Like I have said before, I don't think any government can stop the use of cryptocurrency. The main reason some government in some countries against it is because it is decentralized and also affecting their local currency.
Will you trade or invest on cryptocurrency if it is illegal in your country
- Thread starter Justin
- Start date
I concur with what @Mika said above those institutions and nations that has banned the involvement of deposit money bank in crypto transactions will learn to appreciate it in the nearest future. The aim of the government especially the monetary authority of any country is to protect it financial institution is to be able to influence the money in circulation in the economy which is not applicable to digital asset and it liquidity.
They have already tried to stop the use of dealing with crypto currency by putting a ban on it from banks , but people still finds a way around it and are still investing in it.
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The trading of cryptocurrencies cannot really be banned persay. These countries having the supposed ban are placing the ban on trading it directly with their fiat currencies. So, people still trade cryptocurrencies in such countries without flaunting the law too.
Since everything takes in the virtual space, government cannot fully control crypto currency. It may term cryptos illegal but it does not have power to stop people from investing
If a particular thing has been termed ilegal, it will be a crime engaging in it. Just like it is ilegal trading cocaine, no one will want to be doing that. If it is ilegal in my country to trade cryptocurrencies, I'll not trade it
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If the law says I should not deal in the trading and exchange in cryptocurrency in my country, then I won't because it is the law of the land and it is final. I'll obey if that's the case
Elisha
Familiar Face
If any form of cryptocurrency is illegal in your country,I suggest someone should not participate in it because it is risky
I am a patriotic citizen of my country and I respect the rules and regulations that is governor my country if I will never invest in it.
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If crypto currency is deemed illegal in your country, it can be risky to trade or invest. However, if you are a long term investor and plan to hold for 5-10 years, you cna be hopeful about change in policy.
That is not the kind of ban he talking about. It is only banks and financial institutions that were banned from participating in cryptocurrency. Individuals were not ban from using or trading cryptocurrency, through peer to peer it was done to prevent financial institutions from using money deposits with them to invest on cryptocurrencies.
Cryptocurrency is illegal in Nigeria because Nigeria government has ban the use of cryptocurrency in the bank, so is not illegal to invest it here in Nigeria.
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With tje current stand of Cryptocurrency in my country is looking like an illegal investment scheme based on its anonymity. But still we find it going around it cos of our love for it. Even when our government banned its transactions with the fiat currency.
as a law-abiding citizen of my country I'm not going against the rules and regulation of my country if cryptocurrency is illegal in my country then I will not invest in it.
Laughs, being a good citizen is a welcomed one. But our country have made lots of good people to refrain from being good to doing malicious things to earn money.
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You can try investing in crypto currency even though it is illegal and in the meantime wait for the government to lift the ban. The ban will eventually be lifted because government cannot run away from crypto
You are very right of course. You can't start to go against the constitution and rules of your own country because you feel you don't like the rules. I will obey such rules if that's then case
If you have never invested or traded crypto currency or made use of crypto currency wallet so how do you withdraw from bizdustry because I know the only method available on bizdustry right now is litecoin.
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I see and believe myself to be a law abiding citizen of my beloved country. If my country would say cryptocurrency is made illegal, I will quickly comply to the laws and stay awau
Although I am also a law abiding citizen but mind you , the use of crypto currency has already been banned in Nigeria and you as a person is using it as a form of receiving fund, does that still make you a law abiding citizen?
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