Bitcoin in legal sense

[coin revolution]

Hi,

Are there countries that accept bitcoin as a real currency?
Do states have legal regulations related to bitcoin?

Thanks

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[zeze18]

sorry this is my opinion, my knowledge no country has made real bitcoin as a currency, and on its use seems no binding rules, even recently there are countries that prohibit on using bitcoin,,,,,

[botany]

Hi,

Are there countries that accept bitcoin as a real currency?
Do states have legal regulations related to bitcoin?

Thanks

For tax purposes, bitcoin will be classified by different countries in different ways.
The US government considers it as property.
You can start looking at the wikipedia article here and then investigate further.
https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country

[Bungeebones]

I think the word "currency" is just a construct of language derived from usage by people. That's why Bitcoin already is a currency (i.e. a crypto-currency) and it doesn't need any entity to authorize its existence (because it already exists).

What you might be wanting to know if it has been declared "legal tender" in any country and I am 99% sure it has not. The irony, though, is that most people don't have a clue what the term "legal tender' means in a legal sense.

I don't think Bitcoiners would generally like the idea of Bitcoin usage being forced upon anyone (that is what "legal tender" laws accomplish).

[burner2014]

Hi,

Are there countries that accept bitcoin as a real currency?
Do states have legal regulations related to bitcoin?

Thanks

I am not pretty sure with other countries but here it is recognized as one of medium of exchange but not as a legal tender. Actually, we do have already bitcoin atm but no boutique or mall here is accepting bitcoin yet. But, bitcoin has been popular and in due time I know it would easily adopt by all of us especially businesses.

[novemberwoah]

Far as I know there is no country that accepts bitcoin as a real currency, because bitcoin has no form. Indeed, in some countries bitcoin can be used directly, but bitcoin has no form. So I think bitcoin can not be used as real currency. I do not know specifically legal regulations about bitcoin in another country because every country has different legal regulations. But in my country bitcoin transactions taxed around 1% whereas bitcoin is not recognized as legal payment tool in my country. Because the government considers bitcoin not safe for use so it is not recognized as legal payment tool.

[cryptoanalyzer]

It is a property (which at least US says so) but you should know that every Country has its own ways. Don't be surprised if you see otherwise

[Shady]

From what I know after Greece and the fall of their economy, they were thinking about adopting BTC as a main currency. Although this claim didn't get through, to no surprise it became wildly popular as an alternative there.

In legal terms, Bitcoin has capital gains tax as well as exchange and transaction fees to stimulate miners. Other than that this ecosystem is bright and there is much, much more to come with growing potential.

[deadsilent]

AFAiK. Theres no country has been treating bitcoin as a currency. Thats one of the topic bout bitcoin that being debated recently. Some country treats bitcoin as a property. But it doesnt matter how they treat bitcoin. Its just for legal purpose or taxation purpose. It doesn't really affect the value of it. But for me, its both currency and property.

[AttorneyBitcoin]

Bitcoin has elements of currency, of personal property/commodities and of securities. The State of New York has a special BTC License so they are far ahead of the curve as to state regulation. That is both good and bad. The State of Nevada does not consider BTC as a medium of exchange or as a store of value, there are just no laws here in Nevada relating to it.

Having said all of that, the U.S. Federal Government, U.S. Treasury, FinCEN enforcement arm or the Treasury, considers using BTC as money transmission for purposes of AML and KYC reporting.

As to Federal Income Tax; once you convert your BTC to cash, if you have made a profit (after itemizing expenses and costs of course) then it is considered income and you must pay taxes on it.

As to some states, depending upon the business model, acting as a business entity that trades BTC for profit can be considered acting as a money transmitter and a money transmitter license is required.

Everything clear as a bell?

Really the biggest challenge facing BTC right now, in my opinion, as to getting wider common use, is the fact that it goes up and down in value so much. That makes vendors shy. Wouldn't you be? If you sold an item for one BTC that had the cash equivalent of $400 and at the end of the day you sold the BTC and converted it to cash and the BTC was only worth $350 at that later time, well....you get the point.

