What will you do if your country did not legalize cryptocurrency?

[Ahli38]

Bitcoin is a very useful thing to many people. It has provided very good opportunities, job opportunity, trading opportunity and lots more for many people to earn money for their essentials of life. Bitcoin halving is fast approaching, giving many people hope of investment, and making reasonable profit at the end. Yet in some countries it is completely illegal. What will you do if you are a fan of bitcoin but your country did not legalize cryptocurrency?

But in this case there must be clarity. is it not legalized as a commodity asset or not legalized as a securities asset? or are residents prohibited from owning them? or is it not legalized as a legal means of payment?
I think we should be clear about this first. Because everyone has a different answer of course. However, even if a country does not legalize bitcoin as a commodity asset and security. So it doesn't mean that residents are prohibited from owning it. It's just that in that country there are certainly no regulations regarding this matter. But if the country already has clear regulations regarding the legality of bitcoin as a commodity asset or security. Or clear regulations on whether Bitcoin is prohibited from being used as a means of payment or even prohibited from being owned. So after the regulations have been clearly made. So we as citizens still have to comply.
I am lucky because in my country Crypto and Bitcoin are legal and legal as commodity assets. The regulations here are clear. Taxes and all related matters are also clear. But if in my country there are no clear regulations regarding bitcoin and crypto then I will still invest in bitcoin. But if there were clear regulations regarding whether crypto and bitcoin were prohibited or allowed then I might prefer to comply.

[GigaBit]

Bitcoin is a very useful thing to many people. It has provided very good opportunities, job opportunity, trading opportunity and lots more for many people to earn money for their essentials of life. Bitcoin halving is fast approaching, giving many people hope of investment, and making reasonable profit at the end. Yet in some countries it is completely illegal. What will you do if you are a fan of bitcoin but your country did not legalize cryptocurrency?

Crypto has already been adopted by many in both developed and underdeveloped countries and many are still researching it. But the current generation is very interested in crypto. Governments of various countries have worked on Bitcoin adoption, but most countries have not yet allowed it. Since Bitcoin is a decentralized asset they cannot control it. Due to their weakness they are not accepting Bitcoin but high ranking government officials of different countries are also very enthusiastic about Bitcoin. They are not able to use Bitcoin openly due to restrictions but they have a lot of interest. Here the government is directly prohibiting it but indirectly keeping a positive attitude towards it. Due to which Bitcoin is widely used in all countries of the world, but Bitcoin is not officially used. I don't think it will have much effect on whether or not Bitcoin is legalized.

[DabsPoorVersion]

Fortunately my country legalized Bitcoin tho is not a legal tender, now if my country never legalize Bitcoin I would still find a way to use it, since I need a currency for international cash transfer, I would find some way around to use Bitcoin, but I would not invest in it, I will immediately exchange it to local fiat in here. 

Same scenario in my country, it is fortunate that Bitcoin is not illegal in our country. However, if they happen to ban it the same as some other countries, I have to find possible options just to continue using Bitcoin. Aside from that, all traces or any information of me using Bitcoin, promoting Bitcoin or any related to Bitcoin will not be published just to continue using it and avoid any trouble with the law.

This will be the case until the country decides to finally accept Bitcoin. If that time never comes, going to another country that legalizes Bitcoin will be the next option to make use of the invested money in Bitcoin.

[dzungmobile]

Same scenario in my country, it is fortunate that Bitcoin is not illegal in our country. However, if they happen to ban it the same as some other countries, I have to find possible options just to continue using Bitcoin. Aside from that, all traces or any information of me using Bitcoin, promoting Bitcoin or any related to Bitcoin will not be published just to continue using it and avoid any trouble with the law.

This will be the case until the country decides to finally accept Bitcoin. If that time never comes, going to another country that legalizes Bitcoin will be the next option to make use of the invested money in Bitcoin.

There are platforms to use with no KYC and you can buy or sell bitcoin without needs of legal for Bitcoin in your nation. You must be careful that if you have issues with the trade, and trade partner, you will not be able to ask for support from police and court. You will put yourself in troubles if you do those actions in nation that considers Bitcoin and its trading is illegal.

So to avoid issues, pick trade partners with long and good trading history, and avoid "too good to be true" offers which are often from scammers.

[EluguHcman]

Similar thing has happened in my country before where Twitter (X) network was disconnected and banned, the masses where still able to access the network using a VPN.
So I am definitely going to apply same system of using a VPN on my device for a swap of location changes.
As long Bitcoin is operated a P2P with the nature of its decentralized Blockchains in keeping my private securities.

