Over 111 Countries Have Saw the Bitcoin is Legalized Light at the End of the Tunnel from Around the World
According to a report published by Coin Dance, Bitcoin is legal in 111 countries across the globe. This shows that the cryptocurrency is legitimate in most nations, although a few jurisdictions have openly banned its use.
It is apparent that Bitcoin has been growing in popularity in recent years. As a result, governments have developed laws aimed at regulating cryptocurrencies as well as the blockchain space. Different countries have adopted varying stances on Bitcoin, with some favoring it while others have banned it entirely.
China is undoubtedly the biggest economy that has enforced a ban against all digital currencies and their derivatives. Indonesia appears to be following a similar path. Despite being the 10th largest market for Bitcoin, the Indonesian government recently imposed restrictions on the use of Bitcoin. Specifically, the country recently released a statement denying the acknowledgment of cryptocurrencies as legal means of making payments. This means that residents cannot use cryptos to buy goods and services.
The Central Bank of Indonesia published a statement labeling cryptocurrency ownership as a risky venture because of the volatility and speculative tendencies of the crypto market. The bank also noted that virtual currencies are unregulated, have no central oversight authority and lack an underlying asset on which their prices are based. For this reason, this asset class is likely to experience ‘bubble bursts', and virtual currencies provide a haven for illicit transactions such as terrorism, drug trafficking, and money laundering.
In line with the reasons mentioned above, the bank, which regulates the Indonesians financial space, restricted the use of digital currencies as a method of paying for goods and services in the country. The bank also claimed that cryptos pose a risk to the stability of the nation's financial system.
Other than Indonesia and China, there are several other countries that have adopted an unfavorable stance against Bitcoin and cryptocurrencies. They include Afghanistan, Morocco, Nepal, Ecuador, and Vietnam and so forth.
Regardless, more governments are legitimizing the use of Bitcoin as days go by. Although regulatory uncertainty regarding cryptos is still widespread, many countries are working hard on this front to emulate Malta and Switzerland, which are considered as the frontiers of favorable Bitcoin regulation.