List of Countries that Legalize Bitcoin – Bitcoin is a currency that is traded online through an application. Usually bitcoin is used for trading or future investment. But it turns out that there are several countries that legalize bitcoin currency. The following is a list of countries
1. United States of America
The United States (US) has always been optimistic about Bitcoin. In fact, according to Analytics Insight, the US Treasury’s Financial Crimes Enforcement Network (FinCEN) has been issuing guidance on Bitcoin since 2013.
In addition, Bitcoin is categorized as property for taxation targets by the Internal Revenue Service. However, several government agencies are working to prevent the use of Bitcoin for illegal transactions.
Canada has always maintained a positive approach to Bitcoin and the Canadian Revenue Agency has recognized it as a commodity. The agency considers Bitcoin transactions as barter transactions, and the revenue generated as business income.
In addition, Canada considers Bitcoin exchanges a service. However, Canada also monitors Bitcoin under its anti-money laundering (AML) laws.
Australia has declared Bitcoin legal, similar to the US and Canada. However, buyers are required to comply with the Anti-Money Laundering and Counter-Terrorism Financing Act.
In addition, Bitcoin and other cryptocurrencies are also subject to Capital Gains Tax.
4. European Union
In 2015, the European Court of Justice (ECJ) announced that the purchase and sale of digital currency in the European Union (EU) was recognized under the provision of services and made it exempt from value added tax (VAT).
In addition, several EU countries such as Finland, Belgium, UK, and Bulgaria have also developed their own initiatives to facilitate Bitcoin trading.
Also Read : Facts About Holywings Business
5. El Salvador
Not only legalizing the use of Bitcoin, El Salvador became the first country in the world to allow Bitcoin as a legal tender.
In June 2021, the country’s Congress approved a proposal to officially adopt Bitcoin as a form of payment making it fully legal.
Quoting from bitcoin.com, the growth of cryptocurrency users in Nigeria is very high and increased among young people by 211 percent.
Bitcoin in China has been legalized and can be used for official transactions. Bitcoin has an identity as a virtual property that is being developed in terms of technology and research.
The bitcoin.com site said that in the first quarter, Ukraine experienced an increase in Bitcoin user growth of 86.68 percent.