No central bank has ever issued, approved, or regulated Bitcoin. Instead, mining, a computer-generated process, is used to manufacture it. Bitcoin is a peer-to-peer payment method since it does not exist physically and is a cryptocurrency unrelated to any government. As a result, it provides a simple way to perform cross-border transactions without incurring exchange rate fees.
Consumers can now buy goods and services directly from internet businesses using bitcoin, withdraw cash from bitcoin ATMs, and spend bitcoin in select brick-and-mortar stores. The cryptocurrency is traded on exchanges, and virtual currency-related projects and initial coin offers (ICOs) attract investors worldwide. While bitcoin appears to be a well-established virtual currency system at first glance, it is governed by no standard worldwide rules.
Since the success stories of bitcoin began to surface on the internet, the legalization debate for cryptocurrencies has raged on. The word “cryptocurrency” refers to a digital currency used to conduct transactions and relies on cryptography to maintain its security.
Although Bitcoin (BTC) was the first widely adopted cryptocurrency, others follow suit, including Ethereum (ETH), Litecoin (TCC), Dash, Ripple, and others. We now have so many cryptocurrencies that it’s challenging to know which ones are legal and not.
While Bitcoin has been criticized extensively for its volatility, usage in criminal transactions, and excessive electricity use to mine it, some people, particularly in the developing countries, perceive it as a haven amid economic storms.
However, people turn to cryptos as a high return investment. These difficulties have been expressed in a slew of new regulations on how traders can use them.
The legal standing of Bitcoin and other altcoins (alternative currency to Bitcoin) varies significantly from nation to country, with specific relationships still being established or changing often.
While most countries do not make Bitcoin unlawful, its status as a payment method or a commodity differs, with different regulatory repercussions.
The issue with cryptocurrencies is that they lack a regulatory framework. Crypto tokens design is not meant to be regulated. For this reason, governments (or countries) find it challenging to legalize these currencies.
While many countries have a negative view of cryptocurrencies, the usage and trading of digital currencies are illegal in many countries.
Some governments have obtruded restrictions on how Bitcoin can be used, with banks prohibiting their customers from transacting in the cryptocurrency. Other governments have explicitly banned the usage of Bitcoin and cryptocurrencies, imposing stiff penalties on anyone who transacts in them.
Legal tender status
But, except for El Salvador, no other country has yet designated Bitcoin or any other cryptocurrency as legal cash. Trading in virtual currencies is legal in several countries, including the United States, Canada, and India. However, other countries, including China and Russia, are opposed to cryptocurrency trade.
One of the significant reasons bitcoin has yet to be recognized as legal tender is its extreme volatility and unpredictability. It’s also likely that governments worldwide are waiting for the underlying blockchain technology to mature before giving this kind of currency a sovereign backing.
Despite this, many businesses, including Tesla CEO Elon Musk, regard cryptocurrencies as having enormous potential. Restaurant chains, delivery services, and internet merchants have all started taking Bitcoin payments. Musk has previously stated that he considers cryptocurrency to be the Earth’s future currency. Despite this, his electric vehicle manufacturer has altered its intention to accept Bitcoin as payment.
Today, more people are investing in cryptocurrencies or trading them than ever before. According to market research firm Finder, Asia has the top five countries with the most cryptocurrency ownership, with 30% of those asked in India saying they hold bitcoin.
Countries that accept Bitcoin
Bitcoin is appealing to criminals and terror organizations because it is possible to use anonymously and execute transactions between any account holder, anywhere and around the world. They could use bitcoin to purchase or sell illegal items such as drugs or firearms. However, patterns have shifted in recent months, as criminals have shied away from bitcoin for fear of being caught.
Most nations have yet to make a confident decision on bitcoin’s legality, opting instead for a wait-and-see attitude. By establishing some regulatory policy, some governments have indirectly agreed to the lawful usage of bitcoin and other coins.
El Salvador is the only country that approves bitcoin as legal money as of June 2021.
The United States of America
In 2013, the United States government recognized bitcoin as decentralized virtual money that you can use for transactions. In September 2015, the CFTC classed it as a commodity. As a property, Bitcoin is also taxable. To summarize, bitcoin is lawful in the United States, while the legality of other cryptocurrencies remains unclear.
