become a target to law enforcement officers as they target you to extort money from you by tagging you a criminal and we know the justice system in the country isn't very effective.

the central bank of Nigeria sees crypto as a big threat to their business, which is they rushed to develop and release eNaira, thinking that since Nigerians love online transactions and have been transacting through cryptocurrencies, we will love and start transacting with the eNaira,

This should be the summary of everything that's happening in the country because all this moves are coming from a point of fear, they're afraid of Bitcoin and know if they openly ban the cryptocurency it'll only encourage more people to pick interest in the cryptocurrency. The government have never done anything that favors the people and people will always opposed whatever decision the government takes. eNaira was a failure from the launched, they claim it uses a blockchain but we knew those were just lies and a use of the buzz words to draw the youths attention to their projects. A country that does consider the situation of her citizens before launching an APP isn't to be taken seriously.

[Dunamisx]

the central bank of Nigeria sees crypto as a big threat to their business, which is they rushed to develop and release eNaira, thinking that since Nigerians love online transactions and have been transacting through cryptocurrencies, we will love and start transacting with the eNaira,

This should be the summary of everything that's happening in the country because all this moves are coming from a point of fear, they're afraid of Bitcoin and know if they openly ban the cryptocurency it'll only encourage more people to pick interest in the cryptocurrency. The government have never done anything that favors the people and people will always opposed whatever decision the government takes. eNaira was a failure from the launched, they claim it uses a blockchain but we knew those were just lies and a use of the buzz words to draw the youths attention to their projects. A country that does consider the situation of her citizens before launching an APP isn't to be taken seriously.

Now they have learned their lesson in knowing the right thing to do, that the government is in power doesn't mean they can't respect the people's opinion and choice, the enaira launched was left useless because the people don't need it, what they want us bitcoin, which is a decentralized network which will render them control over their financial economy, aren't we supposed to by now have freedom in every aspects of human life, if the government can't allow for digital currency decentralization then we are still in the midst of modern slavery, this is not a problem faced by Nigeria alone but a global one.

[Stable090]

BTC and trading cryptocurrencies in general is completely legal in my country, but my trash government ended up imposing high taxes on them since they realised that they couldn't ban them.

Almost every country's citizens are facing different challenges about bitcoin. In my country, bitcoin is neither legal nor illegal, but the central bank of my country imposed a ban on all bank accounts that have been connected to bitcoin transactions previously. The central bank directed all the commercial banks to ban any accounts that have a history of bitcoin transactions, which really affected some people and caused panic. This is one of the reasons why lots of stores and business owners are not accepting bitcoin as payment methods because they don’t want anything that is going to affect their accounts and businesses.
 
Since the new administration came into power, everything has stopped, and I hope he will ask all banks to lift the ban on all affected accounts. I'm sure if he can do that, it’s going to increase bitcoin adoption in my country because all the business owners who were scared before will have confidence and will start accepting bitcoin as a payment method.

[fuguebtc]

BTC and trading cryptocurrencies in general is completely legal in my country, but my trash government ended up imposing high taxes on them since they realised that they couldn't ban them.

Almost every country's citizens are facing different challenges about bitcoin. In my country, bitcoin is neither legal nor illegal, but the central bank of my country imposed a ban on all bank accounts that have been connected to bitcoin transactions previously. The central bank directed all the commercial banks to ban any accounts that have a history of bitcoin transactions, which really affected some people and caused panic. This is one of the reasons why lots of stores and business owners are not accepting bitcoin as payment methods because they don’t want anything that is going to affect their accounts and businesses.
 
Since the new administration came into power, everything has stopped, and I hope he will ask all banks to lift the ban on all affected accounts. I'm sure if he can do that, it’s going to increase bitcoin adoption in my country because all the business owners who were scared before will have confidence and will start accepting bitcoin as a payment method.

Your government has not issued any ban or regulation on bitcoin but has directed banks in the country to ban bitcoin trading, that is no different from them publicly banning their people from using bitcoin indirectly. There is a topic being discussed about this and as far as I can see this is happening in many countries.

The government did not directly issue a ban, but banks have banned bitcoin transactions, it can be understood that they want to ban bitcoin but have not found an effective solution.

[TelolettOm]

In my country Indonesia, Bitcoin still illegal transaction for payment currency and have cases with some tourism and our citizen under arrest when adopting bitcoin for payment tender. But Bitcoin is allowed as commodity assets and available for trading or investing trough many local exchange support from government legalization.

