Is Bitcoin Legal?

Question

Having a lot many controversial statements on the volatility of the cryptocurrencies and the risks associated with it, the common concern for most of the investors is to know whether bitcoins are legal or not? Which countries favour it?

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James Hopkin 3 years 1 Answer 1268 views 4

Answer ( 1 )

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    Summary: The legal status of bitcoin vary from country to country.

    As of February 2020, Bitcoin was legal in the U.S., Japan, the U.K., Canada, and most other developed countries. For tax purposes, bitcoins are usually treated as property rather than currency. Bitcoin is generally not considered legal tender.

    In the U.S., the IRS has taken an increasing interest in Bitcoin and issued guidelines for taxpayers.
    Bitcoin has serious flaws for those seeking anonymity, so illegal activity is moving to other cryptocurrencies.

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