Bitcoin: The hottest topic over the surface. This cryptocurrency that sneaked on the internet became a sensational digital currency in the recent phase.
This has taken a phenomenal turn in 2017 when the value of BTC rose to a record state of 19,783 USD. As a result, many tokens were started and released into the digital era.
In this article, we are going to look at a list of countries that have some legalized and the there restricted/banned Cryptocurrency exchange in general.
What is Bitcoin?
Bitcoin is a decentralized digital currency. This meant that it is not owned and controlled by a system or a group of individuals from the Beginning.
Its Founder is Satoshi Namakato, whose real identity is still not known.
Above all, Bitcoin works with Blockchain technology behind it. Blockchain tech, simply put as, is a Database for storing transparent transactions in blocks as This was a measure to prevent any sort of cheating in the system.
With Bitcoin, there are peer-to-peer transactions which means that there are no middlemen in between transactions between customers.
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It can be seen some countries see cryptocurrency as a means of unsafe trade while some do not. So here we can see a list of countries that have Bitcoin Legalized and some that Banned Bitcoin.
Countries where it is Legal:
Legal means to set abide by certain rules and by the side of the law. The problem with cryptocurrency is that it cannot be legally regulated by the government as they do not have a subsidized Regulatory system.
But some countries have made Bitcoin Legal in their country so that some companies may offer to service through them. This could be varied from the framework with which the government is legalizing Cryptocurrency.
The list of countries are:
- Antigua and Barbuda.
- The Cayman Islands.
- The Marshall Islands.
- New Zealand.
- The Philippines.
- South Korea.
- The United Kingdom.
- United Arab Emirates.
- The United States.
India is a country that takes Crypto country neither legal nor Illegal as a result The government announced a board to implement digital currency use safely.
Illegal means against the law. This means using Bitcoin as an alternative to physical money or any other Digital purchase is invalid in these countries. These countries are usually where BTC is banned.
The countries are:
- Algeria.- Bitcoin was made illegal in Algeria in 2018 by a financial law stating that buying selling or trading Cryptocurrency can be illegal and could result in severe punishment and be seen as a violation of the law.
- Bolivia. – Bolivian Government banned Crypto exchanges in 2014 as a result of their unpredictable and un-stabilized nature.
- Bangladesh. – Bangladesh has Banned Crypto assets because it is unauthorized by a credible source and chances of money laundering are visible.
- United Arab Emirates
- The Republic of Macedonia.
Countries Where Bitcoin is Official Legal Tender
El Salvador. This is the only country so far that recognizes Bitcoin as legal tender. Legal tender means that if the lender cannot refuse if provided as a payment by the borrower.
This meant the government can have the right to increase the exposure of Bitcoin to the masses and also consider it a means of legal payment option.
Ukraine is legalizing the use of cryptocurrency. This meant not explicitly using it as a currency but promoting the mode of payment.
In conclusion from the article above, we can observe that various governments view cryptocurrency in their own attributes.
Firstly, Being Legal or Illegal is varied by the set of Rules that a countries Government abides by Secondly, The framework and the point of viewing Crypto also changes it all over the world, subsequently, it changes thoroughly.
So in conclusion, Bitcoin trading and exchange can be beneficial in certain markets But on the other hand, also seem to pose a threat in some places due to their decentralized backdrop. meanwhile, Countries are currently prohibiting and interdicting Bitcoin because governments are concerned about losing control of the payment system, but also on the other hand work on ways to improve other digital methods.