Warnings about buying Bitcoin Legal problems in your country

[Frozen Kingdom 211]

On 10/20/2019 at 3:35 AM, chirinemannai said:

Bitcoin certainly attracts the attention of law enforcement agencies, tax authorities and legal regulators. What they are trying to understand is how cryptocurrencies fit existing frameworks. How legal Bitcoin activities are depends on who you are, where you live and what you do with them. Basically, the answer for most countries is simple: if you don't spend your Bitcoin currencies on anything illegal, you don't violate any laws.

Bitcoin has been around for some time now, so most governments have had time to decide on their legitimacy. As of September 2017, Bitcoin is only illegal in Vietnam, Iceland, Bolivia, Ecuador, Kyrgyzstan and Bangladesh. Some other countries have not taken an official position on the issue, while Thailand and Russia initially banned all cryptocurrencies, but retreated shortly after. More recently, Russian authorities have officially recognized Bitcoin and all other cryptocurrencies in order to combat illicit transactions (Vedomosti).
Protection risks

It is worth noting that while the identity requirements imposed by most stock exchanges and the preservation of their users are established, these services do not provide the same level of protection as banks. For example, if a stock exchange goes bankrupt or is stolen by hackers, the insurance of users' funds is often very limited or nonexistent at all. This was the case with the failed Chinese stock exchange MTGox, which formally filed for bankruptcy protection and admitted an irrevocable loss of 75,000 from Bitcoin to its customers. Since Bitcoin has no legal status as a currency in most parts of the world, authorities are usually unsure of how to handle thefts. There have been cases of larger exchanges replacing the money of their clients after the theft of the exchange itself, but at this stage of Bitcoin development, they are not legally obliged to do so.

Furthermore, if the theft of cryptocurrencies occurs because of a security breach or password error by the user, there is no guaranteed way to get the money back. Some banks even refuse to work with money obtained through cryptocurrency transactions because of regulatory uncertainty.

 

 

Most of the countries have set a bitcoin law enforcement. The government of the countries try to handle bitcoin because they want to stop using bitcoin on any illegal operations. In Bangladesh, govt also heard about the abusing of bitcoin so they also plan to do something on that occasion.

[Sohel Rana Sazzad 453]

My country name Bangladesh is not used here Bitcoin and the use of Bitcoin is not legal.And using it in this country will create various problems.

[Ali Haider 10]

Yes many countries banned cryptocurency but in future they reliazed that the cryptocurency is the future of this world because now a days almost in every country people used to buy coins and make good profit for thier needs. I love to invest and earn from cryptocurency

[fuer44 1083]

actually there is no certain information from the government in my country regarding the law for bitcoin. but they only say to be careful because the market is very volatile and the government is not responsible for what happens there. so there is an opportunity from the government that they provide support for crypto.

[Interface User 1070]

In my country the existence of crypto currency is not an issue but unfortunately the government doesn't care at all because of lack of knowledge in this stuffs so the result the implementation of crypto is hard.

[PiroSense 2681]

On 10/20/2019 at 5:35 AM, chirinemannai said:

is worth noting that while the identity requirements imposed by most stock exchanges and the preservation of their users are established, these services do not provide the same level of protection as banks

Spot on. This is what I have been also telling. One advantage of traditional banking systems than these exchanges is further security.

 

Though if the hacker moves the funds on an address located on an exchange with KYC (highly unlikely), then you still have some hope in recovering your funds.

[gigabyteRTX 1583]

Well, in my country, cryptocurrency is not legal nor illegal because we can easily use crypto in different things in our country many industries little by little adopt the cryptocurrency and many technology and innovation powered by crypto. I hope my country, which is philippines, fully acknowledges, and adopts cryptocurrency.

[rchres 414]

In my countries is prohibited to buy easily Bitcoins, you can use to buy and as a payment for your bills. There's a lot ways to buy Bitcoins in site and wallets you must know that Bitcoin is volatile it goes up and down. We are lucky in my country that we can used Bitcoins it's prohibited like other countries banned and not legalized Bitcoins.

[Afrizal rahman 2636]

The legal use of bitcoin depends on the application in the country. in my country exchanging is fine but bitcoin is not yet fully accepted in society, but our president once said that young people or millineal people should know crypto and learn it.

[gigabyteRTX 1583]

1 hour ago, TubigWater said:

We are came from the same country,  and here we have freedom to use crypto as long as we don't use this for illegal purpose.  And i hope also that pur Goverment accept and adopt bitcoin on every Goverment transactions so that we will see transparensy

Oh really? You're from Philippines too? That's nice dude, and exactly you are right in fact in our country most of the young age, the use of digital money or crypto is quite popular now, and many people like me who got offered a job associated to cryptocurrency is increasing I hope more of us introduce and teach others about this beautiful currency.

[Naga 1250]

On 10/20/2019 at 12:59 AM, samarkamane said:

In my country they have issued a decision to ban their use, but they have not reached a way to prevent it because it is difficult for people to use it widely

thats the best thing about bitcoin because the country and government could say all they want about banning it but when it comes to reality they will find it hard to enforce it.

