10+ Countries That Legalized Bitcoin, You Must Know!


Of the many cryptocurrencies, bitcoin become one that is very popular and much talked about lately because the price can soar. In addition to being used as an investment, bitcoin is now very widely used for payment transactions and others.

In fact, there are several countries that already use bitcoin for payment transactions or other transaction processes, one example is Finland, where the use of bitcoin in that country is positively supported, as evidenced by the availability of atm machines for bitcoin purposes, such as top ups, payments and others. .

Although bitcoin is still widely doubted by many countries, there are also several countries that have allowed the use of bitcoin as a transaction tool. Here we discuss some countries that legalize bitcoin for use in various purposes in the country.

10 Countries That Legalized Bitcoin

United States of America

United States of America became one of the countries that took positive steps towards the existence of bitcoin.

This is indicated by the large number of businesses in the United States that accept payments in the form of cryptocurrencies such as bitcoin, some of which are dish network, microsoft store, small food retail, overstock and many more.

When viewed from various sources, bitcoin users in the United States make up about 25% of the total population. The use of bitcoin is mostly used for investment purposes, online payments and others.

To keep an eye on bitcoin, the United States government has designed various regulations and policies related to bitcoin or other digital currencies.

For example, the United States government makes a policy for tourists who will visit their country. Where, every tourist must show ownership of their digital currency. The law has been introduced since May 25, 2017.

Although it is not mandatory for all tourists, the regulation is emphasized especially for tourists who have digital currency of more than $10,000 which is where the regulation is made to ensure the financial status and safety of the tourist.

Although very developed in the United States, the use of bitcoin is also closely monitored by the government. Where government agencies also take decisive steps to reduce the use of bitcoin for the use of illegal transactions.

Canada

Canada also has the same attitude as its neighboring United States, where Canada is also taking positive steps with the use of bitcoin in the country.

Although accepting the existence of bitcoin in a joke country, the local government also continues to ensure the security of bitcoin usage is not used for money laundering activities.

One of the Canadian government agencies is Canada Revenue Agency or CRA consider bitcoin as a commodity, where every transaction made using bitcoin will be considered as barter and the income generated from the transaction is considered as business income.

For tax issues in the use of bitcoin, according to CRAThis is determined by whether the individual uses the bitcoin for trading purposes or only for investment purposes.

In addition, every exchange or agency that serves bitcoin exchanges must register their company with the Canadian government agency, namely Financial Transactions and Reports Analysis Center of Canada (FINTRAC).

Australia

Although not quite popular in Australia, this country is one of the countries that accepts bitcoin for use in various purposes.

Even though bitcoin is accepted in australia and is said to be legal by the governor Australia RBA (Reserve Bank of Australia), but the use of bitcoin in the country is still an important concern.

This is because, Australia is worried about the incident in 2022, where more than $515 million Bitcoin was used for illegal purposes, one of which was money laundering.

Have the same attitude as Canada, australian tax office or ATO does not consider bitcoin a currency, bitcoin is only considered an asset that is taxed in the interest of capital gains.

Japan

Through the law amended on April 1, 2017 to the policy payment service act (PSA) Japan officially accepts the use of cryptocurrencies, including bitcoin for transaction purposes.

The regulation was passed due to provide equal legal status between the use of virtual currency with other currencies.

The policy was issued by the government due to concerns about the threat of cryptocurrency if there are no regulations that regulate it.

The use of bitcoin or other cryptocurrencies in Japan is dominated for the use of transactions such as purchases or payments at various stores or retail.

According to some sources, Japan already has more than 4,500 outlets which accepts payments in bitcoins. What’s even unique is that it is one of the camera shops in Japan that only accepts payments via bitcoin and does not accept cash payments in yen or visa/master.

according to Mai Fujimoto who also earned the nickname as miss bitcoin in Japan said that, although bitcoin is legalized in Japan, the use of the yen is still not replaced. This is because there are still limited bitcoin top up machines in Japan and it takes a long time for ordinary people in Japan to know more about bitcoin.

Denmark

Denmark become one of the countries that accept bitcoin to be used as a transaction tool in everyday life.

According to some sources, the country of Denmark is home to bitcoin users around the world, which account for about 1.37% of all users.

Because it is still part of the European Union, Denmark is of course bound by anti-money laundering regulations by the European Union, which means that Denmark remains focused on the security of using bitcoin in their country.

Russia

In last November 2016, Russia officially legalized the use of bitcoin in their country and recognized bitcoin as one of the currencies circulating in the country. This policy is disclosed by the Russian government through the Russian Federal Tax Agency.

As a result of this legality, at that time the price of bitcoin was able to penetrate up to Rp. 10 million per bitcoin.

Although it can be used for transaction purposes, the Russian government continues to monitor the use of bitcoins to prevent the use of bitcoins for illegal purposes, such as monel laundry and financing of crimes.

Right in January 2022, the Russian law that discussed digital assets was enacted, where the law discussed how a digital token run by a centralized entity should be issued.

This policy also addresses cryptocurrencies that are decentralized as property and must be reported for tax purposes.

South Korea

Bitcoin users in South Korea can use the bitcoins for payment purposes at various shops or outlets, one of which is in outlets 7-Eleven.

Right on July 3 2017, the South Korean government through its representative Park Yong-jin from the Democratic Party announced the revision of the country’s digital currency policy.

According to Park Yong-jin, the law needs to be revised to protect all bitcoin users in South Korea, such as investors, business people and others.

Bitcoin users in South Korea are estimated to make up about 3.79% of the total bitcoin users in the world.

Also Read: How To Make A Bitcoin Wallet

Finland

Finland become one of the countries that accept the use of bitcoin as a transaction tool. Even this country provides tax exemption when buying bitcoins.

In addition, in Finland there are also many atm machines that can be used for the purposes of buying, exchanging and top up bitcoin.

Even now in Finland it is also legal to provide cryptocurrency exchange services or exchanges, because there is no law in Finland that specifically prohibits these exchange service providers.

New Zealand (New Zealand)

Use of bitcoin and other cryptocurrencies in new zealand can be used for various purposes, one of which is as a means of payment.

The new zealand government has also planned various regulations or policies related to cryptocurrencies, one of which is the policy of income in the form of cryptocurrencies that will be taxed.

Even uniquely, since September 1, 2022, companies in New Zealand can pay their employees’ salaries using bitcoin. Provided that the value of the cryptocurrency paid at that time is adjusted or pegged according to the value of the fiat currency and can be exchanged into fiat currency.

El Salvador

The country located in Central America, which borders Honduras and Guatemala, has now officially legalized bitcoin as a legal tender.

President bukele said that almost 70% of the people in el salvador do not have a bank account, therefore the passage of a bill that makes bitcoin legal is very important to make el savador society more advanced.

Later, the country of El Salvador will be assisted by a strike company which is a mobile payment instrument application. El savador people can also use bitcoin as their payment through the strike application.

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Here are some countries that legalize bitcoin for use in various purposes.

With the legalization of the use of bitcoin in each of the above countries, usually it will also be followed by the creation of policies or regulations that will regulate and protect the use of bitcoin in that country.

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