Crypto markets can exist without government permission

[de_prof]

It is sad to hear this, people mustn't be arrested because they have crypto.
People must be afraid to have crypto if they will be arrested, no one wants to be jailed.
In this situation, I'm sure there is a big decrease of the interest of having crypto in your country.

Sure, there should be a chance to have a legal status in the future. When more countries to declare about legal tender on Bitcoin, your government will consider to legalize crypto.

That's right, there should be clear rules about crypto, why is it prohibited? Why do those who have crypto have to go to prison?  What crimes do crypto lovers commit? This is funny. Crypto is digital currency, technology of the future. No one can refuse the technology. The government should legalize crypto, and in return the government gets taxes from crypto.

[gunhell16]

It is sad to hear this, people mustn't be arrested because they have crypto.
People must be afraid to have crypto if they will be arrested, no one wants to be jailed.
In this situation, I'm sure there is a big decrease of the interest of having crypto in your country.

Sure, there should be a chance to have a legal status in the future. When more countries to declare about legal tender on Bitcoin, your government will consider to legalize crypto.

That's right, there should be clear rules about crypto, why is it prohibited? Why do those who have crypto have to go to prison?  What crimes do crypto lovers commit? This is funny. Crypto is digital currency, technology of the future. No one can refuse the technology. The government should legalize crypto, and in return the government gets taxes from crypto.

It doesn't seem worth it if you get arrested just because you have cryptocurrency. Is having cryptocurrency in another country or having Bitcoin a crime? That is not the correct implementation of a country in reality. And it's not fair in my assessment either.

It's okay if the government taxes the crypto enthusiasts on the cryptos they earn, so it still doesn't seem good because it seems that Bitcoin is already regulated, but with Bitcoin, they can't do that for sure.

[robelneo]

Does your country have a plan to accept crypto? Are you willing to use crypto as a legal payment method alongside fiat currency?

My country adopted what is the new trend in the market and technology so it's easy for my country to adopt Bitcoin, I notice that users from the third world are very open to Cryptocurrency because, besides the underlying technology behind Cryptocurrency, there is a promised profit for those who support, invest and HODL, so many of us here in our country are now using Cryptocurrency to pay their bills, just the other day I convert my Crypto to pay for my internet I just wish that many establishment on malls accept Cryptocurrency or just show signage that they accept Bitcoin.

[Uruhara]

In the digital world or on the internet, I quite often use crypto to top up my internet bill payments. Besides, I rarely do it. But in my country crypto is only considered a commodity asset so here we can safely buy and sell it. But it seems that it will not be permitted as a means of payment here because it is not in accordance with existing regulations.

[TomPluz]

Does your country have a plan to accept crypto? Are you willing to use crypto as a legal payment method alongside fiat currency?

Year ago, when I was opening a bank account with a big universal bank here in my country, the one assisting me told me that it is the policy of the bank to have nothing to do with cryptocurrency meaning that no money from cryptocurrency trading and profits can be sent to my account...at that time Coins.Ph was the most popular way to convert crypto to cash so money from Coins.Ph was discouraged to be sent to my account. Today, since Coins.Ph failed to be a big leader in the crypto space here most people into crypto are now using Binance P2P and Gcash/Maya and even banks where to send the money. Now, with the possible closure of Binance operation here, we will see where we will go maybe go back to Coins.Ph where rates are lower probably because they are paying taxes and is really legally operating here. On the question above, there is no specific law covering the business of cryptocurrency and my country is using existing laws most especially those covering foreign exchange transactions. I am hoping that soon we can come up with a comprehensive law covering most of the matters of the business so that once and for all things related to tax can also be clarified and fintech companies can operate here on the open. I have no problem with cryptocurrency also used like a currency along side with our national money...in fact it would be exciting though I am a little bit wary on explosion of possible scams so this is where we can go back to that law for this matter. In addition, there are now some outfits here accepting Bitcoin though I am not seeing many others adopting that fast.

