Countries where Bitcoin (BTC) is legal and illegal in 2020
Before buying, selling or paying with bitcoin, you should find out if it is legal in your country.
In fact, there are many countries with different rules on the ownership and use of cryptocurrencies. Some of them even make it possible to use them as money, pay taxes, buy goods or trade. There is also a list of countries in which even simply owning the first crypto coin can lead to imprisonment.
Bitcoin and other cryptocurrencies are usually welcomed in most countries of the world. However, some of them actually banned their use. Regardless of whether bans were introduced due to the decentralized nature of the coins, threats to their current financial system, or simply because the proper rules have not yet been approved, as of March 2019, it is illegal in ten countries.
Countries where Bitcoin is illegal:
• Afghanistan
• Pakistan
• Algeria
• Bolivia
• Bangladesh
• Republic of Macedonia
• Saudi Arabia
• Qatar
• Vanuatu
• Vietnam
In addition to countries where BTC is prohibited, there are those where it is slightly limited and cannot be sold or used for payment. In such states, banks and other financial service providers cannot deal with cryptocurrency exchanges and companies related to this field.
Countries where Bitcoin is restricted:
• China
• India
• Ecuador
• Indonesia
• Morocco
• Zambia
• Nepal
• Egypt
• American Samoa
It should also be noted that despite all the prohibitions and restrictions, the laws did not destroy bitcoins or other coins and their use. Due to the nature of decentralized cryptocurrencies, it is simply impossible to ban them. Many people still use websites such as LocalBitcoins, Paxful, or Bisq to trade in these countries.
This simply proves that no government can truly ban BTC unless it restricts the use of the Internet to the entire country.
Despite this, such large countries as the United States and Canada are quite positive about cryptocurrencies. Moreover, their governments are trying to enforce anti-money laundering laws and prevent fraud.
Meanwhile, in the European Union it is not allowed to launch its own cryptocurrency, but they encourage legalization and compliance with the rules.
As of January 2020, the countries in which BTC is legalized are:
• Japan
• Gibraltar
• Malta
• Ukraine
• Switzerland
• Netherlands
• Lithuania
• Estonia
• United Kingdom
• Germany
• Bermuda
• Slovenia
• Singapore
• Georgia
• Belarus
• Hong Kong
However, some countries still have not decided what to do with bitcoins. In such cases, its use is legal in the sense that you can own it, but there are no clear rules or legal protection regarding its status. Such states either create the legal framework for cryptocurrencies, or use the “wait-see” strategy. These countries include:
• Albania
• Andorra
• Argentina
• Barbados
• Colombia
• French Guiana
• Gabon
• Jamaica
• Jordan
• Kazakhstan
• Kenya
• Kosovo
• Kyrgyzstan
• Malaysia
• Maldives
• Mauritius
• Nigeria
• Panama
• Paraguay
• Peru
• Tunisia
• United Arab Emirates
• Tanzania
• Uruguay
Despite this, an increasing number of governments are choosing to use digital innovation and participate in the development of this industry. At the same time, the jurisdictions that oppose it still run the risk of being left behind. Ironically, such countries are already among the poorest nations in the world, and the widespread use of digital coins does not seem to give them positive results to improve the situation.
In fact, the opposite is true. Using a cryptocurrency business with favorable rules provides an excellent opportunity to attract innovation, capital, tax revenues and improve the living standards of the entire population.
Published at Wed, 12 Feb 2020 07:30:11 +0000
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