Bitcoin in your country.

[Nrcewker]

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!

The main reason for Nigerian government or other countries government not accepting Bitcoins is due to the decentralised nature of the coin. Due to this the government cannot control the coins neither can impose tax on it. Hence in many countries we see Bitcoins are banned or not regularised. We cannot do anything here. Just use P2P transactions to buy sell the coin, and enjoy the freedom of your finances.

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[KiaKia]

Bitcoin can never be government friendly because its decentralised but thankfully with ETF approval this might not be the case anymore.

In my country many people are using Bitcoin as their gateway to financial freedom, they are not all long term holders, they just want to make money and change their lives, there was a ban but not anymore, still I like using P2P because of tomorrow.

I believe that the governments feels more in control when their people are not doing so well financially, and many someday when the government really noticed that Bitcoin is changing the life of many people in the country they might decide to come up with a plan, and I don't want to be caught in the this, peer to peer seem fine with me.

[Altryist]

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.

With such high taxes, it is not surprising that everything will remain unchanged. I get the impression that governments think that if a person has cryptocurrency, he is so wealthy that he doesn’t care what taxes he pays. But in fact, 30% is a very large tax, and it is clear that this will help ensure that everything remains as it was before, why would anyone give a third of their funds just to legally use cryptocurrency.

[Essential10]

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.

I am also a citizen of Bangladesh like you. Market risk is high due to volatile market of Bitcoin, market price fluctuations. Investing has more or less risk, there is a complex process inside crypto currency that a common investor in my country can easily lose all his money without understanding easily. You are right that our country is still questioning the legality of crypto currency or Bitcoin only because the people of the country are not educated. As far as I know there is very little bitcoin exchange in my country. But according to the laws of my country, buying and selling bitcoins is illegal. The government does not know any exact information about how many bitcoin transactions are involved in our country. Although government campaigns are constantly being conducted to discourage cryptocurrency trading. But I don't think people working with crypto currency or Bitcoin in my country will face any problem in future.

[Assface16678]

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!

The main reason for Nigerian government or other countries government not accepting Bitcoins is due to the decentralised nature of the coin. Due to this the government cannot control the coins neither can impose tax on it. Hence in many countries we see Bitcoins are banned or not regularised. We cannot do anything here. Just use P2P transactions to buy sell the coin, and enjoy the freedom of your finances.

True, government are very hesitant with bitcoin or crypto currency, well sad reality not just because bitcoin is decentralised and cannot be controlled by anyone or manipulate, bitcoin or cryptocurrency also are being used for crimes, taking advantage of the features and advancement of bitcoin an its technology blockchain, there are a series of incidents wherein government sites are being hacked or being a victim of ransomware where they will ask for money exchange for the freedom  of the site containing the information and confidential informations of the people, so to not them being tracked or chase they asking the money in form of bitcoin, as its untraceable and no one could know who is the owner of that address. Also money laundering bitcoin or crypto are being used in that crimes, that's why it also understandable why government are scared and cannot accept cryptocurrency easily.

[Smartvirus]

Bitcoin can never be government friendly because its decentralised but thankfully with ETF approval this might not be the case anymore.

In my country many people are using Bitcoin as their gateway to financial freedom, they are not all long term holders, they just want to make money and change their lives, there was a ban but not anymore, still I like using P2P because of tomorrow.

Never say never!
It’s hard to be in full acceptance of what you don’t fully understand or can’t fully utilize for your own benefit, neither is it easy to be arms open to an innovation that goes against what you stand for (Centralization as against Decentralization). It’s also hard to accept what started mainly as a revolution against the government; at least, that’s how most of the government of our world see it.

But, if they could see through the eyes of the government of El-Salvador, then you just might be able to see a little light at the end of the tunnel.

From your comment,
It was banned, now it’s not banned anymore. What does that tell you? It’s a step forward to acceptance I would say.

[kotajikikox]

There is a good treatment of our government towards bitcoin but unfortunately not in exchange in which will surely affect the growth and the movement of Bitcoin in my country .

the recent is the suing of Binance exchange and now it will be banned in the next 80 days following other exchange that has not following the requirement of our government and i believe this is just a domino effect of how the US SEC sue the Binance and yes it is now  here.

but all in all? bitcoin is safe to use here and been supported by government though isn't adopted yet.

[serjent05]

There is a good treatment of our government towards bitcoin but unfortunately not in exchange in which will surely affect the growth and the movement of Bitcoin in my country .

the recent is the suing of Binance exchange and now it will be banned in the next 80 days following other exchange that has not following the requirement of our government and i believe this is just a domino effect of how the US SEC sue the Binance and yes it is now  here.

but all in all? bitcoin is safe to use here and been supported by government though isn't adopted yet.

Isn't Bitcoin is already adopted in the Philippines?  The government already labeled Bitcoin as mode of payment and that I think is enough to consider that the Philippine government had accepted Bitcoin.  The thing with exchanges like Binance is way different.  Since the government thinks that Binance is operating without the license in the country to cater its citizen.  It maybe have a huge impact on the Binance users but there is still lots of services in the Philippines where we can exchange Bitcoin.

[bayu7adi]

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.

If the government starts taxing people who own crypto assets, then at that point, crypto shouldn't be illegal in the country anymore.
Regarding the rules, the government should have already made an official announcement about how they're going to handle crypto stuff.
The citizens have paid their taxes, and if there's still confusion about crypto in the country, the government is clearly pressuring crypto users in that nation.

[dansus021]

I'm from Indonesia and @bayu7adi seems said it all already. 

and yeah I would say Indonesia is crypto-friendly you can store it and trade it freely the only thing you can't do is use the crypto as a form of payment. as long as you trade it using a centralized exchange that has license to operate in here which is a bunch of it you pretty much safe.

[Ale88]

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.

I'm Italian, and in Italy, from what is my understanding, they don't care too much about bitcoin expect the fact that of course they want you to pay taxes from capital gains Until a few years ago several politicians warned people about the risks involved with bitcoin (same old BS), now it's difficult to go against bitcoin so they are just trying to make a profit out of it. But there has never been an intention to ban it or something like that.

[mamesso]

Each country has its own views in responding to Bitcoin which is increasingly popular in various countries. For example, El Salvador legalized Bitcoin as a means of payment, while in several other countries, Bitcoin was only legalized as an investment asset, not as a means of payment.

The government in my country has legalized Bitcoin as a commodity that can be traded, not as a means of payment. Bitcoin trading in my country is also protected by regulations issued by the government regarding the technical provisions for organizing a physical market for crypto assets. Even though it has not been legalized as legal tender, the government in my country is very friendly towards Bitcoin and other crypto assets, our aspirations feel represented because the government is still facilitating space for us to trade Bitcoin safely and comfortably.

[Trawda]

A good idea, of course, but the problem is that some members prefer to maintain their privacy and not to declare their country, so I do not know whether this will succeed or not.

[EFS]

A good idea, of course, but the problem is that some members prefer to maintain their privacy and not to declare their country, so I do not know whether this will succeed or not.

You are not giving away your location by saying Bitcoin's situation in your country. It's not like you're writing down your street address. No need to be so paranoid. By checking at your post history you're probably an Arab. You could be anywhere in the world. When you talk about your country, you could be living abroad. If you are so paranoid, it might be better for you not to write on this forum and even the entire internet at all.

[pinggoki]

A good idea, of course, but the problem is that some members prefer to maintain their privacy and not to declare their country, so I do not know whether this will succeed or not.

Not that big of a problem because there are local boards that can easily identify what country you're from plus it's a good thing that users from different countries are interacting from in boards that are English-only. Given that it's already 7 pages long already and most of the replies comes from members of the forum that have been active here for a really long time, I say that it's a success, not sure what's your measure for success, I sure consider this as a success. In my country, there's not a lot of stuff that's happening besides the SEC setting a deadline for the availability of Binance which is the widely used CEX in the country and so a lot of people that are using them are probably migrating their bitcoins and tokens somewhere already to prepare for the ban just in case.

