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.
- Japan
- The United States
- South Korea
- Germany
- Australia
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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.
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.
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.
This post was published on September 7, 2020 6:24 pm