Bitcoin and Law

The interest of law enforcement agencies, legal regulators, and tax authorities is recently focused on the digital currency, Bitcoin. While it is true that Bitcoin is exchanged and used all over the globe, it is undeniable that most countries have yet to made their official standing on this technology. Most are definitely asking about Bitcoin’s legality and until now, there’s still a blurry view on the answer to this question. For instance, is Bitcoin casino legal in UK? The certain Bitcoin casino regulation should have absolute precision to appease the Bitcoin community.

Bitcoin is created and designed to be unregulated given its peer-to-peer nature. However, governments and financial authorities view this as an argumentative issue since it can be used in not only legal, but also illegal purposes. The only solution to avoid Bitcoins’ negative implications is certain law to regulate and control it. So what will happen if Bitcoin and Law collide?

There are some countries like Russia, which has recently banned Bitcoins along with other cryptocurrencies and there are also other countries like Germany that already established set of rules for BTC and is treating it like a foreign currency. While some already have their official position on the use of Bitcoins, most of the jurisdictions all over the world are still on the process of discussion on Bitcoin’s legitimacy, including the U.S. and the UK. Therefore, through the time Bitcoin and Law are being tackled by the majority, the use of Bitcoins and Bitcoin-based business are not considered illegal since there are still no regulations or laws that governs this matter.

In conclusion, Bitcoin’s legality at the time being heavily relies on the country in which it is used. Once a jurisdiction has locked down its stance on the use of this digital currency, if not illegalized, its legitimacy will be based on the person using it and the activities at which it will be utilized. Definitely, the status of Bitcoin and Law are uncertain for now, but with the growing popularity of this digital currency, final position for regulation of Bitcoins will hopefully be drafted sooner.