I can't say it's illegal but it's more regulated. Our country acknowledged the use of cryptocurrencies as means of transferring goods and services more likely remittances across domestic places. Also, the government supports the use and establishments of cryptocurrency platforms for trading, buying and soon to be ICO operations. So, I can say its more regulated that legal as there are still many entities and banking services that doesn't want to incorporate cryptocurrency. In no time, cryptocurrencies will take over our financial system but it will take and conquer tough battles.
Cryptocurrency at Indonesia
"No one oversees and is responsible for the movement of cryptocurrency. We are concerned about using digital assets such as bitcoin to fund terrorism or drug trafficking, "said Josua Pardede, economist at Bank Permata.
Maybe because of that also a number of countries quickly issued a statement regarding the risk of investing in bitcoin.
One of the largest cryptocurrency transaction sites in Indonesia, Bitcoin.co.id, also clearly contains the warning on its page.
Apart from being identical to illegal activities, cryptocurrency has not yet shown a stable character. The jumps then dropped dramatically, then slowly rose again.
Only those who are desperate and ready to lose are the only ones who dare to jump in the realm of cryptocurrency which is currently on the wind.
But if it is said that bitcoin is illegal in Indonesia, that is not entirely true. So far, bitcoin users are free to buy and sell their digital assets. Bitcoin status becomes illegal if used instead of money.
Bitcoin, the rumor was created by a man named Satoshi Nakamoto, originally purely made as a means of payment. But because of the high fluctuations in bitcoin, many consider him not worthy of being used as a currency.
"I personally disagree if bitcoin is said to be a medium of exchange. All transactions in Indonesia must use rupiah, because it is a legal tender here. Digital assets should have a special permit, so that all transactions can be monitored, so as to prevent illegal activities, "said Bitcoin Indonesia CEO Oscar Darmawan, who gave Japan as an example of a country that has regulated cryptocurrency.
So far, Bank Indonesia has firmly prohibited the use of bitcoin as a payment tool, with the reason of protecting consumers and national interests. South Korea, Australia and New Zealand also apply the same rules.
Many also use it as an investment commodity. This factor, coupled with the community's minimal knowledge of cryptocurrency, was used by several parties to offer lucrative investments but could not be trusted.
Unfortunately, the Financial Services Authority (OJK) in Indonesia does not have the right legal umbrella to monitor cryptocurrency activities.
"Bitcoin does not have a suitable legal position in Indonesia. Called a commodity, it does not have intrinsic value, if it is called a product that is in the investment area, bitcoin also does not have an underlying value. So it is rather difficult to be included in the commodity category, money, or investment products, "explained Fithri Hadi, Director of OJK Digital Financial Innovation.
While Indonesian policy makers are still considering the legal position that is suitable for cryptocurrency, on the market its existence already exists. There are already large requests and offers. Therefore, legal clarity for virtual currencies must be done immediately.
"There needs to be cooperation between stakeholders in addressing the presence of cryptocurrency. If there is a frame, digital transactions can be smooth. It could also be an opportunity to improve the ease of investment index in Indonesia, if seen in the future, "said Anthony Leong, an information and technology observer.
The Anadolu Agency website contains a summary of the news.
It is legal but there are restrictions. in South Africa currently we are flagged if we invest more than $1000. This is not great as it highlights you to the receiver of revenue for tax issues.
They only care about what they can make from you. I suppose that is understandable but I am sure once the Crypto market takes off there will be new laws regarding taxation. more and more people will start hiding things and taking there accounts off shore. I know Malta is offering good deals currently and this will only grow.
It is illegal in my country.As I am from Bangladesh.Actually,to be precise,it is not the cryptocurrency but the buying,selling or exchanging cryptocurrency that is illegal in our country.
According to a cautionary notice issued by the Bangladesh Bank,it says that any kinds of trade or exchange of cryptocurrency is illegal in Bangladesh according to the Foreign Exchange Regulation Act, 1947 and the Money Laundering Prevention Act, 2012.
On the other hand,Bangladesh Bank has stated in an another notice that using cryptocurrency inside the Bangladeshi territory can be considered as a violation of Anti-Terrorism Act, 2009.Therefore,it can be considered as a punishable offense according to that act also.
In Turkey, it is neither legal nor illegal. I want to share the relevant part of the explanation from the Central Bank of the Republic of Turkey:
"There are no direct regulations in our country about Bitcoin or similar cryptocoins, which are known as virtual currencies that are not issued by any official or private organization and that are not guaranteed for its money."
Source: http://www.hurriyet.com.tr/teknoloji/bitcoin-nedir-turkiyede-bitcoin-yasal-mi-40764088 (This is a newspaper article about bitcoin, which was translated by me in English)
Therefore, no taxes (yet). However, if cryptocurrencies get more popular, new regulations will surely be implemented.
There are mix views about Crypto-Currency in my country, some people are saying it is good and some are saying not good.
But still their are people who are dealing in Crypto and doing crypto trading including me.
As far as government concern Their is no Direct direction about Crypto is giving.
Our State Bank just says once in the news paper that they will not deal in Crypto and the people who is himself responsible for any lose etc.
But as far as block Chain technology concern, It is a revolutionary technology and it will rule the world in the coming one of two decades,
I personally love decentralization and It is given to us by Block chain.
In Poland, Crypto-currencies are legal but there's government "awareness" campaign trying to make people see it as a scam. There of course are examples of scam in crypto-currency world. BitConnect one of the famous ones.
The way crypto-currency trade is taxed in Poland is pretty much the biggest deterrent from trading.
Current tax code is interpreted in such way, each transaction is taxed rather than the profit.
If you do the math, you could be taxed $500,000 for your transactions even if you turn only $1,000 profit.
It is legal as in not illegal where I live.
Legal means not illegal. If the laws or regulations of your country say nothing about crypto explicitly, then you must assume it is legal. It's probably classified as property if there are no special provisions for it in the laws and regulations.
I can not say that it is illegal because the same government is implementing its own cryptocurrency and even they put a specific value on it.
But as far as I know, the mining of cryptocurrencies is illegal, maybe the trade with them is legal, but the mining here is illegal.
I live in Venezuela and the government wants to implement its cryptocurrency called "Petro" and the only way to obtain it is to buy it, not to mine it or anything like that.
So cryptocurrencies are not illegal at all here, only the mining of them.
Same in Nigeria here. It's neither legal nor illegally. The Government hasn't been that interested in the currency system and so it's no a prohibited currency.
Government non involvement has only made it unpopular in the economy. Most people are aware of its existence but not yet comfortable using it. It's economical and popular acceptance is still insignificant.
I am living in Bangladesh. It's illegal here
In my country, Indonesia. Cryptocurrency is banned because there is no guarantee of security. This currency is very fluctuate. Its value is always changing, so our government cannot guarantee if there are citizens who suffer losses. In addition, this cryptocurrency transaction cannot be detected, so that there are many abuses such as money laundering and government-prohibited transactions.