News Reader

Bitcoin’s Legality in the World

Bitcoin has managed to shock the financial world by offering a new way of completing transactions. Users get to experience tons of benefits by trading with Bitcoin and for the first time, the scale is tipped towards the user and its protection, rather than towards the banks and various authorities.

Even with its numerous benefits, many countries around the world deem this cryptocurrency as illegal and traders face various punishments if they are caught trading with it. We wanted to take a closer look at its legal status and name all of the parts in the world where trading with Bitcoin is legal. We’ll also share some of the reasons as to why some governments deem it illegal. Let’s start dissecting the topic.

Trading With Bitcoin

First off, when dealing with this cryptocurrency, you must search for credible and trustworthy platforms where you can trade with Bitcoins without worrying about your online security. As you know, many people fall victim to scams each day, so you must take all precautionary measures so that it won’t happen to you.

There are tons of credible sites where you can trade with Bitcoin easily – all you have to do is complete small research and find which sites are trustworthy and which are not. If you want to save some time for this process, you can check out the Bitcoin Storm app. You can find all the latest info on the cryptocurrency here. Furthermore, the site’s uses advanced trading technologies and has insanely high profitability. The trading environment is safe and everyone is welcomed – all you have to do is register on their site.

Now that you know one of the most reputable Bitcoin trading sites, which also happens to be award-winning, let’s check out in what parts of the world is this cryptocurrency legal.

Countries Where Bitcoin is Legal

You might be surprised, but Bitcoin is legal in more countries worldwide than you would think of. Considering the fact that the cryptocurrency is just over a decade old, we need to praise its come up. Let’s start with the Americas. Bitcoin is legal in the USA, Mexico, Nicaragua, Costa Rica, Jamaica, Trinidad and Tobago, Argentina, Brazil, Chile, and Venezuela. Bitcoin is also legal in Colombia but is banned by the banks.

Moving on to Asia, Bitcoin is legal in Kyrgyzstan, Uzbekistan, Cyprus, Russia (legal to mine, but banned by the banks), Israel, Lebanon, Turkey, India, Hong Kong, Japan, South Korea, Malaysia, Singapore, Thailand, Brunei, and the Philippines. On the other hand, Cambodia, Taiwan, PR China, Jordan, and Saudi Arabia treat it similar to Russia – legal but banned by the banks.

Lastly, Bitcoin is legal throughout Europe and Oceania. Some European countries do not have specific legislation for the cryptocurrency, which is why people face no punishments if they trade with it.

Why is Bitcoin So Opposed by Governments?

As you noticed, Bitcoin is legal in most parts of the world. But, even though it became accepted and was legalized, there are still many countries that deem it illegal and consider this payment method as fake. There are two main reasons as to why this is the case.

The first one is that Bitcoin is not regulated by any authority, it is self-sustainable. Since governments cannot control it, they are scared that it may spiral out of control. And as you may know, everyone is scared of the things that they cannot control.

The second reason as to why it is so opposed by governments is connected a bit to the first one. Banks can apply many hidden and/or added fees when people complete various transactions. By doing this, they are securing massive profits. Cryptocurrencies cut the banks (middleman) and go around all of these fees. Bitcoin does not allow the banks to profit off of people’s transactions. So, when trading with Bitcoin, people save a lot of money in the process.

Banks contain a lot of power and are more than able to influence politics. Since Bitcoin is a direct threat to their profit, you can be sure that they will lobby to keep the cryptocurrency illegal. And as you can see, they still have decision-making power in some countries, which is why the cryptocurrency is illegal.

What do People Think?

As far as what the people think, you can be sure that they are more than open to trade with Bitcoin. Why? Because the cryptocurrency protects them and it gives them numerous advantages when completing transactions. Apart from escaping added and hidden fees, people also enjoy a certain level of anonymity when trading with Bitcoin, all transactions are instant, and the currency is fully optimized for online use. Many believe that one day, everyone will use Bitcoin and the cryptocurrency will become the universal payment method in every part of the world.

Subscribe to Vulcan Post Newsletter

Stay updated with our weekly curated news and updates.
 
Read more about our privacy policy here.