Are You Satisfied with Your Government's Stance on Bitcoin?

[mcdouglasx]

Well, I don't know what stance to take right now. I'm from Venezuela, and I don't know if the position of "Chavismo", the opposition, or Trump is valid at this point. But before all this, the government itself was mining, and you needed special permits to be a miner. But that might change this year, although it's not exactly prohibited. So those who haven't adopted it yet are mostly ignorant of the issue, rather than the government's fault.

But anyway, there's no problem with having crypto in the country; in fact, many businesses accept crypto these days.

Of course, unless they suspect you're undermining the country's economy by using crypto-bolivars or exploiting the unofficial exchange rate for business purposes.

[Cryptoprincess101]

I have seen many replies from a lot of people from my country but i will say that Cryptocurrency is not banned in my country but yet people are still hiding to do crypto transaction because they previously banned it before it was lifted and now many people are still afraid as a result of the behaviors from security operatives because most of them do harass people who are into cryptocurrency and tag them as scammers. That notwithstanding, government not banning cryptocurrency here doesn't mean they have given a go-ahead order for people to do crypto transactions without any fear of harassment, most people are doing it with all carefulness.

[Hispo]

There are people from almost every country on this forum and I like how it is. We can get different perspectives from different regions. Even though a lot of information is available on the internet, being able to learn the views of people from that region directly is a big advantage. So I wanted to ask you about the attitude of the authorities in your country toward Bitcoin.

Is there a Bitcoin ban in your country? What is the government's stance? Are there taxes, are there strict regulations? Can you use Bitcoin for purchases? Can you trade crypto-currencies freely? If there are bans in your country, is there an opposition party or leader that promises to lift them? If there are bans, do you still vote for the government because you like their other policies? Or would you vote for an opposition that has a positive view of Bitcoin?

Let me hear your thoughts and don't forget to mention your country.

There is no van of Bitcoin in my country.
Bitcoin can be used to buy and sell good and services face to face or online, people are allowed to have accounts on exchanges and manage their assets by themselves or use custodial services.
When comes to taxes, our government do not enforce taxes so the de facto tax on Bitcoin is 0% of one's earnings from Bitcoin.

Our government is not transparent, and they harass miners which decide to mine solo or using mining pools which have not been previously approved by the government itself for people to mine Satoshis, so miners are in a very marked disadvantage here in Venezuela. We have a very cheap cost of energy, but people risk prison time if they dare to mine without authorization of the government.

[IjawMan]

I have seen many replies from a lot of people from my country but i will say that Cryptocurrency is not banned in my country but yet people are still hiding to do crypto transaction because they previously banned it before it was lifted and now many people are still afraid as a result of the behaviors from security operatives because most of them do harass people who are into cryptocurrency and tag them as scammers. That notwithstanding, government not banning cryptocurrency here doesn't mean they have given a go-ahead order for people to do crypto transactions without any fear of harassment, most people are doing it with all carefulness.

The ban of cryptocurrency in Nigeria was highly publicised that even the crypto novice knew of it and when it was time to lift the ban it was not giving the emphasis it got during the ban.

The whole situation is not also clear about what the government think of cryptocurrency except that right now they have shown interest in the new tax law to also be taxing cryptocurrency profits.

What amazes me is the actions of security agencies on cryptocurrency users in the country when they are aware of the present laws  on crypto by the government.

[Cookdata]

There are people from almost every country on this forum and I like how it is. We can get different perspectives from different regions. Even though a lot of information is available on the internet, being able to learn the views of people from that region directly is a big advantage. So I wanted to ask you about the attitude of the authorities in your country toward Bitcoin.

Is there a Bitcoin ban in your country? What is the government's stance? Are there taxes, are there strict regulations? Can you use Bitcoin for purchases? Can you trade crypto-currencies freely? If there are bans in your country, is there an opposition party or leader that promises to lift them? If there are bans, do you still vote for the government because you like their other policies? Or would you vote for an opposition that has a positive view of Bitcoin?

Let me hear your thoughts and don't forget to mention your country.

Nigeria stand on Bitcoin hasn't change for a very long time. It all started during the 2020 end Sars protest when protesters were asking for good governance and instead the Nigeria government secretly directed army to shoot protesters in the night. The protest turnout badly and lots of donations were made to support protester to buy water and all the food needed, since the account number were public, the government immediately suspended the accounts that hold the donation and immediately they turned to Bitcoin donations. That's how it all started.

