Many countries have legalized the use of bitcoins and many countries that are yet to do so. If you are new to the world of cryptocurrencies and want to make payment or investment in bitcoins, this article can help you.
This article presents a list of countries that have legalized the use of bitcoins. If you are residing in these countries, you can easily use this list to be sure and make payments and investment in bitcoins. To know more about the legal aspects related to bitcoins, you can check the webupdatesdaily.com website.
In the initial years, when the Australian government lifted the ban on bitcoins, it was subject to the Goods and Services Tax. In this case, customers had to bear the cost twice. Once, they had to bear the tax when they purchased the cryptocurrencies like bitcoins and again when they used it to exchange the goods and services they purchased.
But in a recent move by the Australian government, it was said that they wanted to work for more options of Fintech development in their country, and the government finally removed the legislation that said that the double taxation would be removed. Thus, the Australian government has not only made legislation for bitcoins’ legality; they have also legalized it.
Bulgaria is the first member of the European Union that has recognized bitcoin as one of the best currencies. It is also treated as a gold-like commodity in Bulgaria.
Although Bitcoin is legal in Canada, the Canadian government has classified bitcoin as an intangible asset. The bitcoin is presented under the provisions of the Anti-money laundering and Counter-Terrorist Financing law. This provision is yet to get approval. Thus, when dealing with Bitcoin, you will be regulated as per the money services businesses.
In the year 2013, the Bank of China has asked all types of financial institutions and banks from handling all types of bitcoin-related transactions. Thus, buying and selling of bitcoins is yet not made legal in China, but trading in bitcoin by individuals is legal.
When a country like China hasn’t prohibited its citizens from trading in Bitcoins, you can easily understand that bitcoin is illegal.
Estonia is a pretty small nation, but even the small nations are attempting to legalize bitcoins from their end. The Finance minister of Estonia has given a statement that says that there are no legal issues and obstacles if people want to make any investment in bitcoins or if they want to use it as a mode of payment.
Finland is a small nation, and the government in Finland has decided to treat bitcoin as a private contract similar to the contract used for different tax purposes. This means, if you are purchasing goods by using bitcoins, any increase in price or the difference in price would be taxable as per the law made and imposed by the Finland government. Mined bitcoins are considered as an earned income as per the Finland government.
The government in France has made different laws and regulations for the use of digital currencies by citizens. As per the government’s regulation, the bitcoin distributors have to limit the levels of anonymity, and they have to verify people who are investing in bitcoins. Although bitcoin’s entire idea and the sole purpose of bitcoin are eliminated through this law, this does not mean that bitcoin is not legal in France. If you are using bitcoin as per the government’s law, you won’t be penalized.
In Germany, bitcoin and other cryptocurrencies are treated as private money. This decision by the German government enables users to use bitcoin without any government interference. Thus, citizens are free to use bitcoins in whatever manner they want.
All these statements and laws made by countries worldwide show that bitcoin is not entirely illegal, and if you are residing in any of these actions, you can easily use bitcoin as a mode of payment in these nations.
So, get ready to make investment and transactions in bitcoin, but pay attention to the local rules and regulations.