Warnings about buying Bitcoin Legal problems in your country

[Aki110 0]

On 10/20/2019 at 2:35 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.

 

 

It is significant that while the character prerequisites forced by most stock trades and the safeguarding of their clients are set up, these administrations don't give a similar degree of assurance as banks.

[Oxygen 1004]

On 10/20/2019 at 2:35 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.

 

 

Although the cypto currencies are not insured and also have a big chances of loss and also most of countries does not allowing bitcoin, but we can not forget the value of and can not leave behind the bitcoin now. As it is being adopted and also started liked by banking system too. It will create space in stock exchange too nearly in future. I hope we could see further improvements in near future when bitcoin will become the mainstream of all financial markets.

[Zaino34 0]

In my country, I find it difficult to buy and sell bitcoin. I don’t know what governments ’decision in my country is about encryption. Nobody told me anything about that. I’m selling bitcoin to other people for real money.

[Luciferludz 1442]

The warning about buying bitcoin legally in out countries, is only about the good use of bitcoins, because others are buying bitcoin in order to buy drugs with the bitcoin 

[babaji 1228]

In India, it is really bad, the good thing is that, the Supreme Court did say bitcoin is not illegal or it didnt ban it, but with the present attitude of the governments, it would be a high risk idiocy to let them have your details, coz they intend to put everyone in jail who deals in crypto. So I would really request Indians to be very careful in crypto. Keep your KYC with you at all cost. 

[Muskan7816 175]

The government is not making any announcements or regulations related to cryptocurrency. I think people can still buy and sell bitcoin without any problems, so people should not be afraid of anythingSome countries that have banned bitcoin will promote at least one crypto currency in the near future: its own crypto currency

[bentayebsalah 2280]

The governments in my country do not allow the sale or purchase of bitcoin or any other cryptocurrencies and is considered illegal

[Imaankhan 208]

On 10/20/2019 at 11:04 PM, Syedbesharat said:

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.

I hope that too that the government takes initiatives to make cryptocurrencies legal but they have their own rules and regulations to follow.

[Mdfoisal 14]

We have to pay extra and find a trusted person for USAD, then kill us with our currency and many exchange fees. Buy us and crypto currencyWe have long checks for Bitcoin and other coins in some countries, so there are many problems with buying Bitcoin and other coins in my country

[Amir YT 202]

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.

 

 

I live in Bangladesh. In 2014 my country made crypto illegal. They though our internal money can transafer in abroad easily. It can be thread for us. But i think soon our country also adopt crypto as our prime minister announced.

[Samreen701 1]

On 12/9/2019 at 1:06 PM, myaccount1 said:

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.

 

Bitcoin currency  is not ligit and crypto currency then  I hope  there is need to go to the shops or market of purchase  it save many people expensive time. 

[Rasel243 1]

With one thing, the state will not be liable if frauds and losses occur. Although my country does not legalize cryptocurrency, I think they have issued a decision banning their use in my country, but they have not reached the point of resistance because the government allows people to use it widely.

[Kijin 3]

As far as I know, bitcoin is still not official in my country, they consider it dangerous, because it uses money to smuggle and finance terrorists and some people really like to use it for extra income, so how do they use it and why.  It depends on everyone. The truth is I don't know. Thanks 

[Usman Abdulmumin 354]

I never received a warning for involving myself in cryptocurrency I can buy as much as I can without knowing of anybody I only use my mobile phone and laptop to make a transaction

[Captain Karim 0]

I think we should not keep bitcoin in banks. Satoshi Nakamoto invented bitcoin in order to keep everyone with their own money. We have many decentralized and hardware wallets so why keep the bitcoin in banks!

[Razan alikac 1899]

In this forum I found the best way to earn bitcoin, to start trading in cryptocurrencies, as I can not find a broker to transfer money to Bitcoin .. Here is the problem.

[iloveyobit 6599]

Yes, indeed many countries have attended the circulation of any purchase and sale of bitcoin within their borders, but in my country this decision has not yet been implemented, so it is not valid and there is no problem.

[Mehnil125 431]

Buying the Bitcoin can be a very well know and also to be added that it will be very beautiful and also we all can be banned because of getting the warning from buying the Bitcoin and also it is because of it is not legal in other countries.

[Sunil kumar Behera 489]

May be in my country bitcoin is banned.But as student bitcoin help me a lot.It also help those who are students and they earn very easily.So it also may helps unemployment .I think government don't banned this.

[Tatiana 540]

I do not see any particular reason of why the government so against in the sense of crypto currencies. No, I know that they say about illegal stuff and so on, but in fact crypto makes ordinary people richer and they spend more money and that fact moves the whole economy, right?! So why so many crypto bans? 

[Zezo 306]

In my country, there is no law prohibiting the use of cryptocurrencies, but there is difficulty in dealing with it, but international sanctions

[rekter 8129]

On 10/20/2019 at 12:35 AM, chirinemannai said:

Some banks even refuse to work with money obtained through cryptocurrency transactions because of regulatory uncertainty.

My bank just has done this in the past, we have like one or 2 smaller banks who are dealing with accounts or firms linked to cryptocurrencies. This makes me uncomfortable and i think i have to move to other bank.

[Amdadul11 17]

I must be cautious about buying cryto currency and for various reasons, and I must be careful.  If I am not careful, I will certainly come here in various ways.  I find here a very good site financially benefiting from working with this site.  And working with it will earn you a lot of money.  Every day here you can definitely get a job.  So I would like to say that if you work you will be able to do well thank you for sharing with us.

[Franco77 10]

In some cases, the government censors its use. But people do not understand Bitcoin management very well. In my country, half is acceptable. Because in some big stores they allow payment through cryptocurrency

[Rajeevgorai 95]

In our country its illegal to buy or sell bitcoins they their is a legal notice from the government to all citizens of our country not to offend the rules