Is Cryptocurrency illegal?

[Senator]

It is a simple answer. They tell you that cryptocurrency is an ilegal stuff in their country because it is not yet accepted as a legal tender or means of exchange in those countries as it stands.

 

[Alexandoy]

It is a simple answer. They tell you that cryptocurrency is an ilegal stuff in their country because it is not yet accepted as a legal tender or means of exchange in those countries as it stands.

That is also my answer because crypto coin is not a registered commodity. It is like being smuggled when it enters a country. It also makes me wonder how the Bitcoin ATM are there in the US when the commodity is not legal. If those machines are registered and have a license then it is more intriguing.

 

[gammarays]

It'll depend on the country. Crypto is illegal in some countries like China, Nigeria and some others like India are against it even though it has not been banned yet. Other countries legalised it.

 

[Heatman]

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?

As far as I'm concerned there is absolutely nothing illegal about cryptocurrency except when they are banned in your country and your state right there on it which makes it an illegal transaction in your country.

 

[jeff87]

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?

Cryptocurrency in our country is very much legal. Our central bank approved of it and we have a platform that is regulated by it. It's so sad that it's still illegal in other countries. I hope someday all the nations will welcome cryptocurrency as a mode of payment. I like it because it's a digital currency.

 

[Khalidumra]

Well let me say in some country it is deemed as illegal but as the world is evolving soones every country would deal in crypto

 

[BrolySSJ]

Cryptocurrency is not as annoymous as we use to think of it back then. It is open to an extent as transactions can be traced from the sender to the receiver.

The transaction can be traced in the sense of you can see the wallet on the blockchain community however if you actually had to trace who used that wallet to a specific person that can be a lot more difficult because any person can change their cryptocurrency wallet address and any point in time by just refreshing it on the wallet that they are using.

 

[gammarays]

The transaction can be traced in the sense of you can see the wallet on the blockchain community however if you actually had to trace who used that wallet to a specific person that can be a lot more difficult because any person can change their cryptocurrency wallet address and any point in time by just refreshing it on the wallet that they are using.

Yes you're right. You can trace any transaction through the address and id but you can't link it to the owner unless it's in the custody of an exchange account. Most wallets just require to get only a secret phrase before you can use it.

 

[BrolySSJ]

Yes you're right. You can trace any transaction through the address and id but you can't link it to the owner unless it's in the custody of an exchange account. Most wallets just require to get only a secret phrase before you can use it.

Exactly and for many of these cryptocurrency wallets that people make yourself as well there is a feature that allows you to change your cryptocurrency wallet address and many people actually use that in order for there to not be a lot of transactions that are recorded on a single wallet.

 

[Josemendez]

The transaction can be traced in the sense of you can see the wallet on the blockchain community however if you actually had to trace who used that wallet to a specific person that can be a lot more difficult because any person can change their cryptocurrency wallet address and any point in time by just refreshing it on the wallet that they are using.

The transaction hash will reveal the wallet it was sent to and from there you can access the person's account and see all other transactions in the person's account.

 

[Bookwormlux]

Sometimes, criminals use crypto Currencies for their transaction that's why some countries say it is illegal. But that doesn't matter as people also use fiat Currencies for criminal activities.

 

[jeff87]

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.

I like cryptocurrency and I hope that all government will accept them. I am thankful for our government that they have not banned bitcoin. They only regulate it. I am so saddened by the news that their are countries banning cryptocurrency. And there is recent news that El Salvador accepted bitcoin as a legal tender in their country. Its a welcoming news for all traders and crypto lovers.

 

[Hena101]

Crypto currency is not illegal, people are just afraid of it because they know the government have no control over it that all but it is not illegal.

 

[Ralphjoe]

I like cryptocurrency and I hope that all government will accept them. I am thankful for our government that they have not banned bitcoin. They only regulate it. I am so saddened by the news that their are countries banning cryptocurrency. And there is recent news that El Salvador accepted bitcoin as a legal tender in their country. Its a welcoming news for all traders and crypto lovers.

Which is the good thing that the government has came up with modalities to be regulating cryptocurrencies and if my government has been able to do like the way your government has done I do not think that we would be castigating the government like the way we are currently doing right now.

 

[Shigobad2020]

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?

The use of crypto currency is getting popular and more sucessful for people that are investing in the crypto, and I believe crypto currency is legal but some countries believes that it can affect their economy.

 

[greenie]

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.

 

[ganibade]

Any country that call cryptocurrencies illegal will not develop as time goes on. This is currency that unite all world together in time of business. We buy and sell things with the aids of this currency.

 

[eLdavis]

These countries that do not accept crypto currency have their reasons why they do not accept it. Here is my country, there is currently a restriction on crypto currency and one of their reasons is that it is used for illegal activities.

 

[Laurentta]

Honestly, i don't know why some government still think that crypto currency is bad up till now. Most countries have placed a ban on crypto currency. They don't want to see any citizen of their country trading or investing in it.

 

[Yaqoob Habib]

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.

cryptocurrency is not illegal Because today is the age of technology Every person is doing business and earning money through latest technology People are earning money and living a happy life by trading with cryptocurrency online sitting at home. But there are some countries in which cryptocurrency is still illegal, it may be legal there in the coming years.