New Delhi, Business Desk. Are you thinking of buying, selling or investing in cryptocurrencies? If your answer is yes, then the first thing you should know is whether cryptocurrency is legal in your country or not. Different countries have different rules regarding cryptocurrencies. In some of those countries, cryptocurrencies can be used in place of virtual rupees. Meaning that all those things can be done with cryptocurrencies, which are done with normal currency. However, in some other countries you can be jailed for buying cryptocurrencies. At the same time, some countries have not even bothered to regulate it, leaving cryptocurrencies in legal limbo. Let us know through this article what is bitcoin (cryptocurrency) and where is it banned? Where are legal and where are neither legal nor illegal?

What is cryptocurrency?

Cryptocurrency is a type of virtual or digital currency. There are many types of cryptocurrencies. Of these, bitcoin is a famous cryptocurrency. Like bitcoin, many other cryptocurrencies exist. Bitcoin is a famous cryptocurrency, which you cannot touch, but you can keep. It is not in your pocket in a solid form like a coin or note, but works as it should. This currency can also be kept in virtual space. However, it is not legal in India yet. The government has not approved such a currency.

Bitcoin is banned in these countries

Cryptocurrencies are generally welcomed in most parts of the world. Nevertheless, some countries have banned its use, mainly including Algeria, Bolivia, Bangladesh, Minican Republic, Ghana, Nepal, Republic of Macedonia, Qatar, Vanuatu. There are also some countries where cryptocurrencies are legally banned. Bitcoin is somewhat restricted in such countries and cannot be used for trade or payment. The main countries are Bahrain, China, Hong Kong, Iran, Kazakhstan, Russia, Saudi Arabia, Turkey and Vietnam.

Countries where bitcoin is legal

There are at least 111 states where bitcoin and cryptocurrencies are recognized by law. Major countries such as the United States and Canada for example take a generally crypto-friendly attitude towards cryptocurrencies. Australia, Belgium, Bulgaria, Chile, Finland, Germany, Indonesia, Italy, Ireland, Japan, Lithuania, Mauritius, New Zealand, Norway, Philippines, South Korea, Sweden, Switzerland, Ukraine, United Kingdom, United Arab Emirates and Venezuela are such countries. Where bitcoin is completely legal.

Cryptocurrency is the official legal tender in these countries

El Salvador – Country in Central America It is the only country so far that recognizes cryptocurrencies as legal tender. This was recognized as a risk to investors. If more countries start adopting cryptocurrencies in the future, El Salvador’s move could set a remarkable precedent in history.

Countries where bitcoin is neither legal nor illegal

Some countries still haven’t decided what to do with bitcoin. There are no clear rules or legal protections in these countries. These countries are currently working on creating a legal framework for cryptocurrencies. Apart from India, such countries include many countries, including major countries like Albania, Afghanistan, Argentina, British Virgin Islands, Cambodia, Cuba, Pakistan and Kenya.

Why is cryptocurrency not legal in India?

You read above that in how many countries Cryptocurrency has been legalized. But, the stand of the Government of India is not clear on this. The government is still contemplating on regulating it.

Edited By: Sarveshwar Pathak