5 Countries Where Bitcoin Is Legal and 5 Countries Where It Is Not
News

5 Countries Where Bitcoin Is Legal and 5 Countries Where It Is Not

September 7, 2020

Since the inception of bitcoin, it has remained at the top position among other digital coins in terms of its valuation. However, the concept of bitcoin and virtual currency is still not accepted by many countries. So bitcoin is still struggling for complete acceptance across the world.

In this article, you will know about the top five countries where bitcoin is legal and five popular countries where bitcoin is not legal. 

Top Five Countries Where Bitcoin is Legal

There are many countries where the use of bitcoin is legal. You can trade, store, and shop with bitcoins in the following countries.

  1.  Japan
  2. The United States
  3. South Korea
  4. Germany
  5. Australia

If you are from any of these countries, then you can trade bitcoin through the BTC Fast Profit. It is a reliable crypto trading platform that supports multiple cryptocurrencies other than bitcoin. Let us know.

Japan

Japan is one of the early adopters of bitcoin. Although many assumptions have made that the founder of bitcoin is Japanese, still the truth is unknown. Japanese national currency holds the largest market share of bitcoin over, i.e., over 60% of the total bitcoin in circulation. There is special regulation developed by the government of Japan.

Well, it has remained in the top position since 2017 after China banned cryptocurrencies. Most of the crypto exchanges are transferred to Japan, and since then, it became the largest shareholder of bitcoin. 

The United States

After Japan, the United States is the second-largest adopter of bitcoin. The US Dollar holds bitcoin with a market share of more than 25%. You can purchase goods and services at several places in the USA. Moreover, many bitcoin-based companies are established in the strongest economy in the world. 

READ ALSO  Admiration Towards Bitcoin - Why Is It Suitable?

South Korea

South Korea is one of those countries where the use of bitcoin is legal. Trading and investing bitcoin and other altcoins are also legal in this country. 

Germany

The government of Germany declared that bitcoin is not a legal tender, but it can be used as a substitute form of currency. The country allows its citizens to trade and invest in bitcoin. Many merchants across the capital city of Germany accept bitcoin payments. 

Australia

Bitcoin has been legal in Australia since 2017. The government declared that bitcoin would be treated as property. Additionally, the government has also announced that bitcoin is subject to Capital Gains Tax. 

Now let us see some of the popular countries where bitcoin is not legal.

Countries Where Bitcoin is Not Legal

Despite the fact that bitcoin has gained so much popularity, some economies still do not accept bitcoin. Here are the five popular countries where bitcoin is illegal.

  • China 
  • Bolivia
  • Colombia
  • Russia
  • Vietnam

Now let us see the status of bitcoin in these countries in detail, it’s quite interesting specifically for China. 

China

China is the most populated country in the world, and has legalized bitcoin and other cryptocurrencies. More interestingly, there were many crypto exchanges that are now one of the largest crypto exchanges in the world. However, China banned cryptocurrencies in 2017. 

Bolivia 

No cryptocurrency, including bitcoin, is legal in Bolivia.

Colombia

It is not legal to use or trade bitcoin in Colombia.

Russia 

Many local cryptocurrencies are legal in Russia, but bitcoin is partly illegal, which means one cannot buy goods or services. 

READ ALSO  Reasons that have admired people for accessing high-end bitcoins exchange platform

Vietnam 

As similar to Russia, Bitcoin is partly legal in Vietnam. Both the state bank of Vietnam and the government declared that bitcoin payment is illegal. However, the government does not put any restrictions on bitcoin investment. 

Conclusion

Even though a decade has passed, many countries still do not legalize bitcoin. In some countries, there is no clear regulation for the use of bitcoin or cryptocurrencies, which leave their citizens in confusion. There are several reasons behind the ban on digital currencies. Decentralization, the involvement of fraudsters, and criminals are the primary reasons for which some countries banned cryptocurrencies.

ABOUT

Mysuru’s favorite and largest circulated English evening daily has kept the citizens of Mysuru informed and entertained since 1978. Over the past 41 years, Star of Mysore has been the newspaper that Mysureans reach for every evening to know about the happenings in Mysuru city. The newspaper has feature rich articles and dedicated pages targeted at readers across the demographic spectrum of Mysuru city. With a readership of over 2,50,000 Star of Mysore has been the best connection between it’s readers and their leaders; between advertisers and customers; between Mysuru and Mysureans.

CONTACT

Academy News Papers Private Limited, Publishers, Star of Mysore & Mysuru Mithra, 15-C, Industrial ‘A’ Layout, Bannimantap, Mysuru-570015. Phone no. – 0821 249 6520

To advertise on Star of Mysore, email us at

Online Edition: [email protected]
Print Editon: [email protected]
For News/Press Release: [email protected]