Is Cryptocurrency illegal?

[gammarays]

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.

There's no status that grants it legal or illegal in my country but I believe it's bad to make it illegal. The nature of cryptos which has made it a successful tool in the hands of hackers and scammers may have given it a bad name but it's advantages are numerous. It should be harmonised by different countries to boost their economy.

 

[Taimoor Jutt]

Not at all , crypto currency is not illegal. But yes some country not accept this type of currency because they have not grip on price or value of crypto currency. But i heard that Japan is backing Ripple coin as it is also crypto currency.
But we can not deny of the fame of crypto currency.
But there will be threat for govt because criminals are joint to these coins.

 

[Dorcey]

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.that is why till this moment am still very not sure if it legal Cus it's not yet government approved

 

[Ehtisham memon]

I don't think about the cryptocurrency is illegal but some person investment in the trading market it's legal work to buy the bitcoin and invest in the trading marketing bitcoin through to the crypto currency increase day by day every one want to invest them and earning money I think this site is legal to the online trading Bussiness

 

[Usman Sattar]

Until February 2020, the bitcoin was legal in the United States, Japan, the United States, and most other developed countries. In emerging markets, the legal status of the bitcoin is still dramatically different. China had imposed a lot of restrictions on bitcoins without criminalizing the holding of bitcoins. India has banned banks from trading in bitcoins and has not clarified the overall legal status of cryptocurrencies. In general, it is important to look at bitcoin laws in certain countries.

Post automatically merged: Jan 25, 2021

Until February 2020, the bitcoin was legal in the United States, Japan, the United States, and most other developed countries. In emerging markets, the legal status of the bitcoin is still dramatically different. China had imposed a lot of restrictions on bitcoins without criminalizing the holding of bitcoins. India has banned banks from trading in bitcoins and has not clarified the overall legal status of cryptocurrencies. In general, it is important to look at bitcoin laws in certain countries.

 

[Seun4luv]

In my country crypto currency is not illegal because under relevant laws crypto currency is not illegal, is a way of trading. Moreso, it is a currency that is politically stateless. Also, it's a store of value.

 

[Rimsha kanwal]

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?

State Bank of Pakistan had not declared crypto currency as illegal, joint director of SBP told Sindh High Court on Thursday.Hearing petition against restriction on trading virtual...
KARACHI: State Bank of Pakistan had not declared crypto currency as illegal, joint director of SBP told Sindh High Court on Thursday.
Hearing petition against restriction on trading virtual currencies, SHC’s division bench headed by Justice Mohammad Karim Khan Agha directed deputy governor SBP to file his statement as to whether or not there was any law, rule or regulation which prevents the crypto currency business in Pakistan. The court directed the counsel of the SBP to go through comments already filed by the SBP and the petition so that he can answer the questions of the court concerning the ability for a person in Pakistan to operate and use the crypto currency for business. The court directed federal law officer to file comments on behalf of ministry of finance by January 13 observing that in case comments was not filed by the ministry of finance, the secretary finance shall appear in person and explain the position.

 

[Zubair]

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?

Of course cryptocurrency is getting success day by day. Many countries are accepting it. But in Pakistan, government is not interested to legalize it at all. Many people tried it and requested to government but they were refused. It because they that that this would be a Spam with the people of our country because it's prices are not in control of anyone. If it's value decreases, people will have to face a huge loss.

 

[Sarfraz Ali123]

In the U.S., the IRS has defined cryptocurrencies as property, rather than as currencies proper. This means that individual investors are beholden to capital gains tax laws when it comes to reporting their cryptocurrency expenses and profits on their annual tax returns, regardless of where they purchased digital coins..

 

[Lyrrex]

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

 

[Nicklas22]

Dealing in or trading in cryptocurrency such as Bitcoin for example is not illegal under relevant laws. No law in Nigeria , Ghana, or Kenya has made dealing in cryptocurrency illegal or criminalized it, including cryptocurrency trading.

 

[Highflyer]

Bitcoin is by far the most decentralized cryptocurrency, and it's the only currency that can plausibly be said to be politically stateless. This is an enormous advantage in becoming a store of value. No other cryptocurrency can claim this, and it's possible that no other currency ever will.

 

[Kehinde]

Dealing in or trading in cryptocurrency such as bitcoin for example is not illegal under relevant laws. No law in Nigeria, Ghana, or Kenya has made dealing in cryptocurrency illegal or criminalized it, including cryptocurrency trading.

 

[Erik4150]

No Cryptocurrency is not illegal. It is just that cryptocurrency has not been widely accepted in most countries of the world. Arab countries, for instance, do not recognize cryptocurrency as a means of payment.

 

[Tariq Shehzad]

cryptocurrency is legit but all the governments are against the cryptocurrency market because they believe they can't control and dictate what goes on there, it is totally decentralized hence the fear and mostly people can't be able to transaction in cryptocurrency.

 

[singlej007]

Those countries who reject crypto claims the introduction of cryptocurrency has aided internet fraud. But most of the countries who rejected crypto are beginning to accept it again, trying to regulate the crypto exchange operating in their country.

 

[ronaldlorenzo01]

Maybe the time turn you out. Cryptocurrency is now accepted these days. Some companies are already using cryptocurrency. Do not be scared to use crypto as long as you know it is legit.

 

[Abbas ali]

It's official… selling your own legally acquired Bitcoin is a crime in the United States! If you sell your Bitcoin or other cryptocurrency without going through a regulated exchange, the US government is coming for you.

 

[Asad Ali]

Cryptocurrency is not illegal, but some countries do not have control over it.If there was a control or an appropriate policy, any government would allow it.Cryptocurrency has been on the rise for the past few years and people from different countries want to have a policy on it and make it legal.

 

[Rashid]

I think crypto currency is not illegal. But it is also not declared in many countries that it is legal.
Some countries accept these currency like Japan likes Ripple and Some not.
Reason is that countries has not to much grip on it if they had it would be global currency till now.