Is Cryptocurrency illegal?

[Naz Noshin]

This time is the time of Cryptocurrency. Which is getting success day by day. Many countries are accepting it as payment method.But still there are some countries which don't accept cryptocurrency as legit currency.
I just want to ask why they think Cryptocurrency is illegal?

 

[Sake]

It's not illegal, it's that governments doesn't have any control in it that's why there some countries that doesn't allow the use of Cryptocurrencies. Another reason is Cryptocurrency are often being used for illegal activities because of the reason that they would be hard to trace

 

[chicnthin]

Crypto currency are very much legal. It has been used as a payment method in many different countries. It has even its own ATM machine, exclusive for bitcoin.

 

[Oscar]

Most governments are against the cryptocurrency market because I believe they can't control and dictate what goes on there, it is totally decentralised hence the fear. I think with time they'll have to accept that cryptocurrencies are here to stay.

 

[Ralphjoe]

Cryptocurrencies are not illegal, they just doesn't have the acceptance by government and government institutions yet, and that can change in a short time.

 

[Bilal0087]

This time is the time of Cryptocurrency. Which is getting success day by day. Many countries are accepting it as payment method.But still there are some countries which don't accept cryptocurrency as legit currency.
I just want to ask why they think Cryptocurrency is illegal?

In most of the countries now it is legal currency but unfortunately in Pakistan it is still ans illegal currency to use it at professional level however some people are trying to legalise the Crypto in Pakistan.

 

[Dubai]

Although cryptocurrency is not backed by government polices and are not formally accepted as a medium of exchange in many countries, they are legal tender which could be used to make purchase world wide.

 

[Patrik]

It is in some countries but not in other countries, in fact, it's getting to be a normal thing day by day if you check the news, it's being used as a payment method in lot of platforms and getting more popular

 

[Erik4150]

Cryptocurrency is legal in most countries but in some countries it is not widely accepted due to lack of knowledge as regards to cryptocurrency. I don't know if it is banned in any country.

 

[chalcedony8]

I don't think it's illegal although my country's government has tried to place a ban on cryptocurrency ,although it's legal status remains ambiguous like in other countries

 

[WhiteHouse]

Different countries banned it for different reasons.
Saudi Arabia has restricted Bitcoin for strict reasons, saying it's incongruent with Muslim law. Iceland prohibited Bitcoin to ensure against an excessive amount of cash leaving the island country's outskirts. The Bolivian government restricted it on the basic reasoning that it doesn't control it.

So not really illegal, Bitcoin Still has alot to sort out

 

[Setho]

In generally, the idea of cryptocurrency is a very brilliant one as it is fast, can't be affected by middle men and transactions are almost untraceable. This doesn't sit well with some governments around the world because unlike fiat it can't be controlled by a central agency. A lot of diasporas can also send money direct through crypto without following the remittance procedure.

 

[Farhan Aslam]

This time is the time of Cryptocurrency. Which is getting success day by day. Many countries are accepting it as payment method.But still there are some countries which don't accept cryptocurrency as legit currency.
I just want to ask why they think Cryptocurrency is illegal?

It is considered illegal in many countries. The situation is similar in Pakistan. Even the corrupt currency is being considered illegal. But the world has to agree that this is a big plan now. The economy of any country can be better

 

[ahmedo24]

In countries where the activities of Crypto currencies are frown at and they prosecute people it is termed illegal, in countries where they permits the use of Crypto currencies like US, Iran, Venezuela etc they are legal.
In country where they are silent about the activities like most African countries they are legal to an extent.

 

[Suba]

In some countries cryptocurrency is prohibited from circulating and there are also countries that allow crytp to circulate and be used as a commodity asset (can be traded and there are many crypto exchanges in that country) but it is prohibited if used as a means of payment, why is crypto cryptocurrency illegal or prohibited in a country, because The government in these countries is afraid that the circulation of cryptocurrency can interfere with their fiat money circulation system, and will also be used as a means of laundering money for corruptors in that country.

 

[Hassan14]

This time is the time of Cryptocurrency. Which is getting success day by day. Many countries are accepting it as payment method.But still there are some countries which don't accept cryptocurrency as legit currency.
I just want to ask why they think Cryptocurrency is illegal?

Many Countries have cryptocurrency legal.And in Pakistan, cryptocurrency has not been fully legal yet. But there are some such genius people trying to legalize it in Pakistan. And I hope that this forum gets legalized that in the coming days.

 

[Lagazine]

Cryptocurrency is illegal in some countries, to ma age and regulate their exchanges rates in stock exchange. I also see cryptocurrency as a viable currency which will soon be accepted in all countries. It requires a gradual process. Just a little time to make it work.

 

[kaychiz]

Cryptocurrencies are not illegal. It's just that some countries do not yet have the framework to regulate crypto activities and transactions. That is the major reason why they may not welcome the idea for now. But once such a framework exists, acceptance will follow.

 

[Prettybabe]

There is no way in the world that cryptocurrency should be called illegal. It is very legit. Though some people might want to use it for illegal activities but it's the same way people use fiat currency for illegal activities too. Government are not just happy that they have no control over cryptocurrency.

 

[BrolySSJ]

This time is the time of Cryptocurrency. Which is getting success day by day. Many countries are accepting it as payment method.But still there are some countries which don't accept cryptocurrency as legit currency.
I just want to ask why they think Cryptocurrency is illegal?

For some countries they still are against the crypto usage and consider it illegal because of the criminal potential with these coins. Because these coins are considered to be anonymous and they cannot be tracked, it is used to fund many criminal actions and to launder money. Therefore since there is no way for the country to effectively regulate its use, they tend to deem it to be illegal. This is my understanding behind why countries tend to view crypto as illegal.