Understanding bitcoin legality round the world
The popularity of Bitcoin has risen exponentially over the past years as digital assets continue to go mainstream. However, not everyone is thrilled and positive about Bitcoin. Many governments have stepped in lately, as Bitcoin’s popularity and market cap have affected fiat currency estimates.
Some countries, feeling threatened with a lack of knowledge of cryptocurrencies, have gone as far as to place out-right embargoes on Bitcoin trading. With all the latest stroke of government regulations, we wanted to produce a visual that highlights Bitcoin legality by country.
In the visual, the stance of each country regarding bitcoin will be highlighted. Using a color code, a series of Bitcoin legality that reveals the varying rates of acceptance around the world was created. Countries that are legal Bitcoin markets are highlighted in green. Hostile markets that are not outright authorizing Bitcoin, but have taken steps to crackdown cryptocurrency operations within the country are highlighted in orange. Countries highlighted in red are representing those jurisdictions were legislation to make criminalize or just make outright illegal cryptocurrecny-related operations has been put in place.
Eastern Countries More Closed Off to Bitcoin Compared to West
As revealed by the visuals, Eastern countries look a lot more closed off to Bitcoin than their counterparts in the West. Russia is currently the largest nation where Bitcoin is illegal. However, China and South Korea are the latest two countries to step up their inspection and control of Bitcoin use.
This has led to the recent sell-off across the crypto market, as China and South Korea are two essential hotspots that have historically added much trading liquidity to the growing market.
However, citizens of South Korean are not going down without putting up a fight. Over 100,000 people have signed a petition to stop the cryptocurrency band and fire government officials.
The most accepting regions for Bitcoin are North American and Western Europe. The Middle East seems to be very divided on the subject of Bitcoin.
Interestingly enough, Iraq, Iran, and Turkey are legal Bitcoin markets, while Saudi Arabia, Afghanistan, Pakistan, and Egypt have alternating degrees of constraints on the digital currency.
Bitcoin Future Prospects
Out of 246 total, there are currently 99 (40%) countries that have open Bitcoin laws. Around seventeen nations, or 7% of the world, has either restrained or illegalized Bitcoin. Interestingly enough, 53 percent of the world has yet to clarify on Bitcoin and the legality of its use in their countries. This is a danger for Bitcoin, as some of these undecided countries could ultimately decide to place confinements on digital currencies.
Overall, many countries still have yet to comment on the legality of Bitcoin. The cryptocurrency industry is still not entirely understood by global regulatory bodies, which may explain why some countries have yet to give any remark on the movement.
As time goes on, countries that have remained neutral will ultimately come out with a set of laws that either approve or illegalize Bitcoin use. Bitcoin’s surge in popularity continues to outperform expectations, but not all countries will see digital assets in a favorable light.