As law abiding citizens, we are curious to know which countries do not except bitcoin and what countries even banned it completely and made it illegal. On this question we will try to answer today!
This will be a short summary of the topic, to research each country individually and to see its bitcoin legality status, you should read this Wikipedia article explaining it to the last detail.
Or if you have the time you can check out this hour long video explaining the legality of bitcoin in various companies and countries:
if you’re on the go, you can convert the video to mp3 and listen to it on the way to work!
So, on to explaining the situation. Well bitcoin is a digital currency, which means it is not regulated by any government, like we summed it up in our previous article.
Therefore, no central bank or government is earning anything of it, in fact they are losing money when it’s being used instead of regular currency. That’s why some nations like China have banned it completely.
Some countries however feel that bitcoin is not all that bad, and would like to give it a shot, and didn’t pass any legislation regarding it. They would like to see how it would fair in the free market and see what its true potential really is.
We of course support those countries who give bitcoin a shot, since we believe it will rise again and it is a wonderful new way of commerce online.
See you next week!