Friends, today I am going to share our Bitcoin status in different countries specially G20 countries...
As the bitcoin price shoots up, its demand and interest also increasing all over the world in a tremendous way and getting in the shape of Digital currency and Assets becoming more popular than Gold and property.
Unfortunately, many countries considered it as Illegal, but only Japan has gone so far it give bitcoin as Good designation.
Now here are the countries what they think about our Bitcoin:
Australia:
In October 2017, the Australian Senate began debating a bill that would apply anti-money laundering statutes to the country's cryptocurrency exchanges, as well as mandate criminal charges for exchanges that operate without a license.
That same month, the tax authorities removed the "double taxation" of bitcoin, which was a result of a decision in 2014 to treat the cryptocurrency as a "bartered good" rather than a currency or asset.
As of the end of 2017, cryptocurrency exchanges have to register with the country's financial intelligence agency Austrac, and comply with customer verification and record preservation requirements.
Further moves are unlikely for now, however, as officials from the central bank recently said that regulation is not needed for the use of cryptocurrencies as payment.
Argentina:
In spite of strong Bitcoin network, Argentina has not drawn regulations for Bitcoin.
Bangladesh:
Here, unfortunately, bitcoin was declared as Punishable offence in 2015.
Bolivia:
Here, in 2014, Its govt. banned the use of cryptocurrency and tokens.
Canada:
Canada was one of the first countries to draw up what could be considered "bitcoin legislation," with the passage of Bill C-31 in 2014, which designated "virtual currency businesses" as "money service businesses," compelling them to comply with anti-money laundering and know-your-client requirements.
The government has specified that bitcoin is not legal tender, and the country's tax authority has deemed bitcoin transactions taxable, depending on the type of activity.
China:
While China has not banned bitcoin (and insists it has no plans to do so), it has cracked down on bitcoin exchanges - all major bitcoin exchanges in the country, including OKCoin, Huobi, BTC China, and ViaBTC, suspended order book trading of digital assets against the yuan in 2017.
It also appears to be withdrawing preferential treatment (tax deductions and cheap electricity) for bitcoin miners.
Ecuador:
In 2014, this country banned bitcoin and digital currencies .
Egypt:
In January 2018, the Grand Mufti of Egypt declared that cryptocurrency trading was forbidden under Islamic religious law due to the risk associated with the activity. While this is not legally binding, it does count as a high-level legal opinion.
Europe:
In April 2018, its Parliament members suggested to prevent use of digital currency in money laundering and terrorism funding.
G20:
The G20 - comprised of the world's 20 largest countries - recently turned its attention to crypto currencies in general, and committed to drafting recommendations on the first steps towards regulation by July 2018.
INDIA:
The Indian central bank has issued a couple of official warnings on bitcoin, and at the end of 2017 the country's finance minister clarified in an interview that bitcoin is not legal tender. The government does not yet have any regulations that cover cryptocurrencies, although it is looking at recommendations.
The central bank, however, has barred Indian financial institutions from working with cryptocurrency exchanges and other related services (a ban recently upheld by the country's Supreme Court).
Iran:
In April 2018, Iran Central bank said, that they should not deal with bitcoins and virtual currencies.
JAPAN:
Japan was the first country to bring bitcoin under Legal tender And to bring Bitcoin Exchanges under KYC norms.
It has also established a cryptocurrency exchange industry study group which aims to examine institutional issues regarding bitcoin and other assets.
Malaysia:
Malaysian Security Commission is working continously with Country's Central bank on a Cryptocurrency Framework Regulation. Its a great news for all of us.
Malta:
The European island recently passed a series of blockchain-friendly laws, including one that details the registration requirements of cryptocurrency exchanges.
Mexico:
In 2017, Mexico National Legislature approved a bill to bring local Bitcoin Exchanges under the oversight of Central banks.
PAKISTAN:
In April 2018, Pakistan's central bank issued a statement barring financial companies in the country from working with cryptocurrency firms.
South Africa:
In 2017, SA Reserve bank used a Sandbox Approach testing draft Bitcoin and cryptocurrency Regulation startups.