Although various governing bodies are working to prohibit or reduce bitcoin used for unlawful actions, the United States has maintained a generally supportive movement toward bitcoin. Bitcoin is accepted by well-known companies like Dish Network (DISH), Microsoft, Subway, and Overstock (OSTK). 67 The digital currency has also entered the futures markets in the United States, bolstering its validity.
Since 2013, the Financial Crimes Enforcement Network of the United States Department of Treasury has issued recommendations on bitcoin and other cryptocurrencies. The Treasury has classified bitcoin as a provider of money services rather than a currency. This brings it into the Bank Secrecy Act, which mandates that exchanges and payment processors follow detailed reporting, registration, and record-keeping requirements.
Furthermore, the Internal Revenue Service classifies bitcoin as property for tax purposes (IRS).
The Canadian government recognized Impak Coin as the country’s first legalized cryptocurrency in August 2017. Bitcoin had previously been approved in Quebec for a limited number of business types, including ATMs and exchanges.
On the other hand, customers of the Bank of Montreal and a few other Canadian provinces are banned from using their bank cards to conduct bitcoin transactions. Like its southern neighbor, the United States, Canada takes a generally pro-bitcoin position while guaranteeing that the cryptocurrency is not utilized for money laundering. The Canada Revenue Agency (CRA) considers bitcoin to be a commodity.
This means that bitcoin transactions are recognized as barter transactions, and the revenue generated is classified as company revenue. Taxation differs depending on whether the individual is a buying-and-selling firm or is merely interested in investing.
Bitcoin exchanges are classified as a provider of money services in Canada. They are subject to anti-money laundering (AML) regulations.
Bitcoin exchanges must register with FINTRAC, disclose any suspicious transactions, follow compliance guidelines, and preserve specific records. In addition, some large Canadian banks have prohibited bitcoin transactions using their credit or debit cards.
South Africa has formally adopted crypto trade and investment rules, with the country’s financial and capital markets officials forecasting a surge in cryptocurrency activity. This is unusual in comparison to much of the rest of Africa. Central banks in several other countries are ordering commercial banks to avoid handling transactions involving crypto assets.
South Africa, which boasts the continent’s most sophisticated financial industry, is taking a different course, predicting a surge in crypto commerce in the country and throughout the continent, according to monetary and capital markets. Cryptocurrencies are recognized already as an investment and taxable asset in the government.
A new intergovernmental working committee tasked with drafting new policies stated, “Crypto-assets cannot remain outside of the South African regulatory purview.”
Costa Rica is one of the minorities where employers can pay their employees in bitcoin. According to Costa Rican law, employees may be compensated in “generally accepted assets” as a form of payment. Cryptocurrency could be considered a “generally acknowledged asset” in Costa Rica. Employers who want to pay their staff in bitcoin face legal challenges.
First, companies must pay a portion of their employees’ social security benefits based on the value of the cryptocurrency on the payment date. Calculating this daily value takes time, and the volatility of bitcoin values adds to the difficulty.
Second, while employers must pay the legal minimum wage in cash, they may pay salaries in non-cash items like Bitcoins. As a result, workers who only make minimum wage cannot be delivered in bitcoin, but employees who earn more than minimum pay or are paid on a salary can. Workers, not employers, have the authority to choose whether or not to accept payment in bitcoin.
Bitcoin is not given a solid legal relevance in Australia. According to the Australian Taxation Office (ATO), It is classified as an asset for capital gains tax purposes.
The Cyprus Securities and Exchange Commission (CySEC) has published new facts regarding its crypto-assets regulation stance, implying that additional measures are underway. By incorporating EU anti-money laundering requirements into Cypriot laws, the CySEC hopes to improve the monitoring of cryptocurrencies and related assets.
The CySEC’s policy statement lays out specific requirements for crypto companies wishing to join the regulator’s CASP register. This registry is open to everyone and contains information such as the name of the crypto business, its legal form, address, and services.
In addition, the new policy includes a definition for crypto assets that goes a little beyond their specific legal position.
According to the Cypriot regulator, Crypto assets may qualify as financial instruments under the Investment Services and Activities and Regulated Markets Law, depending on their form. While cryptocurrencies cannot be considered legal tender, they may be classified as “electronic money” or “e-money” under the Electronic-Money Directive.
Cyprus embraces blockchain and cryptocurrency firms, and Bitcoin exchanges and initial coin offerings (ICOs) are permitted.
