Nowadays everyone is talking about bitcoin. Bitcoin change the whole world and the way of investment have changed for the last few years. Everyone is learning and understanding the mechanism of Cryptocurrency. Where all people are investing in cryptocurrency at the same time enforcement agencies, regulators are tax authorities are still finding or debating about best practices.
BITCOIN is legal or illegal? is a big question. But the answer is very simple "Yes" and "No", but the exception is "it depends on Location".
Bitcoin is not issued or regulated by a central bank like others, it is generated through mining, a computer-generated system. It's a decentralized system, where there is no central authority. Bitcoin is a peer-to-peer system having no physical form. Users can directly deal without the involvement of a third party.
If one side has multiple benefits on the other side it has multiple disadvantages. Anyone can anonymously conduct illegal activities, anytime anywhere around the globe. It can be used for the trading of drugs, weapons, or all illegal stuff. Due to its vulnerabilities, many countries banned bitcoin.
Bitcoin is legal in...
Many countries that facilitate its people from the advantages of bitcoin these countries are:
The United States:
The US takes positive action for bitcoin and makes it legal for its people. Many government agencies with experts working to stop the illegal use of bitcoin.
Canada:
Like its neighbor country, the US, Canada also legalize bitcoin for its people. Canada provides a bitcoin-friendly environment and strictly working for stopping the use of bitcoin for illegal purposes. In Canada, Bitcoin is viewed by the Canada Revenue Agency (CRA).
Australia:
Australian government legalizes bitcoin and the whole process is viewed by the Australian Taxation Office (ATO).
The European Union:
The state members of the European Union also legalize bitcoin. There is a total of 27 states in the European Union that are, Austria, Czech, Belgium, Bulgaria, Denmark, Croatia, Finland, Republic of Cyprus, Greece, Germany, France, Poland, Romania, Portugal, Slovenia, Spain, Slovakia, Sweden, Hungary, Itlay, Ireland, Malta, Luxembourg, Lithuania, Lative and Netherlands. The European court of justice allows trade through bitcoin in all member states.
Bitcoin is Illegal in.......
On one side where bitcoin is heartily welcomed in some parts of the world, few countries banned bitcoin. Bitcoin is Illegal due to its vulnerabilities, decentralized nature, volatility, and many others. To keep the trading system clean in the country they banned bitcoin. These countries include:
- China
- Russia
- Vietnam
- Bolivia
- Columbia
- Ecuador
- Algeria
- North Macedonia
- Morocco
- Kyrgyzstan
- Bangladesh
- Iran
- Nepal
- Thailand
- India
- Pakistan