Many people who have keep hearing about bitcoins have kept on asking, is bitcoin legal?
This is a very pertinent question for those who want to engage in buying and selling using this currency, and for those who wish to involve themselves in major investments using bitcoins.
For this and many more reasons, you definitely would not want to pull your resources in a venture whose legality is not well defined, at least within the borders of your country.
It would suffice to say, for now, that over the last half a decade since inception of virtual currencies, this sudden change of direction in money matters has been received and denied almost in equal measure, from one country to another.
To those open minded, they seem to appreciate the simple fact that technology has done us more good than harm, and that it is time we spared our pockets the trouble of carrying notes and coins in whichever form.
Supporters of cryptocurrencies seem to enjoy anonymity, and do not see why people should bother with what you do with your money, when, with whom, and where, and perhaps rightly so.
On the other hand, this aspect of anonymity in using cryptocurrencies has been met with claims of illegal trading, financing of criminal activities, gambling, and various forms of corruption. This thinking may however not hold a lot of water, given the simple fact that this apparent evil continues to eat the society, with or without virtual currencies.
From the days of barter trading to the arrival of money and finally plastic money, these challenges have continued to befall humanity, and cannot sufficiently be blamed on bitcoins.
And whereas the activities are more of a personal choice by individuals of sound mind than influence or by law, the driving force for fear by governments emanates from this chief characteristic of bitcoins: anonymity.
How would they monitor its circulation? How would they reach people for proper taxation? How would they plan on financial expenditure as a nation? Who would cushion people against possible losses?
The legality of bitcoins by country
Countries that have little or no restrictions on use of bitcoins have been on the increase in the recent months. The fear that bitcoins cannot be regulated by governments, revenue authorities and other financial organs has been dispelled in most countries, and not so in a few others.
In 2014, countries that allow trade using bitcoins include:
In 2014, countries that restrict use of bitcoins include:
Important note: whereas some countries may have imposed bans or restrictions on the use of bitcoins, it is important that you take time to ascertain what the extent of the imposition is: is it on businesses, institutions, individuals, or foreign relations? This way, you would make an informed decision on which way to take your transactions and investments.