Being one of the world’s most rapidly rising technological marketplaces, Japan had no choice but to legalize cryptocurrencies sooner or later. The country’s government has initiated a PSA (Payment Services Act)-based framework that allows some cryptocurrencies and exchanges to be used for payment and trade. In Asia, Japan is currently regarded mainly as a center for cryptocurrency trading and exchange.
The law is increasingly unable to keep up with technological advancements. This is how bitcoin and other cryptocurrencies are treated in Poland. No particular legislation governs cryptocurrency markets.
There are no restrictions in the Polish system forbidding the conduct of activity as a cryptocurrency exchange or exchange office, which means that conducting activities in Poland and trading in crypto in the form of exchange is not forbidden thus permissible.
The tax authorities in Portugal have decided to take a tactical approach to the bitcoin exchange. The Portuguese legal system has accepted crypto for trading. Citizens who benefit from purchasing and selling cryptocurrencies are not liable to pay tax. Furthermore, there is no taxation in the trading of cryptocurrencies for other suitable coins.
Individual investors worried about income taxes charged on bitcoin payments will find Portugal desirable alternatives. The situation is different for companies in Portugal that receive bitcoin payments and must pay conventional capital gains taxes. The idea is that if you are paid in bitcoin, you may avoid paying high capital gains taxes.
“An exchange of cryptocurrencies for ‘real’ currency is an on-demand, VAT-free exercise of services,” according to Portugal’s tax authorities.
In a nutshell, it is advisable bitcoin investors can explore Portugal because of its favorable tax policy. Companies aren’t given the same leeway, so it’s unlikely that a slew of businesses will relocate to Portugal shortly to reap the benefits.
Many schemes exist in the country that allows crypto investors to establish a foothold in the Iberian Peninsula. Regulations governing residency and citizenship are equally liberal, putting it at the top of many such lists.
Germany is one of the minor European countries that accept cryptocurrencies and actively participates in blockchain development.
Bitcoin has been fully authorized in Germany, allowing residents to transact and trade with it. The German government’s acceptance of Bitcoin has increased the value of these currencies on the global market.
The country legalized the operation of virtual currencies such as bitcoin and cryptocurrency exchanges, taxation, and given the power to individuals involved in the trading and using such currencies by publishing a regulation notice on July 11, 2014.
Malta has joined a growing list of countries embracing bitcoin and other cryptocurrencies as a legal means of conducting digital transactions.
Malta’s cabinet has adopted measures regulating cryptocurrency and initial coin offerings (ICOs), officially establishing the country as a full-fledged crypto-legal jurisdiction.
The country’s casual approach toward crypto regulation hasn’t gone unnoticed. Malta has been a source of worry for the Financial Action Task Force (FATF), an intergovernmental policy-making group with 39 member states.
Government parastatal expressed concerns at a private meeting of the FATF over an alleged 60 billion EUR ($71.2 billion) in bitcoin that had flowed through Malta’s borders. There were no charges or even hints that specific individuals had used it for illegal reasons. The primary source of concern is the lack of a regulatory entity to provide oversight.
It remains to be seen whether the small Mediterranean island will face more control. Meanwhile, wealthy crypto investors from outside the EU will continue to explore it because of its 1.5 million EUR ($1.78 million) citizenship offer and relaxed stance on cryptocurrency.
Bermuda’s Digital Asset Business Act 2018 established a regulatory framework for individuals and entities involved in the following activities:
- Issuing, selling, and redeeming cryptocurrency and other digital assets
- Operating as a crypto payment provider, including the provision of fund transfer services
- Managing a cryptocurrency exchange and providing wallet services
- Utilizing a cryptocurrency services vendor
All of this defines what constitutes digital business in Bermuda, a tax-free jurisdiction. As one of the earliest digital business regimes, it works as a magnet for individuals and enterprises alike.
Cryptocurrencies will be allowed in Belarus beginning March 28, 2019, according to a recent government ruling.
Many exchanges, ICOs, and smart contracts will be legal in the country, in addition to the most popular crypto-currencies. The government decided to push for the growth of a digital economy. Cryptocurrency transactions will be tax-free, according to the news.
It is one of the countries that has embraced bitcoin and other digital currencies with open arms. In Holland, a specific region is known as “Bitcoin City,” where all bitcoin transactions are legal, including retail purchases, trading, and business.
