What is the legal status of cryptocurrency in your country?

[Niyi Briggs]

As the use of digital currencies becomes more widespread, it's important to understand how they are regulated and what implications this has for their adoption.

In some countries, cryptocurrency is treated as a commodity, while in others it is classified as a currency. There are also countries where its usage is restricted or outright banned.

What is the situation in your country? Are there any specific laws or regulations in place related to cryptocurrency? Have you personally encountered any challenges or limitations when using digital currencies?

 

[Magnus2022]

In Nigeria, cryptocurrency remain banned but it seems the government is planning to reverse it. Nigeria is in dire need of forex to boost ailing economy

 

[arunima]

India's stand on cryptocurrency hangs with a thread and no clarity is there from government and financial institutions. It's being taxed but no legal status is provided to it. In fact it is very clear that they are wary of crypto uses and discourage it at all costs.

 

[flower]

Cryptocurrency is not accepted in my country because the government have restricted cryotocurrency related activities.

 

[riberet19]

In my country it is legal but it is only seen as a financial investment, nothing else is taxed when you sell, it is not illegal to own or trade with them or anything.

 

[eldavis]

I think the original ban on crypto currency has been lifted but there are still lots of restrictions when it comes to crypto currency in Nigeria.

 

[arunima]

In my country it is legal but it is only seen as a financial investment, nothing else is taxed when you sell, it is not illegal to own or trade with them or anything.

That sounds good for the people involved in cryptos in your country. It's not illegal to trade or own and you don't have to pay taxes on any earnings or profits. That's like a win win situation for the people involved in crypto market.

 

[Edulady]

in my country cryptocurrency is making its way. The country still hasn't opened its arms to it but at least there are no restrictions towards crypto currency. slowly but surely people are starting to understand it.

 

[riberet19]

That sounds good for the people involved in cryptos in your country. It's not illegal to trade or own and you don't have to pay taxes on any earnings or profits. That's like a win win situation for the people involved in crypto market.

No, I don't know if I wrote it wrong or you misunderstood, you do have to pay taxes with them when you sell them, depending on your earnings a certain percentage, but everything else is true.

 

[arunima]

No, I don't know if I wrote it wrong or you misunderstood, you do have to pay taxes with them when you sell them, depending on your earnings a certain percentage, but everything else is true.

Oh! Now I get it. I didn't get that clarity in the post. It was just misunderstanding.

 

[Suba]

In my country crypto is treated like other commodities such as stocks, bonds, gold etc. which can be traded on crypto exchanges, but crypto is prohibited if it is treated as a medium of exchange, for example to pay for coffee, buy shoes etc. but I often do for online payments.

 

[arunima]

It seems that different countries have different say on the crypto status. And there stand has changed from time to time It is for sure that crypto has a global popularity and no government can undermine that. Maybe in the future they will come with a clear stand altogether.

 

[riberet19]

Oh! Now I get it. I didn't get that clarity in the post. It was just misunderstanding.

Don't worry, yes, on the other hand it seems that each country is applying the laws that suit them, I think that all of them are valid except banning cryptocurrencies, that will only cause a black market to be created around them.

 

[oldbuddy]

Since the Federal Government has made it taxable and our current President needs a lot more money to fund his increases in spending, I don't think it is going away anytime soon.

 

[arunima]

Don't worry, yes, on the other hand it seems that each country is applying the laws that suit them, I think that all of them are valid except banning cryptocurrencies, that will only cause a black market to be created around them.

I totally agree there. Banning does more harm than good. There is so much involvement of people into crypto market. Banning it would be like leave them with no option, but to take other illegal route.

 

[cherry123]

cryptocurrency remain banned on Nigeria but i hope the government is planning to reverse it. I think we are in dire need of this to help us boost our economy

 

[arunima]

cryptocurrency remain banned on Nigeria but i hope the government is planning to reverse it. I think we are in dire need of this to help us boost our economy

As written above in the post, banning is not effective. In fact it does more harm than good because people find other ways and loopholes..this encourages black markets and illegal trading. I guess many Nigerian are involved in crypto market despite it being banned.

 

[cherry123]

As written above in the post, banning is not effective. In fact it does more harm than good because people find other ways and loopholes..this encourages black markets and illegal trading. I guess many Nigerian are involved in crypto market despite it being banned.

Yes there are really engaged in it despite the ban. I see people on nairaland buying and selling on this Nigerian site so it is still very much transact in Nigeria through online means

 

[riberet19]

I totally agree there. Banning does more harm than good. There is so much involvement of people into crypto market. Banning it would be like leave them with no option, but to take other illegal route.

Exactly, but that is something that governments must realize, or else everything will turn against them in this area

 

[arunima]

Exactly, but that is something that governments must realize, or else everything will turn against them in this area

Most government and financial institutions around the globe are wary of cryptos because they fear that it might ruin the economy of the country. While those who are into cryptos feel the other way, they think that it would give a boost to the economy. There is no regulations around crypto. It's a free market and so can be used for illegal things and crimes. Moreover as there is no regulations, it is tough to bring it under a scanner. The fear is a valid one but then banning is not helping.