Legal Status of Bitcoin in Different Countries in 2020
Jul 28, 2020 11:22
The digital currency was introduced to the world in 2009. Before the success of Bitcoin, many tried to give a shot in making cryptocurrency but all lead to failure. And when Bitcoin was introduced to the world in the shape of digital currency it resolved all the past problems related to cryptocurrency.
Till now many of the experts gave a try and made around more than thousands of cryptocurrencies. But several countries won’t allow cryptocurrencies to be introduced in their market as they have their reasons.
One of the various reasons is Decentralization in which there is no involvement of third parties in the transaction process. The second reason is that in the past few years there are several frauds found in cryptocurrency. So here we talk about some legalities in different countries about cryptocurrencies.
The Legality of Bitcoin by Country
Still, many countries do not allow cryptocurrency in their market. Here we discuss the legalities of cryptocurrency in different countries.
Countries in which Bitcoin Usage is Legal
•United States: In the United States of America, there is a positive outlook towards Bitcoin. Still, there are many restrictions imposed by the government agencies to decrease the illegal activities done through Bitcoins. Many big agencies are happily accepting payments through Bitcoins. In the USA, Bitcoin is used as a money service instead of Fiat Currency.
•Canada: Canadian Revenue agencies consider the Cryptocurrency used there which is Bitcoin as a valuable thing or a commodity for them. Many government agencies are working on checking all the illegal activities done via Bitcoin usage. And the earning through Bitcoins were considered as the Business income.
•The European Union: Usage of Bitcoins considered Legal in the European Union. But as varies in countries the taxation policies are different from different countries on Bitcoins. It is up to the country that they decide to impose taxes on Bitcoins or not.
•Australia: Bitcoin’s situation in Australia is similar to Canada as both these countries do not consider Bitcoin as their currency. But they consider it as an asset class.
Countries in Which Cryptocurrency usage is Illegal
•China: Usage of any kind of Cryptocurrency especially Bitcoin is strictly banned in China. Neither any financial institution nor any Bank permits to use any kind of cryptocurrency. The government itself restricts the mining of Bitcoins.
•Russia: The usage of Bitcoins or any kind of cryptocurrency is illegal in Russia. No payments are done through the cryptocurrency medium.
•Vietnam: The restriction of using the Bitcoins in Vietnam is imposed by the government and no Banks or financial institutions accept the Bitcoin.
•Bolivia: Bolivia Banned every kind of digital currency including cryptocurrency as well.
•Columbia: Any kind of investment or usage of Bitcoin is prohibited in Columbia. Ban is imposed by the government itself.
•Ecuador: Ecuador government made a poll in their assembly on cryptocurrency, majority votes were against the usage of Bitcoins.
The Bottom Line
It’s been almost 10 years since the Bitcoin has launched still there are no specific guidelines for Bitcoins Usage. There are several reasons behind it, few of them are scams, money laundering, cyber-attacks which impose restrictions of it in many countries. If you are interested in bitcoin trading you can start using bitcoin evolution home page
Still many countries accepting it with open hands which leads to the increasing usage of Bitcoins in the modern world.
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