It is legal at the moment but we have heavy tax restrictions. Our limit is $1000 per year before we have to notify the receiver of revenue. The local exchanges highlight the users to the tax man anyway as they would like to get their cut.
I will always stay within the laws and will look for ways to bend them. Having a bank accounts outside the country is a good way of avoiding any of the heartache and hassles.
There are some countries that turn a blind eye to any crypto transactions and they are a god send currently. I am not looking forward to when there is a bigger clampdown which is surely going to happen as crypto goes up in value.
I think the governments are scared as they are definitely losing control of their finances as people have just had enough.
In my country, Indonesia. The cryptocurrency is not a legal. Why because Sri mulyani Minister of finance disallow a cryptocurrency in indonesia. Sri mulyani said that She does not agree with cryptocurrency because the crypto is fluctuating. And according to constitution of Indonesia. The real currency just on rupiah not crypto.
The other reason that make crypto is not a legal currency is there are deviation in use crypto such as terrorism, money laundering and others.
@Hungryhustle, I am also from India. And in my opinion this phase is tough for the Crypto Enthusiasts but in my opinion let's hope for the best because i think that when the Crypto Sphere step by step will move towards the growth then we will going to see the adoption and it can take sometime but there is a time for sure.
Wishing you an great day and stay blessed. 🙂
Cryptocurrencies has not been legalized in my country though but we still manage to transact with cryptos. It is not a big hindrance as we can carry out transactions without being reprimanded.
yea absolutely not legal :D
So new tax system according to the news coming - so Cryptos Downnn :D