The Legality of Cryptocurrency in Different Countries Around the World

As we all know that crypto has become very popular in the world, and it is obvious. To buy things, trade on the exchanges, and invest the coins like Hive, bitcoin, and ethereum are widely used. But here is the one big problem, because not every country allows this, and there are countries where bitcoin mining and cryptocurrencies are banned.

This is not less than money, and this is not physical, but everything is digital in the crypto world; that's the reason it is also called digital currency. No bank, government, or any third party controls it. Crypto is something which is not exist as a paper or coin. The only thing needed is a computer or a mobile with internet, and you will be able to hold and transact this money. The technology behind this is blockchain, and it records every single transaction. This is highly secure.

Countries like the United States, Canada, the United Kingdom, the European Union, Japan, Singapore, Brazil, and the UAE are countries where crypto is legal, but the situation is not the same in every country. In the US government regulates it, and this way they are providing a safeguard to the users and in return, they demand taxes. Similarly, Canada, the UK, and the EU, and there is Japan, which is the first country to legalize crypto, and the legal firms are watching the cryptocurrency exchanges. And Singapore, Brazil, and the UAE are highly crypto-friendly countries.

There are some countries that are still not able to decide where to go, and they are totally confused about this topic. These countries have no clear stance on crypto. In the future, they can ban it or legalize it. Only the future will tell.

Of course, there is China, which banned bitcoin mining and also cryptocurrency trading and holding. All the crypto firms have left China already and shifted to other countries with a crypto-friendly environment. According to the Chinese government, crypto is a threat to the Chinese local currency, and the digital yuan is a centralized currency that is developed by the Chinese government. In this list, Algeria, Bangladesh, and Morocco also come too, they are also against crypto, but not extreme level like China.

When it comes to crypto, India is also not behind my friend. The Indian government believes that cryptos are private currencies and they should be banned or taxed heavily. They are looting the crypto investors with heavy taxation.

There is Nigeria too, where crypto trading is not allowed, but people are smart and they are using P2P and doing trading. Now you can say this is the power of decentralization. But yes, these countries are not showing improvement towards crypto.

Here, I want to conclude that there is fear regarding scams and fraud, and money laundering. They don't want to lose control, and the government wants to control your financial activities, and also they believe that crypto is a threat to the local currency. However, crypto is a revolution, and this year is very positive for the whole crypto industry, so sooner or later, crypto will be in mainstream like fiat. Anyway, wanna speak about this? There is a comment section where you can do your best, and I also like the proper interaction, so you must share your opinions. Share this post on Web 2.0 social media platforms. I am going to meet you in my next blog.

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