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Bitcoin Legal Status By Country

Countries Where Bitcoin Is Legal & Illegal (dish, Otsk)

Countries Where Bitcoin Is Legal & Illegal (dish, Otsk)

Countries Where Bitcoin Is Legal & Illegal (DISH, OTSK) The peer-to-peer digital currency Bitcoin made its debut in 2009 and with it ushered in a new era of cryptocurrency . Today, there are more than 500 different cryptocurrencies to choose from, but Bitcoin still enjoys the first mover advantage. While tax authorities, enforcement agencies, and regulators are still exploring the phenomenon, one pertinent question isis bitcoin legal or illegal? The answer is, it depends on the location and activity of the user. Bitcoins are not issued, endorsed, or regulated by any central bank . Instead, they are created through a computer-generated process known as mining . In addition to being a cryptocurrency unrelated to any government, Bitcoin is also necessarily a peer-to-peer payment system since it does not exist in any physical form and must be exchanged online. As such, it offers a convenient way to conduct cross-border transactions with no exchange rate fees. It also allows users to remain anonymous. (Related reading The Risks Of Buying Bitcoin ) Consumers have greater ability nowto purchase goods and services with bitcoinsdirectly at online retailers and and using bitcoin-purchased gift cards atbricks and mortar stores. The currency is being traded on exchanges, and companies have even made investments in virtual currency-related ventures. These activities portray a technically well-established virtual currency system, but there is still no uniform international legal law covering the use of bitcoin. (For more see Stores Where You Can Buy Things With Bitcoins ) The fact that bitcoin can be anonymously used to conduct transactions between any account holders, anywhere and anytime across the globe, makes it attractive to criminal elements. They may use bitcoins to buy or se Continue reading >>

Is Bitcoin Legal?

Is Bitcoin Legal?

Its understandable to have questions about the legality of using Bitcoin. The platform introduced a brand new paradigm away from the traditional regulators and regulations that govern fiat currency. Unlike illegal, counterfeit money, which is a blatant example of a currency that misrepresents itself as legal tender, Bitcoin is entirely different. Nevertheless, it operates in a seemingly gray area when it comes to regulation. However, many of these concerns boil down to misunderstandings or a lack of concrete rules that govern Bitcoin, rather than overt violations of the law. The question surrounding the relationship between Bitcoin and the law really depends on how the digital currency is being used. Ever since the now-defunct Silk Road gained notoriety, regulators have been concerned about Bitcoins semi-anonymity and decentralized nature. In the U.S., as well as in other countries, authorities fear that the platform could be used for money laundering and the purchase of illicit goods without being traced. Not helping Bitcoins reputation with authorities was its prevalence as a payment service for the Silk Road, a digital marketplace where users could purchase illegal goods. Whether or not people use Bitcoin as a way to participate in expressly illegal activities doesnt make the digital currency itself illegal. The illegality of the activity is the issue, whether its paid for in bitcoin, cash or gold. However, even when bitcoin is used for legitimate purposes, rules are a little more complex. According to the U.S. Treasury Departments Financial Crimes Enforcement Network , as of 2013, using bitcoin to purchase well-natured goods and services is not illegal. However, those who mine bitcoins and trade them for traditional currency or operate exchanges on which bitcoins a Continue reading >>

Is Bitcoin Legal? (and Which Countries Have Banned The Cryptocurrency)

Is Bitcoin Legal? (and Which Countries Have Banned The Cryptocurrency)

10 min read %0A%0A onclick=""> As early as 5000 B.C, human beings have been using metal objects to exchange for goods, which over the millennia and centuries, developed into what we now recognise as fiat currency. Today, every fiat currency in the world is completely centralised and controlled by each country that uses it. Its value and the rate of exchange between different currencies is decided for us by banks, governments and various authorities, and we as users have no power or control over it, beyond acquiring it, using it, and storing it in our bank account. It has all started with Bitcoin, and today there are literally hundreds of different cryptocurrencies on the market, all offering excellent investment opportunities, as well as the chance to circumnavigate the constraints of a centralised monetary system. Bitcoin reigns supreme as number one, but it is surrounded by controversy, and one of the most common questions that we hear is Is Bitcoin legal?. In this article, we will delve into the who, what, where, and when of Bitcoin to hopefully, answer that question for you and provide you with the information you need to decide if this investment, is for you. Concerns About Bitcoin And Cryptocurrency Legality The problem with cryptocurrency and the reason why it faces so much cynicism from governments and authorities is that they do not understand it. At the moment, Bitcoin is largely unregulated because of a lack of knowledge and correct information being sought by lawmakers and government departments. There is a lot of misinformation around cryptocurrency, and until people understand the technology that drives it and its core concept. Hence, it is difficult to define it in legal and regulatory terms. You must also consider that many authorities are nervous of su Continue reading >>