[0t3p0t]

In the digital world or on the internet, I quite often use crypto to top up my internet bill payments. Besides, I rarely do it. But in my country crypto is only considered a commodity asset so here we can safely buy and sell it. But it seems that it will not be permitted as a means of payment here because it is not in accordance with existing regulations.

Here in my country crypto transactions is all good. About using crypto as internet bill payment, I am doing the same way some years back when the time I had a little knowledge about hodling Bitcoins for long term purposes. But right it's not gonna happen again as I use Bitcoin more of an investment rather than a payment method. The only downside here is that the SEC will impose ban on unregistered exchange like Binance and many others which is for me the most convenient exchange that existed.

[legend45]

Here in my country crypto transactions is all good. About using crypto as internet bill payment, I am doing the same way some years back when the time I had a little knowledge about hodling Bitcoins for long term purposes. But right it's not gonna happen again as I use Bitcoin more of an investment rather than a payment method.

Nice to hear stories in your country.  Unfortunately In my country, crypto is only for investment commodity mate, not for payment.  The government prohibits using crypto for payments.  Maybe one day the government in our country will allow it.

[DrBeer]

In the digital world or on the internet, I quite often use crypto to top up my internet bill payments. Besides, I rarely do it. But in my country crypto is only considered a commodity asset so here we can safely buy and sell it. But it seems that it will not be permitted as a means of payment here because it is not in accordance with existing regulations.

I stand by the idea that cryptocurrencies will not be recognized for legal payments, and there are real reasons for that.
1. it essentially increases the amount of money in circulation. I.e. it disrupts the conventionally balanced financial system of the state.
2. A primitive question - what to do with taxes ? Accept them in cryptocurrency ? And where will the state use it? To pay your pensions? Will you agree to receive your pension with an asset with wild volatility and complete decentralization? And the state will not be able to use them in any other way, because the world market does not work with cryptocurrency.
3. A simple question - how to form prices in local currency and bitcoin, for example ? In what will be assessed the real value of the product ? In local currency? In bitcoin?

And there are so many such questions that any advantages of cryptocurrency are nullified by these complexities.

I am in favor of crypto-assets being an investment asset, but not money

[Jamal Aezaz]

Nice to hear stories in your country.  Unfortunately In my country, crypto is only for investment commodity mate, not for payment.  The government prohibits using crypto for payments.  Maybe one day the government in our country will allow it.

Actually in every country crypto is now used for investment purpose instead of payment method because people wants to multiply their wealth which can be possible only if they hold their asset for longer time instead of using it for buying objects.

In most of the countries the government does not allow the payment in the form of Crypto but when Crypto become more powerful and more successful then may be government of all countries accept bitcoin as a payment method for buying and selling of different materials.

[bayu7adi]

Nice to hear stories in your country.  Unfortunately In my country, crypto is only for investment commodity mate, not for payment.  The government prohibits using crypto for payments.  Maybe one day the government in our country will allow it.

Actually in every country crypto is now used for investment purpose instead of payment method because people wants to multiply their wealth which can be possible only if they hold their asset for longer time instead of using it for buying objects.

In most of the countries the government does not allow the payment in the form of Crypto but when Crypto become more powerful and more successful then may be government of all countries accept bitcoin as a payment method for buying and selling of different materials.

Perhaps what @legend45 means is that in their country, crypto is mainly used for investment purposes due to government regulations. However, in El Salvador, Bitcoin is legally accepted for buying and selling goods.

Using Bitcoin to purchase items like laptops, motorcycles, or cars does offer some convenience. But, up to now, most holders prefer to gain profits with their basic reference being FIAT currency. And for anyone who observes the profit from Bitcoin when converted into FIAT, their primary currency remains FIAT, not Bitcoin.

Indeed, it's not easy to establish Bitcoin as a widely used currency.

[Etranger]

In my country crypto is not legal, but is not illegal as well.Right now its status is undecided and undefined. But the government created a few initiatives for legalising crypto and they preparing regulations. I think it will make crypto field more attractive for new investors, but the taxes will intimidate a lot, because they are planned to be quite high.