[Jokeer 648]

Same as in my country. Our government declared Bitcoin illegal for that we can't buy and sell BTC legally for that you have to use it secretly.

[febriyana 934]

My government in my country take decision to banned Bitcoin and altcoin also what the relation like Blockchain and exchanges.

The inside my government is only stupid people where don't care about the country. They don't want the country be better with doing new thing. That is complicated law behind it.

So to access all cryptocurrency, exchanges, and anything related cryptocurrency i always use private server outside the country. If not using it maybe some police will come to my house and bring me to their office.

[ShakilA 373]

In my country bitcoin is known as illegal currency.Our government take action against bitcoin buyers and sellers.We make buy sell hidely

[patitaycute 648]

Crypto currency are not ban on my country hence it was legal to do transactions involving crypto currency. The good thing was there was no crime involving crypto on our country that's why government are legalizing it.

[Wijayafajar06 274]

bitcoin in my country is still not official, they think it's dangerous because it can be used as money laundering and financing for terrorists, and some people really like to use it because to get additional income, so it depends on how they use it and for what...

[Benjamin 84]

Thanks for giving us information like this, as of now there are countries that are banning cryptocurrencies like india, this is understandable because they have many population to their country thats why many people are getting poor and not familiarized to technology.

[Frozen Kingdom 211]

In my country bitcoin is still acceptable.  But I do not how long it will stay alive. Because nowadays many countries government limit bitcoin. So I am afraid of it.

[Fatihgani12 348]

Yah dinegara saya tidak ada larangan untuk bermain crypto lebih lanjut lagi hukum tentang crypto tidak ada dinegara saya akan kecuali pemerintah hanya menghimbau jika terjadi apa saja yang terkait dengan bentuknya.

[tienda 8776]

So we need to know the rules of our countries they can make some laws and we don,t know about that and then if they detect us trading Bitcoin or cryptocurrencies we termini on the justice.

[Akbor 1042]

In my country there is no actual notice about bitcoin and all other crypto. it is not banned but also not legalize too. If it would be legalized in my country then it will be good for us.

[Ankit Nepal 719]

On 10/20/2019 at 3:20 AM, chirinemannai said:

Bitcoin certainly attracts the attention of law enforcement agencies, tax authorities and legal regulators. What they are trying to understand is how cryptocurrencies fit existing frameworks. How legal Bitcoin activities are depends on who you are, where you live and what you do with them. Basically, the answer for most countries is simple: if you don't spend your Bitcoin currencies on anything illegal, you don't violate any laws.

Bitcoin has been around for some time now, so most governments have had time to decide on their legitimacy. As of September 2017, Bitcoin is only illegal in Vietnam, Iceland, Bolivia, Ecuador, Kyrgyzstan and Bangladesh. Some other countries have not taken an official position on the issue, while Thailand and Russia initially banned all cryptocurrencies, but retreated shortly after. More recently, Russian authorities have officially recognized Bitcoin and all other cryptocurrencies in order to combat illicit transactions (Vedomosti).
Protection risks

It is worth noting that while the identity requirements imposed by most stock exchanges and the preservation of their users are established, these services do not provide the same level of protection as banks. For example, if a stock exchange goes bankrupt or is stolen by hackers, the insurance of users' funds is often very limited or nonexistent at all. This was the case with the failed Chinese stock exchange MTGox, which formally filed for bankruptcy protection and admitted an irrevocable loss of 75,000 from Bitcoin to its customers. Since Bitcoin has no legal status as a currency in most parts of the world, authorities are usually unsure of how to handle thefts. There have been cases of larger exchanges replacing the money of their clients after the theft of the exchange itself, but at this stage of Bitcoin development, they are not legally obliged to do so.

Furthermore, if the theft of cryptocurrencies occurs because of a security breach or password error by the user, there is no guaranteed way to get the money back. Some banks even refuse to work with money obtained through cryptocurrency transactions because of regulatory uncertainty.

 

 

It is difficult to ban bitcoins as because of internet. Government can even track the use of bitcoin as currency. As they get loss because of bitcoin, it is natural to ban  bit impossible because of internet.

[chucky2183 61]

In my country is legal ant not too. Unfortunately it is a country where we have the most expensive taxes in the world and one of the highest inflation rates. Because we prefer btc or dollar, rather than our national currency.

[aqua 773]

17 minutes ago, Ahmed dip said:

Hi ⭐ Is it legal to mine, buy,or trade Bitcoin? What are the cryptocurrency regulations in the United States and other countries? ... Bitcoin Legal Issues.....If all the countries allow to buy and sell things from it. ...

In some countries, bitcoin is accepted, but in other countries, bitcoin is not accepted. But in other countries, bitcoin is on the grey side because the government is not giving announce or regulations related to cryptocurrency. I think people can still buy and sell bitcoin without any problem, so people don't have to afraid of anything. I think in the United States, people can use bitcoin and other coins without a problem, but I don't know with the other countries.

[SuperCrypto 7193]

The United States has taken a positive approach to Bitcoin. Meanwhile, it has several government agencies that work to prevent or reduce the use of bitcoin in illegal transactions.