Currently, Bitcoin has been on suspension in my country for couple of years now yet the number of the Bitcoin users keep growing exceedingly in abundant with its potential of proffering profits.
At this level, there had been series of agitators who are sporadically craving for the lift of the suspension at the government is also picking some valuable reasons from this Bitcoin agitators so as putting considerations to uplifting the suspension.

So in any case my country who put an illegality pronunciation to Bitcoin, there is still going to be such a way of setting campaign and advocate for a fairness about Bitcoin in the country giving utmost proefficient variable and valuable reasons to the government that could be liable to be put to considerations.

A matter organization can be certain to raise against the governments opinion/decision or action convincing them that we are suitable and comfortable with Bitcoin maybe the illegality should be termed pointing at the public sectors and just let the individual sectors decides on who chooses to hold to the use of the Bitcoin or not. Let it be an individual interests.

There had been a saying that good things are not mostly comes from the comfort zones so as long Bitcoin has the potentials to provide me with my needed amenities all gazed to solving my financial challenges, it don't care making choice of relocation after all, people so moves to abroads all to acertain Financial freedoms.

[bayu7adi]

This will be the case until the country decides to finally accept Bitcoin. If that time never comes, going to another country that legalizes Bitcoin will be the next option to make use of the invested money in Bitcoin.

Oh man... there are actually some easier solutions you can take instead of going through the hassle of changing citizenship. You can still engage in p2p transactions using Bitcoin, and that's not a bad option. As long as the internet exists, trading with people worldwide becomes increasingly accessible. You can connect with many individuals and engage in international trading activities using a VPN (if your country blocks connections to exchange markets).

The downside is that you won't be able to transact with Bitcoin in your own country since the government likely won't support the infrastructure as long as it remains illegal. But this won't hinder your trading activities, as long as you're dealing with smaller amounts (at least not as large as what MicroStrategy or BlackRock handles). Dealing with small transactions shouldn't pose significant problems, right?

However, if your vision and mission align with companies like MicroStrategy or other large institutions in formally adopting Bitcoin, you might consider moving to El Salvador if you want to experience the freedom of having Bitcoin.

[Xampeuu]

Same scenario in my country, it is fortunate that Bitcoin is not illegal in our country. However, if they happen to ban it the same as some other countries, I have to find possible options just to continue using Bitcoin. Aside from that, all traces or any information of me using Bitcoin, promoting Bitcoin or any related to Bitcoin will not be published just to continue using it and avoid any trouble with the law.

This will be the case until the country decides to finally accept Bitcoin. If that time never comes, going to another country that legalizes Bitcoin will be the next option to make use of the invested money in Bitcoin.

There are platforms to use with no KYC and you can buy or sell bitcoin without needs of legal for Bitcoin in your nation. You must be careful that if you have issues with the trade, and trade partner, you will not be able to ask for support from police and court. You will put yourself in troubles if you do those actions in nation that considers Bitcoin and its trading is illegal.

So to avoid issues, pick trade partners with long and good trading history, and avoid "too good to be true" offers which are often from scammers.

In my country, bitcoin has not been legalized but it is allowed for trading, but when we withdraw to fiat currency via a local exchange, there is a tax on it. However, what I am still confused about is if something happens to the assets I own, whether this can be done through legal means, even though there is no legality yet, but tax has already been collected...

[Victorik]

At a time in my country accts linked with crypto currency trading where being blocked and assets seized, but this didn't stop people from trading crypto currency. Though the government didn't outrightly place a ban on crypto, the Central bank mandated that banks shouldn't allow their customers use their banks acct for trading crypto currency.

So, in response to your question, people will always find a way to trade crypto whether there's a ban or not.

[inthelongrun]

In my country, a lot of cryptocurrencies are legal but the problem is our greedy and corrupt government officials are planning to ban Binance and other centralized exchanges. Many exchanges like Binance wanted a license in my country but they were not given the chance probably because our corrupt officials have under-the-table deals with some exchanges. This way, the few exchanges that have licenses here avoided healthy competition.

At the moment, I noticed 3% to 5% spreads in our local greedy exchanges. So I see it as no difference to countries not legalizing cryptocurrencies. Many centralized exchanges like Binance offer the best experience but they disagree with users using VPNs. So I guess the best ways are probably thru decentralized exchanges or p2p.

[bettercrypto]

Bitcoin is a very useful thing to many people. It has provided very good opportunities, job opportunity, trading opportunity and lots more for many people to earn money for their essentials of life. Bitcoin halving is fast approaching, giving many people hope of investment, and making reasonable profit at the end. Yet in some countries it is completely illegal. What will you do if you are a fan of bitcoin but your country did not legalize cryptocurrency?