Five Countries Where Bitcoin Is Illegal

Five Countries Where Bitcoin Is Illegal

To those who understand it, bitcoin is a blessing, but not everyone shares that sentiment. From scaremongering CEOs to entrenched central bankers, bitcoins list of detractors runs long and deep. Elected officials reserve particular ire for bitcoin however, with leaders across the globe weighing in. While most governments seek regulation, others have gone further, passing laws that ban the use of bitcoin altogether. Also read: Nepal Continues Crackdown, Two More Bitcoiners Arrested Haters Gonna Hate, Legislators Gonna Legislate Be it due to fear, ignorance, or protectionism, governments have a tendency to legislate against perceived threats. The first prerogative of every government is to govern, after all, and any disruptive technology that erodes their power is liable to receive short shrift. Governments that get bitcoin, such as Japan , have passed legislation that protects its citizens whilst facilitating the free trade of the digital currency. Sadly not all countries are as progressive, not just when it comes to embracing new technology, but in respecting basic human rights that people in developed nations tend to take for granted. In the most egregious cases, citizens have had their assets seized, accounts frozen, and been locked up. Governments cant stop the blockchain from propagating, but they can severely hamper their citizens attempts to access it. Like banning drugs, alcohol, or the internet, banning bitcoin sounds nonsensical and unenforceable. Nevertheless, thats exactly the case in five countries: Bangladesh, Bolivia, Ecuador, Kyrgyzstan, and Nepal. As news.Bitcoin.com recently reported, the Nepalese government has jailed almost a dozen cryptocurrency enthusiasts, with the latest pair seemingly guilty of little more than operating a small-scale bitcoin ex Continue reading >>

Mapped: Bitcoins Legality Around The World

Mapped: Bitcoins Legality Around The World

Mapped: Bitcoins Legality Around The World Mapped: Bitcoins Legality Around The World Bitcoins popularity has increased exponentially over the past year, as cryptocurrency continues to go mainstream . However, not everyone is excited and optimistic about Bitcoin. Several governments have stepped in recently, as Bitcoins popularity and market cap have impacted fiat currency valuations. Feeling threatened with a lack of understanding of cryptocurrencies, some countries have gone as far as to put out-right bans on Bitcoin trading. With all the recent sweep of government regulations, we wanted to develop a visual that highlights the legality of Bitcoin by country. In our visual, we wanted to highlight the globe and where each country stands on Bitcoin. Using a color legend, we created a range of Bitcoin legality that helps show the varying degrees of acceptance around the world. Green countries are legal Bitcoin markets. Orange represents neutral markets that are not outright legalizing Bitcoin, but do not have any major restrictions against the use of cryptocurrency. Light pink countries are restricted Bitcoin markets that may have lots of red-tape, regulations, and government attempts to slow the use of cryptocurrencies. Dark pink countries represent markets where Bitcoin has been made completely illegal and criminalized. Lastly, some countries have yet to comment on Bitcoins legality, which are represented by gray color. Eastern Countries More Closed Off To Bitcoin Compared To West As the visual shows, Eastern countries appear a lot more closed off to Bitcoin than their Western counterparts. Russia is currently the largest country to illegalize Bitcoin. However, China and South Korea are the latest two countries to step up their scrutiny and regulation of Bitcoin use. T Continue reading >>

Bitcoins Legal Status Around The World

Bitcoins Legal Status Around The World

When bitcoin was created in 2009, it was supposed to act as a peer-to-peer cash system, but it has taken on a different form. To earn bitcoin, a person has to act as a miner, which involves them using their computers energy to maintain the blockchain. Bitcoin would therefore act as the reward for this computing power. As more people started to be interested in bitcoins operation, they started to trade it like a financial asset, for example, a stock. This is when bitcoin really became a phenomenon, and it is now among the top google searches worldwide. For more information on how the bitcoin has emerged, we advise you to take a look at how Investoo explains the history of bitcoin in their infographic. The authorities are also divided on their perception of bitcoin, with some embracing its applications, many still sceptical and a small portion who want nothing to do about it. In fact, these may be the ideal classifications through which to study bitcoins legal status. A few countries have accepted bitcoin and have decided to actually create laws that govern bitcoin transactions. The first country to completely accept bitcoin was Japan. Starting on the 1st of April, bitcoin was considered a legal form of payment in Japan, with several public institutions accepting it as currency. The laws governing banking have yet to change, but these are also being considered in order to make bitcoin even more usable. India seems to be next in line to legalizing bitcoin, now that the government has agreed to regulate bitcoin. The Indian government has agreed that regulating bitcoin could be beneficial and is currently creating the laws to do so. The Reserve Bank of India is also considering using the blockchain technology in banking. These are those countries with set laws regarding bit Continue reading >>

