Is Cryptocurrency illegal?

[Orluprosper]

For me, it's not illegal it's an online investment which will in one day yield increase.. people feel it's scam.. if only they understand what it means and what it entails .. imagine Bitcoin and etherrum when my friend told me about it I felt it was illegal and scam.. see it today waxing and booming.

 

[Eyiteepraise]

Dealing or trading in crypto currency such as bitcoin is not illegal under relevant laws. No laws in Nigeria, ghana or Kenya has made dealing in crypto currency illegal or criminalized

 

[Damscooguns73]

Concerning if cryptocurrency is illegal. Well, that will be very wrong to say, it is legal because some developed countries are having it as a means of payment now, the countries that has not accepted it is because there government is will not be able to have control over it

 

[Adetayo100]

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

 

[Kelly5]

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 are not illegal. Most government of the world Don't use it as a legal tender does not mean it is illegal. After all people around the world have been using cryptocurrency to the their legal exchanges without issues.

 

[LaylaG]

I think it depends on certain countries because there are some countries that consider cryptocurrency as an illegal mode of transaction and there are also some countries that accept cryptocurrency so it depends on country you are talking about but on general speaking cryptocurrency is a legal way of digital transaction.

 

[Ehtisham memon]

Yes some country is legal crypto currency and people earn with this courtesy but in Pakistan some person still to work in it to the legalized this country because every person wants to earn through this currency cryptocurrency trading marketing is increasing day by day I think it's become legalized in Pakistan in some time taking I want to joined this Bussiness

 

[GIFTMICHAEL]

So many countries are now using cryptocurrency as a means of payment. That some country are yet to accept cryptocurrency or trying to recognize it doesn't me that it is not going to be legal.
It is a matter of choice until gradually when the world will adopt it in full.

Post automatically merged: Jan 25, 2021

So many countries are now using cryptocurrency as a means of payment. That some country are yet to accept cryptocurrency or trying to recognize it doesn't me that it is not going to be legal.
It is a matter of choice until gradually when the world will adopt it in full.

 

[idhans]

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 is a digital currency and there is no illegality about cryptocurrencies. Cryptocurrency is enabled by blockchain technology and to me it is the world's future currency.

 

[Ridorz]

Cryptocorrency is not a illegal in some parts of world but it's still a illegal in some parts if world. Some countries have accepted crypto currency as a legal currency while some of country like Nigeria still seeing it as a illegal currency. But I believe that others country will soon accept it.

 

[Holluwaphemmy]

Cryptocurrency is a legit means of payment. It is accepted all over the world and even some countries in the world. Many people in the world are now going digital and this reduce the use of cash drastically. Many people are now even using cryptocurrency as their preferred payment method

Post automatically merged: Jan 25, 2021

Cryptocurrency is a legit means of payment. It is accepted all over the world and even some countries in the world. Many people in the world are now going digital and this reduce the use of cash drastically. Many people are now even using cryptocurrency as their preferred payment method

 

[Richmond funke abosede]

Even where Bitcoin is legal, most of the laws that apply to other assets also apply to Bitcoin. Tax laws are the area where most people are likely to run into trouble. For tax purposes, bitcoins are usually treated as property rather than currency. Bitcoin is generally not considered legal tender.

 

[Kiko]

Maybe it depends on the place where you live. Along with the explosion of interest in digital currency and its implications for both new and traditional businesses, there is a growing need for clarity regarding these new technologies and currencies' legal consequences. As governments worldwide, regulatory agencies, central banks, and other financial institutions are working to understand the nature and meaning of digital currencies, individual investors can make a great deal of money investing in this new space.

 

[Rainlover207]

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

 

[Emma Aneni]

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. Therefore since there is no way for the country to effectively regulate its use, they tend to deem it to be illegal.

 

[Hasan Raza]

In most of the countries 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.

 

[Kehinde]

A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers.

 

[Shivay]

U

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?

I am from India and in my country the trading of Cryptocurrencies is completely illegal and there are always news about cryptocurrencies that Mr. Narendra Modi is looking towards making cryptocurrencies especially bitcoin , legal in banking system with trading and storing without any problem
Lets hope , it comes soon.

 

[Akinwale701]

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 is not illegal in my country here but what makes our government to ban it is the way internet scammers commit fraud using Crypto like bitcoin and others. I think there's should be a way to trace Cryptocurrency transactions this will minimize the fraud about it and will make some countries legalize it.

 

[BrolySSJ]

So many countries are now using cryptocurrency as a means of payment. That some country are yet to accept cryptocurrency or trying to recognize it doesn't me that it is not going to be legal.
It is a matter of choice until gradually when the world will adopt it in full.

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.