Warnings about buying Bitcoin Legal problems in your country

[chirinemannai 143]

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.

 

 

[samarkamane 111]

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

[Syedbesharat 5423]

In my country their is many problems for buying bitcoin and other currencies we have to take long detour for them.we have to pay extra and find trusty person for usd then we convert  it in to coins and many exchanges  fees kill us .but we never give up on crypto we take de tour and buy crypto currencies.evwn if they cost us more then their exchange rate.i hope our government take interst in it and make some legal laws for us.

[yifnt 666]

Even though my country does not legalize cryptocurrency, the government allows people to buy or invest in crypto. With one thing the state will not be responsible if fraud and loss occur

[Obydullah 65]

yes you are right .this problem is also have my country.our goverment always trying to proof crypto currency is not legit and crypto currency is highly risk.They make it is illigal for all time .some people trying to crypto currency knowledge in our goverment its is very helpfull and day by day its uses is increase.but this year again ban or block it.

[sdsonjoy50 886]

Crypto curriencies are restricted in such a significant number of nations yet at the same time they utilize the crypto curriencies since this is our future and furthermore its boycott in my nation yet at the same time people groups use it since they know the future thus numerous people groups put their cash in crypto market and still they are contributing. Furthermore, numerous nations offer authorization to purchase and sell bitcoin, yet not in my nation. my nation without a doubt denies, however disallows not to utilize bitcoin as a methods for installment, yet in the event that for exchanging and venture is still permitted.

[alexisfuentes 2130]

On 10/19/2019 at 5:35 PM, chirinemannai said:

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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 ction as banks.

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I was recently looking for that information so I would like to add:

 

Source: image : I think it is important to note that this data corresponds to the year 2018, Keep that in mind.

In that image it can be seen in which countries they are accepted and KYC is required. 

[Muphin 459]

According to my knowledge, in our country, Bitcoin is not legal nor illegal. It is not entirely legal, though but I think some in here accept Bitcoin and they have explained that they do not allow Bitcoin because they are promoting it but instead, it will have an impact in transaction if not.

[Iamstrong 563]

In my country, they want to ban crypto currency in General, and they monitor the crypto turnover, so most likely I will store it only on hardware wallets.

[Brushless4500KV 4214]

There may be some regulations that ban the use of bitcoin in some countries but law enforcement is more important than law enactment. Apart from that, how can they know who are using bitcoin? They should track everyone who is online which is not easy. Some countries ban bitcoin maybe because they can't control it but some bitcoiners don't care about the rules! I think there are lots of people in China who use bitcoin regardless of the ban. In my country, authorities neither encourage nor ban the use of bitcoin but they say you should not use bitcoin for official businesses because if someone does fraudulent activities with bitcoin, it is hard to find and arrest him/her. I only use bitcoin for my own purposes and don't involve in any deal with it. It is illegal to mine bitcoin in my country because some say it wastes electricity.

[doriahailee 643]

My country didn't have any strict rules about buying or selling Cryptocurrency luckily but i read some country like India and bangladesh Having rules that prohibit them all, I just hope their government can change the rules.

[Ufra 197]

Bitcoin is a 1st ranked cryptocurrency coin. If all the countries allow to buy and sell things from it. Then I hope there is no need to go to the shops or markets for purchase. It save many people expensive time.

[SyntaxEr. 709]

14 hours ago, Shuaib said:

According to my opinion in my country government has prohibited in Bitcoin and declared as illegal currency.so it is illegal to have Bitcoin in my country

I feel bad for you but I think you can still hold bitcoin if you use a VPN to hide your IP address on your personal bitcoin wallet address.

[Emma 611]

14 hours ago, Shuaib said:

According to my opinion in my country government has prohibited in Bitcoin and declared as illegal currency.so it is illegal to have Bitcoin in my country

Also in my country. i can not buy bitcoin from a good platform like binance and other sites. i have to buy through local escrow group with a high risk.

[myaccount1 584]

41 minutes ago, Chy944 said:

In my country government strictly prohibited to use or trade with btc because they have said that it can be used for terrorism and money laundering.

When I hear the word of terrorism and money laundering for bitcoin i feel very angry that why some government think about bitcoin that is not good for their country, because the  terrorism and money laundering is not just in bitcoin they do it in fiat money and its all related on the human mind.

 

[CryptoMaxim 3829]

And what is the problem if you buy cryptocurrencies on the exchange, send them to the wallet and keep them for sale until the best price. And here the legislation. Can I what the not understand ?

[MD. Rabiul Islam 67]

Well, bitcoin is legal for now, but our governments seriously need to consider how to avoid the bad influence it could have on the world economy. However, there is a fine line that you must know, not all tokens are like bitcoins that is some are utility tokens i.e. they can we utilized within a certain platform only like GigTricks' gigbit tokens.

[littledi059 1010]

Bitcoins future is quite unsafe in my country for the government will definetely try to fight it. I have not chosen my government and no one did. They can do anything they want already

[Usmanshan123 15]

In my country bitcoin is not working. Many ways to ezchange and then get it real money. Actually only few peaples know and detecte original bitcoin. Its much risk to buy bitcoin we cant much know about its realty

[bliznec 22268]

In my country, it is not for Bitcoin to be banned. It may be in other countries, but in my country there is no close monitoring of bitcoin. 

[Sumayya 493]

So many countries are facing ban and many other are facing tax issues, why is so happen this might be an effect on bitcoin

[Anarkos 20]

I live in a European country. In Europe, by default bitcoin is not illegal and in some countries it is even considered as legal tender. The good thing about my country is that Bitcoin isnt taxable. The thing is if you want to withdraw a lot of money it will always raise suspicion and then you will need to explain the origin and then you might be taxed...

[Hatred 1388]

In my country, government are already legalize cryptocurrency. They legalize it that's why the banks in our country are accepting exchange that involves cryptocurrency.

[andrehol 16294]

In my country, cryptocurrencies are allowed. Moreover, all income received from mining is not taxed. people, move to Belarus if you want to legally practice crypto!

[Tarek54 51]

Bitcoin is illegal in our country. Our government can't allow it. So buying bitcoin is legal problems in our country. But I like it and use it much.