I think that in the end the two worlds will come together after some regulation, it is true that cryptocurrencies can help a lot to clean up the economy, but it is also true that many illegal transactions are carried out with cryptocurrencies, which should be eradicated as much as possible, both must coexist in order to help the economy.
What is the legal status of cryptocurrency in your country?
- Thread starter Niyi Briggs
- Start date
Presently, the use of crypto related transactions are limited in my country and you cannot use the Bitcoin directly except utilise the peer-to-peer platform.
Crypto is a huge market these days and no one can undermine it. Banning it or making it illegal would give no solution. People will get into black market and other illegal ways. The fear of it being used for illegal transactions and even illegal activities like funding terrorism is very valid. Best way would be to make regulations around it and try to bring it in mainstream economy so that it can be brought under taxation lens and other legal scanner
In my country cryptocurrency is temporarily banned, even when you're trying to make a transaction and on the description box if you should mistakenly include any cryptocurrency related word, your account could be banned.
The government did not ban cryptocurrency but restricted it's use by stopping all registered financial institutions in the country from taking part in transactions related to it. This means you can't buy or sell using your credit cards, and exchanges can't have accounts with banks.
It's not a direct ban here in India.. Government has made the income on crypto as taxable income, so it's definitely trying to bring it under tax lense. However, there is no legal status given to it. Reserve Bank of India ( Central financial institution) and the government are wary of cryptos and they keep discouraging people from indulging in it. They should come out with some clarity on the cryptos soon to remove all the confusion and to make it easier for people.
India has launched its own digital currency.
India has launched its own digital currency.
Cryptocurrency is banned here in Nigeria. It is termed illegal to do crypto trade .
Cryptocurrency have been restricted in so many countries and most of the countries that banned the use od cryotocurrency do not make an attempt to accept it back because they are afraid that it could put power in the hands of the direct users.
Well, we can argue against the government around the globe for being strict with cryptocurrency and not giving it a complete clearance or positive nod. But the fear of goverment is also a Valid one. Crypto market has no localised regulations and being an unregulated one it is more prone to be used for illegal activities like funding terrorism and invading taxes. It does pose a threat to the mainstream economy as it's tough to bring it under tax lenses.
And many people might loose interest in cryptos if it is brought under regulations,, checks and direct taxation.
And many people might loose interest in cryptos if it is brought under regulations,, checks and direct taxation.
I think that when the cryptographic market is regulated everything will be different, it will be a clearer and more widely accepted market, it will also give wings to large entities to enter without problems, but it will also be a more centralized and dominated market.
I agree there and I hope that it happens soon. It will promote a clear transparent market as more and more genuine people will participate. Once it is regulated, it will come under a legal scanner and under tax lense. That will discourage illegal elements to participate in it. I personally feel that it would be an effective way to control the misuse of cryptos in to illegal activities.
The only negative point is that as regulation advances and everything is clarified, more ways to circumvent this also advance, for example recently many cryptocurrency mixers appeared that legislators do not know how to deal with, I think all this will take a long time.
You have a valid point. People are always there to find loopholes and misuse it. But that happens with every legality and regulations.
Crypto when began was never thought to grow so much and become so widely popular. We have so many crypto coins in the market and many more coming up. And they are not merging from the same origin. Bringing all that under regulations is definitely going to be a lot of effort and not happening any soon.
Exactly, that's the point, but hey, there are countries where things are getting serious such as the United States, and next year it is the turn of the European Union with the new MICA law, we will see what happens.
Same here. I do not know if things will change later on. The truth is that some governments are against cryptocurrencies.
Yes, we have to wait and watch. It's a huge market now and it needs to be brought under regulations.. Somewhere something has to be started. It might not be fullproof. But then as the progress goes, one can see the more pragmatic problems coming up. Any law can be changed and improvised later.