Nevertheless, I think stability of BTC will come with time. Either that or there will be a replacement that solves this problem.

George D. Greenberg
www.attorneybitcoin.com

[babsalt1975]

To the best of my knowledge, there is no country that has legalized Bitcoin as an official currency. But I am very sure that in the next 5 years, we will be having a few countries who will recognize the use of Bitcoin and therefore legalize it as legal tender. Given that it has been informal for some time now, I know governments are finding better ways of dealing with it.

[mkmdoc]

Many countries still accepting the block chain technology but where as bitcoin is not implemented as one of the payment option yet. Bitcoin is not completely treated as currency or it will be like commodity nobody has no idea about it.Many people are saying bitcoin will treated as one commodity like gold.

[Slark]

A year ago there was a news floating around that new micro nation called Liberland emerged in Europe. Apparently founder of Liberland is a libertarian and accepted Bitcoin as national currency.
I am not sure how legality of such small nation can be confirmed by international law, but this is the only case I know of bitcoin being accepted as legal tender.

News: https://www.cryptocoinsnews.com/welcome-liberland-bitcoin-national-currency/

[Btc_1856]

I hope only some countries are supporting for bitcoin but not completely legalized in their country, even in many people have started exchanges bitcoin with fiat currency but even governments have not stopped any thing till now.

[digaran]

Good thing about bitcoin it needs no legal oversight and it's lawless as it is trustless, just think about it no matter where you are in the world you can access to your funds only if you have access to internet connection. no country should ever recognize bitcoin as a currency and even write laws about it. I'm talking about bitcoin itself not people using it and how they using it.
Imagine that you could buy bitcoin in your country though after finding a seller and then going in another country and find a buyer, now lets see if any government will be able to stop you and if you are worried about tracking issues you could use a mixer service to cover your tracks.

[legendbtc]

Bitcoin is block chain technology where many countries supporting block chain technology but not bitcoin, even though it is completely digital currency, it is not like fiat currency because many people can create fake currency with fiat but it is not possible with bitcoin.

[adzino]

AFAiK. Theres no country has been treating bitcoin as a currency. Thats one of the topic bout bitcoin that being debated recently. Some country treats bitcoin as a property. But it doesnt matter how they treat bitcoin. Its just for legal purpose or taxation purpose. It doesn't really affect the value of it. But for me, its both currency and property.

Some countries do treat bitcoin as a currency/money but not legal currency such as Argentina. Japan also recognizes all digital currency as a form of money.
Whereas other countries either discourages the use of bitcoin but has no form of regulation.

[Amph]

Bitcoin is block chain technology where many countries supporting block chain technology but not bitcoin, even though it is completely digital currency, it is not like fiat currency because many people can create fake currency with fiat but it is not possible with bitcoin.

they are only supporting a centralized version of the blockchain, it's not so different than many scamcoin with high dev fee from miners or high premine

i highly doubt there will be even one country that will support the real bitcoin blockchain, or any decentralized one

[coin revolution]

Hi,

Are there countries that accept bitcoin as a real currency?
Do states have legal regulations related to bitcoin?

Thanks

For tax purposes, bitcoin will be classified by different countries in different ways.
The US government considers it as property.
You can start looking at the wikipedia article here and then investigate further.
https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country

When I look at the list, I see that every country has a different approach to bitcoin. I do not think the countries are fully aware of bitcoin. Except for some developed countries, there is no exact clarity. Bitcoin does not need governments though. States will continue to exist even if they not accept it.

[coin revolution]

A year ago there was a news floating around that new micro nation called Liberland emerged in Europe. Apparently founder of Liberland is a libertarian and accepted Bitcoin as national currency.
I am not sure how legality of such small nation can be confirmed by international law, but this is the only case I know of bitcoin being accepted as legal tender.

