Is Bitcoin legal?
In the past 10 years, Bitcoin has revolutionized the modern technology world. Being the first and the most popular cryptocurrency worldwide, Bitcoin has gained the interest of millions of people around the world. However, apart from its popularity, it is not easy to avoid the question of whether the Bitcoin is legal or not.
Bitcoin is a digital currency that first came into the world in 2009 by an unknown person or a group of people by the pseudonym Satoshi Nakamoto. It has created a brand new era in technology. Nowadays, there are more than 500 different cryptocurrencies, but Bitcoin is still the biggest and the most valued digital currency of them all. Today, its value is over $3,000.
Bitcoin is a decentralized currency which means that it can be used from everywhere and no one can stop you from buying or selling bitcoins — you just need to have electricity and Internet access.
Yet, this hasn’t stopped some countries from their attempt to forbid using Bitcoin. As time goes by, the cryptocurrency market is increasing, and some regulators are trying to make Bitcoin and other cryptocurrencies illegal. Bitcoin is the most affected cryptocurrency because it is the biggest cryptocurrency and the leader in its world.
We are currently in a world where anyone can buy products and services online by using bitcoins or other cryptocurrencies. Moreover, there are a lot of cryptocurrencies that are traded on exchanges, and many companies and individuals are investing money there. Bitcoin allows people to stay anonymous while performing transactions, and it works without any bank or government involved.
With all of these cryptocurrency businesses, there is no legal law about regulating them. The feature of being anonymous makes cryptocurrencies target to illegal activities. For that reason, many countries are forbidding Bitcoin and other digital currencies. The number of countries that have made Bitcoin illegal is very little.
For example, China is one of the countries that has forbidden Bitcoin. In December 2013, the People’s Bank of China prohibited all financial institutions in China to work with Bitcoins. However, people are able to buy and sell Bitcoins online between them.
Furthermore, Bitcoin is not regulated in Russia. In November 2016, the Federal Tax Service of Russia has declared that bitcoin is “not illegal”. However, in September 2017, the Central Bank declared that cryptocurrencies are not regulated as money and Bitcoin payments for products and services cannot be made.
Bitcoin is also not legal in Indonesia, Cambodia, Taiwan, Pakistan, Nepal, Iran, Bangladesh, Saudi Arabia, Colombia, Ecuador, Bolivia, Egypt, Morocco, and Algeria.
On the other side, countries like Canada, United Kingdom, Finland, and Germany are Bitcoin-friendly and they have approved using Bitcoins for paying for products and services. Such countries have declared that cryptocurrencies will not be used for illegal activities. When a fiat currency is introduced in the world, it is controlled by a central bank. People are not allowed to buy or sell the fiat currency, and they will be punished if they try to create some type of fiat currency. On the other side, when Bitcoin was introduced in the world, it has brought a completely new sector in banks, and as we can see, there are a lot of countries which approve its use for buying and selling goods and services.
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