World Of Cryptocurrencies List Of Nations

World Of Cryptocurrencies List Of Nations

Introduced in 2008, bitcoin was heralded for its potential to disrupt the traditional banking model for businesses and consumers alike. Cryptocurrencies have enjoyed some success; bitcoin is now the largest cryptocurrency, with the total number of bitcoins currently valued at approximately USD$70 billion. Research produced by Cambridge University concluded this year that there are between 2.9 million and 5.8 million unique users actively using a cryptocurrency wallet. In this research, weve looked at governmental attitudes toward cryptocurrencies, not limited to bitcoin alone. The picture produced across the world is patchy. Some countries have become global advocates, while others have actively banned cryptocurrencies completely, with various shades in between. The most notable disrupter is Japan, which has passed a law accepting bitcoin as legal tender. At the other end of the spectrum, Bangladesh passed a law in 2014 stating that anybody caught using the virtual currency could be jailed under the countrys strict anti-money-laundering laws. Whatever the individual case for a country, the growth in cryptocurrencies in the last decade has shown that there is strong momentum around this new technology. Kazakhstan Seeking to become the regional hub for cryptocurrencies. In June 2017, Kazakhstan announced plans to begin selling blockchain based bonds, and the countrys President announcedthat, It is high time to look into the possibility of launching the international payment unit. It will help the world get rid of monetary wars, black marketeering and decrease volatility at markets . Kenya The Central Bank of Kenya (CBK) has warned that virtual currency is insecure and could fund terrorism. Kyrgyzstan The Kyrgyzstan government has completely banned the use of bitcoin with Continue reading >>

Top Countries Where Bitcoin Is Legal And Illegal

Top Countries Where Bitcoin Is Legal And Illegal

Cryptocurrencies News Top Countries Where Bitcoin Is Legal And Illegal Top Countries Where Bitcoin Is Legal And Illegal BITCOIN is one of the form of cryptocurrency, created and held electronically. It is a digital payment system, invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto. It was released as open-source software in 2009. Bitcoin is really a peer-to-peer digital currency which occupies a fresh era of cryptocurrency. There are more than 600 different cryptocurrencies in the world, but Bitcoin still booming the ruling radical advantage. Bitcoin is a new online digital currency that allows transactions to be made without a middleman, which means no banks, no transaction fees, and no reason to give your identity. Every day that passes, more merchants are accepting them. Bitcoin can be stored in the cloud or on an individuals computer called a Digital Wallet. This Digital wallet resembles a digital banking account that permits users to cover goods, send or receive Bitcoins, or save their money. Bitcoin Wallets arent protected by the FDIC. Besides being created as an incentive for mining, BITCOIN could be exchanged for other currencies, products, and services in legal or black markets. The answer for bitcoin is legal or illegal, varies on the different countries laws and popularity among active user. In this informative article, we are going to explain which will be the countries accepting bitcoin as a Legal and Illegal currency. The legal status of Bitcoin varies significantly from country to country. Its still undefined or changing in a lot of them. Many individuals are concerned about the validities of Bitcoin. Government agencies are increasingly focused on the results of bitcoin. Because it has the capacity to be utiliz Continue reading >>

Legality Of Bitcoin By Country Or Territory

Legality Of Bitcoin By Country Or Territory

Legality of bitcoin by country or territory For a broader coverage related to this topic, see Bitcoin . The legal status of bitcoin varies substantially from country to country and is still undefined or changing in many of them. [1] Whilst the majority of countries do not make the usage of bitcoin itself illegal (with the exceptions of: Bangladesh, Bolivia, Ecuador & Kyrgyzstan), its status as money (or a commodity) varies, with differing regulatory implications. While some countries have explicitly allowed its use and trade, others have banned or restricted it. Likewise, various government agencies, departments, and courts have classified bitcoins differently. While this article provides the legal status of bitcoin, regulations and bans that apply to this cryptocurrency likely extend to similar systems as well. The European Union has passed no specific legislation relative to the status of the bitcoin as a currency, but has stated that VAT/GST is not applicable to the conversion between traditional (fiat) currency and bitcoin. VAT/GST and other taxes (such as income tax) still apply to transactions made using bitcoins for goods and services. [2] :European Union In October 2015, the Court of Justice of the European Union ruled that "The exchange of traditional currencies for units of the bitcoin virtual currency is exempt from VAT" and that "Member States must exempt, inter alia, transactions relating to currency, bank notes and coins used as legal tender", making bitcoin a currency as opposed to being a commodity. [3] [4] According to judges, the tax shouldnt be charged because bitcoins should be treated as a means of payment. [5] According to the European Central Bank , traditional financial sector regulation is not applicable to bitcoin because it does not involve t Continue reading >>

Where Is Bitcoin Legal?