[armanda90]

Government regulation is very important how to make bitcoin keep existing in the future, although as allowed for commodity assets only is enough for us get profitable and make bitcoin investment assets in the future. But will make more profitable and bitcoin get popular if government allowed as legal currency transaction, I think without government regulation or permission difficult for bitcoin keep existing and get problem when withdrawing bitcoin fund to the bank.
Less countries not supported bitcoin right now, I think most government give permission for bitcoin legal although only commodity assets.

[Gurujebs]

Government regulation is very important how to make bitcoin keep existing in the future, although as allowed for commodity assets only is enough for us get profitable and make bitcoin investment assets in the future. But will make more profitable and bitcoin get popular if government allowed as legal currency transaction, I think without government regulation or permission difficult for bitcoin keep existing and get problem when withdrawing bitcoin fund to the bank.
Less countries not supported bitcoin right now, I think most government give permission for bitcoin legal although only commodity assets.

It's not about the regulatory framework of Bitcoin, the government relationship just have to be friendly with crypto. If today government across the globe decide to do crack down on the crypto market because of the negative things crypto has impacted on the society, it will not survive and if it does, the growth will be slow and adoption will not increase.

We need the government, we need to be friends with them in some aspect to allow people have free will to buy and sell Bitcoin and other altcoins and not be like the way China and other countries has ban their people from buying and selling Bitcoin.

[Carbitcoin]

Government regulation is very important how to make bitcoin keep existing in the future, although as allowed for commodity assets only is enough for us get profitable and make bitcoin investment assets in the future. But will make more profitable and bitcoin get popular if government allowed as legal currency transaction, I think without government regulation or permission difficult for bitcoin keep existing and get problem when withdrawing bitcoin fund to the bank.
Less countries not supported bitcoin right now, I think most government give permission for bitcoin legal although only commodity assets.

It's not about the regulatory framework of Bitcoin, the government relationship just have to be friendly with crypto. If today government across the globe decide to do crack down on the crypto market because of the negative things crypto has impacted on the society, it will not survive and if it does, the growth will be slow and adoption will not increase.

We need the government, we need to be friends with them in some aspect to allow people have free will to buy and sell Bitcoin and other altcoins and not be like the way China and other countries has ban their people from buying and selling Bitcoin.

States are solving a difficult task - how to connect two worlds, but not destroy one by the other.  Cryptocurrency as a phenomenon is already independent enough not to disappear if even millions of people stop believing in it.  But its behavior remains unpredictable, and this is very bad for the financial system.

[Gideon99]

Recently, Nigerian government lifted the ban on banks involved in crypto-enabled services. Of course, this is beneficial for the crypto market in this country, but even before this authorization, the crypto market in Nigeria was already very developed through P2P.

“The ban by CBN on Nigerian banks from aiding crypto transactions made P2P merchants dominant in the first place. The ban was supposed to stamp out Bitcoin and crypto use in Nigeria. Instead, the crypto community turned to peer-to-peer trades or sending payments directly to each other.”
Source: Nigerian crypto exchanges and P2P merchants brace for battle post ban lift.

This once again shows the independence of transactions on blockchain from the management or permission of countries. China has banned crypto, but people can still buy, sell and store crypto assets without too much difficulty. It is this intense existence that has forced governments to be more serious when considering and accepting the existence and operation of crypto. Taxes, job opportunities, foreign investment are the things that every government wants to develop the country.

I believe that the wave of crypto adoption will soon spread globally, not only in El Salvador or Argentina, many other countries will soon have a clear legal framework to manage and collect taxes from this market. Large institutions have participated such as BlackRock, Vanguard, Fidelity, now it is the turn of governments.

Does your country have a plan to accept crypto? Are you willing to use crypto as a legal payment method alongside fiat currency?

I will say p2p has been the way of trading cryptocurrencies since the ban of crypto, crypto transaction has been taking place all this while , government place a ban still yet crypto transaction are still taking place.