News: https://www.cryptocoinsnews.com/welcome-liberland-bitcoin-national-currency/

I have never heard of this country before. Thank you for sharing. He took a libertarian step in the name of the country.
As all the bitcoin lovers we can go to Liberland and live

[btcdiggingmaster]

A year ago there was a news floating around that new micro nation called Liberland emerged in Europe. Apparently founder of Liberland is a libertarian and accepted Bitcoin as national currency.
I am not sure how legality of such small nation can be confirmed by international law, but this is the only case I know of bitcoin being accepted as legal tender.

News: https://www.cryptocoinsnews.com/welcome-liberland-bitcoin-national-currency/

I have never heard of this country before. Thank you for sharing. He took a libertarian step in the name of the country.
As all the bitcoin lovers we can go to Liberland and live

There are many countries like liberland but these countries are not published like liberland, many countries are still treating bitcoin as one commodity. So people are still in confusion with the high price we need educate them what are benefits they are going to get by using it.

[coin revolution]

A year ago there was a news floating around that new micro nation called Liberland emerged in Europe. Apparently founder of Liberland is a libertarian and accepted Bitcoin as national currency.
I am not sure how legality of such small nation can be confirmed by international law, but this is the only case I know of bitcoin being accepted as legal tender.

News: https://www.cryptocoinsnews.com/welcome-liberland-bitcoin-national-currency/

I have never heard of this country before. Thank you for sharing. He took a libertarian step in the name of the country.
As all the bitcoin lovers we can go to Liberland and live

There are many countries like liberland but these countries are not published like liberland, many countries are still treating bitcoin as one commodity. So people are still in confusion with the high price we need educate them what are benefits they are going to get by using it.

What other countries are like Liberland? Liberland is a newly established country.
Do countries like Liberland have bitcoins as their official currency?

[Tyrantt]

Hi,

Are there countries that accept bitcoin as a real currency?
Do states have legal regulations related to bitcoin?

Thanks

as much as I've heard so far, Australia is the only country that recognizes bitcoin as a currency so far, tho I might be wrong.

So far I'm still waiting to see what are my countrys, Serbia, views on bitcoin. No one has said anything about it here.

[Gloiri]

Well no there's no country in the world who accept bitcoin real Currency. but we can't say. it can never happen since bitcoin is raising in our community so maybe in future most country accept bitcoin 

[mkmdoc]

There are many chances government will accept bitcoin but with lot of limitation and regulations should be changed before accepting it. Because bitcoin is global currency they not consider lot of evaluation about accepting it and not accepting it. Bu these things will take lot of time to get the right decision from the government.

[rvrl_23]

Hi,

Are there countries that accept bitcoin as a real currency?
Do states have legal regulations related to bitcoin?

Thanks

No coutry, not that I know off accepts bitcoin as real currency, although it has a regulations, The Central Bank of the Philippines (BSP) release a circular
it says that the (BSP) will not endorse bitcoin as currency, although considering the benifits of bitcoins they will allow it

[zulkarnaen]

there are many chances that government will accept bitcoin but if government is willing to follow rules which currently apply in bitcoin, such as taxes, for example, during Bitcoin is not ordered to pay tax on their income, if government took over management of bitcoin so will be many new regulations on bitcoin

[erdinger45]

I am living in Turkey, Istanbul. In my country, there have not legal regulation related bitcoin yet. Bitcoin is like a baby for my country. The legislator has not a lot of knowledge about bitcoin. And the people have not knowledge enough about bitcoin. I think, it will be done over time..

[Ccexicocartel]

Every country is different. It seems like some companies in countries that have it legal won't work with you on that basis. got this experience from quickbooks recently

[Proton2233]

I am living in Turkey, Istanbul. In my country, there have not legal regulation related bitcoin yet. Bitcoin is like a baby for my country. The legislator has not a lot of knowledge about bitcoin. And the people have not knowledge enough about bitcoin. I think, it will be done over time..