Our government can't legalize Bitcoin for payment purposes because our laws only allows Rupiah as the payment tool in our country. So, everyone who tries to use Bitcoin for paying goods or services will be in a trouble. The authorities only carry out what is ordered by the laws. Whatever the reason, tourists and Indonesian citizen must support the government to implement the laws.

It is true that Bitcoin is legal for investment and trading purposes. We are free to keep it on our wallets and we can trade Bitcoin/altcoins in any exchanges in our country. As long the exchange is legal, it is safe to trade there.

In my country one step forward with cryptocurrency transaction, our government have adopted with taxes for all cryptocurrency transaction when trading in local exchange market. Not worry with my country because bitcoin have been supported by government although still can't adopt or using as currency payment transaction.

Yes, our government applies taxes for Bitcoin or altcoins transactions in our local exchanges. Sometimes I think the taxes become an obstacle for us. But on other hand, I can understand that the government agrees to support the legality of Bitcoin by applying taxes. It means the government also gets an advantage by supporting the existence of Bitcoin and altcoins in Indonesia. If the government can't get any advantage, they probably won't legalize or support Bitcoin/altcoins.

[HONDACD125]

~snip~

Our situation is made difficult because some people are trying to legalize crypto currency in the country but the government does not want to legalize crypto currency and the biggest obstacle is the banking sector.The second biggest reason is that government officials don't know anything about crypto currency, so they consider it a fraud and a scam, and when the price of bitcoin has fallen,So they say that people will lose by investing in it.

The biggest point of concern for us is that all of us who trade or invest are always afraid No one openly talks about crypto currencies because the government can take action at any time,and no one can invest openly,because if all exchanges are banned from operating in the country, we will have to sell our assets at a loss, so investing more is not without risk.Of course, crypto technology has improved due to which people who know about hard wallets have transferred their assets to hard wallets so that even if the government takes any action, our assets will be safe in hard wallets.

it's 2023, and we're still having conversations as if Bitcoin was some obscure dark-web currency. The failure here is not just the government's lack of understanding, but also the banking sector's stubbornness to adapt. We can't keep disregarding a technology that has global implications just because some officials have a skewed, uneducated perception of it.

Yes, Bitcoin has its volatility, but so do stock markets and commodities. No investment is without risk; hence, painting Bitcoin with a broad brush as a "fraud" is both unfair and uninformed. Governments and banking sectors worldwide have started to integrate cryptocurrencies; why should your country be left behind?

As for hard wallets, good move. But that's not a long-term solution. What we need is systemic change, not individual band-aids.

You are right that even in the present era there will be people or countries who have negative thoughts about Bitcoin. This is also due to the lack of understanding of our government and the main reason is our banking sector which misguides the government. After which the government takes decisions with the advice of the bank

If the government understood Bitcoin and knew about the features and great investments in Bitcoin, they would never have taken action on the banking sector's misdirection.Of course, we cannot ignore such a technology, about which there is a misconception or ignorance of certain rules,or an institution considers it a threat to itself and starts talking negatively about it.

In fact, the curopt people in our government never want our people to stand on their own feet, rather they believe that the people should always depend on them and never make their own decisions. Unfortunately, the powerful people sitting in our government do not want to see their people prosperous, because if the people are prosperous, they will try to raise their voice against the corrupt people sitting in the government, so they do not want the people to be a threat to them. currently we have no solution other than hard wallet. We also want to change the system, but it does not seem possible to change the system in the near future.

[uchegod-21]

• So, in my country cryptocurrency is not banned but its transaction with banks is banned.

What's the point of not banning bitcoin when bitcoin can't be used illegally in the country, crypto traders are target of the government through law enforcement officers, bank are been directed to closed down any account noticed to be interacting with cryptocurency through P2P transaction. The whole government is anti-bitcoin as frequently there are laws that just shows the government are clueless on what to do concerning bitcoin in the country. They would had just gone ahead to ban Bitcoin than confusing us because if you become a well known crypto investors or traders, you can become a target to law enforcement officers as they target you to extort money from you by tagging you a criminal and we know the justice system in the country isn't very effective.

