Bitcoin: Which Countries say yes or no to the most prominent cryptocurrency?
The value of Bitcoin and other cryptocurrencies have been surging and are touching the sky. 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.
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.
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 citizens are pretty friendly with using cryptocurrencies as a payment method and for investment purposes. But at the same time, there are strict regulations on the use of cryptocurrencies for illegal trade and money laundering. The best thing is that the financial regulator of Canada, i.e., the Ontario Securities Commission, has approved exchanges that trade Bitcoins, and there, the crypto exchanges are known as the money service businesses.
The bitcoin exchanges of Canada are obligatory to register and follow the Reports Analysis Centre of Canada’s regulations and register all the financial transactions. It is done to report any fraudulent activities or suspicious transactions.
Australia is one of those countries that have been the early adopters of cryptocurrencies. The country has been prosperous in the implementation of all the regulations of cryptocurrencies. There have been many crypto exchanges developed after the government passed cryptocurrencies as legal tender in Australia.
In Russia, bitcoin use and bitcoin are illegal, but there isn’t a ban on making bitcoin payments.
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.
The government of Vietnam didn’t consider bitcoin as a safe and acceptable medium of exchange, but also, there aren’t any regulations on Bitcoin investment.
United Kingdom’s government has given a friendly response to Bitcoin, but the government has imposed some tax regulations that users and exchanges strictly follow.
The government of each country has different opinions about cryptocurrencies. If you are one of the citizens of the countries mentioned above, you can check out your government’s reaction to regulating the most prominent cryptocurrency.