The introduction of bitcoin brought about the evolution of currencies; it ushered us into an era of decentralized finance. Bitcoin brought ease because of its many advantages in comparison to traditional currencies; faster transfers, greater visibility, fungibility, among other great features. Some countries have accepted the use of digital currencies, while some are skeptical about it to the point that they have declared it illegal.
Countries that allow the use of bitcoin
Despite the volatility of bitcoin, the fact that it is a good tool for fraud, its uncertainty and all, some countries have thought it good enough to use this currency to conduct transactions. These countries include
- El Salvador. El Salvador doesn’t just permit the use of bitcoin for transactions, the president of El Salvador, Nayib Bukele, on September 7, 2021, declared it a legal tender.
- The United States. Although bitcoin is not a legal tender in the US, it is recognized as a currency that can act as a substitute for real currency. It is even regulated by the Internal Revenue Service as a taxable asset.
- Canada. Canada is not against the existence of cryptocurrencies, on the contrary, cryptocurrency transactions are taxed as though they are business incomes.
Other countries that accept the use of bitcoin include the United Kingdom, Spain, and France, to mention a few.
Countries where using Bitcoin is illegal
Some countries have outrightly placed a ban on bitcoin, while some countries have been dancing around it; they cut off access to Bitcoin. Some of these countries include Libya, Maldives, China, Egypt, Algeria, and Bangladesh.
Bitcoin and altcoins are progressively gaining acceptance in the world, but there are still countries that are yet to see their potential, or they are just being cautious. The acceptance of bitcoin as a major currency in most or every state in the world is riding on possibility.