And many african countries have remained silent on the matter of bitcoin so their stance is still not clear. It is most apt to say that bitcoin mining is legal in many countries except a few. Instead it is allowed to be traded as a commodity.
However in countries where bitcoin is allowed it doesn t mean it is a legal tender there. Not only has there. The incidents that have led to these questions are widely known and understood in the cryptocurrency community.
In fact since the creation of bitcoin one of the most frequently asked questions has been centered around bitcoin legality and legitimacy. If you are wondering whether bitcoin is legal or not you are not alone. Not only has there been hundreds of documented scams over the years.
The incidents that have led to these questions are widely known and understood in the cryptocurrency community. In fact since the creation of bitcoin one of the most frequently asked questions has been centered around bitcoin legality and legitimacy. If you are wondering whether bitcoin is legal or not you are not alone.
New technologies are often misrepresented and misunderstood as the internet itself was in the early days. Because bitcoin is not recognized as legal tender by any government it can only be used as payment if both parties in a transaction agree to its use as a form of payment. Table of contents hide 1.
Since the rules and regulations surrounding the possession and usage of digital currencies vary from country to country there is no one size fits all answer to the bitcoin s overall status. Well we can say that bitcoin is legal depending on your country of residence. In the emerging markets the legal status of bitcoin still varied dramatically.
As of february 2020 bitcoin was legal in the u s japan the u k canada and most other developed countries.
Where bitcoin is legal. Bitcoin is under certain tax regulations in the u k. 14 the national revenue agency nra of bulgaria has also brought bitcoin under its existing tax laws. 13 germany is open to bitcoin. The legal status of bitcoin and related crypto instruments varies substantially from state to state and is still undefined or changing in many of them.
Whereas the majority of countries do not make the usage of bitcoin itself illegal its status as money or a commodity varies with differing regulatory implications.
Whereas the majority of countries do not make the usage of bitcoin itself illegal its status as money or a commodity varies with differing regulatory implications. The legal status of bitcoin and related crypto instruments varies substantially from state to state and is still undefined or changing in many of them. 13 germany is open to bitcoin.
14 the national revenue agency nra of bulgaria has also brought bitcoin under its existing tax laws. Bitcoin is under certain tax regulations in the u k.
