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 individual’s 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 aren’t 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. It’s still undefined or changing in a lot of them.
Is Bitcoin legal?
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 utilized anonymously, and is therefore reducing the usage of cryptocurrency for illegal purposes. It is currently legal in all 52 states in the United States of America, although each state has their own policies.
Following is a list of countries where Bitcoin is legal
Australia, Belgium, Brazil, Canada, Colombia, Croatia, Czech Republic, Cyprus, Denmark, France, Germany, Hong Kong, Israel, Italy, Japan, Ukraine, New Zealand, Norway, Poland, Singapore, Slovenia, South Korea, Spain, Switzerland, Sweden, Turkey, United Kingdom, United States etc.
List of countries where Bitcoin is banned
In several parts of the entire world bitcoin is fairly welcomed, you will find few countries which banned bitcoin due to its volatility, decentralized character. Countries like Iceland, Vietnam, Bolivia, Kyrgyzstan, Ecuador, Russia and China have totally announced that Bitcoin Exchange is an Illegal.
- Bangladesh: In September 2014, Bangladesh Bank stated that “anybody caught utilizing the virtual currency might be jailed underneath the country’s strict anti-money laundering laws “.
- Ecuador: Ecuadorian government issued a ban on bitcoin and other digital currencies
- Bolivia: Banco Central de Bolivia issued a resolution banning bitcoin in 2014.
- Kyrgyzstan: National Bank of the Kyrgyz Republic made clear statement that the use of bitcoins, as a means of payment in the Kyrgyz Republic will be prohibited by the law of state in the year July 2014.
