Before’buy bitcoin, you should know that cryptocurrency is not allowed everywhere. Indeed, some countries do not allow its use for various reasons.
In fact, bitcoin is legal in several countries which therefore authorize the use of cryptocurrency. In Europe as in America, the number of States which legalize its circulation grows, where the other continents are slow a little. The main reason is probably thelack of universal regulations that govern cryptos in general. Thus, investing in this digital currency requires residing in one of the countries where it is legal.
The Impacts of Anonymous Bitcoin Usage
Investors use bitcoin anonymously in certain transactions. They trade across the globe through their own account. But the rise of peer-to-peer exchanges has caused foreign exchange problems for governments due to the lack of control.
The development of cryptos has also developed the illicit activities such as money laundering and terrorist financing. Also, bitcoin is not legal in many countries, possibly other virtual currencies. As of November 2021, more than 100 countries have begun to regulate the use and circulation of these new generation currencies. Apart from that, many have already authorized bitcoin in their financial system like the United States and Canada but also France.
Bitcoin is legal in the European Union
Bitcoin is legal throughout the territory ofEuropean Union, including that of France in this case. This is why there are many financial institutions there that accept cryptos as assets. Similarly, many merchant sites accept payment by bitcoin or other cryptocurrency.
However, the European Banking Authority recognizes its weakness in the regulation of these crypto-assets. The latter has indeed declared that it does not have control over all cryptographic currencies. In this way, she continues towarn the publiccompanies or individuals, that cryptos are rather risky assets.
Other countries where bitcoin is allowed
Besides the European Union, bitcoin is legal in many other countries from 4 continents such as the United States, Japan and Australia.
In the United States, for example, bitcoin is recognized as a currency convertible into real currency. It can substitute real currency, with an equivalent value. Nevertheless, specific regulations require financial and non-financial institutions to report suspicious activity. This is to prevent illicit activities related to its use.
Bitcoin is not legal everywhere
Blockchain technology makes bitcoin, just like other cryptos, provide security to its users. Only he is very volatile and decentralized. This has led some countries to take action against it. One can fear the financing of illicit activities such as drug trafficking or the financing of terrorism or money laundering.
Due to its volatility and the activities it can fund, bitcoin is not legal everywhere. Some countries forbid it implicitly while others forbid it overtly. Vietnam, the Maldives, Libya and other African countries have adopted a policy of implicitly banning bitcoin. On the other hand, a handful of countries such as China, Qatar, Iraq have formally prohibited its use.
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In which countries is bitcoin legal? – LeBigData.fr
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