Topic: state regulations about bitcoin (Read 717 times)
Yesterday I saw information that the President of Belarus officially authorized the use of mining, and therefore recognizes bitcoin as a payment instrument.
Cryptocurrency has been embraced in Japan, US, and even the UK. There might be attempts but there is no definite law that regulates the use of Bitcoin still.
Bitcoin has changed the world. Prior to its invention, wealth was largely dependent on the economic health of a nation or the backing of physical assets. With bitcoin, a wealth can be expressed and transferred digitally. As bitcoin and become more accepted, regulations will become more defined. However, some form of bitcoin regulation is likely here to stay. Compared to most nations, the U.S. Texas, New Hampshire are bitcoin-friendly. Forbearance and due diligence are needed, though, in order to protect your investments and to stay in compliance.
which countries allow the use of bitcoin money? Is there a written rule to prohibit the use of bitcoins? What is the reason the state allows or prohibits the use of bitcoin?
There are already some countries which do legalize bitcoin on where they do make use of it on buying stuffs but talking on making it as a currency then its not possible.It would just still remain as a digital currency on where it should be. Every state do have different views into bitcoin but most of them would really turn out to be negative which means there would be more countries will prohibit bitcoin rather than on regulating or adopting it because they do see the possible effects of it into their estate.This is why they do set laws regarding into this one.
I think it's rare that bitcoin regulations are bounded statewise.
Countries usually have same regulations across all states. In UK, they have same bitcoin regulations & taxes. https://www.dnsassociates.co.uk/blog/bitcoins-tax-implications-uk
Correct me if it is not so!
Countries usually have same regulations across all states. In UK, they have same bitcoin regulations & taxes. https://www.dnsassociates.co.uk/blog/bitcoins-tax-implications-uk
Correct me if it is not so!
The legal status of bitcoin varies substantially from country to country and is still undefined or changing in many of them. Country like Nepal,china has declared bitcoin as illegal. While others like USA, Japan legally make use of bitcoin.
Most of the countries havn't made a clear stand about Bitcoin legality till now. Some countries like Japan, Isreal, Switzerland, Canada are quite positive toward Bitcoin and adopt it as an alternative mode of transaction. On the other hand some countries like Bangladesh, Nepal, Ecuador, Morocco banned it and called it an economical threat.
Reason for banning is quite simple...1. Decentralized currency without any regulation 2. Tax evasion or money laundering activities due to its anonymous transaction around the world.
Reason for banning is quite simple...1. Decentralized currency without any regulation 2. Tax evasion or money laundering activities due to its anonymous transaction around the world.
Government agencies are increasingly worried about the implications of bitcoin, as it has the ability to be used anonymously, and is therefore a potential instrument for money laundering.
You can check it out here https://en.m.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory.
It will give you details about the legality of Bitcoin on many countries. Every country that prohibits the usage of Bitcoin. It's because their central banks is threatened about the massive growth of Bitcoin. It can ruin their banking system. They are just saying excuses to make Bitcoin look bad to people. Like Bitcoin is a fraud blah blah. Anyway, Bitcoin became more popular and became mainstream because of massive adoption of bigger financial markets. Just sucks to those countries that just banned Bitcoin to their territory.
It will give you details about the legality of Bitcoin on many countries. Every country that prohibits the usage of Bitcoin. It's because their central banks is threatened about the massive growth of Bitcoin. It can ruin their banking system. They are just saying excuses to make Bitcoin look bad to people. Like Bitcoin is a fraud blah blah. Anyway, Bitcoin became more popular and became mainstream because of massive adoption of bigger financial markets. Just sucks to those countries that just banned Bitcoin to their territory.
which countries allow the use of bitcoin money? Is there a written rule to prohibit the use of bitcoins? What is the reason the state allows or prohibits the use of bitcoin?
Our country Philippines I think accept bitcoin since there was once a news said by our Central Bank that it can help the people and our economy's status. And currently, an ICO has been made I suppose to improve sending and remitting money here in our country. So, bitcoin and any other crypto is accepted here. Usually, we can pay bills, buy loads etc. through use of bitcoin. And we are lucky that bitcoin is not being prohibited in our state. And I think the main reason why my country allows the use of bitcoin is that they see this currency as a way to improve the status of our economy and everyone's daily living.
The each countries certainly has differences of opinion and thoughts in assessing bitcoin. Some are thinking it will have a good impacts, and some are thinking it will have an adverse impacts on the country.
The countries that has legalize on using bitcoin, of course the country having depicting / responses and countermeasures well on bitcoin, that already more knowing very well about bitcoin and blockchain and various things in the crypto world.
And the countries that banning bitcoin, it certainly have a written rules such as violating already applied the laws and concerns that will impacts to the country.
The countries that has legalize on using bitcoin, of course the country having depicting / responses and countermeasures well on bitcoin, that already more knowing very well about bitcoin and blockchain and various things in the crypto world.
And the countries that banning bitcoin, it certainly have a written rules such as violating already applied the laws and concerns that will impacts to the country.
which countries allow the use of bitcoin money? Is there a written rule to prohibit the use of bitcoins? What is the reason the state allows or prohibits the use of bitcoin?