The only reason it is different from a country is its decentralization, nothing else. Because every country's government wants everyone to be subject to government regulations as much as possible.

But I think that here in the country where I am located, Bitcoin is unlikely to be safe because there are already local exchanges here that are legally under the approval of the central bank. In our local exchanges here, they benefit in short.

[Dunamisx]

Fortunately my country legalized Bitcoin tho is not a legal tender, now if my country never legalize Bitcoin I would still find a way to use it, since I need a currency for international cash transfer, I would find some way around to use Bitcoin, but I would not invest in it, I will immediately exchange it to local fiat in here. 

Most of us are very privileged to have been in a country that does not restrict the use of bitcoin, even though they are not supporting it use as a legal tender but it's still a valid and legal means of making exchange or payments, but if i fall under the type of those whose country banned the use of bitcoin, i will rather prefer relocation because for how long will i keep hiding that i would not get caught one day if they succeeded in tracking me down.

[icalical]

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Most of us are very privileged to have been in a country that does not restrict the use of bitcoin, even though they are not supporting it use as a legal tender but it's still a valid and legal means of making exchange or payments, but if i fall under the type of those whose country banned the use of bitcoin, i will rather prefer relocation because for how long will i keep hiding that i would not get caught one day if they succeeded in tracking me down.

Yeah, I wouldn't called it a privileges tho, because it also came with a consequences, Bitcoin is not restricted not because the government supported it but because I live in a third-world country that has lack of financial protection law. It makes many financial fraud crime (not related to crypto) left without even go to trial.

[Inwestour]

Crypto has already been adopted by many in both developed and underdeveloped countries and many are still researching it. But the current generation is very interested in crypto. Governments of various countries have worked on Bitcoin adoption, but most countries have not yet allowed it. Since Bitcoin is a decentralized asset they cannot control it. Due to their weakness they are not accepting Bitcoin but high ranking government officials of different countries are also very enthusiastic about Bitcoin. They are not able to use Bitcoin openly due to restrictions but they have a lot of interest. Here the government is directly prohibiting it but indirectly keeping a positive attitude towards it. Due to which Bitcoin is widely used in all countries of the world, but Bitcoin is not officially used. I don't think it will have much effect on whether or not Bitcoin is legalized.

The legalization of Bitcoin in most countries of the world may only be a matter of time, but I see another problem for it to become applicable in everyday life, these are large feeses. It is quite possible that I would not mind moving to some country that will be loyal to cryptocurrencies, I have already thought about this, but Bitcoin needs to be competitive with fiat so that it is profitable for people to use it.

[Dunamisx]

~

Most of us are very privileged to have been in a country that does not restrict the use of bitcoin, even though they are not supporting it use as a legal tender but it's still a valid and legal means of making exchange or payments, but if i fall under the type of those whose country banned the use of bitcoin, i will rather prefer relocation because for how long will i keep hiding that i would not get caught one day if they succeeded in tracking me down.

Yeah, I wouldn't called it a privileges tho, because it also came with a consequences, Bitcoin is not restricted not because the government supported it but because I live in a third-world country that has lack of financial protection law. It makes many financial fraud crime (not related to crypto) left without even go to trial.

I think every country has it own financial law regulations that guides it financial economy, but as you've said, some may not be that effective, now that if the government are not even showing much interest on bitcoin or cryptocurrency as a whole, the people will feel relieved that they have their right to make decisions on whatever they come up with to rescue their financial economy situations just like with bitcoin adoption, this also indicates that there's less adoption of bitcoin in your country from the citizens, maybe many don't know about bitcoin yet or were not just being able to see the reason why they should massively develope an interest in it adoption.

[syedakhlaque]

Bitcoin is illegal in many countries. But people are joining it. And doing business in it. And making a living. And dealing with their financial affairs through Bitcoin. It is very difficult if not impossible to stop the spread of Bitcoin. Especially the third world countries, where there is poverty and unemployment. Bitcoin is solving these issues.
The country in which I am addressing you on this forum. Bitcoin is still illegal in this country. But there are millions of people working in Bitcoin. And they have no problem in doing their job and earning a living.

[xSkylarx]

Fortunately my country legalized Bitcoin tho is not a legal tender, now if my country never legalize Bitcoin I would still find a way to use it, since I need a currency for international cash transfer, I would find some way around to use Bitcoin, but I would not invest in it, I will immediately exchange it to local fiat in here. 

