Is Cryptocurrency illegal?

[Rodericklorenzo01]

Cryptocurrency is not illegal. It is used for so many transactions. It does not violate any law. I'm sure next time it is the top currency in the world.

 

[Bart Simpson]

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.

 

[iamgroot]

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?

No its not, crypto itself is not illegal even though some criminal minds uses it illegally. Maybe some countries didnt embrace cryptocurrency yet thats why theyre not yet using it. Years from now, you will see they cant help it but to embrace and accept cryptos because virtual currency is the future.

 

[GIFTMICHAEL]

The number of countries is starting to accept cryptocurrency has increased drastically, and they have moved from the illegal standpoint to the more legal side of cryptocurrency. And I think that this is very important in the future developments for adoption in other countries because many countries looked what other countries are doing before they implement anything. So seeing a country implementing cryptocurrency and how they're able to manage it will be able to help other countries to remove that illegal status from cryptocurrency and start accepting it.

Exactly that is absolutely true. I understand understand that when it comes to development and perception some country tend to be proactive than others.
Condition can also force a country into the reality of cryptocurrency. For instance in the case of Venezuela they did not adopt cryptocurrency ordinarily. They had no choice.

 

[Ehizzy1]

I think most countries are scared of accepting it as payments just because of the coin rate of flunctuation , and some actually believes that its not good for the economy ,but in my country crypto is not legalised but can be used as payment for goods and services if you wish to do so

 

[MRizwan530]

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?

Cryptocurrencies legal but some governments have issue about it because cryptocurrency did not have any physical form or paper form so they are not controlling cryptocurrency and they cannot handle the issues about the laws of security password address and any other issues about cryptocurrency.

 

[BrolySSJ]

Exactly that is absolutely true. I understand understand that when it comes to development and perception some country tend to be proactive than others.
Condition can also force a country into the reality of cryptocurrency. For instance in the case of Venezuela they did not adopt cryptocurrency ordinarily. They had no choice.

If I'm not mistaken I think that they turned to the cryptocurrency system because of their financial situation of the country and in order to generate them and extra income. And since doing they have greatly profited from cryptocurrency and hopefully other countries can they use that as a basis on which to see the potential that this has.

Other countries are more proactive than certain ones because they have the resources and the ability to try out something without having an impact on the economy to such a large extent. Smaller or poorer countries are unable to do this because one slip-up and economy could result in devastating effects in the future.

 

[GIFTMICHAEL]

If I'm not mistaken I think that they turned to the cryptocurrency system because of their financial situation of the country and in order to generate them and extra income. And since doing they have greatly profited from cryptocurrency and hopefully other countries can they use that as a basis on which to see the potential that this has.

Other countries are more proactive than certain ones because they have the resources and the ability to try out something without having an impact on the economy to such a large extent. Smaller or poorer countries are unable to do this because one slip-up and economy could result in devastating effects in the future.

Yeah but in the case of Venezuela I was thinking that they are facing sanction from United States against the use of dollars.
Anyway whatever it is I think that situation either good or bad prompted their resort or resolution for cryptocurrency.

 

[BrolySSJ]

Yeah but in the case of Venezuela I was thinking that they are facing sanction from United States against the use of dollars.
Anyway whatever it is I think that situation either good or bad prompted their resort or resolution for cryptocurrency.

And yes I did see about the sanctions have been implemented by the United States against this country. In fact there was an article is not long after the sanctions that the army was using mining for cryptocurrency in order to fund their army operations and in order to get income. So it truly shows are cryptocurrency you can take them even further in the economy without the need of assistance from other countries as well. So for those countries that are struggling perhaps cryptocurrency can be a way for them to become independent.

 

[GIFTMICHAEL]

And yes I did see about the sanctions have been implemented by the United States against this country. In fact there was an article is not long after the sanctions that the army was using mining for cryptocurrency in order to fund their army operations and in order to get income. So it truly shows are cryptocurrency you can take them even further in the economy without the need of assistance from other countries as well. So for those countries that are struggling perhaps cryptocurrency can be a way for them to become independent.

If United States will allow that to happen. They wouldn't want a situation whereby an unknown digital currency will just deplace dollars.
Otherwise in my opinion if cryptocurrency is adopted as a single currency for international trade payment dollars might lose it's value.

 

[Herzhan]

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?

Well, in Nigeria it's illegal but I believe crypto currency is not illegal. It's digital currency. And it's either earned or bought. You can buy crypto and keep it to grow. I believe some countries that tagged it illegal will soon change their mentality on it. Crypto currency is the future

 

[Caali]

Both yes and No. The government is at a fix and right now don’t have any mechanism to regulate the cryptocurrency. In absence of a law for a particular thing it can potentially either be legal or illegal depending on what legislation is made later on and will that legislation regulate it or make it illegal.

 

[Adebayonle7]

Illegal??? That's ridiculous! It can not be illegal when markets all around the world recognizes them and are trading with them day in day out. The stock exchange market now highly regard them and daily more individuals now prefer to have their money saved in crypto wallets. They are willing to take the risk of their rise or fall. This alone answers your question.

 

[Josemendez]

Cryptocurrency is not illegal . There is this wrong mindset that people have about cryptocurrency and it is very wrong . Cryptocurrency may be used to carry out illegal activities ,but that does not make it illegal .
Infact cryptocurrency in near future should be the plans of most countries in lifting their economy .

 

[Zamaney]

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

 

[btaliat]

It is not legal. But the government wants it to appear illegal because it doesn't give them an avenue to have their own share. They can tax citizens for using bitcoins because bitcoins is untraceable. That's why they have been waging war against it.

 

[BrolySSJ]

T

If United States will allow that to happen. They wouldn't want a situation whereby an unknown digital currency will just deplace dollars.
Otherwise in my opinion if cryptocurrency is adopted as a single currency for international trade payment dollars might lose it's value.

This is a good point. The global adoption of crypto might in fact cause the US dollar to become devalued. However, at the same time there is also the case where the cryptocurrency, in general, is based or valued against the dollar as well, so there will be a strong correlation between the two. However, perhaps in this case they will be moving to a digital dollar system in order to try and increase the dollar through the crypto market as well? This will be a good way to increase its value and still compete with the crypto market.

 

[Afrinish]

Sone country is cryptocurrency is legal but some counrtry is cryptocurrency is not legal .
This businesss is day by day is more popular investment of the investment .
Many country is not acceptable for this payment

 

[GIFTMICHAEL]

T

This is a good point. The global adoption of crypto might in fact cause the US dollar to become devalued. However, at the same time there is also the case where the cryptocurrency, in general, is based or valued against the dollar as well, so there will be a strong correlation between the two. However, perhaps in this case they will be moving to a digital dollar system in order to try and increase the dollar through the crypto market as well? This will be a good way to increase its value and still compete with the crypto market.

You made a good point here.
The dollar will not behave like a digital currency or cryptocurrency.
This coin called cryptocurrency is very mysterious.
Dollar won't like any currency exchange to take the place of dollar in the international market.

 

[Xerryl]

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.