It is undeniable that there is a little global consensus on the issue of Bitcoin’s legality given that each jurisdiction has different laws and legislation systems. While there are some countries that already made their official stands about the regulation of this digital currency, the majority is still the process of considering their regulatory position on Bitcoins. These can easily be known by simply checking over Bitcoin legality news around the globe.
The latest country that made an official stance on Bitcoin’s legality is Vietnam. Last February 28, 2014, Vietnam’s communist government specified that trading in Bitcoin and other cryptocurrencies is illegal and warned their citizens not to use them. They didn’t spell out the penalties for those who will defy the direction, but a central bank statement that it will be linked to money laundering and other illegal acts.
Recently, Russian authorities have issued warnings against Bitcoins and treating it as a currency is illegal. It has been claimed that Bitcoin is a money substitute so it cannot be used by individuals or legal entities. In addition, it has been emphasized that Russian law highlighted that Rouble is the sole official currency and introducing other monetary substitutes is unlawful.
While there are countries that already illegalize the use of Bitcoins, there are also jurisdictions that stated affirmative Bitcoin legality news across globe. This virtual currency has been recognized by the German Finance ministry as ‘private money’ and it can be used for tax and trading purposes in the country. In addition, Canada Revenue Agency issued a statement about the tax treatment of Bitcoin when it is used to pay for goods and services including barter transactions.
Most of the countries, including the US and the UK are recently considering their governing status on Bitcoins, even Bitcoin casino regulation. While they are in this process, Bitcoin-based businesses are allowed to operate and their citizens are permitted to use Bitcoins for the time being and to some, taxes are imposed on BTC exchanges.