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chirinemannai

Warnings about buying Bitcoin Legal problems in your country

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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.
 
 
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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

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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.

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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

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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.

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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.

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

<>
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.
<>

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

 

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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. 


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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.

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11 minutes ago, alexisfuentes said:

Récemment, je cherchais cette information, alors j'aimerais ajouter:

 

spacer.png

Source: image  : Je pense qu'il est important de noter que ces données correspondent à l'année 2018, gardez cela à l'esprit.

Sur cette image, on peut voir dans quels pays ils sont acceptés et où le KYC est requis. 

Greetings for your interest my friend.
My friend, as long as there are under regulations in countries from Europe and America, in the near future will be given legal regulations for crypto. and we will live the positive and negative effects of the new variables.
 

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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.

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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.

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I live in Bangladesh.In our country bitcoin is known as illegal currency.Our government doesn't announced bitcoin legality.Our government take action against bitcoin buyers and sellers

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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.

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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.

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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.


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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.


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In my country there are no definite rules about crypto, everyone can play but if something unexpected happens they are not responsible.  each player's responsibility.

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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.

 

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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 ?


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Yeah it's not a easy to ask that the crypto market then why I ask that the crypto market it's not a easy to get this done and it's not easy to start the crypto trade then why I ask

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In my country using bitcoin is legal and not against the law but for time being until fully regulation they officially says bitcoin cannot be used as the currency but people still can use bitcoin for investment tools or digital assets not as the currency

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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.

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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

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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

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In my country, we have a freedom to use bitcoin. But we cannot use bitcoin to buy things that we like, we need to convert it first before we can use it to buy things that we like.

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