Is Bitcoin Legal?
Is Bitcoin legal?
Bitcoin and other cryptocurrencies are new and very recent alternative currencies, around 2009.
The new and recent status of these increasingly used digital currencies therefore raises the question of their legality in each country.
So let’s see if Bitcoin is legal and where.
In the United States, Canada, England, Australia, yes, Bitcoin is legal.
Similarly in France, Belgium, Switzerland, Europe and all developed and industrialized countries.
Cryptocurrencies and altcoins (Ethereum (ETH), Ripple XRP, Litecoin (LTC), EOS, Tether USDT, …) are legal and used worldwide.
Bitcoin cryptocurrency is already used on many websites as a means of payment to buy goods and services.
Some countries like Canada are even beginning to accept Bitcoin to pay taxes.
You can legally own Bitcoin, buy or sell Bitcoin as you wish.
You can also do Bitcoin trading on the trading platforms that offer it.
Capital gains made on the sale and purchase of Bitcoin cryptocurrency or other cryptocurrencies are taxable and you must declare to the tax authorities the profits you earned by trading Bitcoin or cryptocurrencies.
However, any country or government can decide to ban or make Bitcoin illegal.
Each country or government is master on its territory and decides what is legal or not for its citizens.
For example, the United States had banned gold in the past:
The Executive Order 6102 is an executive order signed on April 5, 1933 by US President Franklin D. Roosevelt as part of his New Deal policy.
In the midst of the Great Depression, the government demanded by this law the delivery of a large portion of the gold held by individuals, breaking the law was punished with $10,000 fine or 10 years in prison, or both!
Each country or government decides what is legal or not for its citizens, whether it is about medicine, currencies, drugs, food, drinks, electronics, etc ….
Burundi banned bitcoin and cryptocurrencies to deal with scams the government said.
In some countries in the world, Bitcoin is illegal and banned as well as other cryptocurrencies.
Bitcoin is illegal in Bolivia or Ecuador for example.
China banned crypto exchanges and any transaction in Bitcoin or cryptocurrency at the end of 2017!
Owning Bitcoin or cryptocurrency is not illegal or prohibited in China, only trading and transactions.
In the United-States and in all the industrialized countries, Bitcoin is legal as well as other cryptocurrencies.
If you are going to live or travel in a foreign country, find out about the legal status of Bitcoin and crypto currencies in the country you are visiting.
Each country has free interpretation of the legality of Bitcoin and its use by the population.