Is Cryptocurrency Legal?

Question

Since many companies, organisations, and countries have banned cryptocurrency transactions, it is a common question of concern among investers whether cryptocurrencies are legal or not?

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Aaron Aiken 3 years 1 Answer 6494 views 4

Answer ( 1 )

  1. Summary: Even though, bitcoins are warned about it’s related risks, and are not legal tender, they are accepted by businesses and merchants. The legal status of bitcoins vary substantial from state to state and is still undefined…

    Even though, bitcoins are warned about it’s related risks, and are not legal tender, they are accepted by businesses and merchants. The legal status of bitcoins vary substantial from state to state and is still undefined.

    While some states have explicitly allowed its use and trade, others have banned or restricted it. Likewise, various government agencies, departments, and courts have classified bitcoins differently. While this article provides the legal status of bitcoin, regulations and bans that apply to this cryptocurrency likely extend to similar systems as well.

    Moreover, Bitcoin is not regulated as it is not considered to be electronic money according to the law.

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