Post
Topic
Board Bitcoin Discussion
Merits 4 from 1 user
Re: How to keep BTC safe amidst bans?
by
Welsh
on 29/12/2021, 15:03:23 UTC
⭐ Merited by o_e_l_e_o (4)
Without actually knowing the specifics of the laws that the government brings in, then its hard to answer your question. Assuming you want to remain legal of course. If the government ties your Bitcoin holdings to your residency and effectively try to prevent you from using Bitcoin despite where you currently reside even if temporarily. Though, I don't think they could do that without cooperation with another country.

I'm pretty sure without obviously offering you legal advice, if a country bans the use of Bitcoin, that ban ends at their borders. If you are in another country which hasn't banned Bitcoin then you should be able to continue using your Bitcoin.

However, if a government prevents you holding Bitcoin completely, which again I'm not sure they could even do since what's classed as owning Bitcoin when its stored in a cold wallet for instance. I would have thought any ban would be the ban of using it, not actually owning any.

Although, if a government did ban the use of Cryptocurrency its not likely to be instant, and very likely to include a grace period where you can get your thoughts together, and tackle the issue without losing any funds. However, as you say its likely that you'd be able to continue to use Bitcoin outside of that country legally if they were to ever ban it.