What is the legal status of cryptocurrency in your country?

[gammarays]

In my country, crypto currency is banned and taken to be illegal. However, people in my country now use P2P exchange to buy and sell crypto currency. It's even better that way.

 

[riberet19]

In my country, crypto currency is banned and taken to be illegal. However, people in my country now use P2P exchange to buy and sell crypto currency. It's even better that way.

Would there be any legal consequences in the event that they discover that a person from your country may be interacting with cryptocurrencies by the government or something like that?

 

[gammarays]

Would there be any legal consequences in the event that they discover that a person from your country may be interacting with cryptocurrencies by the government or something like that?

Yes there are consequences. However the law is controversial as the central bank banned crypto not the government. Security operatives do harass people in possession of crypto tokens. One would need the law courts to go free.

 

[riberet19]

Yes there are consequences. However the law is controversial as the central bank banned crypto not the government. Security operatives do harass people in possession of crypto tokens. One would need the law courts to go free.

Okay I understand, I guess the bank banned cryptocurrencies for fear of losing power over the control of the currency in the country, this should not happen, but well we already know in the world in which we are, I also think that the naira is very weak lately.

 

[Reedex]

Cryptocurrency is not acceptable in my country because it is restricted.

 

[flower]

Cryptocurrency is banned in my country presently because it was accused of being used for sponsoring nefarious activities.

 

[Niyi Briggs]

In my country Nigeria, cryptocurrency is completely banned and remains illegal. Banks caught engaging in any transaction with cryptocurrencies would be sanctioned heavily.

 

[Reedex]

Presently, cryptocurrency related activities are not allowed in my country.

 

[flower]

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.

They do not want to adopt cryptocurrency because it could cannot be controlled by them.

 

[arunima]

They do not want to adopt cryptocurrency because it could cannot be controlled by them.

Very true. That's one thing that's the main reason and it's very valid. It's very challenging to control crytpcurrency as it is not centralised. And moreover, there are so many coins coming each day.. And it's quite a possibility that it can be used for illegal activities and even for funding terrorism. The fear of government around globe is justified.

 

[Yohanna]

Very true. That's one thing that's the main reason and it's very valid. It's very challenging to control crytpcurrency as it is not centralised. And moreover, there are so many coins coming each day.. And it's quite a possibility that it can be used for illegal activities and even for funding terrorism. The fear of government around globe is justified.

It's very difficult for the government to have control over bitcoin and that is why they have been engaging in cryptocurrency regulations.

 

[Clandestine]

Crypto has been accused of sabotaging the economy of my country and Killing the local currency. It remains banned in my country.

 

[Min George]

Crypto is illegal and exchange platforms can't even be accessed in the internet space in my country.

 

[nomad]

Frankly speaking, it is illegal. Buying selling, holding, trading, mining everything is illegal. A lot of people have been sent to jail for using crypto

 

[Fidelia]

Frankly speaking, it is illegal. Buying selling, holding, trading, mining everything is illegal. A lot of people have been sent to jail for using crypto

Did you say jail? How were those people tracked? And did they use crypto for mainstream transactions? It is illegal in my country but we use it for international payments.

 

[nomad]

Did you say jail? How were those people tracked? And did they use crypto for mainstream transactions? It is illegal in my country but we use it for international payments.

They were tracked based on their bank transactions that they used for trading and investment. They sold for bank payment and they bought with bank's money.

 

[Ratine]

In my country l have never heard anything about the crypto but l have seen it being used by small number of people

 

[Rubz]

In my country, cryptocurrency is now legal. Although, there was a time when it was banned in my country. There are a lot of regulations in place related to crypto in my country.