On the other hand, the Dutch government has yet to regulate or legally approve bitcoin use.
It is legal to use and trade bitcoin and other popular virtual currencies in Singapore, but the government has no control over their operations or prices. Cryptocurrencies are intended to be uncontrolled by their very nature.
Singapore’s economy is one of the world’s most stable and developed. It’s known as one of the best places globally to conduct business, thanks to its proximity to industrialized and developing countries.
In Southeast Asia, Singapore is a fintech hotspot. The central bank of Singapore believes that while the government should control the cryptocurrency ecosystem to avoid money laundering and other criminal activities, there should be a continuous avenue for innovation. As a result, some have referred to the city-state as a crypto-friendly regulatory and legal climate. It also fits with Singapore’s pro-business approach, which has earned the city-state a lot of admiration.
In an interview, Sopnendu Mohanty, Singapore Central Bank’s Chief Fintech Officer, claimed that the city financial state’s institutions consider “allowing crypto to be an experimental construct.”
Singapore’s legal framework for crypto is governed by the Payment Services Act of 2019. The law establishes explicit expectations that balance the need for regulation to avoid unlawful conduct and the need for crypto to thrive. In Singapore, cryptocurrency is also tax-free.
Using cryptocurrency should be easy for retailers and customers in Singapore. In some circumstances, bitcoin usage in Singapore is taxable.
In 2017, Thailand’s central bank declared bitcoin to be legal in the country. Digital currency trade and exchange are permitted as long as sufficient precautions are taken. Cryptocurrencies can only be exchanged for Thai Baht at approved bitcoin exchanges in Thailand.
Thailand’s central bank, on the other hand, prohibits its users and affiliated financial institutions from engaging in any cryptocurrency-related activity.
India has finally chosen to embrace cryptocurrencies, with bitcoin being the first to be included on the list. The country has set some particular provisions to keep up with the trend, including a tax on virtual currency transactions.
With some special measures, laws, and regulations, the Indian government may sooner or later regulate cryptocurrencies in the country.
The European Union
The European Court of Justice stated on October 22, 2015, that buying and selling virtual currencies is deemed a services provider and is therefore exempt from VAT in all EU member states. Moreover, certain EU member states have formed their bitcoin policies.
By defining bitcoin as a financial service, Finland’s Central Board of Taxes (CBT) has granted it VAT-free status. In Finland, Bitcoin is considered a commodity rather than a currency.
Bitcoin is likewise VAT-free in Belgium, according to the Federal Public Service Finance. Bitcoin is also unregulated and uncontrollable in Cyprus.
In the United Kingdom, The Financial Conduct Authority (FCA) is pro-bitcoin and wants the regulatory bodies to accept it. In the United Kingdom, Bitcoin is subjected to taxes.
Bulgaria’s National Revenue Agency (NRA) has included bitcoin in the country’s tax regulations. Bitcoin is legal in Germany, although it is taxed differently depending on whether the authorities work with exchanges, miners, businesses, or individual users.
Switzerland is well-known for a variety of reasons. It is well-known in the financial world for its Swiss banking standards, which allow for high levels of anonymity while minimizing risk. This is not a surprise that the nation has lax laws for crypto investors.
However, the unique system of dividing regions into cantons significantly impacts what may and cannot be done. Each of Switzerland’s 26 cantons has its legal criteria on how cryptocurrencies should be treated.
Cryptocurrency may be taxed in one Swiss canton but not in another. And the rules that trigger taxation may differ from canton to canton. Capital gains from movable private wealth are tax-free in Zurich, implying that Bitcoin and other cryptocurrencies are tax-free. Mining profits, on the other hand, are taxed like ordinary income. Mining and trade are classified as regular income in Bern, where the laws are stricter. The canton of Lucerne is much more in line with the canton of Zurich, and capital gains are tax-free.
El Salvador is the only country worldwide that accepts bitcoin as legal tender. The country’s Congress backed President Nayib Bukele’s plan to use bitcoin officially as a mode of payment in June 2021
Countries that reject Bitcoin
While bitcoin is widely accepted, certain countries are suspicious of it due to its volatility, decentralized nature, perceived threat to existing monetary systems, and linkages to illegal activities such as drug trafficking and money laundering. Some countries have openly prohibited the use of digital currency. In contrast, others have attempted to isolate it from the banking and financial systems necessary for its trade and service.
