Hi guys, this time its some information about legalization of bitcoin around the world.
Bitcoin was created in 2009, it was supposed to act as a peer-to-peer cash system, but it has taken on a different form. To earn bitcoin, a person has to act as a miner, which involves them using their computer’s energy to maintain the blockchain. Bitcoin would therefore act as the reward for this computing power. As more people started to be interested in bitcoin’s operation, they started to trade it like a financial asset, for example, a stock.
Following is the status of Bitcoin
1) LEGAL AND REGULATED
- Japan officially recognizes bitcoin and digital currencies as money. In 2017, the country’s government officially recognized bitcoin as a method of payment.
- Australia has officially confirmed it will treat bitcoin “just like money” on 1st July 2017
- United States classified bitcoin as a convertible decentralized virtual currency in 2013. In September 2015 Per IRS, bitcoin is taxed as a property.
2)LEGAL BUT NOT REGULATED
- The European Union has passed no specific legislation relative to the status of the bitcoin as a currency, but has stated that VAT/GST is not applicable to the conversion between traditional (fiat) currency and bitcoin.
- Argentina Under the National Constitution of Argentina, bitcoins may be considered money but not legal currency.
- Brazil Legal but not regulated, according to communication of Brazilian Central Bank .
- Israel As of 23 December 2013, Israel had not adopted any specific legislation regulating bitcoins.
- South Korea There are no laws in South Korea regulating the use of bitcoin at present.South Korea On December 12, 2013, the president of the Bank of Korea recommended at a press conference that bitcoin be regulated in the future.
- Russia Russia had previously banned the use of bitcoin, but as of November 2016 declared, bitcoins are "not illegal" according to the Federal Tax Service of Russia.
- United Kingdom The government of the United Kingdom has stated that the bitcoin is currently unregulated and is treated as a 'foreign currency' for most purposes, including VAT/GST.
- Other countries are Germany,Sweden,Malasiya,Singapore,Netherlands,Belgium,France,Ireland,Italy,Portugal,Spain and many others but i have listed main countries.
3) ILLEGAL
There are very few countries six to be exact, have completely banned bitcoin, claiming it is very close to being a currency. One notable example is Iceland, which has the largest bitcoin mines worldwide but residents are not allowed to buy bitcoins. Surprisingly, one can own bitcoins by mining, but not buy bitcoins from a foreign exchange. This is an attempt to prevent capital flight out of Iceland. The other five countries in this category are Bolivia, Ecuador, Bangladesh, Kyrgyzstan and Vietnam.
Sources: Wikipedia, https://themerkle.com/bitcoins-legal-status-worldwide/
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