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Author Topic: How does the government of your country view cryptocurrencies?  (Read 9404 times)


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Re: How does the government of your country view cryptocurrencies?
« Reply #30 on: March 08, 2021, 04:11:10 PM »

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Re: How does the government of your country view cryptocurrencies?
« Reply #31 on: March 08, 2021, 07:03:55 PM »
The government of my country has not yet legalized cryptocurrency. Moreover, we ourselves know why they will not legitimize it now. The government has not yet clarified its position on the issue, saying it will be misused for the benefit of cryptocurrency.
soon

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Re: How does the government of your country view cryptocurrencies?
« Reply #32 on: March 08, 2021, 07:55:54 PM »
The government in my country has placed an outright ban on any form of trading cryptocurrencies with any exchange, such an exchange or individual account will be frozen if caught and attract some penalty, its quite disappointing that the apex bank which is CBN took such a bad decision to the detriment of large unemployed youths who found succor in trading cryptocurrencies although a lot of the youths has resorted to the use of P2P for their transactions without the government interference.

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Re: How does the government of your country view cryptocurrencies?
« Reply #33 on: March 08, 2021, 08:03:03 PM »
@gabbie2010 do you know if in your country it is possible to sell and buy personally from other users?. In my country there are several places where you can buy and sell, they are not ATMs, they are somewhat similar to "stores", and although they are not very well known, they do their job very well.
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Re: How does the government of your country view cryptocurrencies?
« Reply #34 on: March 08, 2021, 08:12:05 PM »
In my country I can have bitcoin, but I have no right to sell or buy. And if I have a wallet with coins I have to report it to the tax authorities. And the bank can also block my account if they suspect I am trading in cryptocurrency. Which happened this morning.

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Re: How does the government of your country view cryptocurrencies?
« Reply #35 on: March 08, 2021, 08:17:55 PM »
@Johndoe that happens in several countries. As long as you have your cryptocurrencies in your wallets and do not convert them to fiat, and do not obtain an economic benefit, you will not have problems. The problem comes when you sell to fiat, they make you pay various taxes, and in some countries it is a very high percentage.
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Re: How does the government of your country view cryptocurrencies?
« Reply #36 on: March 08, 2021, 08:32:49 PM »
@Johndoe that happens in several countries. As long as you have your cryptocurrencies in your wallets and do not convert them to fiat, and do not obtain an economic benefit, you will not have problems. The problem comes when you sell to fiat, they make you pay various taxes, and in some countries it is a very high percentage.
That's what happened. I exchanged 3.18 Monero through an exchange office for fiat on the evening of March 6. And this morning my debit account was blocked with the words "laundering of hidden profits. And I now have to prove that it is my money and not some hacker gang or even worse a terrorist organization.

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Re: How does the government of your country view cryptocurrencies?
« Reply #36 on: March 08, 2021, 08:32:49 PM »


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Re: How does the government of your country view cryptocurrencies?
« Reply #37 on: March 09, 2021, 04:40:44 AM »
@Johndoe that happens in several countries. As long as you have your cryptocurrencies in your wallets and do not convert them to fiat, and do not obtain an economic benefit, you will not have problems. The problem comes when you sell to fiat, they make you pay various taxes, and in some countries it is a very high percentage.
That's what happened. I exchanged 3.18 Monero through an exchange office for fiat on the evening of March 6. And this morning my debit account was blocked with the words "laundering of hidden profits. And I now have to prove that it is my money and not some hacker gang or even worse a terrorist organization.
It's a pity that your government takes a rather extreme attitude towards crypto, because if people do not use crypto for payment, the position of fiat will not be affected and the government does not need to worry so much.
Have you worked with the bank and have any solutions yet? I hope you won't have any legal problems.
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Re: How does the government of your country view cryptocurrencies?
« Reply #38 on: March 09, 2021, 05:32:57 AM »
Whether we like it or not the government will always do their best to regulate everything that has to be gain from every areas. Government are always against cryptocurrency because they don't want to implement crypto in business sectors. But some countries are supporting crypto improvement for the sake of their community.

