Warnings about buying Bitcoin Legal problems in your country

[Raqeebzy 6456]

I think the use of bitcoin cannot be banned totally in any country. It is an e-currency that can be used on the internet. The only thing is,  no financial institution in such country  will help you with any form of transactions involving crypto. 

[Bikash3317 58]

Due to increasing cyber crime rate our country government has banned bitcoin. Many people use bitcoin to hide their black money in the form of bitcoin which is making issue for government so i think they banned it.

[mnbv122 1]

They have made it steady forever ome In our government some people who are trying to know the crypto currency are very helpful and its use is increasing day by day.  For all of us, the benefits are there

[Shaza Ahmad 1682]

The cryptocurrency community suffers from problems regulating and legislating bitcoin and cryptocurrencies, but some countries are already seeking to legalize cryptocurrencies such as Germany and Malta.

[Abiaan 1209]

my country is the underdeveloped country and government income is 8% through remittance and it is the good governmental source of income and due to various reason government has banned the international transaction and cryptocurrency as well got banned, so it made me not to enter into the cryptoworld for couple of year but later on i found out the breach to cash out my earning from the cryptocurrency and started carrier on cryptoworld

[cryptousd20 141]

There are many countries that people suffer from to buy or sell bitcoin, so there are several things that he must do, but it is difficult because he will find several sites that do not support his country in order to register with this is the important thing:

[Lover840 0]

On 10/20/2019 at 3:05 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.

 

 

Hello my dear friend. I'm pretty sure that cryptocurrency are legal in my country. There is no restrictions about crypto currency in my country. So i can buy bitcoin or any other crypto currency easily 

[deepown 0]

Localbitcoin is the ,most popular market to buy and sell bitcoin in ,my country, but i think the government is not aware of what people are doing with bitcoin, that make me scared, because at anytime it could be declared illegal.

[AmjadBydn 0]

I think I cant bought bitcoin in my country because there is no way for this !

My country still dont know about the Cryptocurrency world , but most of governments are against the cryptocurrency so they will fight anyone will try to buy cryptocurrency.

[BrolySSJ 7899]

With crypto being used online it is very hard to make enforcement on crypto, and i think that is why countries have decided to accept it into their financial infrastructure. Also, one of the important points is that with crypto countries that have managed to ban it also blocked all sites that deal with crypto as this is the most effective way to stop crypto since it is so easy to earn. Fortunately i do not have this problem in my country.

[magd 5231]

In my country, there are no restrictions on working in cryptocurrencies. We work well and earn cryptocurrencies, but we sell them to intermediaries, that is, we deal with people who have financial intermediation companies, but for the government, there are no taxes, no prison, no restrictions.

[rianpedia 816]

On 3/10/2020 at 11:53 PM, deepown said:

Localbitcoin is the ,most popular market to buy and sell bitcoin in ,my country, but i think the government is not aware of what people are doing with bitcoin, that make me scared, because at anytime it could be declared illegal.

Wow good news, adding to my reference to research the best platforms. All those fears will disappear in the future, inevitably all countries will legalize bitcoin because developed countries have done that.

[BTC Future 3946]

Everything can change in days time, as governments are observing the situation and begin regulating in favor of cryptocurrencies, since they start understanding the positive effects. Major changes in the financial system will happen, it is up to the population of each country to either accept them or deny them. Still everyone should consider if he still trusts the current economic system which is centralized and biased.

[MrGox 880]

Fortunately there is not any problem for buying BTC, l would say it is legal in my country. Because of that l'm so happy. There can be some country, which has banned BTC. But in my opinion there can not be any restrictions using BTC. 

[Nezar 7169]

As for my country, it is not allowed to work in cryptocurrencies, or even buy or trade in them, but they cannot prevent people from using them because it helps a large number of the population, so I hope that this magazine becomes legal in my country and it is allowed

[Bruno52 1141]

I agree with you because if bitcoin gets stolen, there is no easy way to catch the person who stole it as there are many hackers and scammers out there so I would advise anyone who deals with crypto currency to be very careful.

[Laboni 755]

There is no warning about legal issues in Bitcoin in your country because Bitcoin is not illegal. It is a digital currency and not illegal or not valid again. If the government supports Bitcoin and takes legal action, no one can drive it illegally. We will have all kinds of opportunities and there will be no legal warning.

[Jessica Karren 1242]

Working on crypto technology is not fully legal in my country, it's partially legal at some point. The government can't be able to stop people from working on it even after imposing many laws.

[Ms.o 3322]

Majority of countries explicitly allowed its use and trade, others have banned or restricted it. And you are right,since it was decentralized,what is lost will never be recovered as it is not same as the bank wherein,it is more secured than them,so we should always be cautious and responsible when dealing with crypto.

 

Edited April 11, 2020 by Ms.o

[abualez 4106]

As for me, my country did not offer anything against it except that it might waste the country's income by buying quantities of bitcoin and the risk of trading in it through the cheat on us, that's all, my friend.

[George10 9932]

Yes in many countries including mine bitcoin or other cryptocurrency is not yet declared as a legal tender by the government but one can deal with them.

[Whited35 15285]

My country still allows to buy Bitcoin even in the local exchange platforms. I can buy Bitcoin with our local currencies here are no restrictions but taxes are mandatory for making each transactions. I think government is doing so to prevent illegal money laundering. 
 

[bitcoin-shark 1928]

I am sorry for the countries where their use is illegal and I hope that those governments change their mind as soon as possible, in my country (Italy) it is perfectly legal to own them and to make a sale, just must declare them and pay taxes on them

[Amir Vao 341]

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.

 

 

If any country bann crypto, then any people of the country can't hodl,trade and make transactions with crypto. If they do, they will be in legal issues.

[Upright 2688]

Basically on my country,there's no argument on the part of the use if Crypto as basically there are still in the phase of being balanced on what side to actually be on, as there are people who uses and know the Crypto currencies and what potential they have in accordance on the finance system