Bitcoin has not yet been generally adopted or legalized by many nations of the world. Despite this, few countries have legalized Bitcoin.
Bitcoin made its debut in 2009 and has since been a model for other cryptocurrencies. Despite its use for buying goods and services, there are still no uniform international laws that regulate BTC.
Few countries have assented to the legal use of bitcoin by enacting some regulatory oversight. However, as of November 2021, El Salvador is the only country that recognizes bitcoin as a legal tender.
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List of Countries Where Bitcoin is Legal
Here are the nations of the world where Bitcoin have been legalized;
United States of America: The United States is one of the nations of the world where Bitcoin is legal even though several government agencies work to prevent or reduce bitcoin use for illegal transactions. Several businesses accept BTC as a payment method. BTC is listed on the U.S derivatives market while it is also categorized as property for taxation purposes by the Internal Revenue Service (IRS).
Canada: Canada maintains a generally bitcoin-friendly stance while also ensuring the cryptocurrency is not used for money laundering. BTC is viewed as a commodity by the Canada Revenue Agency (CRA). Bitcoin transactions are considered as barter transactions while the income generated is treated as business income.
Australia: Just like Canada, Australia considers bitcoin neither money nor a foreign currency. The Australian Taxation Office (ATO) rules it as an asset for capital gains tax purposes.
The European Union: Bitcoin trading is considered a supply of services and that this is exempt from value-added tax (VAT) in all European Union (EU) member states. In addition, some EU nations have developed their bitcoin stances.
El Salvador: El Salvador made history in June 2021 as the first nation where bitcoin was approved as a legal tender by the nation’s congress. Although there are mixed reactions from the citizens after it was made official, it has however become of the nations of the world where BTC is legal.
Also Read: The Differences Between Cryptocurrency and Fiat Currency
Although the Central Bank of Nigeria has ordered financial institutions not to deal with cryptocurrencies including Bitcoin, peer-to-peer platforms have been used for BTC trading.
One of the best platforms for crypto trading is Prestmit, a digital platform in Nigeria. If you ever find yourself in a position to buy and sell cryptos, Visit Prestmit, it’s the best platform for you.