So be happy with it. Until the state reaches into bitcoin we can feel freedom. As soon as the government will be able to regulate bitcoin it can become unusable. For this reason, I do not share the views of those who want to legalize cryptocurrency. I like bitcoin as it is and I don't want to change anything.

[sukamasoto]

I am living in Turkey, Istanbul. In my country, there have not legal regulation related bitcoin yet. Bitcoin is like a baby for my country. The legislator has not a lot of knowledge about bitcoin. And the people have not knowledge enough about bitcoin. I think, it will be done over time..

It's lucky for you because my government still not legalized bitcoin yet mostly because bitcoin can be use for corruptor or other money laundry activity.

Meanwhile other country start to use bitcoin as daily transaction such as Japan and it's proven that using bitcoin will make a transaction more easy than using fiat

[bubblebit]

Hi,

Are there countries that accept bitcoin as a real currency?
Do states have legal regulations related to bitcoin?

Thanks

It’s almost a year that OP have asked this questions and all of the sudden come to alive. I can’t stop myself from replying for the things that have happened to bitcoin since then. Bitcoin is now more than ever near to mainstream status, the legality of bitcoin is starting to make one by one on each country, it’s uses and adaptation to our society is getting bigger and the numbers/popularity of it is now widespread.

This is bitcoin now, it might be regulated for some state but I think bitcoin is in the best position now. And I know what coming years it will be much better.

[BillCoin]

Hi,

Are there countries that accept bitcoin as a real currency?
Do states have legal regulations related to bitcoin?

Thanks

For tax purposes, bitcoin will be classified by different countries in different ways.
The US government considers it as property.
You can start looking at the wikipedia article here and then investigate further.
https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country

Very useful link.

Just to add up, Japan is the only country that recognizes bitcoin as a sort of payment method and not as a digital asset, some people confuses and say that Japan accepts bitcoin, it is not true, the government sees it as a legal currency but not as a legal tender, they allow shops and stores to accept it and pay the regular taxes, but they do not force them to( as they do to a legal tender currency).

[donaltrump8]

Hi,

Are there countries that accept bitcoin as a real currency?
Do states have legal regulations related to bitcoin?

Thanks

My small knowledge ,   some countries accept bitcoin as a real currency and others have not yet accepted bitcoin. If bitcoin is accepted, states will have bitcoin regulations

[lili song]

Only Japan and South Korea legal bitcoin. For my country, my government not yet legalized bitcoin.
I hope someday my government will legalized bitcoin. Because bitcoin can help country in economic side.

[blockman]

Only Japan and South Korea legal bitcoin. For my country, my government not yet legalized bitcoin.
I hope someday my government will legalized bitcoin. Because bitcoin can help country in economic side.

Not only Japan and South Korea if you have missed Malaysia and Australia if I'm not mistaken bitcoin there is already legal and is being supported by the government. By the way, if you don't mind in what country do you live? Also in Philippines bitcoin is also legal as someone posted it here on forum about this news http://www.philstar.com/business/2017/08/19/1730418/bsp-approves-registration-2-bitcoin-exchange-operators
And cheer up that your government will legalized bitcoin, very soon.

[Pasabm]

which I know no country receives bitcoin as a real currency, so far no bitcoin in the form of real money. there are some countries that allow bitcoin as a legitimate means of payment like Japan for example, this comes after the new law in Japan that categorizes Bitcoin as a legitimate payment option in the country. This law comes into force on April 2017

[muffinsboat]

Hi,

Are there countries that accept bitcoin as a real currency?
Do states have legal regulations related to bitcoin?

Thanks

Some try to disallow bitcoin,  but none seem to use it as currency officially that I know of.  I wish there was more acceptance.

[matuson]

Only Japan and South Korea legal bitcoin. For my country, my government not yet legalized bitcoin.
I hope someday my government will legalized bitcoin. Because bitcoin can help country in economic side.