[HelliumZ]

As Bangladeshis we live in Bitcoin unfriendly country. Bitcoin has been declared completely illegal by the government here and all transactions through Bitcoin will be treated as money laundering offences. So we refrain the people of Bangladesh from using Bitcoin. Furthermore, we cannot discuss Bitcoin in public. Investing and trading in bitcoins certainly leads to punitive action against us by the government and we are subject to multiple penalties including jail time for money laundering offences. So we can't earn anything about bitcoins even if we want to.

[taufik123]

As Bangladeshis we live in Bitcoin unfriendly country. Bitcoin has been declared completely illegal by the government here and all transactions through Bitcoin will be treated as money laundering offences. So we refrain the people of Bangladesh from using Bitcoin. Furthermore, we cannot discuss Bitcoin in public. Investing and trading in bitcoins certainly leads to punitive action against us by the government and we are subject to multiple penalties including jail time for money laundering offences. So we can't earn anything about bitcoins even if we want to.

Unfortunately enough, when Bangladesh completely bans Bitcoin, even anyone caught using it will be arrested and jailed for about 12 years.
There are even many young people who use Bitcoin secretly, and you are here as one of those young people.

In the modern era like now, usually the name of new technology will be widely supported, especially in Payment Technology owned by Bitcoin.

You don't have to be too specific to accept it, just provide clear usage regulations or regulations and that's enough.
But if it is banned completely under the pretext that Bitcoin brings a lot of problems such as criminal transactions and money laundering, surely such a country is not ready for the future of payments, and they just want to regulate everything themselves.

Some other countries that also do not believe in the Bitcoin system and ban it are China and Qatar.

About China banning may be common, but Qatar started banning Bitcoin since December 27, 2020,
Qatar Financial Centre (QFC) stated that all cryptocurrency services are banned in Qatar.

The goal is to attract business and encourage financial growth in the country.
The QFC ban is also designed to prevent the use of cryptocurrencies to finance terrorism and money laundering.

[cryptoWODL]

Unfortunately enough, when Bangladesh completely bans Bitcoin, even anyone caught using it will be arrested and jailed for about 12 years.
There are even many young people who use Bitcoin secretly, and you are here as one of those young people.

Bitcoin in Bangladesh is not legal but Bitcoin transactions are going on secretly in this country.
Almost every year I see that some people have been arrested for Bitcoin transactions published in different newspapers of Bangladesh. I saw an ad in 2017 that Bangladesh Bank issued a notice warning about transactions in Bitcoin. There is no recognition of any monetary claim against the legitimate authority of a country not issuing virtual currency, the published notification said. Bangladesh Bank also warned that various terrorist activities and money laundering.The Bangladesh government has not yet thought about legalizing Bitcoin. The government thinks that if Bitcoin is legalized, the amount of money laundering in this country will increase even more.

[bhadz]

As Bangladeshis we live in Bitcoin unfriendly country. Bitcoin has been declared completely illegal by the government here and all transactions through Bitcoin will be treated as money laundering offences. So we refrain the people of Bangladesh from using Bitcoin. Furthermore, we cannot discuss Bitcoin in public. Investing and trading in bitcoins certainly leads to punitive action against us by the government and we are subject to multiple penalties including jail time for money laundering offences. So we can't earn anything about bitcoins even if we want to.

That's what I've heard from some posts as well that you guys are dealing with hardship there due to the ban that the Bangladeshi government is enforcing. This means that you guys in paper are doing something illegal against the law but I just hope that your government will reconsider their laws about Bitcoin and the outlook that they have because it's not the only thing that they should look up to if it's about money laundering. Fortunately, in my country Philippines, Bitcoin is illegal but many are just disappointed that our SEC is also targeting Binance due to them being unlicensed for their operations here.

[Litzki1990]

Bitcoin is spread all over the world but there are many countries where Bitcoin is banned but still people of those countries use Bitcoin in different ways. If we talk about Nigeria, the first thing that comes to our mind is that Nigeria is famous for being poor. Nigeria's financial situation is not good at all but there are many people in Nigeria who have been able to change their fortunes through Bitcoin and who are playing a great role in economic development but still the Nigerian government is taking steps against Bitcoin. The Nigerian government may take action against Bitcoin if it can alleviate poverty in its country. I think the Nigerian government should support Bitcoin if ordinary people can change their financial status from being involved with Bitcoin.