Where Is Bitcoin Legal?

People are increasingly using virtual money, like Bitcoin, that's not backed by any government. Many central banks have cautioned against it. But most authorities take a hands-off approach. Mt.Gox CEO Mark Karpeles has resigned from the Bitcoin Foundation to tend to his troubled exchange. Janet Yellen calls bitcoin 'highly speculative' Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer . Morningstar: 2016 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2016. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices S&P Dow Jones Indices LLC 2016 and/or its affiliates. 2016 Cable News Network. A Time Warner Company. All Rights Reserved. Terms under which this service is provided to you. Privacy Policy . AdChoices . Continue reading >>

A Dozen Countries Where Bitcoin Craze May Never Catch On

A Dozen Countries Where Bitcoin Craze May Never Catch On

Expansion of digital currencies inevitably poses pressing issues to address for state financial regulators. The first question is whether state central banks or finance ministries should regulate, or even tax, initial coin offerings (ICO) and derivatives exchanges as bitcoin and its numerous peers are grabbing more and more attention from investors. The second is whether to issue official versions of virtual currencies for state use. All bitcoins combined worth more than Greece & New Zealand pic.twitter.com/xlKiIdVPHG The countries, where bitcoin settled or tried to settle, can be roughly divided into three groups. The first group, which covers 50 countries, introduced different forms of control over the cryptocurrency market. Digital currencies there are officially acknowledged either as a product, a payment system, or a financial asset. The group includes the US, the EU, Australia, Mexico, Canada, Argentina, Venezuela, South Africa, Saudi Arabia, India, Iran, the UK, Iceland, Belarus, Hong Kong, Taiwan, Georgia, Israel, Kenya, Malaysia, New Zealand, Norway, Senegal, Singapore, Tunisia, Turkey, Philippines, Switzerland, South Korea and Japan. In the second group, there are countries wary of bitcoin and the entire crypto craze, but their governments do not prosecute citizens for mining, trading or using digital currencies. Most of these states are currently working on the ways to tackle the new phenomena. Digital shekel will be identical in value to the traditional shekel The third category is the no-go group - representing countries where virtual currencies and all the operations linked to them are prohibited. Bitcoin has got a great deal of work ahead to melt their hearts. The following is an overview of how countries that banned cryptocurrencies are approaching the Continue reading >>

6 Countries Where Bitcoin Is Banned

6 Countries Where Bitcoin Is Banned

If you're caught trading bitcoin or using bitcoin to buy goods in these six countries, you could go to jail. When the calendar changes to 2018, investors will almost certainly look back on 2017 and label it as the "year of the cryptocurrency." Since beginning the year with an aggregate market cap of $17.7 billion, the value of all cryptocurrencies combined recently surged, at least temporarily, to more than $325 billion. That better than a 1,700% return in about 11 months' time, and it's emblematic of just how widespread optimism has been for digital currencies this year. Why virtual currencies are off to the races This optimism has essentially taken on three forms. First, there are those who are excited about the potential for blockchain , the digital and decentralized ledger that logs virtual currency transactions in a secure and efficient manner without the need for a financial intermediary like a bank. Enterprise customers are showing plenty of interest in blockchain, and since nearly all are open-source networks, it would make altering logged data practically impossible. That makes blockchain particularly secure. Another group of optimists is encouraged by the uptake of digital currencies by merchants. A number of brand-name businesses have begun accepting bitcoin, the largest virtual currency by market cap, with online retailer Overstock.com opening its arms to six popular cryptocurrencies . The belief is that as more merchants jump on board, the staying power of these virtual currencies will increase. Finally, we can't argue against the role emotions have played in sending cryptocurrencies higher. The fear of missing out on big gains has perpetuated consistently strong buying in bitcoin and other digital currencies. Six countries that just said "No" to bitcoin H Continue reading >>

Bitcoin Regulations By Country (updated 2017)

Bitcoin Regulations By Country (updated 2017)

