Legal status 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, we have to act as a miner, which involves us using our computer’s energy to maintain the blockchain. As a result or reward we would get Bitcoins for our computing power. As more people started to be interested in bitcoin’s operation, they started to trade it like a financial asset.
This is when Bitcoin became a global phenomenon and is now among the top searched words in Google worldwide. With popularity comes love as well as hate as they are both sides of a single coin. So let's state the condition of Bitcoin in various countries.
COUNTRIES EMBRACING BITCOIN
A few countries have accepted Bitcoin and have actually created laws to govern the Bitcoin transactions. Japan was one of the first countries to completely accept Bitcoin, in Japan Bitcoin is also accepted as a means of payment legally.
Next in line is my country India. Recently the Indian government declared its support for Bitcoin and agreed to regulate it. The government thinks that Bitcoin could be beneficial to them and are thus creating laws to successfully regulate Bitcoin.
COUNTRIES REGULATING BITCOIN
Believe it or not but most of the countries fall under this category as they accept Bitcoins but only partially. It is seen as a Money Service Business but not as a currency. Countries such as USA Russia, most of Europe and Asia falls under this category. These laws are put together in place so that financial crimes are not committed under Bitcoin like money laundering. Although somewhere about Russia working with Ethereum blockchain but I can't be totally sure about that.
COUNTRIES WHERE BITCOIN IS BANNED
There are only a few countries where Bitcoin is actually banned, to be exact it's only 6 countries i,e; Iceland,Bangladesh , Vietnam , Bolivia , Ecuador and Kyrgyzstan.
MY VIEWS ON BITCOINS ACCEPTANCE
I think it is highly unlikely that Bitcoins would be accepted worldwide atleast not for a while but in the future it might work. The reason I think it's not gonna work now is because there is a cold war going on between the crypto enthusiasts and the Banking sector. Cryptocurrenncy being decentralised by nature is hard for any one organisation to control and the banks doesn't want to relinquish their control over money flow and supply.
I hope you like this post and give a upvote for it.
For more information like this please follow me @arunava
Great content!
Thanks
It took me 3 times to actually post this coz I'm using the esteem app for the first time. There is a learning curve to it.
Wow man great post 😳 Lost for words, I didn't know you were in idea man.. add me on Facebook of you have a chance I'll like to collaborate
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I re-Steemed to my page as always and gave you my 100% upvote
@lykencrypto I added You on Facebook but I rarely come online on Facebook.
In Honduras I don't think it's banned, but very few people even know about it.
Iceland has the largest bitcoin mines in the world but residents are banned from buying bitcoins you can ine it but u cannot buy it.
This is an effort by their government to prevent capital flight out of iceland
Government can make laws making it illegal, which is underway, and some want to centralize it but what they don't understand is one cannot centralize something that is in space, you don't carry it, it's a key to ledger you have to a blockchain, man im learning a lot! Lol
Anyway you look at it, the bankers hate it, they cannot monopolize it.
More people are accepting it and dumping dollars. It's only going to grow
I agree with you bankers hate it
Its all about Mindset.
Blessings to you!!
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