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Re: How does the government of your country view cryptocurrencies?
« Reply #39 on: March 09, 2021, 05:57:20 AM »
Whether we like it or not the government will always do their best to regulate everything that has to be gain from every areas. Government are always against cryptocurrency because they don't want to implement crypto in business sectors. But some countries are supporting crypto improvement for the sake of their community.
regulations will be made by the government by thinking about the pros and cons if they are prohibited, because after that it is clear that rules will have to be issued that can give legal force whether they are prohibited or allowed. all of course thought carefully so as not to harm in the future.

but in the age of technology has advanced and the development of the internet is also progressing rapidly, if there is a crypto prohibition there is clearly something that the government really wants to protect its citizens.
but many countries have also allowed crypto to be done because the development of crypto has advanced and is very helpful for many people.
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Offline Paha87

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Re: How does the government of your country view cryptocurrencies?
« Reply #40 on: March 09, 2021, 06:04:41 AM »
I'm sure your government needs time to take crypto for granted. Your country with strict laws and a great history! I advise you not to make sad conclusions and just wait. Cryptocurrency is tightly included in the financial sector of many countries, and it will soon be accepted by almost all powers.

Offline Johndoe

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Re: How does the government of your country view cryptocurrencies?
« Reply #41 on: March 09, 2021, 07:52:41 AM »
@Johndoe that happens in several countries. As long as you have your cryptocurrencies in your wallets and do not convert them to fiat, and do not obtain an economic benefit, you will not have problems. The problem comes when you sell to fiat, they make you pay various taxes, and in some countries it is a very high percentage.
That's what happened. I exchanged 3.18 Monero through an exchange office for fiat on the evening of March 6. And this morning my debit account was blocked with the words "laundering of hidden profits. And I now have to prove that it is my money and not some hacker gang or even worse a terrorist organization.
It's a pity that your government takes a rather extreme attitude towards crypto, because if people do not use crypto for payment, the position of fiat will not be affected and the government does not need to worry so much.
Have you worked with the bank and have any solutions yet? I hope you won't have any legal problems.
Today I came to my branch of the bank. I met with the manager. I presented all the proof that it was my money. Since I am disabled after a stroke, I explained to them that I earn freelance, and people can pay in dollars(for example) or cryptocurrency. Now I have to pay 13% taxes on my income. Now that's an adventure.

Offline labonikhatun

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Re: How does the government of your country view cryptocurrencies?
« Reply #42 on: March 09, 2021, 08:57:51 AM »
How your country's government views cryptocurrencies will usually depend on that country people can easily use crypto if there is no commission and no tax if the government supports it. However crypto is illegal in most places the government did not legitimize it because it could not control it.

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Re: How does the government of your country view cryptocurrencies?
« Reply #43 on: March 09, 2021, 09:19:55 AM »
In my country I can have bitcoin, but I have no right to sell or buy. And if I have a wallet with coins I have to report it to the tax authorities. And the bank can also block my account if they suspect I am trading in cryptocurrency. Which happened this morning.
Does this mean your bank account was block just due to suspect on crypto trading? Is there not suppose to be a proof that your account was actually used for crypto trading before it can be block? Any ways, the government of my country has ordered that all banks close Bank accounts that have been CONFIRM to be trading in crypto currencies that's why most traders have resolved to P2P now with no indication or mentioning of any thing relating to crypto while transacting.

Offline Johndoe

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Re: How does the government of your country view cryptocurrencies?
« Reply #44 on: March 09, 2021, 10:03:14 AM »
In my country I can have bitcoin, but I have no right to sell or buy. And if I have a wallet with coins I have to report it to the tax authorities. And the bank can also block my account if they suspect I am trading in cryptocurrency. Which happened this morning.
Does this mean your bank account was block just due to suspect on crypto trading? Is there not suppose to be a proof that your account was actually used for crypto trading before it can be block? Any ways, the government of my country has ordered that all banks close Bank accounts that have been CONFIRM to be trading in crypto currencies that's why most traders have resolved to P2P now with no indication or mentioning of any thing relating to crypto while transacting.
We have a law that allows the bank to block accounts if there is suspicion. And since cryptocurrency is not controlled by the state, hence all the consequences. They recognize it as a means of accumulation or value, but not a means of payment for settlements. As I wrote above - I can save it, but I have no right to sell or pay for something with it.

 

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