Not long the government ban Twitter(now X) and also banned Bitcoin and since then, the position of Bitcoin is mixed reaction between government officials. The version of Bitcoin legal status you hear from this person will be different from the one you hear from another person. The last circular was that Bitcoin is allowed in Nigeria but I can bet you that a law enforcement can harass you for having Bitcoin and Binance on your phone and you don't have any fundamental human right to fight it. I still don't know how it's till now but this clown government doesn't hesitate to collect tax from you. There is an ongoing deliberations on how.ybe government want to collect tax from people that hold Bitcoin and other digital asset but ask them if Bitcoin is legal or not, none have the answers.

[Arenga pinnata]

I am now an Indonesian citizen. And I feel that in this country, Bitcoin and cryptocurrencies are treated very well. Even though they are only considered commodity assets, this allows us to trade them with peace of mind because there are clear regulations in place.

Initially, cryptocurrency in our country was considered a commodity asset, but now there has been a shift and regulatory change that classifies cryptocurrency as a digital financial asset. As a result, it is no longer supervised by Bappebti and is now supervised by OJK.
However, in terms of function, it is still the same as a commodity. This is because cryptocurrency is still prohibited from being used as a legal means of payment in Indonesia. It's just that now, in writing, cryptocurrency is considered a digital financial asset. Additionally, due to this change, VAT has been abolished, and now only final income tax applies. In fact, with the transition from commodities to digital financial assets, I believe our country may become more open in the future to accepting Bitcoin as another form of payment. The shift from commodities to digital financial assets seems to signal this possibility.

[Lida93]

In my country our government have no clear stands between dislike and like of bitcoin, before now there was a ban in cryptocurrency related transactions with banks but not that bitcoin use was clearly ban and today we are free to use crypto not taxed but currently we are beginning to get taxed for incomes regardless of whether it's crypto or not, so since the government have no clear grounds if they want it or not it stays in the clouds yet used freely. not banned nor accepted either just there with free use.

The government of the day in Nigeria are just interested in making income tax from the profits of bitcoiners and other cryptocurrencies and not that they care about making clear terms on cryptocurrency regulations in the country but just as you mentioned, they're sitting on the fence in the aspect of what their stance is. And as a result even persons that do accept bitcoin for payment in their business have to do it on a hidden mode and not as freely as I think you mean to public knowledge.

Yes, but some do publicly claim they accept it but most of the claimers I have known are just online business, however the government interest is just to raise as much money as they can raise to put in to the pocket of the law makers or the elites  of the country if not whatever other countries have done about bitcoin regulations the Nigeria government would have done same but they of course wouldn't do that because it will reduce the level of pay they will get in their pockets, this are not fallacies but fact. In today's Nigeria we are in between, accepting bitcoin and not accepting it.

That could be that the online makes it safer for them than having it on a physical platform. Though it's hat the government in this sort of the world are doing appears to be meaningless to me because clear regulatory measures and government intervention into the industry would bolster confidence among investor within their region to get into cryptocurrency which would increase adoption along with the taxes they get. But it's as if the government doesn't have an idea of what's needed to do.

[Coyster]

Let me hear your thoughts and don't forget to mention your country.

I am a Nigerian. My government's stance on bitcoin is much like most countries out there, there is no obvious regulatory framework for cryptocurrency users to work with. Cryptocurrency is not illegal in Nigeria, but it is hard to understand what the government thinks about its use. Many months ago, they went on an attack of crypto services like exchanges, even arresting representatives of a popular crypto exchange, which forced many of them to leave the country or totally stop Naira trading.

That said, my country rolled out a new tax system at the beginning of this year and it is expected that crypto regulation would become clearer, simply because the government wants to benefit through crypto taxes. It'd be interesting to see where we go from here, but things are not all that bad regarding crypto use over here.

[Cookdata]

I am a Nigerian. My government's stance on bitcoin is much like most countries out there, there is no obvious regulatory framework for cryptocurrency users to work with. Cryptocurrency is not illegal in Nigeria, but it is hard to understand what the government thinks about its use. Many months ago, they went on an attack of crypto services like exchanges, even arresting representatives of a popular crypto exchange, which forced many of them to leave the country or totally stop Naira trading.

