Bitcoin is a much-talked about topic nowadays as the currency completely changes the world's currencies and money-making industries. When it comes to Bitcoin legality, the world's countries are not entirely equal in opinion. But in most countries, Bitcoin is neither illegal nor unregulated -- it, the currency, is placed in between.
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The photo above is a map on the stand of countries when it comes to Bitcoin. The gray and blue areas, which are the colors of most countries, mean that Bitcoin can be used there.
Bitcoin is computerized money and is therefore not backed by any official authority. Governments haven't officially given any blessing to the currency, and are now trying to find a way to cope with the Bitcoin problem.
Bankless networks of Bitcoin provide anonymity and make it difficult for governments to track how the money is spent. Another problem that Bitcoin poses is that if it were ever to gain popularity in a certain country, the central bank can possibly lose control of that country's money supply and inflation rate.
Though this problem is certain for when Bitcoin becomes popular, according to the map, only two countries have made it illegal: Iceland and Vietnam. Iceland has shut down incoming Bitcoins, while the Vietnamese government declared trading in Bitcoin against the law.
While other countries are deciding to take an anti-Bitcoin bearing, it still isn't illegal in these next counties: China banned banks from processing the currency transactions; Russia's top prosecutor only said it was illegal, but the country's central bank said the announcement was premature; as for the U.S., it looks like the country is taking a hands-off approach even though the IRS has released complicated tax rules for Bitcoin; and some nations, like Finland and Singapore, have decided to focus on how to tax Bitcoin.
Bitcoin remains a gray area in most other places. Central banks however are warning people that Bitcoin is unstable and that it is wise not to rush into using the currency.
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This article is copyrighted by Travelers Today, the travel news leader