Most of us are very privileged to have been in a country that does not restrict the use of bitcoin, even though they are not supporting it use as a legal tender but it's still a valid and legal means of making exchange or payments, but if i fall under the type of those whose country banned the use of bitcoin, i will rather prefer relocation because for how long will i keep hiding that i would not get caught one day if they succeeded in tracking me down.

Only if you have the money to leave your place and go to another country. It is easy to say this if you are rich but with others like us having a hard time earning some money, we can't just easily transfer to another place, we only have a choice, either keep it secret or sell it and never hold Bitcoin. Right now people still choose to hold Bitcoin even though it is illegal. They are just more cautious not to get caught as the government cannot completely stop people from holding it. The only problem is that the adoption of it makes it difficult.

[Silver005]

One reason why countries may not legalize cryptocurrency is that it can be used for illicit activities such as money laundering, fraud, and tax evasion. Some countries may view cryptocurrency as a threat to their national currency and economy. Additionally, cryptocurrency is a relatively new technology, and some countries may prefer to take a cautious approach and wait to see how it develops before making any decisions. It's also worth noting that even in countries where cryptocurrency is legal, it may not be widely accepted or used. This is because it can be difficult for people to understand how it works and to trust it as a form of payment. However, as more people become familiar


If my country did not legalize cryptocurrency, I would continue to operate as a chatbot designed to engage and educate people about general topics. Although I am designed to understand and talk about Bitcoin and other cryptocurrencies, my purpose is not to promote or encourage people to invest in them. Instead, I try to present information in an unbiased and neutral way, so that people can make their own decisions about whether or not to invest. I hope that one day all countries will recognize the potential of cryptocurrency and blockchain technology, and that my country will join the growing list of countries that have legalized it. Until then, I will continue to serve as a general....

[doomloop]

Fortunately my country legalized Bitcoin tho is not a legal tender, now if my country never legalize Bitcoin I would still find a way to use it, since I need a currency for international cash transfer, I would find some way around to use Bitcoin, but I would not invest in it, I will immediately exchange it to local fiat in here. 

You wouldn't be able to easily use or convert your Bitcoins to local fiat if the government decides to illegalize the cryptocurrency within the country and creates strict laws against those who are involved and are using the cryptocurrency within the country because you can't hide it if you are going to use your financial accounts to receive the cash that you are getting for selling your Bitcoins and authorities can easily trace where your payment is coming from and what it is for.

So, one can get in trouble if they use something that is banned or illegal within their country, especially if the government is strictly against its usage. Therefore, you might think that it won't be that difficult but it's not that easy as well and you can get in trouble any time if you do that and if authorities come to know about it.

[gabbie2010]

Bitcoin is a very useful thing to many people. It has provided very good opportunities, job opportunity, trading opportunity and lots more for many people to earn money for their essentials of life. Bitcoin halving is fast approaching, giving many people hope of investment, and making reasonable profit at the end. Yet in some countries it is completely illegal. What will you do if you are a fan of bitcoin but your country did not legalize cryptocurrency?

Bitcoin has not been legalize in my country yet there are had been transacting it seamlessly without any qualms, even with P2P in Binance there had been transfer of fiat between a seller and buyer anonymously without the bank knowing the transaction that had been undertaken by the two traders, the government had officially issued a statement that any Bitcoin related transactions that is exposed would have their asset frozen all these restrictions hasn't deter crypto enthusiast, investors and traders to stop using it up till this moment in order word there other areas where I channel my usage and transactions of Bitcoin whether it is legalize or not.

[Gladitorcomeback]

Bitcoin has not been legalize in my country yet there are had been transacting it seamlessly without any qualms, even with P2P in Binance there had been transfer of fiat between a seller and buyer anonymously without the bank knowing the transaction that had been undertaken by the two traders, the government had officially issued a statement that any Bitcoin related transactions that is exposed would have their asset frozen all these restrictions hasn't deter crypto enthusiast, investors and traders to stop using it up till this moment in order word there other areas where I channel my usage and transactions of Bitcoin whether it is legalize or not.

Unfortunately I am living in country where all crypto related action are prohibited. we cannot use our bank/credit card for direct buying selling of crypto. Law are not strictly followed here and authorities doesn't taking any strict action against crypto users. Many Youtubers advertising crypto project, showing their lives trading video, showing portfolio with facecam but not single man is arrested hee so far.

We generally use Binance/Bitget P2P for buying and selling purpose. Those who want to exchange big are dealing live. In short we have no problem despite lagalize. Honestly we are feeling more comfort because there is no fee for buying and selling and all profit goes to our pocket.