That said, my country rolled out a new tax system at the beginning of this year and it is expected that crypto regulation would become clearer, simply because the government wants to benefit through crypto taxes. It'd be interesting to see where we go from here, but things are not all that bad regarding crypto use over here.

Not upto a week, I saw an article on Cointelegraph how everyone in crypto were instructed to collect their tax identification number which is expected to be the same as National identity number. Whoever in person that is chairman of tax board is a big fraud but it's not their fault, it's the presidential order that mandate them to squeeze Nigerians until they can afford to breath any air again. Why should I pay tax on something you never declare to be good and beneficial? That's tax fraud. The government is bent on eating on what they don't give.

They instructed everyone to make weekly report on their crypto holdings and trades, this isn't how even developed countries thag recognize crypto asset handle their tax report, everything about Nigeria is different. They want to tax like UK system but the system doesn't give back like UK, the government want to suffocate, and make sure you have nothing left again, pure evil.

[barbara44]

There's foreign traveler create a video about it and try to pay Bitcoin on merchants on Boracay https://www.youtube.com/watch?v=ZTRFEDtVyZI I just don't know what's the current status this project or adaption this year.

Also look how beautiful it is, if countries would do the same there's good chance they can attract lots of tourist to come in their country.

The reason why most merchants do not accept it is that it's still not easy to tax it accordingly. I have talked this with my accountant before, when we had a business, what would happen if I had a bitcoin purchase, like if anyone accepted to pay with bitcoin, and he explained to me in detail how long and harder it was to tax that, and it was seriously troublesome for me. This is why, even as someone who uses bitcoin every single day, I didn't accept bitcoin at my store, and instead I just bought bitcoin myself with the fiat itself.

[Floxynice]

In Nigeria, I can say that Bitcoin is legal, but the regulatory framework is somehow complicated. Sometime in 2021, Nigerian banks were banned from carrying out crypto transactions or even processing any customer transaction that involves crypto.  By 2023, they lifted some of those restrictions and then allowed crypto transactions in banks, but this was based on heavy terms and conditions.

Apart from this, there are no clear laws concerning crypto in general, not just Bitcoin. People discuss Bitcoin freely without fear, do Bitcoin transactions but also try to avoid the banks. It's just complicated.

[KiaKia]

There are people from almost every country on this forum and I like how it is. We can get different perspectives from different regions. Even though a lot of information is available on the internet, being able to learn the views of people from that region directly is a big advantage. So I wanted to ask you about the attitude of the authorities in your country toward Bitcoin.

Is there a Bitcoin ban in your country? What is the government's stance? Are there taxes, are there strict regulations? Can you use Bitcoin for purchases? Can you trade crypto-currencies freely? If there are bans in your country, is there an opposition party or leader that promises to lift them? If there are bans, do you still vote for the government because you like their other policies? Or would you vote for an opposition that has a positive view of Bitcoin?

Let me hear your thoughts and don't forget to mention your country.

There is no ban here, we battled with the ban between 2018 to 2021 and that's it, but right now we are been told to gear up for traction on every crypto transactions, it's kinda worrying because of how my country do things.

I am from one of the must riche country in the world when it comes to resources but that's all,  every benefits that should come from the resources are going into the wrong hands.

The leaders are taking advantage of them resources for their own sakes only, and now that they want to tax everything we already know what they will do, bad roads everywhere, no electricity, no jobs, yet we remain one of the richest countries in the world in terms of resources, it is just this bad.

There is no one to vote for that I feel will do better, an average Nigerians are even more wicked than the leaders, anyone going into that position are going to do the same that the past leaders have done.

[HelliumZ]

In Nigeria, I can say that Bitcoin is legal, but the regulatory framework is somehow complicated. Sometime in 2021, Nigerian banks were banned from carrying out crypto transactions or even processing any customer transaction that involves crypto.  By 2023, they lifted some of those restrictions and then allowed crypto transactions in banks, but this was based on heavy terms and conditions.

Apart from this, there are no clear laws concerning crypto in general, not just Bitcoin. People discuss Bitcoin freely without fear, do Bitcoin transactions but also try to avoid the banks. It's just complicated.

