BITCOIN: IS BITCOIN LEGAL

The king of cryptocurrency bitcoin has moved the world towards a new and advanced mode of payment as the time grew the followers and haters of this cryptocurrency grew along. While many people and organization have made bitcoin a part of there day to day life and they use it to buy and sell commodities whereas some people who are still skeptical about the future of bitcoin. They refrain from investing and using the bitcoin as they are unsure about the lifespan and wide changes in the price of bitcoin.

This brings us to the most important question of the present times “is bitcoin legal?”

The answer is that status of bitcoin has been divided into four major parts which are as follows,

The first of the four is “Permissive” which means that there are some countries who have given legal permission to use of bitcoin as a currency in their economic system, the name consists of countries like Japan, USA, Canada etc., these countries have shown friendly approach towards the bitcoin.

The next in the line is the “Contentious”, which stats that there are some countries which have put some financial restrictions on the legal use of bitcoin, in general, they do not openly accept the bitcoin as a mode of payment. However, the citizens are asked to act on their own consciousness as centralized banks do not take responsibility for any kind of loss. These countries are Morocco, European Union, Nigeria etc.

The third part is “Antagonistic” which means that there are some countries who have decided to accept bitcoin as a mode of payment but with loads of laws and restriction including taxes, here the person or group dealing in bitcoin mining will have to pay some part of taxes and the transactions will be regulated under the law of country, the name includes countries like Israel, United Arab Emirates, Kyrgyzstan etc.

The fourth in the list is “Hostile” group, the hostile group are those countries who have totally banned the buying and selling of bitcoins and treating its business as crime and punishable act. The countries which come in the hostile group are Ecuador, Macedonia, Jordan etc.

The Indian government is yet to take actions on the acceptance of bitcoin and its use as a legal mode of payment, but it is going to encourage blockchain technology in payment systems. Many people and organizations in India deal in mining, selling and buying of bitcoins.

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