Not only Japan and South Korea if you have missed Malaysia and Australia if I'm not mistaken bitcoin there is already legal and is being supported by the government. By the way, if you don't mind in what country do you live? Also in Philippines bitcoin is also legal as someone posted it here on forum about this news http://www.philstar.com/business/2017/08/19/1730418/bsp-approves-registration-2-bitcoin-exchange-operators
And cheer up that your government will legalized bitcoin, very soon.

I think you do not fully understand the problem. This article is a question of legality of existence in the Philippines of electronic exchanges for cryptocurrency trading. It is quite another. You can't use bitcoin to purchase goods. If you have received income on the exchange then you will have to transfer it into Fiat. This means that you will be required to pay the tax. The currency of bitcoin is not recognized.

[Miles123]

It's nice that Bitcoin will be legal because no one stop you of using here. You have a freedom to sell or buy Bitcoin. You can also invest and earn money here with no doubt because you can report who steal your money. Bitcoin can help the economy of a country if governments declare this site as a legal.

[carlfebz2]

Only Japan and South Korea legal bitcoin. For my country, my government not yet legalized bitcoin.
I hope someday my government will legalized bitcoin. Because bitcoin can help country in economic side.

Not only Japan and South Korea if you have missed Malaysia and Australia if I'm not mistaken bitcoin there is already legal and is being supported by the government. By the way, if you don't mind in what country do you live? Also in Philippines bitcoin is also legal as someone posted it here on forum about this news http://www.philstar.com/business/2017/08/19/1730418/bsp-approves-registration-2-bitcoin-exchange-operators
And cheer up that your government will legalized bitcoin, very soon.

I think you do not fully understand the problem. This article is a question of legality of existence in the Philippines of electronic exchanges for cryptocurrency trading. It is quite another. You can't use bitcoin to purchase goods. If you have received income on the exchange then you will have to transfer it into Fiat. This means that you will be required to pay the tax. The currency of bitcoin is not recognized.

I can conclude on that which bitcoin cant still be used directly but though it can be easily be converted to fiat currency on Philippines which can be paid up on services or goods that you do want to purchase online but speaking on using it directly on bitcoin form then its not possible since its not still being regulated or no still merchants do accept on here. This is on where that local exchange do earn huge amounts of profits.

[sukamasoto]

It's nice that Bitcoin will be legal because no one stop you of using here. You have a freedom to sell or buy Bitcoin. You can also invest and earn money here with no doubt because you can report who steal your money. Bitcoin can help the economy of a country if governments declare this site as a legal.

Some government may see bitcoin as criminal money since it's anonymous , every criminal able to use bitcoin to cover up their transaction.
For me personally since bitcoin being made , it has change people's habit especially when they want to do global transaction that the most demand section !

[sindikat]

It's nice that Bitcoin will be legal because no one stop you of using here. You have a freedom to sell or buy Bitcoin. You can also invest and earn money here with no doubt because you can report who steal your money. Bitcoin can help the economy of a country if governments declare this site as a legal.

Some government may see bitcoin as criminal money since it's anonymous , every criminal able to use bitcoin to cover up their transaction.
For me personally since bitcoin being made , it has change people's habit especially when they want to do global transaction that the most demand section !

I do not believe that the government thinks that bitcoin is used for criminal business. They can deceive us but to deceive ourselves is impossible. The government statistics available. They know that it is not. It seems to me that the government is more afraid of personal freedom of citizens than the use of bitcoin by criminals.

[BitHodler]

Some government may see bitcoin as criminal money since it's anonymous , every criminal able to use bitcoin to cover up their transaction.

I am fairly sure that they don't think like that. Governments don't like the fact that Bitcoin allows people to enjoy financial freedom because the government then can't control their own people anymore.

If you control people's wealth, and make sure the majority of the people only lose in the long term due to this system, and suddenly they have an option to escape from all this, which is what Bitcoin does, governments won't like it.