Bitcoin ATMs machine installations. Let's say that's a general place. It can be a good help to us. allow the use of bitcoin money? this question can not happen because the bitcoin is ever before its price and it's not stable so it can not happen right now. If this happens, maybe the price of bitcoin is lower. I just think it.
Japan is the only country which legalized and allows bitcoin to be used as means of payment, as a real currency.
Normally, as most countries have no any fix regulations that prohibit bitcoin to be used as a currency, you don't need government's regulations to transact bitcoin, to buy goods or pay service as long as both parties accept bitcoin as a medium of payment. Unless you live in a country which bans bitcoin and stated cryptocurrency as illegal.
You can read it here: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory
Normally, as most countries have no any fix regulations that prohibit bitcoin to be used as a currency, you don't need government's regulations to transact bitcoin, to buy goods or pay service as long as both parties accept bitcoin as a medium of payment. Unless you live in a country which bans bitcoin and stated cryptocurrency as illegal.
You can read it here: https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory
As of now I think the acceptance of Bitcoin money depends on the establisment that is selling products or services. As per state or country, the Philippine government now just recently made a statement regarding their view on Bitcoin. It said that it will support Bitcoin as they believe that it can contribute to the economy of the country and increading it's circulation of money. But it also reminded the public to invest carefully and know the risk of it.
Bitcoin ATMs machine installations. Let's say that's a general place. It can be a good help to us. allow the use of bitcoin money? this question can not happen because the bitcoin is ever before its price and it's not stable so it can not happen right now. If this happens, maybe the price of bitcoin is lower. I just think it.
I also think that the regulation sort for bitcoin is yet to come. Is just few countries that are positive about it, countries like India. Meanwhile, major players in the economy are yet to make driving statement on it.
Bitcoin ATMs machine installations. Let's say that's a general place. It can be a good help to us. allow the use of bitcoin money? this question can not happen because the bitcoin is ever before its price and it's not stable so it can not happen right now. If this happens, maybe the price of bitcoin is lower. I just think it.
This topic was already been , talk about but your question seems in different way . But I will say , there are some country allows bitcoin and cryptocurrency adoption and there are also some wouldn't. The main reason why other country doesnt allow bitcoin operation, is the fear that they can t regulate and get the deserve tax for the goverment, also there are some banks that will petition to this .. Next if they will allow this to operate inside their country ,there are some store will finally acceprting bitcoin and will lead to tax evasion. This could be possible we all know that we can transact here anonimously .. So they are fear that bitcoin will be use as hiding one's wealth or lead to money laundering. In US they called bitcoin as "property" not "currency". But there are also country that recognized bitcoin as one of their currency .. Maybe creating and legislate law to regulate bitcoin will do .. Or releasing government official exchanger bitcoin to fiat might help .. This all just my opinion and base to,what my own country afraid of.
I do not know the countries which have recognized bitcoin as a currency. Japan in my opinion has the most liberal legislation in respect of bitcoin but even they do not recognize bitcoin as currency. For them bitcoin is a payment tool. Agree there is a difference between currency and means of payment. which countries allow the use of bitcoin money? Is there a written rule to prohibit the use of bitcoins? What is the reason the state allows or prohibits the use of bitcoin?
There are a lot of countries in favor of bitcoin use as they even have bitcoin ATM's installed . For instance USA leads with the bitcoin usage and crpto currency usage among any other country in the world. After USA i think japan is the country with maximum crypto users as there 80% population knows about the cryptocurrency and BITCOIN. Saying about any written rule to prohibit use of bitcoins does not exist for now. 
This topic was already been , talk about but your question seems in different way . But I will say , there are some country allows bitcoin and cryptocurrency adoption and there are also some wouldn't. The main reason why other country doesnt allow bitcoin operation, is the fear that they can t regulate and get the deserve tax for the goverment, also there are some banks that will petition to this .. Next if they will allow this to operate inside their country ,there are some store will finally acceprting bitcoin and will lead to tax evasion. This could be possible we all know that we can transact here anonimously .. So they are fear that bitcoin will be use as hiding one's wealth or lead to money laundering. In US they called bitcoin as "property" not "currency". But there are also country that recognized bitcoin as one of their currency .. Maybe creating and legislate law to regulate bitcoin will do .. Or releasing government official exchanger bitcoin to fiat might help .. This all just my opinion and base to,what my own country afraid of.
which countries allow the use of bitcoin money? Is there a written rule to prohibit the use of bitcoins? What is the reason the state allows or prohibits the use of bitcoin?
As an alternative "Yes" but as a main currency "No". There are already some countries which do adopt bitcoin as an alternative way on making transactions. Just to look at the current situation on Japan they did really adopt bitcoin but not totally treating it on replacing their local fiat yet.It do serve as an alternative. Regulations I don't think so since I didn't see any law regarding into this matter the fact I did see Is theres country which do really prohibit on bitcoin adoption because of the possible effects that it would cause to their country. Jump to: