Warnings about buying Bitcoin Legal problems in your country

[Moaz 7239]

There is no widespread use of cryptocurrencies in my country and it is still unknown to many people here, , but rather they use it in a limited way by subscribing to the crypto platforms, and therefore in my country there is no decision to prevent crypto

[Virgil dijk 1431]

In my country there is no law restricting people from buying or Investing in bitcoin, but bitcoin hasn't been fully adopted yet , but there are many people who found interest in it, and bitcoin keeps spreading in my country.

[DreamStage 2105]

There is a point where i feel that my country should legalize cryptocurrencies (bitcoin at least) so that there will be no bans imposed on the virtual currencies.

 

Also it's better to make it so to protect traders against scammers and everything else that is bad in an illegal way.

 

There is also no law at the moment for my country so everything is "legitm".

[jamesvince 2389]

nothing issues regarding investment in my country because we all knows that many developed countries allowed bitcoin as legal tender market therefore I am not issues with this market like me many people are investment holding in crypto market without any tension.

[Magnom 0]

Using any coin instead of your official country's coin should be illegal! But i don't think that trading cryptocurrencies is illegal if you don't affect on your country's economy! But there are many governments still against this cryptocurrencies project and they just want to depend on their official coins even if they are crypto.

[TimopheyKa 3900]

You can often hear something like this, it seems to me that this is too unpleasant a situation, but it turns out that many people refuse to use blockchain and cryptocurrency, instead of trying to create a project and earn even more money on it!

[Laboni 755]

If crypto becomes legal then no one will be able to use crypto illegally But it will take a long time to become legal Crypto decentralization is not under anyone's control. Many will not support this because everyone wants to work independently.

[Guru2050 8284]

Am yet to know the standard of my government on Crypto currencies, when its going to be officially legalize, get adopted and implemented for general circulation in the country. Crypto currency it's too important to develop and strengthen our economy

 

[Tine0313 3053]

On 6/1/2020 at 5:17 PM, Mohamad ibrahem said:

I think the biggest problem we face with is the use of cryptocurrencies in illegal business because this makes governments reject cryptocurrencies permanently.  

But no government will be able to prevent its people from using cryptocurrencies

I agree with you. Government only see the bad effects of Crypto that's why they want to ban it from other countries. In my country, crypto is not restricted but it is not even legalized, they allow people to use it in a good way.

[DiamondBit 720]

Warning? No, nothing to be warned about. There are exchanges with no verification, there are wallets with no verification, I can just do all in a private way if my country is banned or not. But, my country is not banned and I am happy about that. 

[Thomas edison 10]

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

[Solex 2262]

Everything about Cryptocurrency is risk and we have to take it that way since we have trusted agent that do buy with us ans send us the money in dollars and after that you can exchange into your local currency. With time i believe Cryptocurrency will dominate the world because we currently have many bitcoin ATM around the world which is a sign that Cryptocurrency is gradually getting adopted in the world.

[Mwangi 5611]

Vietnam, Iceland, Bolivia, Ecuador, Kyrgyzstan, are the only countries I know that have been a problem to us, so very important to really define what is right in the market and in the end we have to work as hard to understand the whole cross reffrence to what the market  defines itself on crypto in each country ., we cannot allow crtypto to thrive in countries with war, there is going to be really tought time for everyone in such form

[Izeal 4404]

If you country are restricting from buying bitcoins then you should be alert because you are doing illegal things against the nation and even they can arrest you. Each country has different policy and many countries haven't accept the transaction of the cryptocurrency. As the member of this forum we should educate the other people and speak against the government.

[bogdanoff 3173]

The best way to avoid problems with legality is to take steps to protect our identity and avoid providing our private documents to anyone online. KYC is not needed as there are ways to trade without using it. Also the problem is mostly for deposits in banks that are over a certain amount depending on the laws and bank regulations of each country.

[kame2030 158]

In Argentina, cryptocurrencies have been discussed in parliament to collect taxes. But since they do not understand what they are about, legal loopholes arise as to whether they should pay taxes or not. Starting this month, all local exchanges must communicate the movements made by their users to the regulatory body.

[satella17 65]

On 10/19/2019 at 4:35 PM, 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.

 

 

In my country there is only a problem if you start making large amounts of money without proof that you have to work it to earn it

[Aaron07 60]

I have heard it, that is why I have taken precautions in this regard, large investors must be very careful with this delicate issue, hopefully the situation improves

[Alimhana930 1605]

The matter differs from one country to another.Some countries have legislated and regulated its circulation and identified goods and services that can be used as a means of payment and impose fees, and some countries penalize the circulation of cryptocurrencies and consider them as a means of money laundering and tax evasion, and there are countries that do not recognize its existence in the first place, and there are no existing laws that include it.

[MalikAdnan 1662]

Yes there are some countries that are issue to use bitcoin legal and some are working  to give as a legal standard. But bitcoin is banned in some countries. So everyone is not familiar with crypto therefore they faced many problems and warning. This is the risk for unknown people.

[percare 3192]

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

As of September 2017, Bitcoin is only illegal in Vietnam, Iceland, Bolivia, Ecuador, Kyrgyzstan and Bangladesh.

It was illegal later by China and India, but India stopped the ban and allowed exchanges to operate in the country. I hope the rest of these countries stop banning Bitcoin. Countries like Vietnam and the rest noted here shouldn't ban Bitcoin but allow it and encourage investing because the fiat currencies can have terrible problems and people need to have better control of their money.

[VijithaVarghese 1994]

Thank you for this detailed and helpful information my friend. I think it's really a big deal as the country must accept it legitimate and reliable in the financial market inorder for people to confidentiality use the cryptocurrency for thier daily use.

[mzk7736 1592]

In most of the countries of the world the cryptocurrency is neither legal nor illegal. Actually these countries have have absolutely no regulations or concepts of cryptocurrency in their law.

[Khan 1414]

On 10/20/2019 at 2:59 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

Not only in your country but there are almost many countries where Crypto usage and doing Crypto business is not legal and if some caught red handed then they will punish. 

[Gluttony 1775]

There are a lot of countries who do not wanted to allow the introduction of crypto currency in their country while there are countries that literally do not know the existence of it. I would say that there might be countries that accepted this kind of innovation towards their economy; it still serves some legal aspects that would allow this kind of industry to work in every country. I would say that there might be some legal things needed to sue in the process of accepting this crypto currency to some certain country so that those people who are committed to work their way in this industry would not be threatened in doing their contribution to the forum they have join.