Bitcoin (BTC) seems to be legal in around 111 countries around the world. Although there have been fears regarding massive crackdowns in some countries, Bitcoin remains legal in most of the markets. The information was provided by Coin Dance on its official site.
Bitcoin is Legal in 111 Countries
The most popular virtual currency has been growing in different markets. During the last years, several countries decided to start regulating the crypto space by creating legal frameworks around virtual currencies and blockchain technology. Due to this situation, there are several countries that have forbidden Bitcoin or directly banned it.
Although the negative news regarding China’s ban on virtual currencies or restrictions in Iran, there are 111 jurisdictions that consider it legal. Indeed, according to these findings and data provided by Coinhills, Bitcoin is being restricted in Indonesia, the 10th largest market for this digital currency.
Indonesia has officially informed that virtual currencies, including Bitcoin, are not recognized as a legitimate instrument of payment. Thus, they are not allowed to be used for payment in the country.
An official report released by the Central Bank of Indonesia reads as follows:
“Ownership of virtual currency is highly risky and loaded with speculations, considering there is no authority responsible, no official administrator, no underlying asset to base the virtual currency price, and that the trade value is highly volatile. This means that virtual currencies are vulnerable to bubble risks and susceptible to be used for money laundering and terrorism financing.”
The Bank of Indonesia affirms that it forbids all payment system operator and financial technology operators in the country. The main intention behind the decision of the country is to maintain financial system stability, consumer protection and prevent criminal practices.
Other countries were Bitcoin is illegal include Bolivia, the Republic of Macedonia, Algeria, Saudi Arabia, Afghanistan, Pakistan, Bangladesh and Vietnam. Other countries where Bitcoin is restricted include China, India, Morocco, Egypt, Zambia, Nepal and Ecuador.
Bitcoin and virtual currencies continue to expand and most of the countries are prepared to receive them. This does not mean that where Bitcoin is legal there are no regulations. Indeed, there are several regulations in place in several countries. Malta and Switzerland are two of the most friendly jurisdictions for Bitcoin.
In the United States, the Securities and Exchange Commission (SEC) is trying to regulate the space.