In your country, Nigeria, there is a resolution on cryptocurrency where the government gives a positive impact on cryptocurrency, but in my country, Bitcoin, or cryptocurrency, has been declared illegal where we cannot talk about cryptocurrency in public even if we want to. However, if the government of my country had made a law regarding Bitcoin that would have made transactions legal for the public, the government of my country would not have taken any decision regarding Bitcoin, and this position of the government certainly saddens us. While various countries around the world are taking friendly measures towards Bitcoin, the fact that our country is not taking any action regarding Bitcoin is not a happy matter for us at all.

[HustleZ]

There are people from almost every country on this forum and I like how it is. We can get different perspectives from different regions. Even though a lot of information is available on the internet, being able to learn the views of people from that region directly is a big advantage. So I wanted to ask you about the attitude of the authorities in your country toward Bitcoin.   

Let me hear your thoughts and don't forget to mention your country.

Well I'm from Pakistan and We have a kind of Mixed feelings, We are Content that our Country is working on regulatory Framework and Is partnering/hanging out With CZ, Overall trying to make something out of it but Meanwhile The government officials keeps us reminding that We shouldn't feel too easy and it's still in the the gray-ish Area.

Is there a Bitcoin ban in your country?

Pakistan has approved an ordinance regulating cryptocurrencies and digital assets bug it isn't commonly used.

What is the government's stance?

The Government stance as I told is Mixed.

Can you use Bitcoin for purchases?

No you can't, you have to convert it to local currency through p2p.

Can you trade crypto-currencies freely?

We can't freely but it is becoming common-er and more and more people are choosing Crypto to Trade.

If there are bans in your country, is there an opposition party or leader that promises to lift them? If there are bans, do you still vote for the government because you like their other policies? Or would you vote for an opposition that has a positive view of Bitcoin?

There isn't any political party either in opposition or government that promises or even talk about these things. They are just so focused on traditional currencies and even fail to deliver well in them also.

[dunfida]

There's foreign traveler create a video about it and try to pay Bitcoin on merchants on Boracay https://www.youtube.com/watch?v=ZTRFEDtVyZI I just don't know what's the current status this project or adaption this year.

Also look how beautiful it is, if countries would do the same there's good chance they can attract lots of tourist to come in their country.

The reason why most merchants do not accept it is that it's still not easy to tax it accordingly. I have talked this with my accountant before, when we had a business, what would happen if I had a bitcoin purchase, like if anyone accepted to pay with bitcoin, and he explained to me in detail how long and harder it was to tax that, and it was seriously troublesome for me. This is why, even as someone who uses bitcoin every single day, I didn't accept bitcoin at my store, and instead I just bought bitcoin myself with the fiat itself.

The main reason on why merchants dont accept it out due to this reasons.

1. Regulation
2. Price volatility
3. Accessibility
4. Adoption rate

We do know that in each country on which they do have different stance when it comes crypto but since adoption is already on higher scale compared in the past then we can definitely say that we are on the positive side of things now. Speaking about on satisfaction of governments stance towards Bitcoin here in our place then i can say that we are still on the neutral side on which there are some instances about having those recommendations and there are those banning suggestions too but so far we are still on neutral on which this is good because it doesnt hinder out the citizens on making some engagement towards crypto. Although there are tons of warnings about getting involved to it due to scams but actually it isnt that bad to have those precautions because most of newbies will be seeing out that crypto is some internet magic money.

[LogitechMouse]

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Is there a Bitcoin ban in your country? What is the government's stance? Are there taxes, are there strict regulations? Can you use Bitcoin for purchases? Can you trade crypto-currencies freely? If there are bans in your country, is there an opposition party or leader that promises to lift them? If there are bans, do you still vote for the government because you like their other policies? Or would you vote for an opposition that has a positive view of Bitcoin?

Let me hear your thoughts and don't forget to mention your country.

Bitcoin and crypto in general isn't banned in our country. The stance of our government? While there are some legislators that are pushing for blockchain-related bill, overall the government is kind of neutral when it comes to crypto. They aren't doing anything significant at all when it comes to cryptocurrency. Taxes? I don't think there's any, and there's no strict regulation on it as well.

