The “Eternal Question” The Legal Status of Your Crypto?

Searching the internet on the topic of Crpyto and how it is looked upon by the various governments out there can get really confusing.

Some governments treat crypto as an asset, some don’t.

Some look at it as being something “you” own, some don’t.

The list of contradictions just goes on and on.

At the end of the day, no matter what the case may be, it really boils down to your jurisdiction.

For example, there are certain currencies out there that the national bank of your citizenship does not “allow”/”accept” in its “safe”, or that banks in your country just won’t accept. For various reasons.

Same applies to crypto.

It is obviously going to take time for the nations of this world and their governments to get used to crypto!

HOWEVER now after roughly one decade, crypto is being defined by government bodies as having an official status, no matter what the reasons for it, they are definitely giving it a “legal status” and this is fantastic news for all crypto owners.

What this means for crypto is that in many a state out there, crypto can be used mainstream!

After all this is the goal for many of us crypto enthusiasts, “to see our crypto accepted at the local stores”!

In numerous posts and links that have been shared here on www.steemaustralia.org it is clear that Australia is a world leader in defining the legal status of crypto!

However, this doesn’t fix the various issues that still exist in many other countries out there and as crypto enthusiasts it is really important that we are well informed. For our own sake i.e. when “traveling abroad with a crypto debit card or crypto POS apps on our personal mobile phones” all the way to making sure that we don’t get “fined” when crossing the border” when asked “how much money are we declaring” to lets say “making crypto transactions with various businesses in other countries”.

The reason for the concern is purely a result of the non uniformity in legal status from one jurisdiction/country to another.

Australia is definitely a ‘role model” in the step by step process of adoption of blockchain technology and crypto, so while we wait for all the other countries out there to “catch up” it is our responsibility to know the facts before traveling and to ensure we keep lobbying for the mainstream adoption of crpyto on an international level.

For a good read on the topic here is a recent article on theconversation.com.

It is simply titled:

You may not actually own your Bitcoin – legal expert

https://theconversation.com/you-may-not-actually-own-your-bitcoin-legal-expert-107307

 

Definitely a lot of work left for many a government and their legal advisors!

On that note, signing out for www.steemaustralia.org

@jackmiller

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