Study Shows That Bitcoin Is Legal in at Least 111 Countries

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Coin Dance portal conducted a study of the legality of Bitcoin in different countries of the world and reported that the first cryptocurrency is completely legal in at least 111 countries around the globe.

Analysts noted that among the 20 most often used national currencies in trades between fiat and Bitcoin, only 3 countries do not give Bitcoin legal status. At the same time, Nigeria is in 15th place, in which Bitcoin is not illegal, but is not completely legal. Over the past 24 hours, the volume of transactions with Bitcoin and Nigerian Naira amounted to 0.03% of all transactions with the first cryptocurrency.

The Indonesian rupee is in 10th place, although Bitcoin status is considered to be “limited” in Indonesia. At the 18th place, we see trades with the Vietnamese Dong. At the same time, in Vietnam it is legal to trade and store Bitcoins, only the use of cryptocurrency as a means of payment is prohibited.

Analysts also stressed that Bitcoin is outlawed in only a limited number of countries. The list includes Afghanistan, Algeria, Bangladesh, Bolivia, Pakistan, Qatar, Macedonia, Saudi Arabia, Vanuatu, and Vietnam. The status of “limited” Bitcoin received in nine countries, but they included such major markets as China and India.

Researchers explain that in most of these countries they simply did not determine the official status of cryptocurrencies.

Note that at the beginning of the year, the Chinese Cyberspace Administration (CAC) introduced new standards to regulate the blockchain-based companies operating in the country. The rules, which will come into force on February 15th, should promote the healthy development of the industry.

Author: Marko Vidrih

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