An emulator can be illegal if it uses patetend technology.
It is illegal to download ROMs. In most jurisdictions, you're allowed to make a backup copy of your game, as long as you make the backup copy yourself (ie not download it from from the internet). If you sell your original copy of the game, you're no longer allowed to keep your backup.
There is no 24 hours rule, it's a myth.
Also, there is a difference between "Is it illegal?" and "Will I get caught for it?".
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