I can use my Bitcoin for purchasing things, but the problem is that, there are no establishments or maybe a few that are accepting it. We can trade cryptocurrencies legally here, but the problem is they banned the access of some exchanges that aren't registered here in our country... or are they? Because they said that they banned them, but we can still use it. Kind of weird TBH. Fortunately, there are no bans about Bitcoin here in our country, but the problem with our government isn't about not supporting Bitcoin, but corruption. Not related, but we want to have a new administration in the next elections.

If there's somebody out there that has a positive view about Bitcoin, I don't think that that politician will win. I mean there are only few people here in our country that knows Bitcoin. If he focuses more on it than the development of the country, he will lose because not many knows Bitcoin.

[Agbamoni]

I am a Nigerian. My government's stance on bitcoin is much like most countries out there, there is no obvious regulatory framework for cryptocurrency users to work with. Cryptocurrency is not illegal in Nigeria, but it is hard to understand what the government thinks about its use. Many months ago, they went on an attack of crypto services like exchanges, even arresting representatives of a popular crypto exchange, which forced many of them to leave the country or totally stop Naira trading.

There is somewhat of a regulatory framework on cryptocurrency, but not generalize to all exchanges. Some exchanges have added taxes on every transaction made with them. This is not the regular trading fees. Very soon, others will comply with the government to start taking tax, it will be the new norm soon.

The government wants to benefit from crypto revenue; nothing else they think of. They can't make it illegal, because of the benefit it brings.

[Coyster]

Why should I pay tax on something you never declare to be good and beneficial? That's tax fraud. The government is bent on eating on what they don't give.

Exactly what myself and many other cryptocurrency users in Nigeria are thinking. If you want to tax crypto, then there has to be some form of acceptance of it. You cannot block Naira trading in many global exchanges and on the other hand you want to benefit from taxes. It is double standard. The government has to be open to crypto services operating in our jurisdiction, of course they would have to be regulated, but it is much better than forcing them to stop operating.

They want to tax like UK system but the system doesn't give back like UK, the government want to suffocate, and make sure you have nothing left again, pure evil.

It is a crazy reality TBH. And i look forward to seeing how much of this the average Nigerian can take, shouldn't be too much.

[Floxynice]

In Nigeria, I can say that Bitcoin is legal, but the regulatory framework is somehow complicated. Sometime in 2021, Nigerian banks were banned from carrying out crypto transactions or even processing any customer transaction that involves crypto.  By 2023, they lifted some of those restrictions and then allowed crypto transactions in banks, but this was based on heavy terms and conditions.

Apart from this, there are no clear laws concerning crypto in general, not just Bitcoin. People discuss Bitcoin freely without fear, do Bitcoin transactions but also try to avoid the banks. It's just complicated.

In your country, Nigeria, there is a resolution on cryptocurrency where the government gives a positive impact on cryptocurrency, but in my country, Bitcoin, or cryptocurrency, has been declared illegal where we cannot talk about cryptocurrency in public even if we want to. However, if the government of my country had made a law regarding Bitcoin that would have made transactions legal for the public, the government of my country would not have taken any decision regarding Bitcoin, and this position of the government certainly saddens us. While various countries around the world are taking friendly measures towards Bitcoin, the fact that our country is not taking any action regarding Bitcoin is not a happy matter for us at all.

Making Bitcoin illegal in a world where countries are gradually changing their stance about Bitcoin can be painful for bitcoiners living in your country. I understand that feeling. Here in Nigeria, even though we can carryout bitcoin transactions in the country, the situation isn't perfect yet. I am hoping that with time, alot will change for good.

As for your country, I don't believe that the situation will remain like that for ever. Soon, global pressure will force your government to have a rethink.

[Mate2237]

In my country the government was against crypto crypto currency entirely and this was seen in their actions and policies concerning Bitcoin initially, infact there was a time were crypto exchanges were band in my country just to frustrates the use of crypto currency by the citizens. But all these actions did not differ the citizens from the use of crypto currency. Bitcoin use continue even though there were no framework within the laws of the land to legalize the use of Bitcoin.


But crypto currency has been made legal in my country this may be due to the fact that, the government has realized that crypto currency has allot of untapped potentials which it carries which can also be beneficial to the country . Today Bitcoin is now a security asset that is registered on the security and exchange commission of the country.