Warnings about buying Bitcoin Legal problems in your country

[kizz 3370]

In my country there is no specific rules and regulations whether bitcoin is illegal or not. Still, many people in my country is using Bitcoin and I am happy that there is no restrictions from the government about that.

[Artugul78 91]

Bitcoin is a very valuable coin. We have seen that Bitcoin is banned in many countries. There is a ban in other countries including Vietnam. Although Bitcoin is banned, its use is increasing day by day and it has enough agents. We can sell enough and we can convert it into our currency.  I think Bitcoin will get better very soon and will be accepted in all countries but in my country it is not a legal problem so I can express my satisfaction with it.

[setifien 1016]

Some countries (in Africa for example) enacted law about banning crypto use but there is no law enforcement at this regard either because they can't track crypto users, or they thesmselves use it illegally 

[Zeshan Khalid 2577]

 I personally think some sort of restrictions and regulations must be imposed by countries, but not completely ban it. These restrictions have to be imposed to record the transactions through it because anonymous transactions are never good for economy of country.

[Sarahden111 1231]

In general, bitcoin buying and selling is ultimately done by the crowd of online platforms This matter has no legal controls on it Laws prohibiting its use are in place when fiat currencies are seized from Bitcoin trading It is what is considered by most countries as looters of money and tax evasion, except that if it is carried out in individual cases or between two by agreement, no problems will occur.

[Fixfin 2569]

There have been many changes and it is a problem for some countries that have banned Bitcoin for people there to invest. They can find ways but it is dangerous as there are rules that strictly forbid it and potential investors will need to find exchange methods that are using escrow or p2p exchanges for this.

[yato987 2811]

what you said is totally right and that's why we should be always be careful bout which exchange we deal with and where we store our balance , now most exchanges and wallets improved their security system to provide a safe environment for their users to be able to trade and store their currencies but even so we still have to be careful in every step we take so we don't lose our money

[Roarnoman12 621]

Yes it is ban in some countries of the world. Becoming world famous got banned in some counties. Before making registration. please confirm the name of your country.

[Abbas2.0 812]

Bitcoin has no warnings in our country to buy. Even in the mod towns there are ATM machines where you can easily withdraw your bitcoins and als some other top coins

[abd1992 960]

On 10/19/2019 at 11:35 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, originally it is prohibited, but we can buy through the intermediary, the matter may be difficult, but we can also earn through other sites and transfer between countries in order to buy cryptocurrencies

[kryptonick 2659]

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

Since Bitcoin has no legal status as a currency in most parts of the world, authorities are usually unsure of how to handle thefts

This happens some times but only in a few countries. In most parts of the world there are laws and it is treated as currency or as a commodity. But there are places where there is no legal status and thefts are handled poorly.

[Mella 3680]

I am think that there are some data in the post that may be outdated as there is a reference to 2017 and not something new, so things are changed today. In most country it is not illegal and this is only a few as we see in here. It will be allowed in these countries too as the governments see benefits in Bitcoin.

[annayks 2314]

Because there can be any regulation that would be favorable or against Bitcoin we should always be ready for anything and not just trust the governments to anything they say. One time it may be legal, next time they will tax and if they don't profit enough and there are problems it will be a ban. So we should be ready for anything.

[Rozy 1918]

I do not know why some countries deal with Cryptocurrency as if it is drugs or some kind of illegal activity. People through the ages have used many things as a currency to fulfill their needs. At some stages eggs, salt , pepper and later on buttons , yes I mean buttons that are on the clothes, were used to trade and to buy things and later on people used silver and gold coins, then the fiat money that we all know, so it is natural for things to develop and that is legal for sure. 

[godislovefll 1880]

Exact very important everything that friend says, the important thing is not to use cryptocurrencies for illegal things, so like Russia many more countries will join this great world because it is a new digital age that is difficult to stop.

[yonkii 3205]

I don't have a problem with the legal case of Bitcoin in my country but I think that there are some concerning decisions from some countries where cryptocurrencies were legal but there are again found to be a reason for governments to display their stupidity as we read latest coming from France. Because one person send cryptocurrencies to some relatives in a place that war is fought, some thing that everyone else should pass KYC and give all details of transactions.

[zhoutong 2188]

I don't have any Bitcoin legal problems, but there are a few countries that have banned cryptocurrencies. What said in this post is not false although it looks that is missing a point that there are countries that have banned because their politics is not democratic and usually have issues with the freedoms allowed for their citizens. The most free countries don't consider banning this technology.

[betelihem 4766]

On 11/21/2020 at 7:47 PM, setifien said:

Some countries (in Africa for example) enacted law about banning crypto use but there is no law enforcement at this regard either because they can't track crypto users, or they thesmselves use it illegally 

I am from Africa and my country don't have any legal easue ad control on using and investing on bitcoin or any other cryptocurrency's, and that's because there are so little investors in my area, but i know that some country's are against crypto and bitcoin because the thing with terrorists and some criminals are using bitcoins.

[Abdul1168782 572]

Absolutely good project and by this we come to know the list of countries which banned the crypto and also who don't bann the crypto. And in my opinion if a country accept this crypto then the economy of that country should be stronger as that was before.

[yulitzacalvete 1366]

On 10/19/2019 at 5:35 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.

 

 

Exactly every day there is more acceptance of cryptocurrencies, so despite being illegal in some countries, it is still good to continue using and rejecting any blockade that is implemented on BTC and its variants so it is good to assume that risk to soon see in the news the complete acceptance of cryptocurrencies worldwide.

[Amiami 1362]

In my country there are no problems when buying Bitcoin or any cryptocurrency, in fact there are no regulations for mining, but this is because basically the government does not care at all about the issue of cryptocurrencies, that is why you can enter to any p2p platform and buy the amount you want in BTC, either with fiat money or with interbank transfers.

[BraveHeart01 1569]

The cryptocurrency is actually know more than a data written on some code type of things but still it has value and that is why most of the countries are banning it because it is digital not physical

[jappy 1129]

This will continue to advance until it reaches full popularity, and if we stop using it in illegal things every day it will be more accepted because we are in the digital age and cryptocurrencies re-power this era.

[Alex9876r 1408]

Bitcoins are generally bought from platforms from various regions and some are buying from local merchants Some countries allow platforms to be created within them, within specific laws and controls, and formally, but for fees imposed on them.

[Serbberq 724]

My country have not yet recognize bitcoin as legal means of making exchange.  But still there is no restriction to those interested to make any kind of transactions legally or illegally but if you are caught miss using it you will face the government penalty.