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Is it Legal to Accept Payments in the Form of Bitcoins?

Can you be held responsible for accepting payments in the form of bitcoins? I have some very good news and some very bad news about that. First of all, the bad news is that yes, it is illegal to accept payments in this way in most countries.

If you are looking into accepting payments, especially payments in the form of money through some online transaction, you are subject to certain laws or regulations. In some countries, the payment must be in a specific currency, such as American Dollars, Euro, Japanese Yen, British Pound or Canadian Dollar. In others, the payment may be in one or more currencies, but it must be in the currency that are recognized by the local law enforcement agency in the country in which you are sending the payment.

Second, you can be held responsible for any legal liability that you incur if you accept payments in the form of bitcoins. Whether they are from criminals in the U.S. or from terrorists in countries like Syria or Russia, there is no doubt that any money you send through any kind of transaction can be seized by law enforcement, especially if you are found guilty of any criminal activity.

It is also possible that your employer, or even your customers will sue you if you are found to be in violation of any applicable laws regarding such transactions. If you are in this situation and you accept payments in the form of bitcoins, it would be very difficult to prove that you did not violate any laws and that the charges you face are false and unfounded. Therefore, if you are wondering whether or not you can be held responsible for accepting payments in this way, I can tell you that you probably cannot be.

But, there are certain countries in which it may be illegal to send or receive payments through a virtual transaction system. The ones that fall under this category are the ones in which you are found to be acting as an intermediary for illegal transactions. You should be aware, however, that you may not be prosecuted for being an intermediary, if you only accept payments from one state to another. Your country may decide that you must charge a high fee before accepting payments to and from the other state.

In any case, it is not something that will be a concern if you are not involved in any legal transactions that involves the use of the virtual currency. However, if you are, you should be prepared to answer any questions from any law enforcement agents or lawyers that you face in the future. If you are an online businessperson who accepts payments in this form, you are likely going to need to be prepared for such inquiries as well.


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