Which Countries Recognize Bitcoin as Their Legal Currency and Why?
Numerous transactions are done every day. We cannot hide the fact that consumers always want to have the convenience to pay without encountering unnecessary bank errors or even frequent system maintenance. As far as cryptocurrency is concerned, ordinary people, employed or unemployed, demand an easier and faster exchange of money. Here comes Blockchain Technology.
We can definitely go further with the use of cryptocurrency because of the technology it uses. Two different people coming from across the globe can transact directly without paying extra charges like in Paypal, for example. It does not need the intervention or information coming from your personal bank account. This is how blockchain computing aids digital exchange and other financial activities.
So, the most used crypto platform is Bitcoin that was launched in the year 2009. Bitcoin is not regulated by any banks, and the government does not have control over it. It is digitally generated through data mining. Say you are going to make a deposit on your account in a Vulkanbet casino through Bitcoin; your record will be updated simultaneously. But you cannot use Bitcoin if you opted to avail of the Vulkanbet no deposit bonus.
Aside from gaming, there are so many ways that you can put Bitcoin to use. On a larger scale, cryptocurrency helps a lot, especially those individuals working abroad and B2B companies. It is the currency that is being traded here without any fees. There are already countries realizing the utility of cryptocurrencies. Although some do not agree with its function, most countries consider it to be legal—but not as a currency. Just in 2021, there is a country that became the first legal tender of crypto.
So, let us start getting to know these countries that are giving their citizens the opportunity to transact, pay, and exchange in the most hassle-free way through the cryptocurrency – Bitcoin.
With so many progressive countries and a larger community of stakeholders, El Salvador is the first classified legal tender of cryptocurrency as of June 2021. This has made the people of El Salvador transact via cryptocurrency since most of them are not able to secure their own bank accounts.
However, there were risks that occurred in the adoption of Bitcoin for El Salvador because of its unstable financial status and vulnerable economy. And as per the World Bank and the International Monetary Fund, Bitcoin might expose the tender to some illegal financial undertaking. Some instances were seen in the implementation of Bitcoin to businesses in El Salvador, like offline transactions.
The US has a wide coverage of businesses, and its currency is commonly used by consumers, business owners, and freelancers internationally. Most transactions are in dollars. But when it comes to the use of the Bitcoin cryptocurrency, not all government agencies are positive about its usage due to illegal financial activities and unforeseen events. But of course, the US has businesses that welcome payments through Bitcoin:
- Dish Network
As one of the fastest-growing countries that are specialized in high technology patents, Japan is looking forward to legalizing Bitcoin as a currency or a mode of payment. Most Bitcoin proceedings in Asia are done in Japan. So, the government has already prepared the PSA or Payment Services Act to pursue trading and exchange of goods and services via Bitcoin.
The first legalized cryptocurrency of Canada was Impak Coin way back in August 2017. Although not all government leaders are not in favour of Bitcoin due to the security of businesses. Some businesses in Canada, particularly in Quebec, were already instructed to welcome payments through Bitcoin. And they are protected under the law of anti-money laundering (AML). For the record, some banks in Canada were already banned due to the usage of debit and credit cards for Bitcoin transactions.
Now we have India that has already allowed Bitcoin as the cryptocurrency within the country. The government of India has already started finalizing some provisions, laws, and regulations in terms of legalizing Bitcoin within the country. However, they are looking forward to recognizing cryptocurrency and charging taxes regarding the currency exchange.
Next is Thailand that started to legalize Bitcoin last 2017. This was enabled in the country as long as the safety of the records and the money were not compromised in the long run. The concerned agencies assure that only accredited and licensed Bitcoin traders will perform such crypto money exchange.
Trading for currencies in Singapore is legal, and the government does not have control over the financial activities of local traders and other concerned businesses. Still, Bitcoin is basically unregulated. It is a peer-to-peer system. So, you can buy your coffee and pay through Bitcoin.
A Few Takeaways to Keep In Mind
Bitcoin is a good alternative if a user is looking forward to a convenient payment method. Based on the above-mentioned countries and states, cryptocurrency is widely accepted because of blockchain technology. Whether you are investing or paying a regular service, cryptocurrency will cause you no problem. If you are one of those people out there who are not yet eligible to open a bank account, you can use your phone, shoot in your information then select the best crypto platform that you would like to try out.