They will try to make Bitcoin look like a pool full of criminals in an attempt to discourage Bitcoin amongst the average joes. Bitcoin is a major obstacle, and that was clear from the very beginning, but they can't get rid of it.

[gurdeep4chat]

I agree no country has made Bitcoin its official currency per say ..but they not do not wish to miss the crypto bandwagon either..
Most countries are trying to roll out their own "official" cryptocurrency
The fact that Microsoft and Apple are carrying out a part of their business transaction in cryptocurrency underlines the statement that we are going to see a lot more action in the cryptospace in near future.

[Gotottack]

There are countries that have adapted and regulated Bitcoin. In the same vein, there are countries, too, that have not acknowledged its existence in the market. Nevertheless, legally speaking, we come from different countries of jurisdictions hence our laws differ from one another. It may be legal in one State, and illegal in the other. What is worth nothing is the legal presumption that what is not prohibited by laws is legal for all intents and purposes.

[Coffee135]

There are countries that have adapted and regulated Bitcoin. In the same vein, there are countries, too, that have not acknowledged its existence in the market. Nevertheless, legally speaking, we come from different countries of jurisdictions hence our laws differ from one another. It may be legal in one State, and illegal in the other. What is worth nothing is the legal presumption that what is not prohibited by laws is legal for all intents and purposes.

It seems to me that differ only in the statements of government officials about bitcoin. At the legislative level in all countries, the bitcoin is not regulated. Under the law gets only a Fiat which we sell coins. The only exceptions are those countries which imposed a total ban on the use of bitcoin. But there are workarounds.

[joesan2012]

seems ,bitcoin does not recognized as real currency base on the comment previously posted . BUt look at now bitcoin has done so much on some country that adopt the crypto revolution. We cant really deny that there are some country that until now did not legalized bitcoin in some matter. Just like here in the philippines ,the government are taking their moves for bitcoin legalization but still under debate on how to regulate it . maybe they can regulate this by releasing their official exchanger, Actually there are 2 exchanges that will operate soon . According to central bank of the philippines.. And maybe , why there are other country still not yet legalize bitcoin because of the threat of money laundering and so many cases.

[Basmic]

There are countries that have adapted and regulated Bitcoin. In the same vein, there are countries, too, that have not acknowledged its existence in the market. Nevertheless, legally speaking, we come from different countries of jurisdictions hence our laws differ from one another. It may be legal in one State, and illegal in the other. What is worth nothing is the legal presumption that what is not prohibited by laws is legal for all intents and purposes.

This is not always the case. In many countries the police uses completely other reasons for the persecution of bitcoin users and miners. I heard a story about how the police arrested the tower because they thought it was a secret server which is used to spy on people on the Internet. Nonsense of course, but the equipment year was on the examination and returned in working condition. I think it was in Russia.

[Rajamuda]

In my country it seems the slightest not seen at all there's a depiction of bitcoin will be used as real currency. This is unlikely be happened in my country seems, let alone have a legal sense related to bitcoin.. the country's still banning, if any people using bitcoin as a means of payment, it will be punished.
so pathetic..

[joesan2012]

In so many ways , yes there are .. But in US they don t call that currency but rather property. Here in Philippines, lately  Bitcoin are under observation . But due to high demand the government of the Philippines are now ready, to adopt the crypto revolution . In fact there are stores and establishments here now accepting bitcoin and other cryptocurrencies as payment. But still working out and try to legislate law that will protect the government state against fraud by use of cryptocurrency . They should also implement law to take action against money laundering.

[orions.belt19]

Just recently, a news article in my country was released saying that bitcoin is dangerous and the author has warned not to invest in it. It was said to be unsafe and lacked security. Once you lose your money in bitcoin, there are no safeguards present to protect you unlike with other investments. Technically, bitcoin is legal in our country. There has been no ban or prohibitions made on bitcoin, not even any restrictions. The only action done by the government were to issue warnings for the public to be wary and cautious.