What Will Happen If You Hold Cryptocurrencies And Live In A Country Crypto Is Not Allowed?

[Good-Guy]

No one was expecting that cryptocurrencies would be banned by so many countries around the world. The fact of the matter remains that no matter if you ban cryptocurrencies, there will always remain a large group of people who use cryptocurrencies in such countries where cryptocurrencies are banned. But I do not understand what will happen exactly if you use cryptocurrencies in a country where using cryptocurrencies are actually banned? Let's say if you do live in such a country and if you have a software wallet and you hold coins in that wallet, then how would the government know that there is a person who is holding coins? Please note that in some countries, even holding coins in your wallet is not allowed. So what will happen? Will the police come to your house to arrest you? How will they find out that you are holding coins?

 

[Josemendez]

It is quite simple . You won't be able to withdraw to Fiat currency in the country . What you can only do is to use peer to peer trading to withdraw .
Alternatively , you can convert it to other digital wallet like payeer , PayPal etc and then withdraw to Fiat currency .
There will surely be an option to withdraw to Fiat currency

 

[Good-Guy]

It is quite simple . You won't be able to withdraw to Fiat currency in the country . What you can only do is to use peer to peer trading to withdraw .
Alternatively , you can convert it to other digital wallet like payeer , PayPal etc and then withdraw to Fiat currency .
There will surely be an option to withdraw to Fiat currency

I am not sure why do many governments say that they will arrest you if they find out that you are holding cryptocurrencies. Is it really possible for them to find out that you are holding cryptocurrencies and send police at your house to arrest you? I am not aware of any way they can actually find out until or unless you announce to the whole world that you are holding cryptocurrencies. Some countries like India have laws that would make you go to jail if the government finds out that you possess cryptocurrencies in your wallets.

 

[Josemendez]

am not sure why do many governments say that they will arrest you if they find out that you are holding cryptocurrencies. Is it really possible for them to find out that you are holding cryptocurrencies and send police at your house to arrest you

With peer to peer transaction , one may not be able to be tracked because it doesn't leave any trace of cryptocurrency.
The police will only come after you if they see you on the road and upon checking your phone sees bitcoin. The best way is to have it hidden in your phone if it has gotten to this extent.

 

[Bookwormlux]

Crypto Currencies were banned in my country at February this year and I must say that this did not stop me from having some coins in my portfolio and the use of binance peer to peer market place has made everything work very easily too. I do not think any police man would ever arrest me for holding some crypto Currencies.

 

[A K Rao]

The Crypto currency was banned previously in India. After a case was filed by one of the citizen the dealing in crypto currency is permitted now a new law would be introduced soon.

Previously, the person who gets caught while dealing in crypto currency in any way he was given a strict punishment. I really have no idea if anyone was actually punished or not. I remember that they were planning to charge heavy penalty then.

 

[sincerem]

Since Cryptocurrency is decentralized it means anything can happen. You can use another country's exchange platform, using the P2P method negotiating with a foreign merchant can still make you sell transact successfully around crypto when your country doesn't permit it. This days even those who aren't legalized to use it by their country govt are using it successfully this day.

 

[Sherman198]

I think most countries with effective fundamental human rights, knows they can't literally ban you from holding Bitcoin, because Bitcoin is seen as an asset or property not currency. And you have your rights to property and asset which is enshrined in the Constitution.
What they can do is ban most of the exchange sites.

Even at that, you can still exchange your Bitcoin to fiat through P2P sites.

 

[Sikapa]

If is possible not to hold crytocurrency coins in your crytocurrency wallet or portfolio then why should you still hold? You know the police can arrest you for this then you should know what to do before things get late. You can just transfer your coins into either your PayPal account or other online accounts and be free.

 

[Ithedicious]

If you are living in a location in which cryptocurrency is not accepted but you still have cryptocurrency on your own wallet, I guess the best thing you just have to do is to make sure that you do not open your wallet because there is how the government can track you and arrest you if you make any attempts to use cryptocurrency in a location that is not accepted.

The best thing you just have to do is to write out all your secret code and let them be in your file because there will be a time in which you will travel to a location in which cryptocurrency will be accepted and from there you can then consider withdrawing your cryptocurrency.

For example , if cryptocurrency is not being accepted in my location here , a lot of cryptocurrencies investors and traders will always like to migrate to a location in which cryptocurrency is being accepted because obviously that is their own source of income and government trying to banned cryptocurrency indicate that they don't want them to survive.

So they have to obviously go to a place they can Excel with their skill and make the best use of it .