In China, Bitcoin is prohibited with strict rules. Transacting or dealing in bitcoin is forbidden for all banks and other financial entities, such as payment processors. The government has taken action against miners.
Throughout the year 2021, China will intensify its crackdown on cryptocurrencies. Chinese officials have frequently warned its citizens to stay away from the digital asset market, and they have cracked down hard on mining and currency exchanges in China and abroad.
On August 27, 2021, Yin Youping, the Deputy Director of the People’s Bank of China’s (PBoC) Financial Consumer Rights Protection Bureau, referred to cryptos as speculative assets and advised people to “guard their pockets.”
Efforts to destabilize Bitcoin, a decentralized currency independent of governments and institutions, are often interpreted as an attempt by the Chinese government to launch its e-currency.
The PBoC wants to be one of the first major central banks in the world to establish its digital currency, allowing it to keep a closer eye on its citizens’ transactions. The PBoC went even further on September 24, outright banning bitcoin transactions in the country.
Bitcoin is not regulated in Russia. It is unlawful to use it to pay for products or services. While Bitcoin isn’t illegal in Russia, it is the subject of a long-running debate.
In July 2020, Russia established its first crypto-regulation regulations, designating bitcoin as taxable property for the first time. Russian civil personnel is likewise prohibited from owning any crypto assets under the rule, which took effect in January. Russian President Vladimir Putin has connected bitcoin to criminal activities on several occasions, advocating for increased scrutiny of cross-border crypto transactions in particular.
The prosecutor general unveiled new proposed law in July that would allow authorities to seize cryptos considered to have been obtained illegally, noting their usage in bribery.
Although bitcoin is not regulated as an investment, the Vietnamese government and state bank argue that it is not a valid payment mechanism. The State Bank of Vietnam has issued a warning that the sale and use of Bitcoin and other crypto coins as a form of payment is prohibited and that violators will face fines ranging from 150 million VND (€5,600) to 200 million VND (€7,445). The government, on the other hand, does not prohibit Bitcoin trading or holding as an asset.
The Iranian regime has a complicated connection with Bitcoin. Iran has turned to the profitable industry of Bitcoin mining to finance imports to avoid the worst effects of punishing economic sanctions. While the Central Bank restricts the trading of cryptocurrencies created outside of the country, it has provided incentives to encourage Bitcoin mining within the country.
According to blockchain analytics firm Elliptic, Iran is home to about 4.5 percent of the world’s Bitcoin mining, which could generate over $1 billion (€843 million) in revenue. Iran has provided inexpensive energy to licensed miners for the crypto business to thrive, but citizens must sell all mined cryptos to the Central Bank.
Mining is a process in which supers computers compete to solve complex mathematical puzzles, which is how Bitcoin and other cryptocurrencies are formed. The process requires a tremendous amount of energy and frequently relies on power supplied from fossil fuels, which Iran has enough of.
Iran’s economy has taken a beating since US President Donald Trump pulled out of the 2015 nuclear deal with six world powers and reimposed sanctions in 2018.
US President Joe Biden and other world powers have been in talks with Iran to resurrect the pact.
Iran has just accepted cryptocurrency mining, providing low-cost electricity and compelling miners to sell their bitcoins to the state bank. Iran permits cryptocurrency mining in the country to be used to pay for authorized imports.
On the other hand, unlicensed mining drains more than 2GW from the national grid every day, resulting in power shortages. Iranian officials responded by imposing a four-month ban on Bitcoin mining, which will end on September 22.
The usage of cryptocurrencies as a payment gateway has never received official permission. Crypto acts are frowned upon by the federal authorities.
Despite authorities’ best efforts to prevent their usage, cryptocurrencies are growing in popularity in Iraq. The Iraqi Central Bank has been especially antagonistic, issuing a declaration barring their use in 2017 that is still in effect today. In early 2021, the Kurdistan regional government’s Ministry of Interior released similar guidelines prohibiting money brokerages and exchanges from dealing in cryptos.
As the Turkish cur fell in value, many people in Turkey turned to Bitcoin. With some of the world’s highest use levels, rules arrived quickly this year, just as inflation spiked in April.
The Central Bank of Turkey released a decree on April 16, 2021, banning Bitcoin and other cryptocurrencies in exchange for physical and tangible products, either directly or indirectly. The Turkish president, Recep Tayyip Erdogan, went even further the next day, issuing a decree adding cryptocurrency exchanges to a list of businesses subject to anti-money laundering and anti-terrorism financing regulations.