The summary of everything is that implementation in my country is terrible. The government might give an order, for instance to seize all phones that wallet apps are found inside. If the law enforcement agents like police or the defunct SARS meets such a situation, they rather require a huge amount of money and let the person go. If the person refuses to give, they might shoot the person and allege that the person resisted.
It is because of inadequate implementation that makes the government most times reluctant to act in some matters.
In 2024, many countries will have some positive news about bitcoin. I am anticipating a massive adoption with likeliness that Bitcoin ETF approval and bull run will coincidentally happen.[/list]

[Alpha Marine]

Funny how they banned banks from dealing with crypto but not the crypto itself. Then they went ahead to tax traders. This is just to discourage crypto, like what India did. If you ask them what their reason for being against crypto them start with their usual excuses.

I do not think bitcoin legalized as a legal tender should be included because bitcoin has been made a legal tender in just two countries which are El Salvador which was the first country, and Central Africa Republic (CAR) which was the second country. Go to those countries and spend bitcoin, it is accepted everywhere.

I don't know about the Central African Republic but I read that in El Salvador many businesses do not accept Bitcoin. It is even written boldly in front of their shops that they don't accept Bitcoin. I don't know if it has improved now though. I'll have to hear from somebody on the ground to confirm.

[Kaliandra]

in my country the government does not prohibit people from using bitcoin, but the government in my country prohibits people from using bitcoin as a means of payment, and I think the government in my country has done wise things for its people and indeed if for example we buy and sell crypto on the exchange Of course there are always taxes that go to the government, but I agree with the actions taken by my government because with taxes from crypto that go to the country, of course the government will definitely use it for positive things.

So of course people who want to vacation in my country (Indonesia) must use the legal means of payment in my country, namely rupiah (Rp).

Yes, of course in every country there are always different rules and we as a society must be patient and must obey the state's rules.

[2Pizza410000BTC]

I am a citizen living in Bangladesh Bitcoin has been declared illegal by the government in my country. One of the reasons why bitcoin is illegal is that people in my country are not very educated and my country is less developed. If bitcoin is declared legal in this country then people will trade and invest in bitcoin unknowingly so that most of the people will end up in loss. Considering various aspects, maybe the government has declared bitcoin illegal in our country. But even though bitcoin is illegal in my country, many people are working here and earning a lot of money. Although there are some cases of administrative trouble due to illegality, it happens to very few people. We can easily earn money from here and support the family. Being illegal in my country we can easily convert to our local currency using p2p. Even if Bitcoin is outlawed for life in our country, I don't think it will bring any harm to us.

[FinePoine0]

This thread is created to enable bitcoiners in this forum to narrate the status of bitcoin in their country. This will include whether bitcoin is legalised, outlawed or a legal tender in your country. You have the liberty to mention your country or not. Other details may include if bitcoin is mined in your country and the overall friendliness of the government to cryptocurrency in your country.

The government of my country Indonesia welcomes Bitcoin. But considerable efforts are underway to bring Bitcoin under specific regulations. But currently we are doing bitcoin transactions for free without any problem. The number of mass investors is increasing in our country, will increase further in the future as Bitcoin is gaining in popularity.

[Odohu]

I go first:

I am a Nigerian.

• On the 5th of February 2021, The Central Bank of Nigeria directed all the banks in Nigeria to close the accounts of all the people that are involved in cryptocurrency transactions in the country. The banks swung into action immediately. This made Nigerians believe that the government has banned cryptocurrency in the country.
• Nigerians began to use centralized p2p to trade and when there is need for banks, they send the money without using any crypto keywords in the narration. Meanwhile,  the information was that crypto is banned in Nigerian

• March 21, 2021: The CBN clarifies its position on the ban and states that individuals  are not prohibited from buying and trading crypto, just not through any Nigerian bank or fintech.

• So, in my country cryptocurrency is not banned but its transaction with banks is banned.

On 28th May, 2023 Nigeria government signed into law the finance act 2023 which grants 10% tax on gains in digital assets including cryptocurrency while still keeping cryptocurrency transaction banned in the country. This is the state of the confusion about bitcoin and cryptocurrency in my country.

There is a little clarification on the issue of Bitcoin in Nigeria. First, Bitcoin was never banned legally; it was just Buhari handlers that were looking for who to blame for their inability to stabilize the FX market. They first blamed Aboki FX, a websites that gives the Naira/Dollar exchange rates in the parallel market, this lead to the shutting down of the website yet the Naira kept falling against the dollar. They went ahead to blame Binance p2p, asking government to ban Binance in Nigeria, as shown in this post.

So for clarify, those restrictions placed on accounts transacting in Bitcoin have been relaxed as captured in this post I made in our local board. Just that people are being careful dealing openly on Bitcoin following what have happened before in other to dodge any irrational and frustration-driven decision in the future.