Is Bitcoin Legal Worldwide?

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The digital peer-to-peer cryptocurrency bitcoin is made in 2009. When the bitcoin is lunch in the digital market. They have become very famous in cryptocurrency. Many users buy bitcoins and virtual currency to get profit. But this cryptocurrency is not accepted by many countries. This currency is rejected by tax authorities, enforcement agencies, and regulators. Some Government does not like this currency because of different issues. That’s why bitcoin is struggling for complete acceptance across the world Bitcoin Code.

The government does not like bitcoins. Because it can’t be issued, endorsed, or regulated by any country’s central bank. Bitcoin coin created through mining. Mining is the process of generating computer-based currency bitcoin. Cryptocurrency is not related to any government or central bank. So, bitcoin does not exist in any physical form. But, bitcoin provides businesses or individuals to conduct cross-border transactions. They don’t cut any exchange rate fee of cross-border transactions. It also allows crypto users to remain anonymous.

Bitcoin provides an ability to their customer to buy goods and services directly at the online retailer. Bitcoin is accepted in some stores. So, the user of bitcoin can also pay bitcoin in such types of stores. Bitcoin is well established virtual currency system. But, it still has no international laws that regulate bitcoins. It’s a weak point of bitcoins. But, it does not mean the use and the value of bitcoins down. The use of bitcoins is increased as much as people know it. And also some countries and businesses accept bitcoin as payment.

Countries that say yes to bitcoin cryptocurrency

Bitcoin can make anonymous to its owner. Any transaction that is conducted by using bitcoins is unidentified. Bitcoin can be transferred to any account holder, anywhere, and anytime across the world. No one can track the bitcoin owner and its transaction. So, this currency becomes very attractive for criminals and terrorist organizations. They use bitcoin to buy or sell illegal things. Like they buy or sell drugs or weapons and pay in the form of bitcoins. That’s why no country decides to launch this currency legally. There is no rule to implement this currency legally. But some countries permit their citizens to buy or sell bitcoins. But still, bitcoin is never legally acceptable in any country.

List of Countries that say yes to bitcoin

  1. The United States
  2. Canada
  3. Australia
  4. The European Union
  5. Japan
  6. South Korea
  7. Germany

These are some countries that accept bitcoins as payment methods or transactions. I explain some of them briefly to tell you the exact use of bitcoins.

The United States

The United States is the second-largest acquire country of bitcoin. Bitcoin can get 25% of the market share that holds by the US Dollar. There are a large number of bitcoin-based companies that established the strongest economy.

The United States does not just welcome bitcoin currency. It also takes some positive decisions to use bitcoins in the market. With the help of government agencies, the US overcome the illegal use of bitcoins. They trace such persons who use bitcoins to buy or sell drugs and weapons. And then punish for selling illegal things.

Some Businesses that accept payment in bitcoins

  1. Dish Network
  2. The Microsoft store
  3. Sandwich Retailer Subway
  4. Overstock.com

Canada

Canada is the neighbor of the united states. They also accept bitcoins as a currency. They use bitcoin by ensuring this cryptocurrency is not used for any type of money laundering. Bitcoin can be viewed by Canada Revenue Agency (RCA). All the transaction of bitcoins is viewed as a barter transaction. The income is created by bitcoin is considered as business income. The amount of tax on bitcoin transactions depends on buying or selling things. 

Canada can also consider bitcoin exchanges to be money service businesses. But some of the major Canadian banks banned bitcoin transactions with credit or debit cards.

Australia

Like Canada or the United State, Australia can also accept bitcoins. It declared bitcoin as a legal property in 2017. The Australian government also announced bitcoin is a subject of Capital Gains Tax. They use bitcoins as capital gain tax with the help of the Australian Taxation Office (ATO).

Countries that say no to bitcoin

No country legally accepts bitcoins. But some countries allow their peoples to buy or sell bitcoins. Also, they can use bitcoins for purchasing goods. But some countries do not permit to use of any type of cryptocurrency. Even they ban the use of cryptocurrencies like bitcoin in their countries. They stopped their citizens don’t buy or sell any bitcoins. They try to cut off all the support from the banking and financial system. So, no one can be able to use bitcoins in such types of countries.

List of Countries that say no to bitcoin

  1. China
  2. Russia
  3. Vietnam
  4. Bolivia

Columbia

These are some names of countries. That completely banned bitcoins in their countries. But Some of them use bitcoin as an investment or payment method.

China

China is the most populated country in over all the world. But, China banned bitcoins and other cryptocurrencies in 2017. All the transactions of banks and other financial institutions are banned. The government permanently bans all types of cryptocurrency. No one can use bitcoins in china.

Russia

Different types of cryptocurrencies are used by different countries. Russia is one of the who use local cryptocurrencies. They banned bitcoin in traditional markets. They only permit to use of bitcoins as payment for goods and services. No one can use bitcoin in Russia as an investment.

Vietnam

Vietnam Government and its state bank declared the bitcoins illegal. They don’t permit to use of bitcoins as payment of goods and things. But still, the government does not ban investing in bitcoins. 

Conclusion

I hope you will understand the use of bitcoins in different counties. Bitcoins or any other cryptocurrencies are banned in different countries. On the other hand, some countries use bitcoins completely. Some countries use bitcoins only as payment methods. Or some use only bitcoins to invest their saving to get profit. I hope this article is helpful for you and easy to understand. If you have any problems or questions about this topic, please ask them in the comment section.

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