According to a decree issued in the official government gazette on Friday, the restrictions also prevent organizations that handle payments and electronic cash transfers from processing transactions involving cryptocurrency platforms.
Digital tokens pose “substantial risks” due to a lack of regulation, supervisory systems, and central regulatory authority, as well as the possibility for criminal behavior and the extreme volatility of their market value, according to a statement on the central bank’s website.
Morocco’s foreign exchange office has warned its citizens that virtual currency transactions are an “infraction” of its currency regulations. The government likewise made Morocco’s decision to prohibit crypto-trading in 2017. However, accusations of illegal Bitcoin trade in Morocco have recently surfaced on the internet.
Morocco’s government is rumored to be considering allowing crypto-trading under certain conditions soon.
The Central Bank of Egypt stressed the relevance of following Article 206 of the Central Bank and Banking System Law.
The law prohibits the issuance of cryptocurrencies, trading in them, promoting them, establishing or operating platforms for their trading, and carrying out activities related to them, as promulgated by Law No. 194 of 2020.
The CBE stated that dealing in these currencies carries a high risk of instability and extreme volatility in the value of their prices. This is due to uncontrolled global speculation, which makes investing risky and foreshadows the possibility of a sudden loss of weight due to not issuing them from any central bank or official central issuing authority.
According to the Central Bank, these currencies have no tangible physical assets and are not regulated by any regulatory agency globally. As a result, it lacks the government guarantee and support that official currencies issued by central banks enjoy.
In 2018, Egypt’s leading Islamic advisory body, Dar al-Ifta, issued a religious ruling defining Bitcoin transactions as “haram,” illegal under Islamic law. While not legally enforceable, the federal government modified Egypt’s banking rules in September 2020 to make it illegal to trade or promote cryptos without a license from the Central Bank.
The Central Bank of Nigeria issued a judgment on February 5 ordering all financial institutions to halt facilitating any cryptocurrency transactions. It also asks all regulated entities to identify people or organizations engaged in cryptocurrency transactions within its system and immediately shut down their accounts. Finally, the circular warns that failing to follow the guidelines would result in significant regulatory penalties on the regulated entity’s part.
Let’s face it: in Nigeria, Bitcoin is a big thing. In the previous few years, cryptocurrency trading in the country has grown at an exponential rate. Nigeria is Africa’s most prominent cryptocurrency market and the world’s second-largest Bitcoin trading volume, trailing only the United States. The country’s citizens exchanged an estimated $400 million worth of cryptocurrencies in the country last year. Nigerians were also the most likely to admit to using or owning cryptocurrencies in a recent Statista Global Consumer Survey of 74 nations.
The CBN’s newest crackdown on cryptocurrency caused widespread criticism and debate among the general public, with people debating what the verdict meant for the country’s financial institutions, particularly the booming Fintech sector.
In 2014, Bolivia’s national bank outlawed any decentralized cryptocurrencies. It did, however, make provisions for those produced by the government. They made this decision to safeguard the national currency as well as investors.
According to the bank, citizens are barred from denominating prices in any currency that the country’s official institutions have not sanctioned.
According to the document, such a prohibition is vital to preserving the boliviano, the country’s native currency, and users from unregulated currencies that could cause them to lose their money.
Bolivia’s move to outright ban bitcoin gives them a unique position in the international community, as other countries were previously thought to be adopting restrictive laws. Bolivia was the only country in South America at the time that had an explicit prohibition.
Ecuador’s National Assembly has effectively outlawed bitcoin and other decentralized digital currencies while also laying out criteria for forming a new, state-run currency.
The government altered the monetary and financial legislation in the National Assembly to allow payments using “electronic money” while forbidding non-state-controlled coinage.
The law allows the government to make payments in ‘electronic money’ but forbids decentralized digital currencies like bitcoin.
The state of bitcoin depends on the view and judgment of the ruling power of a country. Some countries believe that bitcoin is highly volatile and can either cause improved financial power or quick liquidation of people’s financial power, which is unacceptable in some countries. Some countries decide to view the positive influence of the cryptocurrency and predict they might represent most countries’ legal tender in years to come. These divided opinions have led to the sharp decline and approval of bitcoins in numerous countries.