With the advantages it brings, Bitcoin easily gained popularity and currently, it is one of the most efficient modes of financial transactions from all over the globe. However, based on most recent Bitcoin Legality News, the status of its legitimacy remains hazy given the fact that majority of the jurisdictions worldwide are still on the process of making an official standing about this digital currency.
Bitcoin works on peer-to-peer technology making it pseudonymous and decentralized. While it is an advantage for the users, it worries most government and legal regulators since it can be used for criminal acts like tax evasion, money laundering, and others. The most popular illegal activity involving Bitcoins was the Silk Road. It is an anonymous marketplace that sells goods that are prohibited in many countries including narcotics. It was closed by the FBI in October 2013.
Most of the countries are still uncertain whether Bitcoins will be regulated in their dominion or not given that it offers almost the same number of boons and banes. However, most of them do not consider Bitcoin as a currency except from Germany, which classified it as private money and has already drafted regulations on BTC. On the other hand, while still considering this digital currency’s regulatory status, the majority of these countries are imposing taxes on Bitcoin exchanges.
So far, according to the Bitcoin Legality News online, Russia is the only country that already banned Bitcoins. Last February 2014, Russia’s Prosecutor General’s Office stated that Bitcoin is a money substitute; hence, it cannot be used by individuals or legal entities. There are also some governments that restrict the use of BTCs like China, India, Indonesia, Thailand, and others. It is also being monitored closely amongst the Bitcoin gambling community because of its imminent potential. Is Bitcoin casino legal in UK? Up to now, the status of Bitcoin casino regulation in various parts of the world is being favored.
Bitcoin’s legality is primarily considered in the country’s regulation or stand about this virtual coin since each of these dominions has different views and legislations. Also, while most of the countries are still deciding on the regulations of BTC, users are allowed to use it at their own risk.