Bitcoin Regulations by Country (Updated 2017) Elliott Smith is a British citizen. Upon returning home from a vacation in Cuba, he learned that his Coinbase account was closed. Coinbase, an American company, was acting in accordance with U.S. Department of Treasury requirements regarding the use of American-hosted funds in a sanctioned country. Smiths case represents the hazard of differing altcoin laws between nations. Perceptions on altcoins change daily, and this affects the security of altcoin investments. This sense of ambiguity and lack of international agreement make an international investment in altcoins tricky. To assist you, we have created this list of current national guidelines and official opinions on altcoins. Nations that are unlisted have yet to publicly comment on altcoin use. Argentina recognizes altcoins as a good, with no right to be used as legal tender. The National Constitution of Argentina gives altcoins monetary status. Australia recognizes altcoins as currency and taxes it accordingly. Bangladeshs anti-money laundering laws threaten to imprison anyone dealing with altcoins in the country for up to twelve years. "Bitcoin is not a legal tender of any country. Any transaction through Bitcoin or any other cryptocurrency is a punishable offense," the Bangladesh Bank said in a 2014 statement. Bolivia explicitly bans any non-governmental digital currency from use in the country. Altcoin is regulated by the nations payment services laws. Altcoins are recognized as an intangible under the Personal Property Security Act. As with all G7 nations, Canada imposes AML/CTF controls on altcoins. China allows private parties to store and trade altcoin in the nation. Financial institutions are prohibited from handling altcoin transactions. The government is off Continue reading >>

List Of Countries Where Bitcoin Is Legal

List Of Countries Where Bitcoin Is Legal

2017 was an incredible year for Bitcoins. Multiple landmarks were crossed in the year. While the currency started off at a price of $970 - it soon crossed the $5000, $10,000, $15,000 and almost reached $20,000. It was a year of unprecedented growth and witnessed a major spike in mainstream awareness. While most countries view Bitcoin with major speculation, there are some countries where Bitcoin is legal! Bitcoins legality is quite a controversial issue as almost every country has rejected it as a legal tender. This is primarily because of the fact that Bitcoin is a decentralized cryptocurrency. Currency, in the traditional sense is created by the government and backed by banks and other financial institutions. However, when it comes to Bitcoins, there is no governing body which regulates it. This leads to extreme volatility in the price which isnt good for economic systems. However, there are some nations which have been lenient towards this currency of the future and have given it legal or quasi-legal status. Let us take a closer look at the legal status of Bitcoins across various nations: Legal Status of Bitcoins in Various Countries: There are only a few countries where Bitcoin is legal (or semi-legal). Let us take a detailed look at all these nations and their laws regarding the legality of Bitcoin. While it is not officially legal in the US, the government has classified cryptocurrencies as MSB (Money Services Business). The US government has been more open and positive about Bitcoin compared to many other nations. Several government bodies have been instructed that all Bitcoin transactions need to be carried out only in legal terms. The US Department of Treasurys Financial Crimes Enforcement Network has also been researching on this cryptocurrency for quite some Continue reading >>

Top Countries Where Bitcoin Is Legal

Top Countries Where Bitcoin Is Legal

Bulgaria Shuts Down Bitcoin Exchanges in Banking Crackdown Bitcoin is the word nowadays. However is Bitcoin legal or illegal? Today, we decided to go over the top countries where Bitcoin is legal. You can also learn about the top countries where Bitcoin is illegal . AtoZForex The digital currency Bitcoin is now at the peak of its popularity. Millions of users enjoy a variety of advantages provided by this cryptocurrency. Despite the fact that there are more than 500 existent digital currencies, Bitcoin is the most known and trusted one.As a matter of fact, Bitcoin is the leader among the top 10 cryptocurrencies in 2017. Where this currency is present in the market for quite some time right now, people are still exploring the technology. This phenomenon appeared in the market back in 2009. Bitcoin is a great mean of the cross-border transaction. Moreover, you can exchange this digital currency for real currencies online. Bitcoin is an independent cryptocurrency that is not linked to any government. As a matter of fact, Bitcoin is not issued and regulated by any of the central banks. The creation process of this digital currency involves mining. However, one question is always on the lips of the traders what is the legal status of Bitcoin? Well, it depends on your location. Some countries allow transactions in Bitcoin and some dont. Lets sort this issue out together. In this article, we will go over the top countries where Bitcoin is legal. So, lets outline the top countries where bitcoin is legal. Bitcoin is legal in the United States, partially The US has adopted a positive stance in regards to Bitcoin. Meanwhile, it also has ordered several government bodies to assure that transactions in Bitcoin are carried out only in legal terms. In fact, the US Department of Treas Continue reading >>

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