The value of Bitcoin and other cryptocurrencies have been surging and are touching the sky. Bitcoin global market trends show that digital currencies are in trend because of the exceptional features they offer. The current rise in the price of Bitcoin has shocked investors and crypto analysts, but still, not all individuals are happy with the growth of bitcoin and are accepting it.

Developing and developed countries have different opinions about the largest cryptocurrency in the world. There are various sites that can help you to understand about legality of bitcoin, and you must read coinario.com that explains everything about bitcoin.

Moving forward, we will learn about the reaction and opinion of different countries.

The United States

The United States has shown a positive response to cryptocurrencies, especially Bitcoin. The government and financial institutions allow people to accept and transact in specific cryptocurrencies that they consider have potential and will help in the expansion of businesses and help people. MasterCard users are now allowed to transact in some of the cryptocurrencies that include Bitcoin.

Local and International banks of the US have also given a clear statement about authenticating different digital currencies. Not only banks but Tesla and many other big brands and companies have started accepting Bitcoin payments. Even Tesla has made an investment of around $1.5 billion in digital currencies like Bitcoin.

India

Using and accepting cryptocurrencies isn’t wholly allowed to India citizens. The Indian government hasn’t declared bitcoin as a legal currency. The government has introduced a bill that says that there should be a ban on all private cryptocurrencies, and the government will introduce an official cryptocurrency for the country specifically.

The provisions aren’t declared in the public domain till now. The Supreme Court banned cryptocurrencies in 2018 and restricted all the banks from processions cryptocurrency transactions. But later, the apex court made a complaint that the ban on cryptocurrencies violated the freedom of individuals and businesses. After the 2018 ban, again in 2019, the Government removed the ban on cryptocurrencies but warned them to use cryptocurrencies at their own risk.

China

Government and traditional banking system of China didn’t regulate cryptocurrencies, and there is a risk policy on the use of cryptocurrencies. No company, business or individual in China is allowed to accept or trade bitcoin because it is not considered legal tender. The miners weren’t given any reward in the past as well for mining cryptocurrencies.

Canada

Canada citizens actively use cryptocurrencies as a payment method and for investment purposes. However, the government enforces strict regulations to prevent illegal trade and money laundering involving cryptocurrencies. The Ontario Securities Commission, Canada’s financial regulator, approves exchanges that trade Bitcoins and classifies these crypto exchanges as money service businesses.

Bitcoin exchanges in Canada must register and comply with the regulations set by the Reports Analysis Centre of Canada. They must also report all financial transactions to help detect and prevent fraudulent or suspicious activities.

Australia

Australia is one of those countries that have been the early adopters of cryptocurrencies. Bitcoin global market trends highlight Australia’s proactive approach, as the country has been prosperous in implementing cryptocurrency regulations. There have been many crypto exchanges developed after the government passed cryptocurrencies as legal tender in Australia.

Russia

In Russia, bitcoin use and bitcoin are illegal, but there isn’t a ban on making bitcoin payments.

Germany

Germany is a European country, and it considers Bitcoin as a legal tender, but the government has imposed some tax rules. All the European countries have different taxation rules for crypto users, exchanges, miners and enterprises.

Vietnam

The government of Vietnam does not consider bitcoin a safe or acceptable medium of exchange, and it has not introduced any regulations on Bitcoin investment.

United Kingdom

The United Kingdom government has responded positively to Bitcoin but imposed tax regulations that users and exchanges must strictly follow.

Governments of different countries hold varying opinions about cryptocurrencies. If you live in one of the countries mentioned above, check how your government regulates the most prominent cryptocurrency.